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Stock Market & Financial Investment News

News Breaks
June 13, 2012
16:19 EDTJPM, CASY, RMBS, AAMRQ, JNJ, REGN, LCCOn The Fly: Closing Wrap
Stocks on Wall Street were lower following disappointing U.S. economic data. Stock futures were lower in premarket trading but tumbled following disappointing retail sales figures for the month of May. The market opened lower but soon found a level from where it started to build. The averages crossed into positive territory could not gain any upside momentum. The middle of the day was characterized by the market drifting back and forth across the baseline as it underwent a period of consolidation, in contrast to the previous two days, which were marked by big swings in the averages. In the last hour of trading the market fell sharply to wind up down for the day… ECONOMIC EVENTS: In the U.S., retail sales slipped 0.2%, which was in line with expectations, but if auto and gasoline data are excluded the "core" reading showed a decline of 0.1%, versus expectations of an increase of 0.4%. Producer prices in the month of May declined 1.0%, versus expectations of a decline of 0.6%, but if food and energy are removed the reading was up 0.2%, which was in line with forecasts. Business inventories grew 0.4% in April, versus expectations for an increase of 0.3%. In Europe, Italy’s national borrowing rate skyrocketed to its highest level since December, as investors became jittery about contagion from Spain’s request for external assistance… COMPANY NEWS: JPMorgan's (JPM) CEO Jamie Dimon testified in front of the Senate Banking Committee, saying that he expects the current quarter to be "solidly profitable" in spite of the "London Whale's" losses and that clawbacks of executive pay are likely following the bank's review of the incident. Dimon argued that complex institutions are necessary to meet the needs of business and that there are many advantages and only some negatives to big banks. Following his testimony JPMorgan’s shares rose 53c, or 1.57%, to $34.30... Johnson & Johnson (JNJ) shares rose $1.37, or 2.17%, to $64.45, after JPMorgan, Jefferies and Raymond James all upgraded the stock this morning. Last night, the pharmaceutical giant confirmed it has received U.S. regulatory clearance for its proposed acquisition of Synthes and announced a new accelerated share repurchase agreement... MAJOR MOVERS: Among the notable gainers were Rambus (RMBS), up 44c, or 9.16%, to $5.30, after being initiated with a Buy rating and $10 price target at Sidoti, and U.S. Airways (LCC), up 54c, or 4.72%, to $11.97, after multiple sources indicated that the company plans to file paperwork with U.S. antitrust regulators as soon as next month for a proposed merger with AMR (AAMRQ). Noteworthy losers included Casey’s General Stores (CASY), down $7.73, or 12.90%, to $52.18, after missing on Q4 EPS, and Regeneron (REGN), down $15.97, or 12.49%, to $111.88, after competitor Ophthotech announced positive data from a clinical trial… INDICES: The Dow lost 77.42, or 0.62%, to 12,496.38; the Nasdaq fell 24.46, or 0.86%, to 2,818.61; and the S&P 500 dropped 9.30, or 0.70%, to 1,314.88.
News For JPM;JNJ;RMBS;LCC;AAMRQ;CASY;REGN From The Last 14 Days
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November 12, 2014
10:00 EDTJPMOn The Fly: Analyst Downgrade Summary
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09:36 EDTJPMInformation Management Network to hold a symposium
Private Label RMBS Reform Symposium is being held in New York on November 12.
08:57 EDTJPMBarclays excluded from forex settlement due to issues with NYDFS, Reuters says
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08:13 EDTJPM, REGNBoston Biotech to hold a conference
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07:28 EDTJPMBofA/Merrill to hold a conference
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07:02 EDTJPMJPMorgan makes changes in response to foreign exchange probe, Reuters says
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06:12 EDTJPMCFTC fines five banks $1.4B for manipulation of FX benchmark rates
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06:05 EDTJPMFCA fines five banks $1.7B over FX trading operations
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06:04 EDTJPMJPMorgan downgraded to Market Perform from Outperform at Bernstein
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November 11, 2014
14:30 EDTJPMBanks to be hit with billions in fines for currency manipulation, Telegraph says
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10:14 EDTREGNRegeneron data reinforce blockbuster potential of dupilumab, says Piper Jaffray
Piper Jaffray believes the Phase IIb results for dupilumab in patients with moderate to severe asthma reported by Regeneron (REGN) and partner Sanofi (SNY) reinforce the broad potential of the drug in a range of allergic diseases. The firm reiterates its $416 price target and Overweight rating on shares of Regeneron.
10:00 EDTJPMOn The Fly: Analyst Downgrade Summary
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06:39 EDTJPMJPMorgan downgraded on valuation at Keefe Bruyette
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05:47 EDTJPMJPMorgan downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded JPMorgan to Market Perform with a $64 price target.
05:26 EDTREGNRegeneron, Sanofi announce dupilumab Phase 2b study met primary endpoint
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November 10, 2014
15:17 EDTJPMCFPB may require added disclosures on prepaid cards, WSJ says
The Consumer Financial Protection Bureau is expected to propose new rules later this week that will require more disclosure for prepaid debit cards and cracking down on allowing consumers to spend more money on the cards than they have, according to The Wall Street Journal, citing people familiar with the matter. The rules come as traditional financial institutions, such as JPMorgan (JPM) and American Express (AXP) have moved into the business and the industry’s biggest players don’t allow overdrafts so it is unclear whether the new rules will dent industry profits, the report said. Green Dot (GDOT) also does not permit overdrafts and Visa (V) recently excluded overdraft abilities in guidelines for its prepaid cards, the report added. Reference Link
07:44 EDTJNJJohnson & Johnson looks for acquisitions to help expand in China, WSJ says
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07:19 EDTREGNCredit Suisse to hold a conference
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06:46 EDTJPMRegulators set new capital buffer rule for banks, Reuters reports
Global banks should have buffers of bonds or equity worth 16%-20% of their risk-weighted assets, beginning in January 2019, The Financial Stability Board decided, according to Reuters. The board said the buffer would prevent the need for government bailouts, the news service explained. Publicly traded global banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) Wells Fargo (WFC), Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
06:18 EDTJPMUBS to settle misconduct allegations at precious metals trading unit, FT reports
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