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Stock Market & Financial Investment News

News Breaks
April 11, 2014
13:01 EDTJPM, WFC, NQ, ZNGA, HRB, BOFI, VJET, ZIGO, AMEOn The Fly: Midday Wrap
Stocks on Wall Street were lower again at midday, with the Dow being weighed on by a disappointing earnings report from banking giant JPMorgan (JPM). The reports from JPMorgan and peer Wells Fargo (WFC) certainly seemed to have more of an impact on market sentiment than the better than expected University of Michigan consumer confidence reading. ECONOMIC EVENTS: In the U.S., the Producer Price Index jumped 0.5% in March, versus expectations for it to be up 0.1%. The University of Michigan consumer sentiment reading jumped to 82.6 in the preliminary April look, which was better than forecast and its highest reading since July. COMPANY NEWS: JPMorgan and Wells Fargo kicked off earnings season for the major banks, with their stocks moving in opposite directions to mirror their earnings results. Dow member JPMorgan slipped more than 3% after its earnings per share and revenue significantly trailed consensus estimates, while Wells shares gained about 1.5% after the bank's profits beat the consensus forecast. Both noted, however, that their capital levels continued to strengthen during the quarter and both gave optimistic views on their ability to continue to reduce expenses. MAJOR MOVERS: Among the notable gainers was BofI Holding (BOFI), which rose 11% near midday after the company last night announced a deal to acquire H&R Block's (HRB) bank assets. H&R Block shares were down over 2% near noon. Also higher was mobile game maker Zynga (ZNGA), whose shares gained almost 3% after the company announced a new CFO and the stock was upgraded to Equal Weight by analysts at Morgan Stanley. Another gainer, Zygo (ZIGO), jumped 31% after the company agreed to be acquired by Ametek (AME) for $19.25 per share in cash in a deal that represents an aggregate enterprise value of $280M for Zygo. Shares of Ametek also rose 1.5% following the deal announcement. Among the noteworthy losers was 3D-printer maker Voxeljet (VJET), which fell 16% after its 3-million-share secondary offering of common stock priced at $15.00. Also lower was NQ Mobile (NQ), a recent target of noted short-seller Carson Block, which dropped over 13% after its profit missed expectations and the company disclosed that it found accounting errors in its recent reports. INDEXES: Near midday, the Dow was down 81.88, or 0.51%, to 16,088.34, the Nasdaq was down 15.30, or 0.38%, to 4,038.80, and the S&P 500 was down 6.89, or 0.38%, to 1,826.19.
News For JPM;WFC;NQ;ZNGA;HRB;BOFI;VJET;ZIGO;AME From The Last 14 Days
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September 12, 2014
06:03 EDTNQStocks with implied volatility top IV index mean; NQ YHOO
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September 11, 2014
12:15 EDTJPMJPMorgan CEO James Dimon finishes cancer treatments, awaiting results, WSJ says
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07:21 EDTJPM, WFCBankruptcy bill focused on big bank failure moves past committee, WSJ says
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05:59 EDTNQStocks with implied volatility top IV index mean; NQ YHOO
Stocks with implied volatility top IV index mean; NQ Mobile (NQ) 105, Yahoo (YHOO) 55 according to iVolatility.
September 10, 2014
11:59 EDTWFCWells Fargo upgraded to Buy from Hold at Rafferty Capital
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08:04 EDTWFCWells Fargo CFO says Apple Pay an 'interesting development'
Wells Fargo (WFC) CFO John Shrewsberry says the company is "happy to be a part" of the initial roll-out of Apple Pay (AAPL). Shrewsberry says Wells Fargo is focused on mobile and wants to support its customers in however they want to do business with the bank.
07:54 EDTWFCWells Fargo CFO says 'working hard' to return more capital to shareholders
Comments from Wells Fargo CFO John Shrewsberry speaking at the Barclays Global Financial Services conference.
07:29 EDTWFCWells Fargo sees Q3 mortgage originations in line with Q2
Wells Fargo said it expects Q3 mortgage originations to be in line with Q2, while gain on sale margin is expected to remain within the range of the last four quarters. The bank expects to operate within its targeted efficiency ratio range of 55%-59% in Q3.Wells Fargo said it continues to be well positioned relative to liquidity LCR standards and while there is potential for continued NIM pressure, the bank's focus remains on growing net interest income over time. Wells noted that it continues to expect future reserve releases absent significant deterioration in the economy, but expect a lower level of future releases as the rate of credit improvement slows and the loan portfolio continues to grow. Information from slides for CFO John Shrewsberry's presentation at the Barclays Global Financial Services conference.
07:16 EDTJPM, WFCRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTJPM, WFCFed may raise capital requirement for some banks to 11.5%, NY Times reports
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September 9, 2014
17:44 EDTWFCWells Fargo confirms Apple Pay available to customers
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14:54 EDTJPM, WFCApple announces Apple Pay
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13:47 EDTJPMJPMorgan CFO says Jamie Dimon 'feeling fine'
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13:29 EDTJPMJPMorgan says core rate products continue to be challenged in Q3
Comment made at Barclays Global Financial Services Conference.
07:29 EDTWFCUBM Canon to hold a summit
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07:11 EDTWFCUBM Tech to hold a conference
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06:33 EDTJPM, WFCFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTWFC, JPMFed to require large US banks to have extra financial padding, WSJ reports
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September 8, 2014
10:25 EDTHRBHigh option volume stocks:
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07:24 EDTJPM, WFCBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.
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