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April 11, 2014
13:01 EDTAME, BOFI, NQ, ZIGO, HRB, WFC, VJET, ZNGA, JPMOn 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.
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November 24, 2015
15:05 EDTWFC, JPMFed to provide means for banks examiners to express divergent views
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10:20 EDTJPMJPMorgan asks users of Quicken to verify data, WSJ reports
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10:00 EDTWFCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Piper Jaffray... Citizens Financial (CFG) initiated with an Overweight at Piper Jaffray... Copsync (COYN) initiated with a Buy at Maxim... CyrusOne (CONE) initiated with a Buy at SunTrust... DuPont Fabros (DFT) initiated with a Buy at SunTrust... Equinix (EQIX) initiated with a Buy at SunTrust... Fifth Third (FITB) initiated with a Neutral at Piper Jaffray... Granite Construction (GVA) initiated with a Buy at Maxim... Huntington Bancshares (HBAN) initiated with a Neutral at Piper Jaffray... Internap (INAP) initiated with a Neutral at SunTrust... KeyCorp (KEY) initiated with an Overweight at Piper Jaffray... Merck (MRK) initiated with a Hold at Berenberg... Nucor (NUE) initiated with a Buy at BB&T... Oracle (ORCL) initiated with a Buy at SunTrust... PNC Financial (PNC) initiated with an Overweight at Piper Jaffray... PowerSecure (POWR) initiated with a Buy at Canaccord... Regions Financial (RF) initiated with a Neutral at Piper Jaffray... Steel Dynamics (STLD) initiated with a Buy at BB&T... Stellar Biotechnologies (SBOT) initiated with a Buy at Maxim... SunTrust (STI) initiated with an Overweight at Piper Jaffray... Teladoc (TDOC) initiated with an Outperform at Oppenheimer... U.S. Bancorp (USB) initiated with an Overweight at Piper Jaffray... U.S. Concrete (USCR) initiated with a Buy at Sidoti... Wells Fargo (WFC) initiated with a Neutral at Piper Jaffray... (WIX) initiated with an Outperform at JMP Securities... Zions Bancorp (ZION) initiated with a Neutral at Piper Jaffray.
November 23, 2015
16:17 EDTWFCWells Fargo initiated with a Neutral at Piper Jaffray
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09:00 EDTJPMChase Visa cardholders can now use Samsung Pay
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November 19, 2015
09:21 EDTWFCConsolidated Tomoka buys office complex in Raleigh for $42.3M
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November 18, 2015
14:18 EDTBOFIBofI Holding shares defended at Raymond James
08:55 EDTJPM, WFCMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:58 EDTNQNQ Mobile enters into binding agreement to sell Beijing Tianya
NQ Mobile announced it has entered into a legally binding agreement to sell 100% of the equity interest in Beijing Tianya , which operates NQ Mobile's mobile health applications related business, to Tack Fiori International Group, a Cayman Islands company listed in Hong Kong, for an aggregate consideration of $40M. Beijing Tianya is a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity in China. The company's board has approved both the transaction and the Agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all relevant requirements under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange Limited.
November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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17:02 EDTWFCWells Fargo names Timothy Sloan as COO
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07:50 EDTWFC, JPMClearing House to hold a conference
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07:48 EDTJPM, WFCBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
November 16, 2015
11:24 EDTWFC, JPMClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
09:42 EDTJPMJPMorgan reports October net credit losses 2.22% vs. 2.21% last month
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08:58 EDTJPMAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
November 12, 2015
18:54 EDTVJETvoxeljet backs FY15 revenue guidance of EUR 23M-EUR 24M
18:54 EDTVJETvoxeljet reports Q3 EPS (EUR 0.91) vs. (EUR 0.41) last year
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09:19 EDTJPMPayPal sinks with Apple eyeing peer-to-peer payments
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
06:12 EDTWFC, JPMMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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