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Stock Market & Financial Investment News

News Breaks
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.
News For JPM;WFC;NQ;ZNGA;HRB;BOFI;VJET;ZIGO;AME From The Last 14 Days
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February 4, 2016
06:58 EDTWFC, JPMFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:52 EDTWFCCredit Suisse says not in asset sale talks with Wells Fargo, Reuters reports
Credit Suisse (CS) CEO Tidjane Thiam says there is "no foundation" to reports suggesting the company is in asset sale talks with Wells Fargo (WFC), Reuters reports. Thiam says the company's investment bank is "important" to its strategy. Reference Link
06:51 EDTJPM, WFCBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
February 3, 2016
16:50 EDTJPMSignature Bank announces underwriters' purchase of additional shares
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09:10 EDTWFCWells Fargo to pay $1.2B to settle government claims over lending activities
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07:07 EDTBOFIFIG Partners to hold a forum
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February 2, 2016
18:39 EDTJPMAlibaba leads $794M funding round for augmented reality firm Magic Leap
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17:04 EDTVJETvoxeljet sees FY16 revenue EUR28M-EUR30M, consensus EUR30.82M
FY16 gross margin is expected to be between 40%-42%. EBITDA is expected to be neutral-to-positive in 2016. Capital expenditures are projected to be in the range of EUR12M-13M, which primarily includes ongoing investments in global subsidiaries. Rudi Franz, CFO of voxeljet commented, "We enter 2016 with momentum as both customer interest and quoting activity remains strong and the outlook for 3D printer sales for industrial production applications is positive. Furthermore, while our long-term targeted revenue growth rate is now in the range of 25 to 30%, our overall growth strategy continues as we strengthen our brand and leadership in the market through the establishment of our global subsidiaries, which will contribute to our results progressively throughout the year. Our balance sheet remains strong with cash and cash equivalents of approximately 33.0 million Euros at December 31, 2015. We expect 2016 to be another exciting year for voxeljet."
12:19 EDTWFCWells Fargo settles with SEC over municipal securities underwriting violations
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11:34 EDTVJETvoxeljet management to meet with Stephens
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10:40 EDTZNGAStifel warns Twitter may go way of tech busts, cuts to Sell
Twitter (TWTR) is giving up nearly all of yesterday's gains after Fortune and The Wall Street Journal poured cold water on a report that private equity firm Silver Lake might be considering making a strategic investment in the company. Additionally weighing on the stock are a Business Insider report claiming that the number of tweets has declined by more than 50% in the last 18 months and research firm Stifel downgrading the stock to Sell. WHAT'S NEW: Yesterday morning, tech website The Information reported that venture capitalist Marc Andreessen and private equity firm Silver Lake have considered making a deal involving Twitter. However, Silver Lake isn't looking to make a deal with Twitter, The Wall Street Journal reported, citing an unnamed source. The Journal's article echoes a report yesterday afternoon by Fortune, which also quoted an unnamed source as saying that Silver Lake isn't interested in buying Twitter. Also, according to Business Insider, the number of daily tweets on Twitter has plummeted by more than 50% since August 2014. The report based its estimate on a sampling of data from the website's application programming interface. Last month, there were 303M tweets per day on average, down from the peak of an average of 661M per day in August 2014, when the World Cup was occurring, the website stated. Moreover, according to the data, Twitter has about 130M active users, versus the company's estimate of up to 320M monthly active users. STIFEL SAY SELL: Stifel analyst Scott Devitt downgraded Twitter to Sell form Hold, saying that it has "never fully developed into a sustainable public company." Yahoo (YHOO) says that it has 1B monthly active users, but the market valuation of Yahoo's core business is "much lower" than that of Twitter, which has a significantly smaller user base, Devitt stated. Additionally, Internet companies Groupon (GRPN) and Zynga (ZNGA) became well-known and obtained tens of millions of users, only to see their stocks plummet, the analyst stated. Meanwhile, Twitter's product has not changed significantly since the company hired a new CEO three months ago and it will have difficulty meeting financial expectations over the short-term and longer term, given the size of its user base, said Devitt, who has a $14 price target for the shares. PRICE ACTION: In morning trading, Twitter fell 6.3% to $16.78. The stock had gained 6.55% yesterday on the heels of Jessica Lessin's report in The Information.
09:03 EDTHRBH&R Block a good stock to own if major recession looming, says Morgan Stanley
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06:13 EDTNQNQ Mobile appoints Justin Chen as president, General Counsel
NQ Mobile announced the appointment of Justin Chen as its president and General Counsel effective as of February 2. The appointment of Chen, former independent director, to president and General Counsel necessitated a number of other changes to the company's board. While Justin Chen remains as a director of the board, he has resigned from his positions as a member of each of the audit committee, compensation committee and corporate governance and nominating committee of the board. To fill in the vacancies, the company has appointed Dr. Ethan Hu as an independent director, the Chair of the audit committee and a member of each of the compensation committee and the corporate governance and nominating committee of the board, effective as of February 2. Justin Chen has served as the cmpany's director since July 2014.
February 1, 2016
11:45 EDTJPMJPMorgan to buy almost $1B worth of LendingClub personal loans, WSJ says
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06:17 EDTJPMJPMorgan testing blockchain project, FT reports
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January 31, 2016
20:43 EDTWFC, JPMOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
12:33 EDTJPM, WFCU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
January 29, 2016
13:02 EDTJPMBarclays names Venkatakrishnan chief risk officer
Barclays (BCS) has named C.S. Venkatakrishnan as Chief Risk Officer. Venkatakrishnan joins Barclays from JP Morgan Chase (JPM) where he has been the Head of Model Risk and Development since 2012 and Head of Operational Risk since September 2013. He will join the Executive Committee of Barclays and report directly to the group CEO Jes Staley. Once Mr Venkatakrishnan assumes his new role, current Chief Risk Officer Robert Le Blanc will become Vice Chair of Risk and Strategy, reporting to Staley. Reference Link
January 28, 2016
18:19 EDTWFCBank of America, Wells Fargo to integrate Apple Pay in ATMs, TechCrunch says
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09:09 EDTBOFIBofI Holding reports Q2 EPS 44c, consensus 42c
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