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Stock Market & Financial Investment News

News Breaks
March 27, 2014
07:32 EDTLYG, GS, BLKDeutsche Bank to hold a forum
Bank Capital & Risk Forum is being held in London, England on March 27.
News For LYG;GS;BLK From The Last 14 Days
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July 29, 2014
09:38 EDTGSGoldman may expand metal warehousing into China, Reuters says
Seeing a potential opportunity after a Chinese trading firm allegedly fraudulently used a single cargo of metal as collateral for multiple loans, Goldman Sachs' metals warehousing unit is exploring its first entry into China's market, reported Reuters, citing sources. Reference Link
07:49 EDTBLKCFA Society of Chicago to hold a luncheohn discussion
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July 28, 2014
08:41 EDTLYGLloyds confirms settlements totalling GBP218M to resolve LIBOR charges
Lloyds Banking announces that it has reached settlements totalling GBP218M to resolve with U.K. and U.S. federal authorities legacy issues regarding the manipulation several years ago of Group companies' submissions to the British Bankers' Association London Interbank Offered Rate and Sterling Repo Rate. "The Group condemns the actions of the individuals responsible for the conduct in question, which it regards as totally unacceptable and unrepresentative of the cultural changes that the Group has implemented. The actions will be deplored by all employees. The manipulation of submissions covered by the settlements took place between May 2006 and 2009 and the individuals involved have either left the Group, been suspended or are subject to disciplinary proceedings. The Group's Board will now consider all the remuneration implications and potential actions available to it. The issues subject to the settlements were restricted to a specific area of the business and were not known about or condoned by the senior management of the Group at that time. In March 2011, Lloyds Banking Group's management proactively strengthened the systems and controls governing its LIBOR submissions. The Group further supplemented these systems and controls following the publication of the Wheatley Review," Lloyds stated.
08:38 EDTLYGLloyds agrees to settlements with CFTC, DOJ, FCA over LIBOR rigging charges
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06:12 EDTLYGLloyds to probe 15 staff members over Libor rigging accusations, Daily Mail says
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July 27, 2014
16:14 EDTGSGoldman close to settling FHFA suit on faulty mortgage claims, Bloomberg says
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16:03 EDTLYGUK's stake in Lloyds Banking may be sold as early as October, Mail Online says
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July 25, 2014
06:40 EDTLYGLoan write down standards changed for non-U.S. banks, NY Times says
A new accounting rule will enable banks outside of the U.S. to write down the value of loans earlier but could cause loans to become less attractive for those banks, according to The New York Times. The rule was issued by the International Accounting Standards Board, whose guidelines are followed in more than 100 countries but not in America, the newspaper stated. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).Reference Link
06:03 EDTLYGLloyds confirms late stage settlement discussions with agencies
Lloyds Banking Group notes the recent media coverage regarding potential settlements with a number of government agencies and their investigations into submissions, communications and procedures around the setting of Interbank Offered Rates and other benchmarks. LBG confirms that it is in late-stage settlement discussions with a number of agencies. The settlements remain to be agreed and LBG expects they will include the payment of penalties. LBG will update the market on these issues as appropriate.
July 24, 2014
16:38 EDTGSJames Schiro retires from the board of Goldman Sachs due to health reasons
The board of The Goldman Sachs Group announced that James Schiro, lead director and chair of the boardís corporate governance, nominating and public responsibilities committee, has retired from the board in order to undergo treatment after a diagnosis of multiple myeloma.
15:00 EDTLYGLloyds to announce Libor fines of up to GBP300M next week, FT says
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July 23, 2014
13:10 EDTBLKBlackRock announces support for SEC money market reform
BlackRock said in a statement, "BlackRock supports the SECís efforts to improve the resiliency of U.S. money market funds during times of stress and appreciates the thoughtful, deliberate and consultative process the Agency has undertaken to achieve this result. In light of these changes, we believe that money market funds will continue to prove a valuable cash investment strategy. BlackRock is well positioned to offer our clients the full spectrum of stable NAV, floating NAV, Government, Prime and Municipal cash management products. We look forward to engaging closely with our clients over the coming months to discuss the wide array of cash solutions available to successfully adapt to these new reforms."
July 22, 2014
13:18 EDTBLKEarnings Preview: Apple reports after stock split, Beats purchase, iOS 8 launch
Apple (AAPL) is set to report third quarter earnings after the market close on Tuesday, July 22, with a conference call scheduled for 5:00 pm ET. Apple, the world's most valuable company by market capitalization, is the manufacturer of the iPhone and iPad, among other desktop and mobile computing devices. EXPECTATIONS: Analysts are looking for earnings per share of $1.23 on revenue of $37.99B, according to First Call. The consensus range for EPS is $1.14-$1.37 on revenue of $36.58B-$40.31B. In a note to investors, Piper Jaffray analyst Gene Munster said Street analysts expect year-over-year iPhone sales growth of 14% to 35M-36M units, flat iPad sales of 14M-15M units, and a Q3 gross margin of 38%. Munster added that he expects Apple to guide Q4 revenues to $39B-$41B, which is in keeping with Street estimates for about $40.4B in Q4 revenue. LAST QUARTER: Apple reported second quarter EPS of $11.62 on revenue of $45.6B, which topped estimates for $10.18 and $43.5B, respectively. Apple reported iPhones sales of 43.7M units, iPad sales of 16.35M units and Mac sales of 4.14M. Apple said it sees Q3 revenue of $36B-$38B and a gross margin of 37%-38%. Along with its Q2 report, Apple announced a seven-for-one stock split. Apple also announced that its board raised its share repurchase authorization to $90B from the $60B level announced last year and an increase to the companyís quarterly dividend of approximately 8% to $3.29 per common share. NEWS: On May 28, Apple confirmed that it agreed to buy Beats Music, which operates a streaming music service, and Beats Electronics, which makes and sells electronic music products such as headphones and speakers, for $3B. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Apple said at that time that it expects the transaction to close in Q4. On June 2, Apple announced OS X Yosemite, a new version of OS X redesigned and refined with a new look, new apps and new continuity features. Apple also unveiled iOS 8, a new version of its mobile operating system with new features for users and developers. Among the features were iCloud Photo Library, which allows user to enjoy photos and videos more easily across devices, new Messages features to easily share voice, video or photos, and a new Health app. Apple noted that the software development kit, or SDK, for iOS 8 was its "biggest developer release ever," with more than 4,000 new APIs. Apple and IBM announced last week that they would collaborate to provide mobile solutions for businesses. Under the deal, the companies will develop more than 100 enterprise solutions, including native apps, for Apple's iPhone and iPads. Moreover, IBM will sell iPhone and iPads to all of its business clients around the world, the companies noted. Also last week, Apple announced that Susan Wagner, founding partner and director of BlackRock (BLK), has been elected to Apple's board and that Bill Campbell, the boardís longest-serving member, is retiring after 17 years of service. Mac Rumors reported on July 10 that Apple was said to have ordered 68M iPhone 6 devices, citing a report in Taiwan's Business Weekly. That's double the amount of phones that the tech giant ordered prior to launching the iPhone 5 in 2012, the tech blog noted. The Wall Street Journal subsequently claimed that Apple has asked its suppliers to manufacture between 70M-80M of its two upcoming large-screen iPhones by the end of the year. ANALYST OPINION: On the day after Apple's last quarterly report, CLSA upgraded its rating on the shares to Buy from Outperform. On May 9, ISI Group downgraded Apple to Buy from Strong Buy, citing valuation. On June 2, following Apple's launch event for iOS 8, Piper Jaffray said it believed parts of Apple's new operating system point towards a possible iWatch later in the year and potential connected home products in the future. Piper said at that time that Apple remains on track to deliver multiple new product categories by the end of 2014. On June 17, Societe Generale upgraded Apple to Buy from Hold. On July 14, Barclays raised its rating on Apple to Overweight from Equal Weight, citing its channel checks that indicated near-term upside to consensus estimates. The firm also believes troubles at Samsung are creating an opportunity for Apple to regain market share and raised its price target for Apple shares to $110 from $95. The same day, Morgan Stanley said its survey results suggest June quarter iPhone demand upside. The firm raised its iPhone unit estimate to 36M from 34M and increased its EPS estimate to $1.24. Morgan Stanley increased it price target on Apple to $110 per share. Yesterday, JMP Securities upgraded Apple to Outperform from Market Perform, as the firm thinks the company is poised to report higher than expected sales and gross margins over the near-term and intermediate term. JMP set a price target of $135 on the stock. In his note previewing Apple's quarter, Munster wrote that Apple's guidance for its September-end quarter should tell investors if new iPhones are launching in September or later in the year. The Piper analyst expects a typical September launch, which could give the company 5 or 12 days of sales with the new phone depending on a standard Friday launch and its timing. Munster estimated the potential 7 day swing in the timing of the new phone could mean a 3M-4M unit and about $2B difference in the guidance for Q4, citing recent weekly run-rates for iPhone sales near launch quarters. PRICE ACTION: Each Apple shareholder of record at the close of business on June 2 received six additional shares for every share held on the record date and trading began on a split-adjusted basis on June 9. Shares of Apple advanced about 8% on the first day of trade following its Q2 report. Since the first day of trade following its last quarterly report, shares of Apple are up nearly 26%. In early afternoon trading ahead of its Q3 report tonight, Apple was up fractionally to just over $94 per share.
06:34 EDTGSGoldman, others close to $2B Huarong agreement, Reuters says
Goldman Sachs and other private equity firms such as Warburg Pincus, Khazanah Nasional, CITIC Group, China International Capital, Fosun Group and COFCO are nearing an agreement to purchase up to a 20% stake in China Huarong Asset Management for approximately $2B, according to Reuters, citing people familiar with the matter. Reference Link
July 21, 2014
06:47 EDTGSGoldman signs preliminary agreement with Socar unit, Reuters says
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July 18, 2014
16:47 EDTGSMarket ends week higher as earnings, M&A offset geopolitical tensions
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13:02 EDTGSGoldman, JPMorgan ready with $25B bridge loan for Time Warner takeover by Fox
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11:21 EDTLYGBritish antitrust regulator to investigate country's banks, NY Times reports
The U.K.'s antitrust authorities said they expected to open a formal investigation into Britain's retail banking industry, reports the New York Times. The regulators cited barriers to competition that include control of a national network of branches by four large banks that control more than three-quarters of the market. Reference Link
06:21 EDTGSCTW Investment asks SEC to probe Walgreen's meetings, NY Post says
CTW Investment Group has asked the SEC to investigate private meetings that top Walgreen (WAG) executives held with investors to reincorporate overseas for tax reasons, reports the New york Post. The pension advisor is raising questions about whether Walgreen's meetings with Goldman Sachs (GS), Jana Partners, Och-Ziff and Corvex broke fair disclosure rules. Reference Link

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