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Stock Market & Financial Investment News

News Breaks
December 13, 2012
10:58 EDTMBI, BACMBIA rallies after analysts predict possible BofA settlement
Bond insurer MBIA (MBI) is climbing after Reuters last night quoted analysts as saying that the company's litigation with Bank of America (BAC) may be settled in early 2013. The bank's leverage over MBIA has decreased after the bond insurer won approval to change its debt structure, reducing the possibility that it will default, the news service quoted analysts at research firm CreditSights as saying. Moreover, Bank of America last week said that it was proceeding with an offer to buy some of MBIA's bonds, CreditSights noted, according to Reuters. The bank may be looking to buy the bonds in order to conceal the terms of its settlement with MBIA, CreditSights believes. Meanwhile, in a note to investors earlier today, MKM Research analyst Harry Fong wrote that MBIA made convincing arguments in favor of its summary judgement motion during its case against Bank of America. The bank's Countrywide unit significantly understated the risks carried by securities on which MBIA provided insurance, MBIA argued, according to Fong. MBIA showed very clearly that loan breaches were "rampant" in the Countrywide securities that it insured and Countrywide's counter arguments weren't convincing, Fong wrote. The analyst expects MBIA to obtain billions of dollars from Bank of America and he maintained an $18 price target and buy rating on MBIA. In mid-morning trading, MBIA jumped 64c, or 7.86%, to $8.78.
News For MBI;BAC From The Last 14 Days
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October 29, 2014
07:26 EDTBACSecurities Industry & Financial Markets Association to hold a forum
The SIFMA Complex Products Forum is being held in New York on October 29.
October 28, 2014
06:39 EDTBACSEC undecided on Bank of America business curbs, WSJ reports
An international disagreement within the SEC is threatening potentially lucrative revenue streams at Bank of America, reports the Wall Street Journal. According to people close to the situation, the SEC is deadlocked on whether to allow the bank to continue selling share sin hedge funds and startups to wealthy investors. The deadlock is also over the company's ability to quickly issue stocks and bonds without the speed bump of an SEC review. Reference Link
October 27, 2014
11:07 EDTBACFINRA fines Merrill $6M for Reg SHO violations, supervisory violations
The Financial Industry Regulatory Authority, FINRA, announced that it has censured and fined Merrill Lynch Professional Clearing Corp. $3.5M for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling. FINRA also censured and fined its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, $2.5M for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas. Reference Link
06:33 EDTBACRoku preparing IPO, NY Times says
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October 23, 2014
06:32 EDTBACGovernment relaxing mortgage regulations, NY Times says
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October 22, 2014
15:19 EDTBACBank of America Apple Pay glitch should be fixed today, Re/code reports
The Apple (AAPL) Pay glitch that some Bank of America (BAC) customers experienced, where they would be charged twice for a single transaction, should be fixed by today, Re/code reports, citing a person familiar with the error. Reference Link
12:53 EDTBACSome BofA customers charged twice by Apple Pay, CNN Money reports
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09:38 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR YHOO BAC GILD FB THRX DOW CAR
October 21, 2014
08:18 EDTBACBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. 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). Publicly traded large EU 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
October 17, 2014
16:55 EDTBACStocks end volatile week lower amid oil price plunge
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October 16, 2014
14:09 EDTBACApple confirms October 20 start date for Apple Pay
Apple (AAPL) announced that customers can start making payments on Monday, October 20, when Apple Pay becomes available in the U.S. Users of the iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8. Apple Pay supports credit and debit cards from the three major payment networks: American Express (AXP), MasterCard (MA) and Visa (V). In addition to American Express, Bank of America (BAC), Capital One Bank (COF), Chase (JPM), Citi (C), Wells Fargo (WFC) and others, who announced support in September, more than 500 new banks from across the country have signed on to Apple Pay, the company said.
10:01 EDTBACOn The Fly: Analyst Upgrade Summary
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08:27 EDTBACBank of America weakness overdone, buy shares, says Morgan Stanley
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08:23 EDTBACBofA CEO steps point to extended stay in post, Reuters reports
Bank of America Chairman and CEO Brian Moynihan has taken more control over the bank's retail business, has shifted executives into new positions and his sway with directors has increased since he recently became chairman, all of which signal that he plans to remain at the bank for "a minimum of five years," according to Reuters, citing sources familiar with the matter. Reference Link
07:44 EDTBACBank of America quarterly results trumped by market sell-off, says UBS
UBS believes Bank of America posted better than expected earnings with core expenses declining, but that the results were overshadowed by the market sell-off. The firm saw improved expense management and believes the company's changes to its portfolio will eventually be impacted by short term interest rates. UBS reiterates its Buy rating and $20 price target on Bank of America.
05:57 EDTBACBank of America upgraded to Outperform from Market Perform at FBR Capital
FBR Capital upgraded Bank of America to Outperform with a $20 price target citing book value growth following the company's Q3 results. Shares closed yesterday down 28c to $15.48.

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