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Stock Market & Financial Investment News

News Breaks
April 3, 2014
07:30 EDTMHFI, MCO, DBMoody's left off bond deal as risk appetites grow, WSJ says
Moody's (MCO), known for adopting more-cautious stances than its rivals, was conspicuously absent from rating more than $1B in commercial-mortgage bonds that recently sold at similar yields as other recent sales, reported The Wall Street Journal. McGraw Hill Financial 's (MHFI) Standard & Poor's, Fitch and Kroll Bond Rating were called on to rate the "conduit" commercial-mortgage-backed deal organized by Deutsche Bank (DB) and Cantor Fitzgerald, the report noted. Reference Link
News For MCO;MHFI;DB From The Last 14 Days
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January 21, 2015
09:07 EDTMHFIS&P to pay $58M to settle SEC charges
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09:06 EDTMHFISEC announces charges against S&P for fraudulent ratings misconduct
The Securities and Exchange Commission announced a series of federal securities law violations by Standard & Poorís Ratings Services involving fraudulent misconduct in its ratings of certain commercial mortgage-backed securities. S&P agreed to pay more than $58M to settle the SECís charges, plus an additional $19M to settle parallel cases announced by the New York Attorney Generalís office -- $12M -- and the Massachusetts Attorney Generalís office -- $7M. The SEC issued three orders instituting settled administrative proceedings against S&P. One order, in which S&P made certain admissions, addressed S&Pís practices in its conduit fusion CMBS ratings methodology. S&Pís public disclosures affirmatively misrepresented that it was using one approach when it actually used a different methodology in 2011 to rate six conduit fusion CMBS transactions and issue preliminary ratings on two more transactions. As part of this settlement, S&P agreed to take a one-year timeout from rating conduit fusion CMBS. In a separate order instituting a litigated administrative proceeding, the SEC Enforcement Division alleges that the former head of S&Pís CMBS Group fraudulently misrepresented the manner in which the firm calculated a critical aspect of certain CMBS ratings in 2011. Barbara Duka allegedly instituted the shift to more issuer-friendly ratings criteria, and the firm failed to properly disclose the less rigorous methodology. The matter against Duka will be scheduled for a public hearing before an administrative law judge for proceedings to adjudicate the Enforcement Divisionís allegations and determine what, if any, remedial actions are appropriate.
09:05 EDTMHFISEC announves charges against S&P for fraudulent ratings misconduct
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January 20, 2015
15:29 EDTMHFIS&P may pay $1.5B to U.S to settle ratings issue, Reuters says
S&P in talks with U.S. Justice department and individual states over mortgage ratings, Reuters added.
14:43 EDTMHFIS&P said to be banned by SEC on rating some CMBSs for year, Bloomberg reports
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14:16 EDTMHFIS&P said to be banned by SEC on rating some CMBSs for year, Bloomberg reports
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January 16, 2015
09:09 EDTDBDeutsche Bank, Barclays lost 'tens of millions' on Swiss franc, WSJ says
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07:42 EDTMCOMoody's to hold a teleconference
Proposed Updates to Covered Bond Methodology Teleconference is being held on January 16 at 12 pm. Webcast Link
January 15, 2015
07:19 EDTMCOMoody's to hold a teleconference
"Rating Structured Finance Securities Update" Teleconference focusing on the proposed changes to the global approach to rating structured finance securities is being held on January 15 at 10 am. Webcast Link
07:15 EDTMCOMoody's to hold a teleconference
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06:42 EDTDBECB most likely will unveil bond buying program, NY Times says
The European Central Bank is "all but certain" to announce at its next meeting that it will buy government bonds, according to The New York Times. But the ECB may announce that it will buy bonds but say that it will only provide details about the program in March, some believe, the newspaper reported. Some economists contend that the initiative could be a case of "too little, too late," The Times added. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
January 14, 2015
11:15 EDTDBDeutsche Bank mulling separation of retail division, Reuters reports
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08:09 EDTMCOAmerican Enterprise Institute holds a discussion
Peter J. Wallison, Author of "Hidden in Plain Sight: What Really Caused the Worldís Worst Financial Crisis and Why It Could Happen AgainĒ discusses the financial crisis of 2008, along with Mark Zandi of Moody's Analytics, Daniel Gallagher of the SEC and John Allison of the Cato Institute in a meeting being held in Washington, D.C. on January 14 at 3 pm. Webcast Link
06:44 EDTDBTop court official backs ECB bond buying, NY Times reports
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January 13, 2015
16:24 EDTMHFIOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoaís (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Councilís designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered ďsubstantial and compelling evidenceĒ that it isnít a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poorís rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
11:01 EDTDBDeutsche Bank considering cutting jobs, selling assets, Bloomberg reports
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07:30 EDTDBDeutsche Bank to hold a conference
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07:15 EDTDBDeutsche Bank considering sale of Postbank retail unit, WSJ reports
Deutsche Bank is considering a sale of its Postbank retail unit, according to the Wall Street Journal, citing sources and an internal document. The retail unit is being examined as part of a continuing strategy review, which will be unveiled in the spring. Reference Link
06:41 EDTMHFIAuthorities seeking more than $1B to settle S&P charges, NY Times says
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January 12, 2015
06:28 EDTDBDeutsche Bank to unveil details of restructuring plan in Q2, Reuters says
Deutsche Bank will announce details about its restructuring plan next quarter, the bank's senior management stated in a memo obtained by Reuters, according to the news service. Reference Link
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