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Stock Market & Financial Investment News

News Breaks
April 29, 2014
06:35 EDTMET, BX, GSEU approves MetLife Assurance acquisition by Rothesay Life, Reuters reports
The EU has approved Rothesay Life's proposed acquisition of MetLife Assurance Limited (MET), Reuters reports. Rothesay is jointly controlled by Blackstone (BX) and Goldman Sachs (GS). Reference Link
News For MET;BX;GS From The Last 14 Days
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July 17, 2014
07:11 EDTBXBlackstone reports Q2 EPS $1.15, consensus 71c
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07:11 EDTBXBlackstone buys Catalunya Banc mortgage portfolio for $5B, Reuters says
Blackstone has purchased a large mortgage portfolio from Spain's Catalunya Banc for $5B in an agreement backed by fresh state funds as the government aims to sell the firm, reported Reuters. Reference Link
06:00 EDTGSGoldman Sachs implied volatility of 15 at lower end of index mean range
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July 16, 2014
09:02 EDTMETMetLife names Rebecca Tadikonda as Chief Enterprise Strategy Officer
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07:10 EDTBXBlackstone, Oaktree strive for Catalunya mortgage portfolio, Reuters says
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July 15, 2014
17:59 EDTGSGoldman Sachs looks undervalued, Barron's says
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16:40 EDTGSOn The Fly: Closing Wrap
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12:21 EDTGSOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
11:53 EDTGSGoldman Sachs says Fed's tapering executed 'quite well'
Says Fed's tapering has been a success.
11:26 EDTGSGoldman Sachs doesn't see more significant asset reductions related to review
Doesn't see any more significant asset reductions related to its balance sheet review. Regarding its tax rate, CFO Schwartz says "We're a high taxpayer." Sees headcount increasing by year-end. Says hiring in asset management, cutting staff in fixed income trading.
11:06 EDTGSGoldman Sachs CFO says will consider accretive acquisitions
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10:50 EDTGSGoldman Sachs says asset reductions had 'de minimis' impact on franchise
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10:47 EDTGSGoldman Sachs says undertook 'comprehensive analysis' of balance sheet during Q2
Reports "mixed" operating environment in Q2. Says equity volatility at historically low levels. Says VAR drop driven by volatility, risk positions. Says currency trading was higher in Q2 than Q1, mortgages were flat, credit declined. CFO Harvey Schwartz says company undertook comprehensive review of balance sheet during the quarter. Comments made on the Q2 earnings conference call.
09:21 EDTGSOn The Fly: Pre-market Movers
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07:43 EDTGSGoldman Sachs says ranks first in M&A year-to-date
Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date, the company said. The firm also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date.
07:41 EDTGSGoldman Sachs CEO says 'pleased' with results in context of operating conditions
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07:40 EDTGSGoldman Sachs reports Basel III Common Equity Tier 1 ratio 11.4% at June 30
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07:40 EDTGSGoldman Sachs reports book value, tangible book value both up 2%
Book value per common share and tangible book value per common share both increased approximately 2% during the quarter to $158.21 and $148.45, respectively. The firm continues to manage its liquidity and capital conservatively. The firmís global core excess liquidity was $170B as of June 30. In addition, the firmís Common Equity Tier 1 ratio was 11.4% as of June 30, under the Basel III Advanced approach. Total assets decreased $56B to $860B as of June 30, resulting from a firmwide initiative to reduce activities with lower returns, including certain client secured financing activities.
07:39 EDTGSGoldman Sachs reports Q2 Investment Banking revenues $1.78B
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07:38 EDTGSGoldman Sachs reports Q EPS $4.10, consensus $3.05
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