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Stock Market & Financial Investment News

News Breaks
January 14, 2013
07:02 EDTMET, GEMetLife completes sale of MetLife Bank deposit business to GE Capital
MetLife (MET) announced that it has completed the sale of MetLife Bank, N.A.’s deposit business to GE Capital Retail Bank, FSB, a subsidiary of GE Capital (GE. As a result, approximately $6.4B in bank deposits have been transferred to GE Capital Retail Bank. The transaction was approved by the Office of the Comptroller of the Currency on December 12, 2012. MetLife has begun to take the necessary administrative steps to deregister as a bank holding company.
News For MET;GE From The Last 14 Days
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January 22, 2015
12:16 EDTGEEarnings Preview: Analyst sentiment positive ahead of General Electric report
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10:03 EDTGEOn the Fly: Analyst Initiation Summary
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09:03 EDTMETMetLife assigned favorable judge in SIFI case, says Sterne Agee
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08:02 EDTGEGE Capital's TMT financing business says completed over 50 transactions in 2014
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06:23 EDTGEGE to pay $464M more in Alstom energy assets deal, WSJ reports
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January 21, 2015
16:13 EDTGEGeneral Electric initiated with a Buy at UBS
Target $30.
12:39 EDTGEGeneral Electric January weekly volatility elevated into Q4 and outlook
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January 20, 2015
17:26 EDTGEGeneral Electric awarded $325M government contract
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11:23 EDTGEEU to decide on GE, Alstom deal by February 23, Reuters reports
Antitrust regulators in the European Union will decide by February 23 whether to approve General Electric's (GE) planned acquisition of most of Alstom's (ALSMY) power equipment unit, Reuters reports. French authorities have already approved the planned deal after GE agreed to create jobs and form an energy joint venture with Alstom. Reference Link
06:48 EDTGEGE financing A350 jet with Rolls-Royce engine, Reuters reports
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January 15, 2015
06:01 EDTGEMcDermott and GE launch io oil & gas consulting
McDermott (MDR) and GE Oil & Gas (GE) launched io oil & gas consulting, a new independent venture to transform front-end offshore field development. io will consider the full field as one system and have the technical insight to develop every aspect of the front-end solution. McDermott’s investment in io aligns with the company’s strategy to become more client-focused and responsive to operators’ challenges.
05:22 EDTGEGE Oil & Gas, McDermott launch io oil & gas consulting
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January 13, 2015
16:24 EDTMETOn 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 Alcoa’s (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 Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t 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 & Poor’s 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.
10:46 EDTMETMetLife has only upside in challenging SIFI designation, says Wells Fargo
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07:41 EDTMETMetLife CEO says SIFI designation could lead to higher costs for consumers
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07:33 EDTMETMetLife CEO: FSOC's designation of MetLife 'premature'
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07:32 EDTMETMetLife CEO says company 'not systemically important'
07:31 EDTMETMetLife to ask federal court to review SIFI designation
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07:30 EDTMETMetLife to ask federal court to review SIFI designation
07:13 EDTMETMetLife CEO could decide soon whether to file suit against U.S., WSJ reports
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