New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 23, 2013
14:05 EDTCB, MET, AIG, PRUMetLife, other insurers climb after dividend increase
MetLife (MET) and several other large insurance companies are climbing after MetLife announced that it would increase its dividend for the first time since 2007. WHAT'S NEW: The insurer announced that its second quarter dividend would be 27.5c per share, up from its first quarter dividend of 18.5c per share. WHAT'S NOTABLE: The dividend increase is the company's first since 2007 and comes after the insurer shed its status as a bank holding company. Last year the Federal Reserve, which oversees bank holding companies, vetoed a request by MetLife to increase its annual dividend to $1.10 per year. ANALYST REACTION: In a note to investors Wells Fargo analyst John Hall noted that the company did not announce that it would repurchase any of its shares. If the company's board had approved share repurchases, that information probably would have been announced today, the analyst wrote. Hall maintained an Outperform rating on the shares. TODAY'S PRICE ACTION: In mid-afternoon trading, MetLife jumped $2.30, or 6.45%, to $38.10, Prudential (PRU) advanced 3.7% to $58.20, AIG (AIG) climbed 4.7% to $40.45, and Chubb (CB) added 1.5% to $89.
News For MET;PRU;AIG;CB From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
July 1, 2015
13:05 EDTCBOn The Fly: Top stock stories at midday
Stocks on Wall Street remain higher at midday but off their best levels, which were achieved shortly after the open. The strength is being largely attributed to hopes for a resolution to the Greek crisis, but the move was also supported by better than expected domestic data on employment, construction and manufacturing. ECONOMIC EVENTS: In the U.S., ADP reported the addition of 237,000 private sector jobs in June, versus expectations for 218,000 job additions. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly topping the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. In China, manufacturing PMI's came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6 reading, while the official manufacturing PMI fell to 50.1 in June from 50.9 in May. In Europe, Greece officially missed its $1.7B payment to the International Monetary Fund, becoming the first developed country to do so. The Financial Times then reported the Greek government was indicating it was willing to make concessions that get it much closer to creditor demands. The new proposal for budget cuts and policy overhauls from Prime Minister Alexis Tsipras was dismissed by European officials, however, and uncertainty remains high surrounding the next steps in Europe. COMPANY NEWS: In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a transaction valued in excess of $28B in cash and stock. ACE said it expects that the deal will be immediately accretive to EPS and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. The combined company is expected to be the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. ACE shares advance 2% following the deal announcement, while Chubb surged 29%... General Motors (GM) reported its U.S. sales fell 3% in June compared to the same month of last year, while Ford (F) said its sales grew 1.6% last month compared to last year. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 8% compared with sales in June 2014. MAJOR MOVERS: Among the notable gainers was Schnitzer Steel (SCHN), which rose 14% after BofA Merrill Lynch upgraded the shares two notches to Buy from Underperform and raised its price target to $21, saying it believes scrap pricing should be nearing a trough with stability expected ahead. Also higher were shares of Dycom (DY), which gained 7% after the company raised its fourth quarter guidance for both earnings and revenue and announced a $40M stock repurchase program. Among the noteworthy losers was Chambers Street Properties (CSG), which fell 8% after announcing a merger agreement with Gramercy Property Trust (GPT), whose shares also slipped 3% following the announcement of the stock-for-stock transaction. Also lower were shares of Peabody Energy (BTU), which dropped 24% after cutting its second quarter guidance on Tuesday night. The company sees its adjusted EPS below its original target due to multiple factors, including flash flood events in June and price drops in Australian metallurgical coal. INDEXES: Near midday, the Dow was up 88.42, or 0.5%, to 17,707.93, the Nasdaq was up 13.01, or 0.26%, to 4,999.88, and the S&P 500 was up 8.62, or 0.42%, to 2,071.73.
12:55 EDTCBHartford Financial calls active on ACE Limited acquisition of Chubb
Subscribe for More Information
09:54 EDTCBWells does not expect competing bid for Chubb
Subscribe for More Information
09:28 EDTCBOn The Fly: Pre-market Movers
Subscribe for More Information
09:14 EDTCBACE CFO says does not expect to make share buybacks 'for some time'
09:10 EDTCBACE says combined company to be number two U.S. public P&C insurer by market cap
Subscribe for More Information
09:03 EDTCBACE sees no material tax gain from Chubb deal
Subscribe for More Information
07:49 EDTCBChubb volatility elevated into ACE Limited acquiring for $28B in cash and stock
Subscribe for More Information
07:47 EDTCBACE Limited & Chubb to host joint conference call
Subscribe for More Information
07:41 EDTCBACE Limited volatility elevated into acquiring Chubb for $28B in cash and stock
ACE Limited (ACE) July call option implied volatility is at 18, August is at 17; compared to its 52-week range of 10 to 21, suggesting large price movement into acquiring Chubb (CB) for $62.93 per share in cash and 0.6019 shares of ACE stock.
07:02 EDTCBACE sees deal immediately accretive to EPS and book value
It is expected that the transaction will be immediately accretive to earnings per share and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. It is anticipated that the ROI will exceed ACE’s cost of capital within two years, result in a double-digit return by year three, and tangible book value per share will return to its current level in three years. Morgan Stanley & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to ACE. Guggenheim Securities, LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Chubb.
07:02 EDTCBACE Limited, Chubb company will be led by Evan Greenberg
Subscribe for More Information
07:01 EDTCBACE Limited to acquire Chubb for $28.3B in cash and stock
Subscribe for More Information
07:00 EDTCBACE Limited to acquire Chubb for $28.3B in cash and stock
Subscribe for More Information
June 29, 2015
10:04 EDTCBHigh option volume stocks
Subscribe for More Information
June 24, 2015
17:57 EDTMET, AIGWall Street applauds Senate giving go-ahead for 'fast track' trade powers
Subscribe for More Information
June 22, 2015
10:00 EDTMETOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
07:26 EDTMETMetLife upgraded on share repurchase, interest rate outlook at RBC Capital
Subscribe for More Information
06:14 EDTMETMetLife upgraded to Outperform from Sector Perform at RBC Capital
Subscribe for More Information
June 19, 2015
15:27 EDTPRUPrudential to hold financial strength symposium
2015 Financial Strength Symposium is being held on June 23 at 1:30 pm. Webcast Link
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use