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Stock Market & Financial Investment News

News Breaks
April 22, 2014
06:19 EDTMS, C, USB, WFC, JPM, GS, BACInvestment banks battling over stock trading, WSJ reports
Investment banks are battling for business trading stocks, in a shift away from businesses squeezed by new regulations and uncooperative markets, the Wall Street Journal reports. Banks, like Morgan Stanley (MS), Goldman Sachs (GS) and UBS (UBS), are prioritizing top clients, paying employees more and hiring traders from peers, as well as investing in electronic-trading platforms. Reference Link
News For MS;C;USB;WFC;JPM;GS;BAC From The Last 14 Days
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September 23, 2014
16:00 EDTCOptions Update; September 23, 2014
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15:33 EDTBACBofA announces $10B Catalytic Finance Initiaive, to committ $1B in capital
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10:33 EDTJPMWebster Financial to acquire HSA business from JPMorgan
Webster Financial (WBS), the holding company for Webster Bank, N.A., said that it had signed a definitive agreement to acquire the health savings account, or HSA, business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase (JPM). Under the agreement, approximately 700,000 accounts, including an estimated $1.3B in deposits and $175M in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank, over a transitional period. In the near term, Webster will use approximately 60% of the deposits to pay down short-term borrowings with the remaining funds invested in securities. Transaction consideration will be all cash; the purchase price was not disclosed. Webster expects the transaction to be modestly accretive to earnings per share and return on equity in the first year following closing. The transaction is expected to improve Webster's loan-to-deposit ratio to approximately 80% from 87% pro forma at June 30. The company estimates the transaction will have tangible book value dilution of approximately 3%. JPMorgan Chase has advised Webster that the transaction is not expected to have a material impact on JPMorgan Chase's earnings.
07:33 EDTCCitigroup threatened by Argentina over bond payments, Reuters reports
Argentine Economy Minister Axel Kicillof threatened Citigroup with "penalties" if the bank failed to make a $5M interest payment due to bondholders by Sept. 30 and the bank plans to ask a U.S. judge to stay an order barring it from processing payments on $8.4B in bonds issued after the country's 2002 default, reported Reuters. Reference Link
07:14 EDTGSGoldman spot FX trading boss in EU to depart, Bloomberg says
Mitesh Parikh, the manager of Goldman Sach's spot foreign-exchange trading in Europe, is departing the company to trade currencies at an investment company, according to Bloomberg, citing two people with knowledge of the situation. Parikh joined Goldman Sachs twelve years ago. Reference Link
06:13 EDTWFCWells Fargo Advisers fined $5M by SEC for failing to maintain controls
The Securities and Exchange Commission yesterday charged Wells Fargo Advisors LLC with failing to maintain adequate controls to prevent one of its employees from insider trading based on a customerís nonpublic information. The SEC also charged Wells Fargo for unreasonably delaying its production of documents during the SECís investigation and providing an altered internal document related to a compliance review of the brokerís trading. Wells Fargo, which admits wrongdoing, has agreed to pay a $5M penalty to settle the SECís charges, which are the first-ever against a broker-dealer for failing to protect a customerís material nonpublic information. Reference Link
September 22, 2014
18:20 EDTWFCSEC fines Wells Fargo Advisors $5M for not stopping inside trade, FT reports
The brokerage arm of Wells Fargo (WFC), Wells Fargo Advisors, was fined $5M by the SEC for not stopping an employee from trading on customer information ahead of the 2010 acquisition of Burger King (BKW), sometimes called ďthe sandwich deal," FT reports. Reference Link
16:00 EDTCOptions Update; September 22, 2014
iPath S&P 500 VIX Short-Term Futures up 91c to 28.14. Option volume leaders: AAPL TSLA NFLX C TWTR AMZN BP PBR CLF WLT according to Track Data.
10:00 EDTBACBank of America rallies, levels to watch
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09:38 EDTCActive equity options trading on open
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06:11 EDTJPMEMC explores merger, holds talks with HP, Dell, WSJ reports
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September 20, 2014
21:15 EDTCCitigroup and Argentina's appeal on bond case dismissed, Reuters says
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19:48 EDTBACBank of America could climb over 50%, Barron's says
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September 19, 2014
16:00 EDTBACOptions Update; September 19, 2014
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11:14 EDTCSumitomo Mitsui, Mitsubishi UFJ on short list for Citigroup unit, WSJ reports
Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Trust Holding, Mitsubishi UFJ Financial (MTU) and Shinsei Bank have been shortlisted by Citigroup (C) as buyers for the U.S. bank's retail bank in Japan, the Wall Street Journal reports, citing sources. Citi could pick a buyer for the unit by the end of the year or early next year. Citigroup could sell its Diners Club branded credit card unit in Japan along with the retail bank, a source says. Reference Link
09:37 EDTCActive equity options trading on open
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07:17 EDTCCitigroup up against hard situation in Argentina bond plea, Reuters says
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September 18, 2014
16:00 EDTBACOptions Update; September 18, 2014
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14:08 EDTJPM, GS, MS, WFC, BAC, USB, CBanks look to high-interest personal loans to boost revenue, WSJ says
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05:31 EDTJPMVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visaís holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visaís investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
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