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Stock Market & Financial Investment News

News Breaks
February 13, 2013
05:55 EDTNATL, NATL, TRV, TRV, Y, Y, VR, VR, AHL, AHL, AFL, AFL, XL, XL, AXS, AXS, PL, PL, RNR, RNR, MET, MET, ALL, ALLBofA/Merrill to host a conference
2013 Insurance Conference is being held in New York on February 13-14.
News For NATL;MET;RNR;PL;AXS;XL;AFL;AHL;VR;Y;TRV;ALL From The Last 14 Days
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April 17, 2015
10:00 EDTTRVOn The Fly: Analyst Downgrade Summary
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09:12 EDTAXSIndustry bankers see Argo Group at potential takeout target, dealReporter says
Recently announced deals in the insurance space, such as PartnerRe’s (PRE) proposed merger with AXIS Capital (AXS) and the subsequent bid for PartnerRe from Exor, could provide "compelling logic" for a takeover of Argo Group (AGII), industry bankers told dealReporter, according to contacts.
05:31 EDTTRVTravelers downgraded to Equal Weight from Overweight at Barclays
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April 16, 2015
19:46 EDTTRVEcolab to acquire Travelers North Tower in St. Paul, MN, terms not disclosed
Ecolab (ECL) has signed a purchase agreement to acquire the 17-story North Tower from Travelers (TRV) in downtown St. Paul, MN. The transaction is expected to close in Q3, and by the end of 2018, Ecolab will relocate all associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Financial terms of the agreement are not being disclosed.
April 15, 2015
10:36 EDTMET, ALLBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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April 14, 2015
19:02 EDTAXSAXIS Capital acknowledges Exor made unsolicited proposal for PartnerRe
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12:24 EDTAXSOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
11:55 EDTAXSEXOR tops AXIS offer with $130 per share bid for PartnerRe
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10:42 EDTMETWheeler retirement adds uncertainty to MetLife CEO succession, says Wells Fargo
Wells Fargo said the retirement of Metlife's President of the Americas Bill Wheeler was unexpected and adds uncertainty around the issue of CEO succession, since Wheeler was widely viewed as a possible successor to CEO Steve Kandarian. Wheeler's exit leaves the company with no clear front runner to next take up the CEO post, said the firm, which has an Outperform rating on Metlife shares.
08:36 EDTMETMetLife announces retirement of president of Americas Bill Wheeler
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April 13, 2015
07:46 EDTTRVTravelers to acquire majority interest in property casualty business of JV
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April 9, 2015
10:00 EDTXLOn The Fly: Analyst Upgrade Summary
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08:05 EDTXLXL Group upgraded at JMP Securities
As previously reported, JMP Securities upgraded XL Group to Outperform from Market Perform. The firm expects the closing of the Catlin acquisition to result in earnings upside and potential improved expense savings. Price target is $43.
06:17 EDTXLXL Group upgraded to Outperform from Market Perform at JMP Securities
April 7, 2015
16:35 EDTVRValidus requests withdrawal of registration statement
The company is requesting the withdrawal of the Registration Statement, File No. 333-203218, because it was erroneously coded and filed as form type “S-3ASR” rather than form type “POSASR.” The company hereby confirms that no securities have been sold pursuant to the Registration Statement.
10:05 EDTXLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Carnival (CCL) upgraded to Outperform from Market Perform at Wells Fargo... Crown Castle (CCI) upgraded to Buy from Hold at Evercore ISI... Ctrip.com (CTRP) upgraded to Overweight from Neutral at Piper Jaffray... Demandware (DWRE) upgraded to Conviction Buy from Buy at Goldman... FirstEnergy (FE) upgraded at BofA/Merrill... Frontier Communications (FTR) upgraded to Neutral from Underperform at DA Davidson... JPMorgan (JPM) upgraded to Outperform from Market Perform at Bernstein... Pattern Energy (PEGI) upgraded to Outperform from Market Perform at Raymond James... Ralph Lauren (RL) upgraded to Buy from Outperform at CLSA... ResMed (RMD) upgraded to Outperform from Neutral at Credit Suisse... Ryanair (RYAAY) upgraded to Overweight from Neutral at JPMorgan... Splunk (SPLK) upgraded to Overweight from Neutral at Piper Jaffray... Total (TOT) upgraded at RBC Capital... Verifone (PAY) upgraded to Buy from Hold at Stifel... XL Group (XL) upgraded to Buy from Neutral at UBS.
05:52 EDTXLXL Group upgraded to Buy from Neutral at UBS
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