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Stock Market & Financial Investment News

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January 7, 2013
12:29 EDTNSM, ESI, PPHM, SCTY, ATHN, EPOC, WFC, USB, STI, PNC, MET, JPM, C, WAC, BAC, ACHNOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, pushing the S&P 500 off the five-year high it reached Friday. The averages opened lower and remained there for the entire morning as a wave of banking news was reported but no market moving economic data was released... ECONOMIC EVENTS: In the U.S. no market moving economic data was reported... COMPANY NEWS: Bank of America (BAC) announced it will repurchase $6.75B worth of residential mortgage loans it sold to Fannie Mae and will pay $3.6B to settle claims related to certain residential mortgage loans. Bank of America also agreed to sell the servicing rights on about 2M residential mortgages with unpaid principal balances of approximately $306B to Nationstar Mortgage Holdings (NSM) and Walter Investment (WAC)... Separately from BofA's settlement with Fannie Mae, the Federal Reserve and the Office of the Comptroller of the Currency reached an agreement under which ten mortgage servicing companies will pay more than $8.5B in cash payments and other assistance to mortgage borrowers to settle claims of deficient practices in loan servicing and foreclosure processing. The regulators listed Bank of America, Citibank (C), JPMorgan Chase (JPM), MetLife Bank (MET), PNC (PNC), SunTrust (STI), U.S. Bank (USB) and Wells Fargo (WFC) among those participating but did not spell out the level of compensation to be paid by each... In other banking news, the Basel Committee on Banking Supervision made it easier for banks to meet the new "liquidity coverage ratio" rule and delayed its full implementation until 2019... MAJOR MOVERS: Among the notable gainers were Epocrates (EPOC), up over 21% after agreeing to be acquired by athenahealth (ATHN) for $11.75 per share in cash, and SolarCity (SCTY), which rose more than 10% after a number of research firms began covering the stock with Buy ratings. Also higher were shares of Peregrine Pharmaceuticals (PPHM), which advanced 72% after the company updated on its internal review of one of clinical trials and Roth Capital upgraded the stock to a Buy. Among the noteworthy losers was ITT Educational (ESI), which fell nearly 17% after reporting Friday night that it has entered into a settlement agreement and release with Sallie Mae and Credit Suisse lowered its price target on the stock in a note to investors this morning. Also lower were shares of Achillion (ACHN), down over 9% after reporting interim results on a trial of its treatment for a type of hepatitis C virus infection... INDICES: Near noon, the Dow was down 79.00, or 0.59%, to 13,356.21; the Nasdaq was down 10.87, or 0.35%, to 3,090.79; and the S&P 500 was down 8.64, or 0.59%, to 1,457.83.
News For NSM;BAC;WAC;C;JPM;MET;PNC;STI;USB;WFC;EPOC;ATHN;SCTY;PPHM;ESI;ACHN From The Last 14 Days
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July 10, 2014
06:21 EDTJPMJPMorgan appoints Li as new China head, Reuters says
JPMorgan Chase (JPM) said it has appointed former UBS (UBS) banker David Li as the new head of its China division to replace top China banker Fang Fang who left the firm in March, according to Reuters, citing a statement from the U.S. company. Reference Link
06:20 EDTCCalifornia, New York among states to share in Citigroup settlement, LA Times say
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06:16 EDTBACHolder refuses meeting with BofA head, Reuters says
Attorney General Eric Holder has formally decided to not meet with Bank of America CEO Brian Moynihan to discuss a multibillion-dollar agreement, as talks to resolve investigations into shoddy mortgage securities sold by the firm and its divisions are delayed, according to Reuters, citing people familiar with the matter. Sources said that no discussions between the bank and the U.S. Department of Justice have occurred since the second week in June. Reference Link
July 9, 2014
13:14 EDTUSBU.S. Bancorp July volatility flat into Q2 and outlook
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07:58 EDTPNCPNC Financial July volatility elevated into Q2 and outlook
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07:36 EDTWFCWells Fargo July weekly volatility increases into Q2 and outlook
Wells Fargo July weekly call option implied volatility is at 39, July is at 20, August is at 15, October is at 14; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 11.
06:51 EDTBAC, CBofA also in talks with DOJ to settle civil probes over mortgage unit, WSJ says
In addition to the talks with Citigroup (C), the Department of Justice has also has been in talks with Bank of America (BAC) to resolve civil probes over its mortgage business, the Wall Street Journal reports. Reference Link
06:37 EDTCCitigroup close to settling mortgage probe for $7B, NY Times reports
Citigroup is nearing a deal with the Justice Department, under which the bank would pay about $7B to settle a civil probe of mortgage investments it sold, according to The New York Times. Dow Jones yesterday reported that Citigroup would pay about $4B to settle the probe. Reference Link
July 8, 2014
16:56 EDTCCitigroup near $4B settlement with U.S. over mortgage probe, CNBC says
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16:33 EDTCCitigroup near multi-billion settlement with U.S. over mortgage probe, DJ says
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16:00 EDTSCTYOptions Update; July 8, 2014
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13:39 EDTJPMJPMorgan seeks hundreds of millions in annual expense cuts, WSJ reports
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13:39 EDTJPMJP Morgan names Blessing as Vice Chair of IB EMEA, Bloomberg reports
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13:19 EDTJPMJP Morgan July volatility increases into Q2 and outlook
JP Morgan July call option implied volatility is at 19, August is at 17, October is at 16; compared to its 26-week average of 18 according to Track Data, suggesting large price movement into the expected release of Q2 results on July 15.
13:13 EDTJPMJPMorgan plans hundreds of millions in expense cuts this year, Dow reports
JPMorgan plans hundreds of millions of dollars in expense savings this year via office locations, third-party contracts and market data cuts, Dow Jones reports, citing sources.
12:58 EDTJPMBlackRock poaches JPMorgan Asset Management's Chris Jones, Reuters reports
BlackRock (BLK) has hired Chris Jones, an adviser from JPMorgan Asset Management (JPM), Reuters reports. Jones will serve as co-head of BlackRock's Global Fundamental Equity. Reference Link
10:28 EDTMETOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A.O. Smith (AOS) initiated with an Outperform at Northland... Abengoa Yield (ABY) initiated with a Buy at BofA/Merrill... Aflac (AFL) initiated with a Buy at Drexel Hamilton... Aspen Aerogels (ASPN) initiated with a Buy at Canaccord... Boston Scientific (BSX) initiated with a Buy at CRT Capital... CSC (CSC) initiated with an Underweight at Morgan Stanley... Consumer Portfolio (CPSS) initiated with a Buy at Compass Point... Credit Acceptance (CACC) initiated with a Sell at Compass Point... Intuitive Surgical (ISRG) initiated with a Neutral at BTIG... Masimo (MASI) initiated with a Buy at BTIG... Memorial Resource (MRD) initiated with an Overweight at Barclays... MetLife (MET) initiated with a Buy at Drexel Hamilton... Mueller Water (MWA) initiated with a Market Perform at Northland... New York REIT (NYRT) initiated with a Market Perform at JMP Securities... NorthStar Asset Management (NSAM) initiated with a Market Perform at Keefe Bruyette... Ophthotech (OPHT) initiated with an Outperform at Oppenheimer... Performance Sports Group (PSG) initiated with an Outperform at Wedbush... Prudential (PRU) initiated with a Buy at Drexel Hamilton... RCS Capital (RCAP) initiated with a Neutral at BofA/Merrill... Santander Consumer (SC) initiated with a Neutral at Compass Point... Silicon Laboratories (SLAB) initiated with a Buy at MKM Partners... St. Jude Medical (STJ) initiated with a Buy at CRT Capital... Starwood Waypoint (SWAY) initiated with an Outperform at Keefe Bruyette... T-Mobile (TMUS) initiated with an Outperform at BMO Capital... TherapeuticsMD (TXMD) initiated with an Outperform at FBR Capital... Waddell & Reed (WDR) initiated with an Outperform at William Blair... Xerox (XRX) initiated with an Overweight at Morgan Stanley.
07:45 EDTCCitigroup July volatility flat into Q2 and outlook
Citigroup July call option implied volatility is at 24, August, September and December is at 18; compared to its 26-week average of 23 according to Track Data, suggesting non-directional near term price movement into the expected release of Q2 results on July 14.
06:47 EDTMETMetLife initiated with a Buy at Drexel Hamilton
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06:08 EDTCCitigroup assumed with a Market Perform at Keefe Bruyette
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