News Breaks |
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| January 7, 2013 |
| 12:29 EDT |  | PNC, C, NSM, ESI, ATHN, USB, MET, WAC, PPHM, EPOC, STI, JPM, BAC, ACHN, SCTY, WFC | On 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. |
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News For NSM;BAC;WAC;C;JPM;MET;PNC;STI;USB;WFC;EPOC;ATHN;SCTY;PPHM;ESI;ACHN From The Last 14 Days Check below for free stories on NSM;BAC;WAC;C;JPM;MET;PNC;STI;USB;WFC;EPOC;ATHN;SCTY;PPHM;ESI;ACHN the last two weeks. |
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| May 22, 2013 |
| 16:00 EDT |  | C | Options Update; May 22, 2013
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| 14:54 EDT |  | JPM | JPMorgan not likely to add new board members soon, Bloomberg says
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| 13:35 EDT |  | SCTY | Cautious solar note, SolarCity lock-up highlighted by CNBC's Greenberg
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| 10:31 EDT |  | JPM | JPMorgan spikes higher along with peers, levels to watch
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| 10:00 EDT |  | STI | On The Fly: Analyst Downgrade Summary
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| 09:02 EDT |  | JPM, C, BAC, WFC, USB | Financials upgraded to Overweight from Market Weight at Wells Fargo
Wells Fargo believes that financials' earnings continue to be the strongest of any sector in the S&P 500. The firm thinks that the sector's stocks appear to be breaking out from a technical standpoint. Citigroup (c) and Ameriprise Financial (AMP) are on the firm's priority list. |
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| 07:45 EDT | | C | Citigroup price target raised to $60 from $53 at Credit Suisse
Credit Suisse said Citigroup's International markets have had faster growth and provide a source of additional revenue opportunity. The firm expects 2013 ROE of 13.2% vs. 11.9% in 2012 and sees positive operating leverage driving improved profitability. Shares are Outperform rated. |
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| 07:22 EDT |  | BAC | Dun & Bradstreet to hold a conference
2013 Access to Capital is being held in Chicago on May 22. |
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| 07:12 EDT | | STI | SunTrust downgraded to Perform from Outperform at Oppenheimer
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| 06:12 EDT | | C | Russia becomes a tougher market for foreign banks, Reuters reports
Foreign banks that once treated Russia as new territory where easy money could be made are now finding it a cut-throat market tougher than some bargained for, reports Reuters. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to penetrate: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB.Reference Link |
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| May 21, 2013 |
| 16:26 EDT | | JPM | On The Fly: Closing Wrap
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| 12:36 EDT | | JPM | On The Fly: Midday Wrap
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| 11:47 EDT | | JPM | JPMorgan holders vote to keep Dimon as Chairman, CEO
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| 11:24 EDT | | MET | MetLife to merge offshore reinsurance unit into U.S. regulated entity
In a regulatory filing, MetLife disclosed that it intends to merge offshore captive reinsurer into a U.S. regulated entity. |
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| 11:09 EDT | | JPM | JPMorgan's Raymond says 'stay tuned' on composition of risk committee
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| 11:03 EDT | | JPM | JPMorgan's Dimon says more regulatory consent orders expected
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| 10:45 EDT | | MET | MetLife says low interest rates may cost annuity business $2.5B, Bloomberg says
MetLife says the continued low interest rate environment may cost the company around $2.5B after three-to-five years in the U.S. variable annuity business, reported Bloomberg. Reference Link |
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| 10:29 EDT | | SCTY | Solar channel checks don't support bullishness of stocks, says Raymond James
Raymond James said feedback from solar channel checks rare is not as enthusiastic as excessive bullishness being exhibited by the stocks. First, the firm said European purchases of Chinese modules have dried up due to industry speculation of an upcoming EU tariff ruling; second, feedback suggests U.S. project developers are capital constrained; and third, there is a lack of industry rationalization. |
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| 09:42 EDT | | C | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL HD MCP ABX TSLA C |
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| 09:03 EDT | | JPM | JPMorgan CEO looks set to hold onto chairman role, NY Times reports
Preliminary votes indicate JPMorgan CEO Jamie Dimon will hold onto his title of chairman, New York Times reports, citing people who have seen today's shareholder vote results. Reference Link |
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