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Stock Market & Financial Investment News

News Breaks
January 7, 2013
12:29 EDTPPHM, EPOC, STI, JPM, BAC, ACHN, SCTY, WFC, PNC, C, NSM, ESI, ATHN, USB, MET, WACOn 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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April 4, 2014
06:42 EDTJPMJPMorgan selling part of retirement business to Great-West, WSJ reports
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06:36 EDTJPMJPMorgan upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded JPMorgan to Outperform from Neutral based on relative valuation, improving U.S. and European economies, improving business mix and potential for increased buybacks. Price target raised to $68 from $62.
06:09 EDTSCTYSolarCity risk/reward attractive after underperformance, says Deutsche Bank
Deutsche Bank says shares of SolarCity have underperformed over the past five weeks due to concerns over the trade investigation, competition and potential regulatory changes. Deutsche thinks the concerns are overblown and sees "several" upcoming positive catalysts. The firm views the risk/reward as attractive and reiterates a Buy rating on SolarCity with a $90 price target.
April 3, 2014
18:40 EDTJPMJPMorgan restructures chief investment office, FT says
JPMorgan has restructured its chief investment office, the unit that housed the "London whale," combining its CIO and treasury unit, reports The Financial Times, citing people familiar with the matter. Reference Link
17:36 EDTCCitigroup's Corbat enlists McQuade to lead the CCAR process over next year
In a regulatory filing, Citigroup disclosed that on April 3, it was announced that, at the request of Michael Corbat, the CEO of Citigroup, Eugene M. McQuade, the outgoing CEO of Citibank, will postpone his retirement and lead the Comprehensive Capital Analysis and Review, CCAR, process for Citi over the next year. McQuade will become Vice Chairman of Citi, remain on the Citibank board of directors and report directly to Citi’s CEO. Due to the importance of this effort and the substantial time commitment required by McQuade’s new role, Citi’s board of directors, in conjunction with Mr. McQuade’s consent, withdrew his nomination to serve on Citi's board of directors.
16:51 EDTBACBofA in talks for $800M settlement over credit card practices, WSJ says
Bank of America is in talks to pay at least $800M to settle allegations by the Consumer Financial Protection Bureau or CFPB that the bank promoted extra credit-card products, says the Wall Street Journal, citing people familiar with the matter. Reference Link
16:00 EDTCOptions Update; April 3, 2014
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14:01 EDTJPMJPMorgan to sell large-market 401(k) recordkeeping business
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13:13 EDTJPMJPMorgan names Canavari Chief Brand Officer for Chase
JPMorgan Chase announced that Susan Canavari will join the firm as Chief Brand Officer for Chase. In this newly created role, Canavari will lead strategy and development for the consumer brand, including advertising, creative services and social media marketing. Canavari will report to Kristin Lemkau, the firm’s Chief Marketing Officer. Canavari joins Chase from mcgarrybowen, where she was Managing Director and lead on the JPMorgan Chase account.
12:10 EDTCOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, with the Dow notching a new all-time high, but had slid into negative ground at midday. The Nasdaq is the biggest loser, as it is down more than 0.6%, while the Dow and Nasdaq are just slightly below the flat line. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 326K in the week ended March 29, versus the expected 319K claims. The trade deficit widened to $42.3B in February from a revised $39.3B deficit in January. ISM's non-manufacturing PMI rose 1.5 points to 53.1 in March, though that was a bit below the 53.5 forecast of economists. In Europe, the ECB maintained its current rates despite the ongoing debate over disinflationary forces posing an increasing risk. In Asia, China's State Council announced a stimulus package for new railways and subways, low-income housing and tax breaks for small business, but most of the measures were part of the government's previously communicated annual economic work plan. COMPANY NEWS: Shares of Barnes & Noble (BKS) are declining after Liberty Media (LMCA) announced a deal to reduce its stake in the bookseller. Liberty said it has sold the majority of its shares to institutional buyers and will retain approximately 10% of its initial investment, which has been reported to equate to a roughly 2% stake in Barnes & Noble. B&N Chairman Leonard Riggio said that Liberty’s reduced ownership gives the company greater flexibility to pursue various strategic options, but shares of B&N slid 13% following the announcement... Citigroup (C) shares fell almost 2% after The New York Times said the federal government has started a criminal investigation into alleged fraud involving Citi's Banamex unit in Mexico. Also of note, research firm Sterne Agee downgraded the stock to Neutral, citing the Fed's refusal to approve the bank's capital plan, along with its slowing earnings growth and lack of catalysts, as reasons for the downgrade. MAJOR MOVERS: Among the notable gainers was Amyris (AMRS), which rose 8% after announcing that it is entering into a strain engineering research and development agreement with chemical giant BASF (BASFY). Also higher was chemical, paint, and coating maker RPM (RPM), which gained 4% and hit a fresh 52-week high earlier in the session after the company raised its fiscal 2014 profit outlook. Among the noteworthy losers was Liquidity Services (LQDT), which slid another 12% after the company confirmed it's withdrawal from auction bidding for a U.S. Department of Defense contract and said it will need to reset its adjusted earnings expectations. Also lower were shares of weight-loss drug maker VIVUS (VVUS), which fell nearly 8% following a downgrade to Underweight at Piper Jaffray. INDEXES: Near midday, the Dow was down 16.31, or 0.1%, to 16,556.69, the Nasdaq was down 26.65, or 0.62%, to 4,249.81, and the S&P 500 was down 3.48, or 0.18%, to 1,887.42.
10:00 EDTUSB, COn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
09:47 EDTPNCPNC Financial raises quarterly dividend by 9% to 48c per share
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09:37 EDTCActive equity options trading on open
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08:10 EDTCCitigroup downgraded at Sterne Agee
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07:45 EDTUSBU.S. Bancorp downgraded to Neutral from Conviction Buy at Goldman
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07:40 EDTESIChanos says still short names in for-profit education space
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07:19 EDTCCitigroup downgraded at Sterne Agee
As previously reported, Sterne Agee downgraded Citigroup to Neutral from Buy. The firm downgraded shares citing the Fed's concerns in the recent capital review, increasing regulatory risk, slowing earnings growth, and lack of meaningful catalysts to drive shares higher. Price target lowered to $52 from $60.
06:52 EDTJPMJPMorgan eases tension with Russian embassy by processing payment, Reuters says
JPMorgan is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz in an effort to ease tension after Moscow accused the firm of illegally blocking the transaction under the pretext of sanctions, according to Reuters, citing a company statement from the U.S. bank. Reference Link
06:24 EDTCU.S. launches criminal probe of Citigroup's Mexican unit, NY Times reports
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06:23 EDTCCitigroup downgraded to Neutral from Buy at Sterne Agee
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