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Stock Market & Financial Investment News

News Breaks
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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August 20, 2014
18:29 EDTJPM, BACBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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17:29 EDTACHNRA Capital reduces stake in Achillion to 21.1% from 23.2%
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17:12 EDTBAC, METOn The Fly: Closing Wrap
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14:39 EDTMETMetLife nearing 'systemically important' designation, WSJ reports
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14:35 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
Bank of America along with federal and state authorities agreed upon a $17B settlement for the bank in connection with the sale of mortgage-backed securities in the run-up to the 2008 financial crisis, says AP. Reference Link
14:20 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
11:42 EDTACHNOptions with decreasing implied volatility
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08:38 EDTBACRevolution Lighting enters loan, security agreement with BofA
Revolution Lighting (RVLT) announced that it has entered into a three year loan and security agreement with Bank of America (BAC). The agreement allows Revolution Lighting to borrow up to $25M on a revolving basis. Borrowings under the agreement are determined on specified percentages of eligible receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of 3%. The agreement contains customary covenants and restrictions typical of these agreements.
06:17 EDTCCitigroup looks to sell Japanese retail banking unit, Reuters says
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06:02 EDTWFCWells Fargo wins approval for $62.5M settlement, Charlotte Observer says
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August 19, 2014
16:24 EDTNSMNationstar appoints Kevin Dahlstrom as Chief Marketing Officer
Nationstar Mortgage Holdings announced the hiring of Kevin Dahlstrom as Executive Vice President & Chief Marketing Officer. In this new role for the company, Dahlstrom will lead all marketing activities across the enterprise with particular focus on analytics-driven, digital and web-based strategies to broaden Nationstarís customer acquisition and retention programs to further the companyís mission to become the leading provider of real estate services.
16:07 EDTACHNAchillion granted U.S. patent for ACH-3102, structurally related NS5A inhibitors
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13:42 EDTWFCWells Fargo looks to bulk up asset-management business, WSJ says
Wells Fargo is looking to increase the size of its asset-management business to over $1T over the next decade by making acquisitions of smaller asset managers and more aggressive sales to larger investors, says the Wall Street Journal. Reference Link
13:08 EDTCCitigroup tells appeals court Agentina banking license at risk, Reuters reports
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12:14 EDTCCitigroup considers selling Japan retail-banking unit, WSJ reports
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10:42 EDTACHNOptions with decreasing implied volatility
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10:13 EDTSCTYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: CNOOC (CEO) downgraded to Hold from Buy at Jefferies... Guess (GES) downgraded to Neutral from Overweight at Piper Jaffray... Ingersoll-Rand (IR) downgraded at RW Baird... Lehigh Gas (LGP) downgraded to Neutral from Buy at Ladenburg... Lexicon (LXRX) downgraded to Hold from Buy at Gabelli... Monster Beverage (MNST) downgraded to Neutral from Buy at SunTrust... Nobel Biocare (NBHGY) downgraded to Hold from Buy at Berenberg... Saint Joe Co. (JOE) downgraded to Market Perform from Outperform at Raymond James... SolarCity (SCTY) downgraded at RW Baird.
09:11 EDTSCTYSolarCity downgraded at RW Baird
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06:20 EDTBACBofA COO transfers, senior manager assumes role, Bloomberg says
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06:00 EDTSCTYSolarCity downgraded to Neutral from Outperform at RW Baird
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