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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 11, 2014
08:21 EDTPPHMPeregrine data shows statistically significant tumor growth suppression
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07:08 EDTWACWalter Investment sees FY14 adjusted EPS $5.25-$6.25, consensus $5.23
Sees FY14 adjusted EBITDA $650M-$725M.
07:07 EDTWACWalter Investment: Improving economy, low interest rate provides improvement
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07:06 EDTWACWalter Investment reports Q2 adjusted EPS $1.19, consensus $1.22
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06:58 EDTCUBS to hold a conference
UBS Financials 1:1 Conference to be held in Chicago on August 11.
06:57 EDTATHNAvondale to hold a conference
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06:43 EDTCCitigroup, Mercuria Energy battle in court over metals payments, WSJ says
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05:48 EDTACHNAchillion upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Achillion to Outperform citing the potential for multiple near-term catalysts around the company's hepatitis C portfolio. Wells raised its price target range for shares to $11-$13 from $7-$8. Achillion was also upgraded this morning at Piper Jaffray.
05:29 EDTACHNAchillion upgraded to Overweight from Neutral at Piper Jaffray
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August 8, 2014
16:02 EDTWACWalter Investment COO Keith Anderson retires
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16:00 EDTSCTY, COptions Update; August 8, 2014
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12:38 EDTJPMSEC probing JPMorgan over potential conflicts of interest, WSJ says
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10:36 EDTESIOptions with increasing implied volatility
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09:37 EDTBAC, SCTYActive equity options trading on open
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09:26 EDTSCTYSolarCity mentioned cautiously by TheStreet's Herb Greenberg
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09:15 EDTSCTYOn The Fly: Pre-market Movers
HIGHER: NVIDIA (NVDA), up 4.2%, upgraded at Needham following its better than expected Q2 results... Arista Networks (ANET), up 8%, upgraded at Citigroup following better than expected Q2 results, announcing an expanded strategic relationship with VMware (VMW)... Tekmira Pharmaceuticals (TKMR), up 17.5% after announcing that the FDA verbally confirmed they have modified the full clinical hold placed on its TKM-Ebola treatment to a partial clinical hold... Gap (GPS), up 4.7% after July same-store sales rose 2%, company issues Q2 EPS outlook above the consensus estimate... lululemon (LULU), up 2.4% after founder agrees to sell half his stake to Advent for $845M. UP AFTER EARNINGS: SolarCity (SCTY), up 1%... Assured Guaranty (AGO), up 9%... MercadoLibre (MELI), up 13.6%. LOWER: Zynga (ZNGA), down 6% after lowering fiscal 2014 guidance... McDonald's (MCD), down 0.4% after Chinese supplier issue contributes to July comparable sales drop of 2.5%.
08:21 EDTSCTYOptions expected to be active
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07:23 EDTJPMLevin probe of Goldman, JPMorgan commodity trading nears end, Reuters says
Senator Carl Levin's investigators have met with representatives from Goldman Sachs (GS) and JPMorgan (JPM) in recent weeks as his office wraps up its probe of the bank's commodity trading businesses, which could potentially reveal abuses in energy and metals markets, according to Reuters, citing sources familiar with the matter. Executives from the banks may appear at a hearing as early as September, the report added. Reference Link
07:18 EDTJPM, BAC, USB, C, WFCRegulators direct banks to steer mortgage aid to hard-hit areas, FT says
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06:30 EDTJPM, CCitigroup, Accenture employ tech workers in Argentina, Bloomberg says
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