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News Breaks
January 7, 2013
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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November 6, 2014
15:14 EDTJPMBank of France to hold a symposium
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15:13 EDTACHNAmerican Association for Study of Liver Diseases to hold a meeting
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14:52 EDTBACBofA executives concerned over departure of senior brokers, Reuters says
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14:11 EDTACHNAchillion volatility elevated into expected release of viral data
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14:11 EDTESIFor-profit universities sue over gainful employment rule, The Hill says
As expected, for-profit colleges have sued the Obama adminstration over its new gainful employment rule, according to The Hill. The Association of Private Sector Colleges and Universities filed the lawsuit today, and alleged the rule and "the impact it will have on student access and opportunity is unacceptable and in violation of federal law," The Hill reported.. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).Reference Link
13:46 EDTBACBofA execs grow worried after senior Merrill brokers depart, Reuters says
Top executives at Bank of America have grown increasingly worried and approached Merrill's leader John Thiel after top executives within the investment group have announced their departure the past few weeks, according to Reuters, citing three sources familiar with the matter. Reference Link
11:29 EDTMETFinancial Stability Board updates list of global systemically important insurers
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11:24 EDTC, BAC, WFC, JPMHSBC, JPMorgan highest on FSB list of global systemically important banks
The Financial Stability Board published its updated list of global systemically important banks, placing HSBC (HSBC) and JPMorgan (JPM) in its highest "bucket" corresponding to required level of additional loss absorbency. Both of those banks were placed in bucket 4, which is associated with 2.5% in additional loss absorbency required. Banks in the next category, or bucket 3, include Barclays (BCS), BNP Paribas (BNPQY), Citigroup (C) and Deutsche Bank (DB). Other banks included on the updated list include Bank of America (BAC), Credit Suisse (CS), Goldman Sachs (GS), Morgan Stanley (MS), RBS (RBS), BNY Mellon (BK), ING Groep (ING), Banco Santander (SAN), Societe Generale (SCGLY), Standard Chartered (SCBFF), State Street (STT), UBS (UBS), and Wells Fargo (WFC). Of note, UBS is now in the lowest bucket, associated with 1% additional loss absorbency required. Reference Link
10:39 EDTACHNOptions with decreasing implied volatility
Options with decreasing implied volatility: ACHN GRPN ZU SGMS AFSI PNK SALE HLF CODE OWW
08:45 EDTSCTYSolarCity should be bought opportunistically, says Roth Capital
After SolarCity reported slightly weaker than expected Q3 results, Roth Capital expects the stock to trade sideways in the near-term. However, Roth remains upbeat on what it sees as the company's business model differentiation, cost leadership, technology innovation, and value creation potential. It recommends buying the shares opportunistically.
07:59 EDTSCTYSolarCity price target lowered to $87 from $95 at Canaccord
Canaccord lowered its price target on SolarCity to $87 from $95 following its Q3 results, citing soft deployments in the commercial sector. The firm reiterates its Buy rating on SolarCity, as Canaccord believes the company is outpacing the market and creating significant value from its solar deployments.
07:59 EDTCCiti retail unit in Japan to get bids from four banks, Reuters says
Four Japanese banks including, Sumitomo Mitsui Banking (SMFG), are expected to make second round bids for Citigroup's (C) consumer banking business in Japan, according to Reuters, citing bankers with knowledge of the matter. The unit was initially put up for sale in September, the report noted. Reference Link
07:53 EDTJPMPepsi, Amazon among many said to have secret Luxembourg tax deals, ICIJ reports
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07:46 EDTSCTYSolarCity Q3 solid, shares undervalued, says JPMorgan
JPMorgan believes SolarCity reported solid Q3 results and guidance. The firm thinks its new $72 price target factors in potential risks from the recent price action in California, increased competition and the withdrawal of tax credits over time. JPMorgan views SolarCity shares as undervalued and keeps an Overweight rating on the name.
07:24 EDTWACWalter Investment expects improving economy to lower delinquency rates
The company said, "The current low rate environment is also conducive to our strategy to maximize our portfolio's retention opportunity. The market for prime MSR continues to be both strong and competitive as small and mid-sized originators look to monetize their MSR assets to offset light origination economics and demand from larger players and financial buyers has driven a tightening of asset yields. We continue to see an increase in the flow of competitively priced legacy deals in the market as large depository institutions and other clients focus on their core customer base and core competencies, driving their interest in the sale or outsourcing of non-core assets and related activities such as servicing. The broader mortgage market remains challenging as purchase money volumes continue to be subdued and the retail sector remains competitive. Active regulatory oversight of the sector continues and it is our expectation that in the current environment participants who have scale, are appropriately capitalized, are compliant with regulatory requirements, and have significant experience and a strong track record in transferring servicing assets will be best positioned to grow their business in the future."
07:23 EDTWACWalter Investment cuts FY14 EPS to $5.00 from $5.25-$6.25, consensus $5.37
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07:22 EDTWACWalter Investment reports Q3 adjusted EPS 96c, consensus $1.03
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07:14 EDTNSMNationstar reports Q3 core EPS 80c vs. 87c a year ago
Reports Q3 revenue $504.32M vs. $631.8M a year ago.
05:52 EDTACHNStocks with implied volatility above IV index mean; GME ACHN
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05:50 EDTSCTYStocks with implied volatility movement; SLV SCTY
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