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Stock Market & Financial Investment News

News Breaks
January 7, 2013
12:29 EDTACHN, SCTY, WFC, PNC, C, NSM, ESI, ATHN, USB, MET, WAC, PPHM, EPOC, STI, JPM, BACOn 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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April 13, 2015
16:21 EDTJPM, WFCOn The Fly: Top stock stories for Monday
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15:38 EDTJPM, WFCNotable companies reporting before tomorrow's open
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15:26 EDTWFCWells Fargo April 54.5 straddle priced for 2.2% movement into Q1
15:18 EDTJPMJPMorgan technical notes ahead of earnings
The shares are trading close to the 52-week high which is at $63.49. On strongly positive news, the stock would be pushed toward the life high at $67.17. That would be an important technical milestone if it was reached. Traders should note however that that move would on a long-term basis appear as a move up to prior resistance without being a bullish breakout. Until or if there is a breakout above the old life high, there is retracement risk even on good results. On news that is more bearish than current expectations would suggest, first major support would be at the 50-day moving average at $60.10. On a move below that level, next support would be at $57.87.
15:10 EDTJPMJPMorgan April 62 straddle priced for 2.6% movement into Q1
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14:42 EDTATHNathenahealth volatility increases into Q1 and outlook
athenahealth April call option implied volatility is at 66, April is at 45, May is at 53, June is at 37; compared to its 26-week average of 38 according to Track Data, suggesting large price movement into the expected release of Q1 results on May 1.
13:57 EDTJPMEarnings Watch: Analysts upbeat on JPMorgan ahead of Q1 results
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12:39 EDTWFCWells Fargo April volatility elevated into Q1 and outlook
Wells Fargo April call option implied volatility is at 27, May is at 17, June is at 15; compared to its 26-week average of 17 according to Track Data, suggesting large near term price movement in the expected release of Q1 results on April 14.
12:17 EDTCCiti's Bird to replace Medina-Mora, run global consumer bank, WSJ reports
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12:05 EDTCCiti's Bird to replace Medina-Mora, run global consumer bank, Bloomberg says
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11:16 EDTWFCConocoPhillips looks to sell noncore U.S. acreage, Reuters says
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11:12 EDTJPMJP Morgan April volatility elevated into Q1 and outlook
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10:54 EDTATHNathenahealth deal with Trinity should ease concerns, says Piper Jaffray
Piper Jaffray believes Trinity Health's selection of athenaOne as its EHR, practice management and patient engagement platform will ease concerns over a "dry spell" for athenahealth's enterprise unit. Piper points out athenahealth also announced its latest app, athenaText for Apple Watch, to expand care coordination for providers on its platform. It notes Trinity Health is one of the nation's largest health systems and reiterates an Overweight rating on athenahealth with a $210 price target.
10:50 EDTATHNTrinity Health to implement athenahealth's athenaOne
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10:48 EDTATHNOptions with increasing implied volatility
Options with increasing implied volatility: CLDN WETF EWH FOSL FXI TLM PRGO ATHN SYMC MAC
09:24 EDTBACBank of America shares are cheap, says Morgan Stanley
Morgan Stanley said its sum of the parts of analysis of Overweight rated Bank of America indicates a value of $21. The firm said Bank of America's current share price implies no value for the wealth management division, which it values at $4.84 per share. Morgan Stanley said shares are cheap and recommends purchase.
08:14 EDTSCTYSolarCity announces partnership with Nest Labs
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07:31 EDTATHNHealthcare Information & Management Systems Society to hold a conference
HIMSS 2015 is being held in Chicago on April 12-16.
07:29 EDTATHNLeerink to hold booth tours at HIMSS
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07:19 EDTBACbloomberg to hold a summit
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