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Stock Market & Financial Investment News

News Breaks
June 13, 2014
12:34 EDTFNSR, LVLT, C, EXPR, INTC, GRUB, PCLN, TWTC, YELP, OPENOn The Fly: Midday Wrap
Stocks on Wall Street began the session slightly higher but quickly gave up their opening gains. An early report on producer prices unexpectedly showed slight deflation, not price inflation as was expected, which was followed by a worse than expected reading on consumer confidence. The averages dropped into negative territory, but by mid-morning the market had reversed and moved back onto positive ground, where the averages remained near the lunch hour. ECONOMIC EVENTS: In the U.S., the Labor Department's producer price index for final demand slipped 0.2% in May, versus expectations for it to have risen 0.1% in the month. The first release of the University of Michigan consumer confidence index for June dropped to 81.2 from the final May reading of 81.9. COMPANY NEWS: Shares of restaurant review and reservation company OpenTable (OPEN) were the day's big winner after travel site operator Priceline Group (PCLN) agreed to buy the company for $2.6B, or $103 per share. OpenTable advanced 47% to trade at $103.50 near noon, while shares of a number of companies that provide local services and deals via the Internet and mobile devices jumped as well, including Yelp (YELP), which was up 13%, and GrubHub (GRUB), which rose 8.5%... Shares of chip making giant Intel (INTC) rose more than 7% after its raised its guidance for the second quarter, citing strong demand for business PCs, and said that it now expects some revenue growth this fiscal year, versus its previous guidance for "mostly flat" revenue growth. MAJOR MOVERS: Among the notable gainers was Express (EXPR), which jumped 20% after confirming that Sycamore Partners, which owns approximately 9.9% of its shares, has expressed interested in acquiring the company. Also higher was TW Telecom (TWTC), which rose nearly 12% after a financial news service BrightWire said the company and Level 3 (LVLT) are in merger talks. Among the noteworthy losers was telecommunication equipment maker Finisar (FNSR), which sunk 23% after the companyís profit and gross margin outlook trailed analystsí consensus estimates and its stock was downgraded at Craig-Hallum. Also lower was Citigroup (C), which fell 1.5% after Bloomberg reported that the U.S. is seeking over $10B in its mortgage probe related to the bank. INDEXES: Near midday, the Dow was up 34.84, or 0.21%, to 16,769.03, the Nasdaq was up 12.03, or 0.28%, to 4,309.66, and the S&P 500 was up 5.06, or 0.26%, to 1,935.17.
News For OPEN;PCLN;INTC;YELP;GRUB;EXPR;TWTC;LVLT;FNSR;C From The Last 14 Days
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January 15, 2015
11:39 EDTCCiti says 2015 repositioning costs 'shouldn't be like' 2014
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11:34 EDTCCiti sees Citi Holdings staying 'at or above' breakeven in FY15
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11:32 EDTCCiti sees FY15 revenue growth for Citicorp in low to mid single digit percentage
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11:30 EDTCCiti sees 1H15 NIM to be 'more or less flat' to FY14 levels
Comment from Q4 earnings conference call.
10:19 EDTCCiti says committed to 2015 targets, returning capital to shareholders
Citi says active sales processes ongoing for consumer operations marked for exit. Will continue to serve institutional clients in these countries, but operations will be reported as part of Citi Holdings as of 1Q15. Citi says active processes underway to exit certain non-core institutional businesses in a "timely and economically rational manner." Says roughly half of those non-core institutional businesses operationsí pre-tax loss in 2014 was directly related to repositioning and other actions associated with the exits. Citi is targeting a 2015 consumer banking efficiency ratio of 49%-52%, compared to a ratio of 56% in 2014 and a pro forma 2014 ratio of 55%. Citi is targeting a 2015 institutional clients group efficiency ratio of 43%-57%, compared to a ratio of 59% in 2014 and a pro forma 2014 ratio of 58%. Citigroup reports a Q4 net interest margin of 2.92%, up from 2.91% in Q3 and from 2.88% in 4Q13. Citi sees positioning for increased return of capital over time in 2015. Comments from slides for Q4 earnings conference call.
10:19 EDTEXPROptions with decreasing implied volatility
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10:00 EDTYELPOn The Fly: Analyst Upgrade Summary
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10:00 EDTGRUBOn The Fly: Analyst Initiation Summary
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09:36 EDTCActive equity options trading
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09:15 EDTCOn The Fly: Pre-market Movers
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08:08 EDTCCiti reports Q4 net interest margin 2.92%
08:07 EDTCCitigroup reports Citi Holdings assets down 16% to $98B
Citigroup reports Q4 Citi Holdings revenues of $1.3B, which included CVA/DVA of negative $5M, compared to $1M in the prior year period. Excluding CVA/DVA, Citi Holdings revenues increased slightly from the prior year period driven by higher gains on asset sales and lower cost of funds. As of the end of the quarter, Citi Holdings assets were $98B, 16% below the prior year period, and represented approximately 5% of total Citigroup assets. Citi Holdings allowance for credit losses was $4.5B at the end of Q4, or 6.20% of loans, compared to $6.5B, or 6.98% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 28% to $2.0B, or 2.88% of loans.
08:06 EDTYELPYelp upgraded to Hold from Sell at Evercore ISI
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08:05 EDTCCiti CEO says overall 2014 results fell short of expectations
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08:03 EDTCCiti reports Q4 net credit losses down 12% from prior year to $2.2B
Citi reports Q4 legal and related expenses and repositioning charges totaled $3.5B in the current quarter, compared to $1.0B in the prior year period. Citigroupís cost of credit in Q4 was $2.0B, a decrease of 3% from the prior year period, primarily reflecting a $299M improvement in net credit losses, partially offset by a lower net release of loan loss reserves. Reports Q4 loan loss reserve release of $441M. Reports Q4 provision for benefits and claims $206M. Citigroupís book value per share was $66.16 and its tangible book value per share was $56.83, each as of quarter end, representing 1% and 3% increases, respectively, versus the prior year period. At quarter end, Citigroupís Basel III Common Equity Tier 1 Capital ratio was 10.5%, up from 10.1% in the prior year period. Citigroupís estimated Basel III Supplementary Leverage ratio for the fourth quarter 2014 was 6.0%, up from 5.4% in the prior year period.
08:00 EDTCCiti reports Q4 EPS 6c, consensus 11c
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07:31 EDTGRUBGrubHub initiated with an Outperform at Cowen
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06:27 EDTINTCIntel to partner with more IT players for Internet of Things, DigiTimes reports
Intel (INTC) is preparing to team up with more IT firms such as AT&T (T), Verizon (VZ), Cisco (CSCO), SAP (SAP), and Microsoft (MSFT) in order to expand the Internet of Things industry in 2015, reports DigiTimes. According to sources from the upstream supply chain, Intel has been playing an active role in helping Taiwan build its smart city infrastructure and has also cooperated with Chunghwa Telecom to develop the IoT and cloud computing applications. Reference Link
06:25 EDTCJPMorgan, Citi fire or suspend Forex employees after Justice Dept probe, WSJ say
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06:15 EDTYELPYelp upgraded to Hold from Sell at Evercore ISI
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