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Stock Market & Financial Investment News

News Breaks
March 1, 2011
13:15 EDTPG, GSProcter & Gamble says Rajat Gupta voluntarily resigned from board
In a regulatory filig, Procter & Gamble (PG) announced that Rajat Gupta voluntarily resigned from the company's board on March 1. The resignaton follows the SEC announcing insider trading charges against Rajat Gupta. The SEC alleges that Gupta, a business consultant who has served on the boards of directors at Goldman Sachs (GS) and Procter & Gamble, illegally tipped Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings and an impending $5B investment by Berkshire Hathaway in Goldman.
News For PG;GS From The Last 14 Days
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March 31, 2015
17:40 EDTPGHelen of Troy subsidiaries acquire Procter & Gamble's Vick VapoSteam business
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March 30, 2015
07:44 EDTGSBasel Committee says new regulations unlikely, FT reports
In an interview with the Financial Times, Basel Committee secretary-general William Coen stated most of the post-financial crisis bank regulation is in place, and the committee will now spend 2015 providing clarity on existing regulation. Coen stated that he is strongly inclined to review bank trading book rules by year's end, though the committee's review of market risk regulations may or may not be completed this year. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:32 EDTGSGoldman's co-chairman of investment banking to retire, Reuters reprots
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March 29, 2015
18:02 EDTGSECB stimulus may boost trading opportunities for investment banks, Reuters says
The European economic stimulus plan may boost trading opportunities for major investment banks whose profits have been curtailed by an increase in financial regulations since the financial crisis, says Reuters. publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
March 27, 2015
09:37 EDTGSGoldman Sachs overtakes JPMorgan in commodities rankings, Reuters says
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March 26, 2015
08:59 EDTPGWaferGen announces industrial partnership with Procter & Gamble
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08:17 EDTGSSEC Chairwoman proposes new 'dark pool' regulation, NY Post says
Securities and Exchange Commission Chairwoman Mary Jo White proposed new regulation Wednesday that would require high-frequency traders to register with the Financial Industry Regulatory Authority and provide the agency with a daily paper trail, reports the New York Post. The Post notes that there is a 60-day comment period before any SEC rule is finalized. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
March 25, 2015
17:28 EDTPGFutureFuel down 8% after 'significant adverse impact' of P&G pact termination
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17:22 EDTPGFutureFuel to see adverse impact from early termination of P&G purchase pact
On March 19, FutureFuel (FF) received notice from The Procter & Gamble Company (PG) exercising its right of early termination and advising the company of its intent to terminate, effective December 31, the purchase agreement entered into as of April 1, 2008 between The Procter & Gamble Manufacturing Company, The Procter & Gamble Distributing LLC and Procter & Gamble International Operations SA, as buyer, and FutureFuel, as seller, as amended. P&G indicated that its decision to terminate resulted from its need for flexibility to address declining market trends in the dry laundry additives marketplace. P&G exercised its right to terminate the purchase agreement with at least 270 days prior written notice pursuant to a contractual provision allowing for early termination in the event P&Gís expected annual purchases fell below a certain threshold. The purchase agreement will remain in full force and effect during the notification period, during which time the parties will have the opportunity to negotiate a mutually acceptable alternative. FutureFuel plans to further discuss options for continuing its business relationship with P&G, but there can be no assurance that such efforts will be successful. If no such alternative is reached, the purchase agreement will terminate effective December 31, one year prior to the stated termination date of the purchase agreement. FutureFuelís revenues related to the purchase agreement were reported as $43.93M for FY14. The termination of the purchase agreement is expected to have a significant adverse impact on the companyís revenue, net income and cash flow beginning in FY16. FutureFuel will not incur any early termination penalties as a result of the termination of the purchase agreement.
05:57 EDTPGStocks with implied volatility movement; VZ PG
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March 24, 2015
07:45 EDTGSMetLife CEO letter may be early sign of bank earnings headwinds, WSJ says
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06:34 EDTPGKimberly-Clark upgraded to Outperform from Market Perform at Wells Fargo
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March 20, 2015
10:09 EDTGSAllstate enters accelerated share repurchase agreement with Goldman Sachs
Allstate (ALL) said in a filing that on March 19, the Registrant entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. (GS), to purchase $500M of its outstanding common stock. The majority of the shares to be repurchased under this agreement will be received by the Registrant at the agreementís inception. It is expected that Goldman will purchase the shares that it delivers under the agreement in the market within a timeframe not to exceed three months. The final purchase price per share and number of shares to be delivered by Goldman will be determined at the conclusion of the agreement and settlement will consist of the Registrant receiving shares based on the average of the daily volume weighted average prices of the Registrantís common stock during the period of Goldman purchases. If the Registrant is required to pay a settlement amount, the Registrant may elect to settle in cash or shares of its common stock. The agreement is part of the Registrantís repurchase program totaling $3B that was announced on February 4, 2015. All of the shares acquired by the Registrant under the agreement will be placed into its treasury.
March 19, 2015
11:53 EDTGSU.S. banks face headwinds in unloading oil loans, WSJ says
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08:03 EDTPGInter Parfums unit to acquire Procter & Gamble's Rochas brand for $108M
Inter Parfums (IPAR) announced that its majority owned Paris-based subsidiary, Interparfums S.A. has entered into an agreement with The Procter & Gamble Company (PG) to acquire the Rochas brand. This transaction will cover all brand names and registered trademarks for Rochas, mainly for class 3 cosmetics and class 25 fashion. This acquisition will be payable in cash on the closing date for $108M and financed entirely through a medium term loan. This transaction is expected to be completed within the first half of 2015, subject to customary closing conditions.
06:42 EDTGSAllianz hedges stake in China Pacific Insurance, Reuters says
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06:06 EDTGSSunrun powers up for IPO later this year, WSJ reports
Sunrun, a solar-energy company, is said to be working with Credit Suisse (CS) and Goldman Sachs (GS) on a potential IPO for later this year, sources tell The Wall Street Journal, which adds that the company was valued at $1.3B as of March 2014. Other solar companies that have gone public in recent years include residential solar installers like Vivint Solar (VSLR), backed by Blackstone (BX), and SolarCity (SCTY), backed by Tesla's (TSLA) Elon Musk. Reference Link
March 18, 2015
07:27 EDTGSFreeport seeks funding from Blackstone, Apollo, Reuters says
Freeport McMoRan (FCX) has hired Goldman Sachs (GS) and Barclays (BCS) to find private equity firms willing to finance certain of its energy projects and asset developments, reports Reuters, citing people familiar with the matter. Freeport is in talks with Blackstone (BX), Apollo (APO), and Warburg Pincus about a potential partnership. The sources say the firm may be seeking "several billion dollars," though discussions are in "very early" stages. Reference Link
06:09 EDTGSGoldman Sachs prices 6M shares of specialty lending arm, WSJ reports
According to a source, late yesterday, Goldman Sachs priced 6M shares of Goldman Sachs BDC, its specialty lending arm, at $20 per share with the shares set to begin trading today, The Wall Street Journal reports. Shares of Goldman Sachs BDC will trade under the ticker symbol "GSBD." Reference Link

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