Morgan Keegan ordered to pay award to former NBA player, WSJ reports Wall Street's Financial Industry Regulatory Authority ordered Morgan Keegan & Co. (RF) to pay former NBA basketball player Horace Grant the award issued by an arbitration panel by early next month or face suspension, reports the Wall Street Journal. Morgan Keegan, says its license isn't in jeopardy, and has paid Grant $1.59M for losses in its mortgage-backed bond funds but disputes the rate of interest that should apply on the award. Reference Link
Regions Financial downgraded to Outperform from Strong Buy at Raymond James Raymond James downgraded Regions Financial to Outperform with a $11.50 price target. The firm trimmed estimates citing the challenging operating environment and downgraded shares due to recent share outperformance.