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Stock Market & Financial Investment News

News Breaks
March 16, 2012
16:21 EDTDSCO, FRO, PWRD, C, OGXI, WFC, RIGOn The Fly: Closing Wrap
Stock futures were quiet throughout the pre-market trading session, leading to a relatively flat open for the broader market. The action characterized the day’s activity as the averages moved in a narrow range throughout the session and investors ignored economic data points The action was particularly quiet given it was quadruple witching; the day when stock index futures, stock index options, stock options, and stock futures expire. ECONOMIC EVENTS: In the U.S., the CPI showed that prices rose 0.4% in February, in-line with the expected increase. The core reading, which excludes food and energy, showed an increase of 0.1% versus the expected increase of 0.2%. U.S. industrial production was flat in February, versus expectations of rise of 0.4%. Capacity utilization was reported at 78.7%, down from January's upwardly revised 78.8%. In March, U.S. consumer sentiment dipped 1 point to 74.3 according to the preliminary University of Michigan survey, versus expectations for a 76.0 reading... MARKET NEWS: Shares of Transocean (RIG) moved up about 4% after the company's monthly fleet update spurred an upgrade at Global Hunter and price target increases at Citigroup (C) and Susquehanna…MAJOR MOVERS: Among the biggest gainers were Frontline Ltd. (FRO) which soared 23.6% to $7.64 after Wells Fargo (WFC) noted charter costs had risen significantly, and Perfect World (PWRD) which rallied 27.6% to $16.01 after reporting better than expected Q4 results. The losers included Discovery Labs (DSCO) which tumbled 18.5% to $2.85 after announcing a 16M share offering, and OncoGenex Pharmaceutical (OGXI) which fell 20.7% to $13.81 after announcing a 4M share offering. INDICES: The Dow fell 20.14 to 13,232.62, the S&P gained 1.57 to 1,404.17, and the Nasdaq lost 1.11 to 3,055.26.
News For RIG;C;FRO;WFC;PWRD;DSCO;OGXI From The Last 14 Days
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November 19, 2014
08:27 EDTCCiti cuts 35 capital markets jobs in London, Reuters reports
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07:51 EDTCClearing House Payments Company to hold a conference
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07:37 EDTWFC, CCitigroup to hold a conference
Global Financial Conference is being held in Singapore on November 19-20.
06:14 EDTWFCWells Fargo unit to launch Europe infrastructure fund
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November 18, 2014
17:34 EDTWFCWells Fargo, U.S. not as optimistic on settling mortgage suit, Reuters says
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16:48 EDTWFCWells Fargo, U.S no longer confident on settlement, Bloomberg says
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16:20 EDTRIGTransocean provides fleet update summary
Transocean issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since October 15. The total value of new contracts since the October 15, 2014 Fleet Status Report is approximately $83M.
09:56 EDTWFCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Allergan (AGN) downgraded to Market Perform from Outperform at William Blair... Wells Fargo (WFC) downgraded to Market Perform from Outperform at BMO Capital... Allergan downgraded to Neutral from Buy at Guggenheim... Allergan downgraded to Neutral from Buy at SunTrust... Basic Energy (BAS) downgraded to Neutral from Buy at SunTrust... CBS (CBS) downgraded to Neutral from Overweight at Atlantic Equities... Key Energy (KEG) downgraded to Neutral from Buy at SunTrust... Macy's (M) downgraded to Neutral from Buy at BofA/Merrill... Statoil (STO) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Market Perform from Outperform at Telsey Advisory... Urban Outfitters downgraded to Market Perform from Outperform at William Blair... Urban Outfitters downgraded to Neutral from Overweight at Atlantic Equities... Baker Hughes (BHI) downgraded to Hold from Buy at Argus.... Precision Drilling (PDS) downgraded to Market Perform at Raymond James.
08:13 EDTWFCWells Fargo downgraded at BMO Capital
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07:24 EDTWFCWells Fargo to hold a forum
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06:20 EDTWFCWells Fargo downgraded to Market Perform from Outperform at BMO Capital
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November 17, 2014
14:16 EDTCCitigroup reports October credit loss 2.18% vs. 2.53% last month
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07:12 EDTRIGBloomberg / Mayer Brown to co-host a conference
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November 14, 2014
12:53 EDTRIGOmega Advisors gives quarterly update on stakes
NEW STAKES: AerCap Holdings (AER), Nordic American Offshore (NAO), Melco Crown Entertainment (MPEL), Groupon (GRPN), and Ashland (ASH). INCREASED STAKES: QEP Resources (QEP), United Continental (UAL), Cabot Oil & Gas (COG), Actavis (ACT), and KAR Auction Services (KAR). DECREASED STAKES: Sprint (S), SandRidge Energy (SD), Sirius XM Holdings (SIRI), Kinder Morgan (KMI), and Transocean (RIG). LIQUIDATED STAKES: QUALCOMM (QCOM), Ocwen Financial (OCN), Freeport-McMoRan (FCX), Boston Scientific (BSX), and Capital One (COF).
11:28 EDTRIGStocks with call strike movement; RIG GME
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November 13, 2014
17:35 EDTWFCOcwen unit signs mutual termination agreement with Wells Fargo
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17:32 EDTWFCWells Fargo, Ocwen agree to cancel sale of mortgage servicing rights
Wells Fargo & Co. (WFC) announced that its subsidiary, Wells Fargo Bank, N.A., and Ocwen Loan Servicing have mutually decided to cancel a previously announced sale to Ocwen of certain Wells Fargo residential mortgage servicing rights. Cancelation of the transaction is not expected to be material to Wells Fargo’s consolidated financial results.
15:45 EDTRIGHalliburton, Baker Hughes in fast-moving merger talks, WSJ reports
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12:53 EDTWFCWells Fargo sees Q4 mortgage originations to decline from Q3
Expects Q4 mortgage originations to decline from Q3, reflecting normal seasonality in purchase market, while gain on sale margin is expected to remain within range of last four quarters. Expects to operate within targeted efficiency ratio range of 55%-59% in Q4. Wells Fargo said that while there is potential for continued net interest margin pressure, focus remains on growing net interest income over time. The comapny said it expects future reserve releases absent signification deterioration in the economy, but expect a lower level of future releases as the rate of improvement in credit loans and loan portfolio grows. Expects share count to continue to decline in Q4 as result of anticipated net share repurchases. Says mortgage business profitable and very pleased with that segment. Comments taken from slides for presentation at Bank of America Merrill Lynch Banking and Financial Services Conference.
08:33 EDTWFCWells Fargo sells federal student loans to Navient
Wells Fargo & Co. (WFC) Education Financial Services announced that Navient (NAVI) will purchase a principal balance of $8.5B of Federal Family Education Loan Program loans, which are included in Wells Fargo’s held-for-sale loan portfolio. Due to a change in federal law, Wells Fargo has not issued federal student loans since June 30, 2010. This sale supports Wells Fargo’s ongoing strategic focus on its private student lending business. “By selling these FFELP loans to Navient, Wells Fargo will be in a position to focus more on meeting the needs of our private student loan customers,” said John Rasmussen, head of Wells Fargo’s Education Financial Services. “We are deeply committed to the private student loan business because next to purchasing a home or saving for retirement, paying for an education is one of the most important financial events for our customers.” ). The sale is expected to close in a series of transactions, substantially all of which are expected to be completed in fourth quarter 2014, subject to customary closing conditions. Terms of the transaction were not disclosed and the sale is not material to Wells Fargo.
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