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Stock Market & Financial Investment News

News Breaks
October 15, 2012
12:31 EDTS, CLWR, SFTBF, C, YONG, AEGR, DCTH, AMED, HUMOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday following a report that showed surprisingly strong retail sales in September. The averages started out slightly higher and seemed to have trouble gaining any upside momentum in the early hours of trading. The reaction to the better than expected retails sales figures seemed to be muted by the disappointing Empire manufacturing data. Following the report on August business inventories the averages actually crossed into negative territory, before reversing and drifting higher. The averages stood near session highs around noon as this week begins more positively for the markets than last week... ECONOMIC EVENTS: In the U.S., retail sales rose 1.1% in September, versus expectations for an increase of 0.8%. The core reading, minus auto and gas components, increased 0.9%, versus expectations for a 0.4% gain. The Empire Manufacturing Index had a reading of -6.16, versus expectations for a reading of -4.0. Business inventories reportedly increased 0.6% in August, versus expectations for an increase of 0.5%. In China, a raft of data was reported over the weekend, including better than expected export numbers. Chinese export growth accelerated to 9.9% and import growth accelerated to 2.4%, but some irregularities kept investors and analysts cautious about the results. Also, China's consumer-price index eased in line with expectations and a gauge of producer prices showed a steepening drop, fueling speculation that the government may take further monetary stimulus action... COMPANY NEWS: Japan's SoftBank (SFTBF) confirmed a deal to purchase a 70% stake in Sprint (S) for about $20B. Shares of Sprint were down fractionally after the details of the previously speculated arrangement were publicized. However, moving up again were shares of Sprint partner Clearwire (CLWR), which rose 11% though Sprint CEO Dan Hesse said he would not speculate on what Sprint will do with its new-found financial flexibility... Shares of Citigroup (C) jumped nearly 5% as its third quarter earnings beat expectations after its write down of the value of its remaining stake in Smith Barney and some other adjustments were excluded... MAJOR MOVERS: Among the notable gainers were Yongye International (YONG), up 17% following its receipt of "going private" proposal at $6.60 per share, and Aegerion Pharmaceuticals (AEGR), up 9% after the FDA posted briefing documents for a panel's upcoming review of one of the company's drugs. Among the noteworthy losers was Delcath Systems (DCTH), down over 18% after the FDA accepted the company's New Drug Application for its chemosaturation system and designated the NDA for standard review. Also lower were shares of Amedisys (AMED), down 9% after the company signed a new agreement with Humana (HUM) to provide home health services but under a revised reimbursement scheme from their prior arrangement... INDICES: Near noon, the Dow was up 67.40, or 0.51%, to 13,396.25; the Nasdaq was up 9.07, or 0.30%, to 3,053.18; and the S&P 500 was up 6.88, or 0.48%, to 1,435.47.
News For S;CLWR;SFTBF;C;YONG;AEGR;DCTH;AMED;HUM From The Last 14 Days
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October 13, 2014
07:19 EDTCAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTCRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTCBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
13:03 EDTCBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 10, 2014
09:38 EDTCActive equity options trading on open
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09:35 EDTSSprint downgraded to Sell from Hold at Evercore
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October 9, 2014
17:28 EDTCCitigroup not hit by hacking incident, CNBC reports
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16:00 EDTCOptions Update; October 9, 2014
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13:52 EDTCAttorney General announces agreement with Citi to return $16M to customers
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09:38 EDTCActive equity options trading on open
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06:40 EDTCSource of JPMorgan cyberattack still unclear, NY Times says
The source of the cyberattack on JPMorgan (JPM) and other U.S. financial institutions this summer is still unclear, according to The New York Times. The hackers may have tried to hit about a dozen financial institutions , and E-Trade(ETFC) and Fidelity Investments may have been victimized in some way, the newspaper stated, citing an unnamed source who was briefed on the matter. At least five other banks, including Citigroup (C), HSBC (HBC) and Regions Financial (RF), discovered that one of the web addresses used by those who hacked JPMorgan tried to penetrate their systems, The Times quoted unnamed sources briefed on the matter as saying. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
06:39 EDTCFidelity attacked by JPMorgan hackers, but no data stolen, FT reports
Fidelity Investments was among 13 financial institutions attacked by hackers who are believed to have been responsible for a breach at JPMorgan Chase, but there is no indication that Fidelity customer data were stolen, the Financial Times reports, citing two sources. Reference Link
06:37 EDTCJPMorgan hackers linked to 13 other possible breaches, Bloomberg says
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06:35 EDTCCitigroup to return $16M to customers for fees on investment accounts, WSJ says
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06:33 EDTCCitigroup 2015 consensus may be 10% too high, says Deutsche Bank
Deutsche Bank believes the IPO of OneMain, the consumer finance unit within Citi Holdings, and higher expenses create 10% risk to the 2015 consensus estimate of $5.40 for Citigroup. Deutsche says shedding OneMain would lower Citigroup's (C) annual earnings by about 20c. The firm says the bank's Q3 results could top expectations, however, on better than expected currency trading. Deutsche continues to prefer Bank of America (BAC) to Citi, saying its confident consensus estimates for the former are reasonable. It has a Hold rating on Citi and Buy rating on Bank of America.
October 8, 2014
18:26 EDTCCitigroup, Etrade, others attacked by same JPMorgan hackers, Bloomberg reports
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12:02 EDTCCitigroup's OneMain Financial preparing for $50M IPO, NY Times reports
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08:06 EDTCAstoria Financial appoints Hugh J. Donlon as Chief Lending Officer
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07:13 EDTCBank dealers agree to revised derivatives rules, FT reports
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07:09 EDTSSprint to shut down WiMAX network around November 6, 2015, FierceWireless says
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