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Stock Market & Financial Investment News

News Breaks
August 6, 2014
06:23 EDTSCHW, WFC, LPLA, BAC, MSSecurities Industry & Financial Markets Association to hold a seminar
Compliance & Legal Society Regional Seminar to be held in San Francisco on August 6.
News For SCHW;WFC;LPLA;BAC;MS From The Last 14 Days
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October 22, 2014
08:00 EDTWFCWells Fargo sees opportunity with deeper move into Europe, WSJ says
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05:30 EDTLPLALPL Financial downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded LPL Financial to Market Perform with a $49 price target citing the company's negative Q3 preannouncement.
October 21, 2014
16:24 EDTLPLALPL Financial sees Q3 EPS 32c-34c, consensus 59c
Sees Q3 revenue approximately $1.1B, consensus $1.1B. LPL Financial Holdings, parent company of LPL Financial, announced that it expects to incur greater than expected charges totaling $23M in Q3 associated with regulatory matters relating primarily to issues involving LPL Financial's systems, policies and procedures. Net revenue for the Q3 is expected to be consistent with prior expectations, growing to approximately $1.1B. Due to the increased regulatory charges, the company expects net income and diluted EPS to be in the range of $32M-$34M and 32c-34c per share, respectively, for Q3. It is anticipated reported core G&A, a non-GAAP financial measure, will be between $185M-$187M. As a result, adjusted EBITDA and adjusted earnings per share, both non-GAAP financial measures, are expected to be in the range of $108M-$110M and between 47c-49c, respectively, for Q3. The $23M of charges in Q3 represent $18M more than anticipated, leading to an expected impact of 11c on diluted earnings per share. In an effort to help shareholders better understand the company's performance, the company provides forward-looking statements which often include estimates for regulatory matters. The company previously estimated approximately $15M in up-weighted regulatory spend in 2014, bringing total estimated regulatory charges to $19M for the FY14. This $19M included $9M of charges already expensed in the first half of 2014 and an estimate based on consideration for the overall regulatory environment that the company would have on average $5Min charges in each of the remaining two quarters of 2014.
14:41 EDTMSMorgan Stanley may sell natural gas export business, FT says
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08:18 EDTWFC, MS, BACBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
October 20, 2014
07:21 EDTMSFederal Reserve Bank of New York and Boston to hold a workshop
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October 17, 2014
16:55 EDTBAC, MS, WFCStocks end volatile week lower amid oil price plunge
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12:52 EDTMSOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
11:01 EDTMSMorgan Stanley says 'no basis' to take adjustment on FVA
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10:56 EDTMSMorgan Stanley trades down from open, levels to watch
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10:38 EDTMSMorgan Stanley says still hard to tell when markets will reset from 'choppiness'
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10:22 EDTMSMorgan Stanley says volatility may affect institutional results
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10:15 EDTMSMorgan Stanley says well positioned for further capital actions
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09:17 EDTMSOn The Fly: Pre-market Movers
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07:19 EDTMSMorgan Stanley reports Q3 Institutional Securities net revenues ex-DVA $4.3B
Wealth Management net revenues were $3.8B. Investment Management reported net revenues of $655M. Fixed Income & Commodities sales and trading net revenues were $997M. James P. Gorman, Chairman and CEO, said, “Morgan Stanley has delivered another quarter of earnings growth and strong performance based on consistent execution for our clients. We are well positioned to create superior returns for our shareholders, particularly as the U.S. economy continues to strengthen.”
07:18 EDTMSMorgan Stanley reports Q3 EPS 65c ex-DVA, tax benefit, consensus 54c
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07:17 EDTMSMorgan Stanley reports Common Equity Tier 1 capital ratio 14.3% at Sept. 30
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07:16 EDTMSMorgan Stanley says Q3 included net discrete tax benefit of 12c per share
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07:16 EDTMS Morgan Stanley reports Q3 EPS 77c ex-DVA, consensus 54c
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06:45 EDTWFCWells Fargo closes alternative trading system, Reuters says
In response to weak client demand, Wells Fargo is shutting down its "dark pool" trading system, according to Reuters, citing a spokeswoman from the bank. The spokeswoman said that even though the firm will cease offering alternative trading access, it will still offer customers electronic trading tools. Reference Link
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