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Stock Market & Financial Investment News

News Breaks
January 29, 2014
10:32 EDTFMD, SLM, NNISLM climbs after Obama fails to mention student loan initiative
Shares of SLM Corp. (SLM) are advancing after President Obama did not express support yesterday for legislation that would enable student loans to be refinanced at lower interest rates. SLM Corp, formerly known as Sallie Mae, provides loans to college students. WHAT'S NEW: In his State of the Union speech yesterday, President Obama did not mention a proposal to enable student loans to be refinanced at lower rates. Earlier this month, Senator Elizabeth Warren said she intended to introduce a bill to let students refinance their old loans at lower rates. Some had speculated that Obama would express support for this initiative during the State of the Union speech. ANALYST REACTION: In a note to investors earlier today, Keefe Bruyette & Woods analyst Sanjay Sakhrani wrote that Obama's speech was "surprisingly tame on student lending." He kept an Outperform rating on SLM Corp. OTHERS TO WATCH: Other companies that provide student loans include First Marblehead (FMD) and Nelnet (NNI). PRICE ACTION: In mid-morning trading, SLM gained 1% to $23.15, First Marblehead lost 0.6% to $6.30, and Nelnet inched down 0.3 to $37.05.
News For SLM;FMD;NNI From The Last 14 Days
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December 19, 2014
10:17 EDTFMDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aviva (AV) upgraded to Outperform from Market Perform at Bernstein... Basic Energy (BAS) upgraded to Buy from Accumulate at Tudor Pickering... BioDelivery Sciences (BDSI) upgraded to Buy from Neutral at Roth Capital... CVS Health (CVS) upgraded at SunTrust... CVS Health (CVS) upgraded to Buy from Neutral at SunTrust... EPR Properties (EPR) upgraded to Hold from Underweight at KeyBanc... Ensco (ESV) upgraded to Accumulate from Hold at Tudor Pickering... First Marblehead (FMD) upgraded to Buy from Neutral at Compass Point... GOL Linhas (GOL) upgraded to Outperform from Neutral at Credit Suisse... Medical Properties Trust (MPW) upgraded to Hold from Underweight at KeyBanc... NVIDIA (NVDA) upgraded to Neutral from Underperform at BofA/Merrill... NewStar Financial (NEWS) upgraded to Buy from Neutral at Sidoti... Orange SA (ORAN) upgraded to Buy from Hold at Deutsche Bank... Parker Drilling (PKD) upgraded to Buy from Accumulate at Tudor Pickering... Potash (POT) upgraded to Buy from Neutral at UBS... Teekay Tankers (TNK) upgraded to Buy from Neutral at BofA/Merrill... Tidewater (TDW) upgraded to Accumulate from Hold at Tudor Pickering... Unum Group (UNM) upgraded to Buy from Neutral at Compass Point... WPP PLC (WPPGY) upgraded to Buy from Neutral at Citigroup... Weatherford (WFT) upgraded to Buy from Hold at Tudor Pickering.
06:23 EDTFMDFirst Marblehead upgraded to Buy from Neutral at Compass Point
Compass Point upgraded First Marblehead to Buy citing the withdrawal of the IRS challenge to federal tax refunds.
December 18, 2014
11:28 EDTFMDFirst Marblehead jumps 157% after IRS reverses course on adjustments
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11:19 EDTFMDFirst Marblehead announces IRS withdrawing proposed adjustments
First Marblehead announced that the Internal Revenue Service has informed the company that it is no longer challenging the federal tax refunds the company previously received in the amounts of $176.6M and $45.1M. As the company has previously disclosed, the IRS had issued Notices of Proposed Adjustment, or NOPAs, in September 2013 that proposed to disallow the loss that resulted in the tax refunds, as well as require the company to include income from the trust certificate of NC Residuals Owners Trust from the March 31, 2009 sale date through June 30, 2011 in its taxable income for such years. The company expects to receive formal written confirmation of the IRS's decision not to make these adjustments during 3Q15. As for all refunds in excess of $2M, the IRS's decision is subject to the review of the Congressional Joint Committee on Taxation, First Marblehead noted.
10:59 EDTFMDFirst Marblehead trading halted, pending news

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