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Stock Market & Financial Investment News

News Breaks
February 3, 2014
11:39 EDTMA, V, AXP, TGTTarget could be fined over $1 billion for card breach, analyst says
Target (TGT) may be fined $400 million to $1.1 billion for its credit card data breach late last year, research firm Jefferies wrote in a note to investors last week. WHAT'S NEW: Target may be fined up to $1.1 billion for its violation of Payment Card Industry, or PCI, standards as a result of the data breach, Jefferies analyst Daniel Binder wrote. PCI was founded by Visa (V), MasterCard (MA), American Express (AXP) and other major credit card networks to adopt security controls for handling credit and debit card data. In addition to leading to a fine, the incident could hurt Target's sales, and lower the profits that it receives from holders of its credit card, Binder stated. The data breach could also hamper Target's ability to meet its $4B share buyback target for fiscal 2015, added Binder. He now expects the company to buy back only $1B of its shares in fiscal 2015, and he reduced his fiscal 2015 earnings per share estimate for the company to $4.29 from $4.41. The analyst trimmed his price target on the shares to $56 from $59 and kept a Hold rating on the stock. Contrary to a previous version of this story, PCI does not levy fines. Rather individual payment brands may impose financial consequences on businesses that are not compliant with PCI standards. PRICE ACTION: In late morning trading, Target shares are down 2%, or 98c, to $55.66.
News For TGT;V;MA;AXP From The Last 14 Days
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March 23, 2015
12:31 EDTAXPFly Watch: American Express analyst day seen as possible catalyst
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07:20 EDTV, MABarclays to hold a forum
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March 22, 2015
11:26 EDTAXPAmerican Express to host investor day
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March 19, 2015
09:03 EDTAXPAmerican Express, Charles Schwab confirm co-brand relationship
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07:28 EDTAXPAmerican Express, Charles Schwab reach co-brand agreement, Reuters says
American Express (AXP) stated Thursday it has reached a deal with Charles Schwab (SCHW) to offer cards under both company names, reports Reuters. The deal is a multi-year agreement and will involve two kinds of cards, though precise details will not be announced until near the expected launch date in early 2016. Reference Link
07:17 EDTTGTStephens to hold a conference
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07:04 EDTAXPAmerican Express confirms plans to launch Plenti loyalty program
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06:36 EDTTGTTarget settles class action lawsuit over data breach, Reuters reports
Target agreed to pay $10M to settle a class action lawsuit related to its 2013 data breach, according to Reuters. Under the settlement, which must be approved by a federal judge, the retailer also agreed to implement data security measures, including hiring a chief information security officer, the news service stated. Reference Link
March 18, 2015
17:42 EDTTGTTarget to increase minimum wage paid to $9 per hour in April, WSJ says
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15:56 EDTTGTTarget to increase minimum wage paid to $9 per hour in April, Dow Jones says
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12:26 EDTTGTTarget unveils extended one-year return policy
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06:16 EDTAXPAmerican Express to launch Plenti loyalty program this spring, WSJ reports
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March 17, 2015
09:05 EDTTGTMicrosoft Band now available at Best Buy, Target, Amazon, Re/code reports
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March 16, 2015
12:01 EDTAXPAmerican Express reports February net write-off rate 1.5% vs. 1.4% last month
Reports February 30 days past due loans 1.0% vs. 1.0% last month.
10:50 EDTMAMasterCard, Itau Unitbanco announce new 20-year agreement
Itaú (ITUB) and MasterCard (MA) announced today the signing of a new 20-year agreement that further strengthens the long-term relationship between the two companies. As part of the agreement, Itaú and MasterCard will establish and operate a new electronic payments network in Brazil. In addition, Itaú will issue payment solutions including credit, debit and pre-paid cards as part of the newly created payments network and focus on enhancing the efficiency of their payment value chain. MasterCard will be responsible for managing the operations of the new network and transaction routing.
07:10 EDTMAWEX Inc. to receive MasterCard issuing license in Australia
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March 13, 2015
11:37 EDTTGTTarget to close first Canadian stores next week, Globe and Mail reports
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March 12, 2015
12:29 EDTAXPOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday. A slight bounce in the euro overnight lifted overseas markets and U.S. stocks followed. Stock futures were higher during early pre-market trading, then strengthened further following the report of lower than expected retail sales figures for last month, which gave investors hope the Fed will wait longer to raise interest rates. ECONOMIC EVENTS: In the U.S., headline retail sales fell 0.6% in February compared to the prior month, missing expectations for an increase of 0.3%. Retail sales excluding autos and gas declined 0.2%, versus the consensus estimate for a month-over-month increase of 0.3%. Initial jobless claims fell to 289K in the week ended March 7, versus the consensus forecast for 305K first-time claims. Business inventories were flat in January, versus the consensus forecast for them to grow 0.1%. In Asia, the Bank of Korea cut rates for the third time since last August, lowering its base rate to the historical low level of 1.75%. The decision came as a surprise, more in terms of the timing than the cut itself. Data from China showed the nation’s M2 money supply growth picked up in February and its banks’ new loan creation came in higher than expected as well. COMPANY NEWS: Shares of Intel (INTC) fell 4% after the chip-making giant lowered its Q1 revenue outlook to $12.8B, plus or minus $300M, compared to the previous expectation of $13.7B, plus or minus $500M, citing weaker than expected demand for business desktop PCs and lower than expected inventory levels across the PC supply chain. Some other stocks levered to PCs also slid, with Microsoft (MSFT) declining 2% and Advanced Micro Devices (AMD) sliding 3.5%. Hewlett-Packard (HPQ) shares were up fractionally, despite Intel's news and the fact that Barclays downgraded HP's stock this morning to Equal Weight, saying the weak euro could impact demand for PCs and printers... Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC), after the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime. MAJOR MOVERS: Among the notable gainers was Amarin (AMRN), which jumped 27% after H.C. Wainwright upgraded the stock to Buy and raised its price target for shares to $10 from $2.50, citing management's commitment to completing the Vascepa outcomes' study REDUCE-IT. Also higher was Lumber Liquidators (LL), which rose 12.5% after the company held a call to update on the impact that 60 Minutes' recent critical report has had on its business. As part of the call, the flooring retailer reported on its recent sales trends, gave Q1 guidance and said it believes its cash flow from operations and existing liquidity sources will be sufficient to fund operations and anticipated capital expenditures for the "foreseeable future." Among the noteworthy losers was ACADIA (ACAD), which dropped 25% after announcing that it will delay submitting its NUPLAZID NDA for the treatment of Parkinson’s disease psychosis by two or three quarters and reporting that its CEO has retired. Also lower following their first earnings reports since coming public was Box, Inc. (BOX), which dropped 15%. INDEXES: Near midday, the Dow was up 183.31, or 1.04%, to 17,818.70, the Nasdaq was up 26.68, or 0.55%, to 4,876.62, and the S&P 500 was up 18.56, or 0.91%, to 2,058.80.
10:46 EDTAXPCiti, American Express, Regions Financial seen as CCAR winners
Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC) after the CCAR results were announced. WHAT'S NEW: Citi and Regions Financial were the biggest winners of the CCAR process, Deutsche Bank analyst Matt O' Connor wrote. Noting that Citi won approval to pay a quarterly dividend of 5c per share and buy back $7.8B of its shares, the analyst wrote that the figures were in-line with expectations or better than expected. Many investors probably were relieved by the news, the analyst stated. Addressing Regions Financial, O'Connor wrote that the bank's $875M share buyback plan was much higher than the $625M that Deutsche Bank had expected. The analyst had a mixed take on Bank of America. After the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime, the analyst wrote that the news was slightly disappointing. However, since some had worried that the Fed would reduce Bank of America's capital ratios when it exits parallel run, the news was positive overall for the bank, O'Connor wrote. Also upbeat on Citi and Regions was BMO Capital analyst Lana Chan, who predicted that Citi's stock should "re-rate" on the news and kept a $63 price target and Outperform rating on the shares. Regions Financial's buyback was 85% above Chan's forecast, she reported. The large size of the buyback indicates that the company believes its stock is undervalued, the analyst added. Bank of America "seems to have just squeaked by with a conditional pass," and its $4B share buyback plan "is more than a token," wrote Oppenheimer analyst Chris Kotowski . The analyst continued to recommend Bank of America's stock. American Express (AXP) was the "standout of the CCAR process," as it received permission for a total payout of over 100% to shareholders in 2015, Kotowski stated. The analyst, however, kept a Perform rating on AmEx shares. PRICE ACTION: In mid-morning trading, Citi jumped 3.2% to $54, Regions rallied 3.3% to $9.85, American Express added 1.5% to $80.62, and Bank of America slid 0.6% to $16.
08:18 EDTAXPAmerican Express the standout winner of CCAR, says Oppenheimer
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