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Stock Market & Financial Investment News

News For TRV;HIG;CB;TWGP;AIG;ACE From The Last 14 Days
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January 26, 2016
12:16 EDTAIGOn The Fly: Top stock stories at midday
Stocks began the session in positive territory moved cautiously in the opening segment, before shooting higher following the better than expected consumer confidence reading. The Dow is the biggest winner and is up more than 1.5% while the Nasdaq has been lagging but is up more than 0.6%. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: The volume of earnings reports took a step up, with four members of the bluechip Dow Jones Industrial Average posting results before the opening bell this morning. All four advanced on the heels of their reports, with 3M (MMM) leading the pack with a gain of 4.5% despite earnings, excluding restructuring charges, that missed the consensus forecast. The industrial conglomerate did, however, affirm its performance expectations for the new fiscal year. Meanwhile, Johnson & Johnson (JNJ) rose 3%, Procter & Gamble (PG) gained 2.7% and DuPont (DD) added 1.6%... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over next two years and announcing that it has agreed to sell AIG Advisor Group to private equity firm Lightyear Capital and Canadian pension investment manager PSP Investments. AIG also said it will pursue an initial public offering of United Guaranty in mid-2016 to sell up to 19.9% of the outstanding shares as a first step towards a full separation. However, the insurer said it believes a full breakup, as espoused by investor Carl Icahn, would detract from shareholder value, arguing that a lack of diversification benefits would reduce capital available for distribution and there would be a loss of tax benefits. MAJOR MOVERS: Among the notable gainers was Avis Budget (CAR), which rallied 7% after the company raised its share repurchase authorization by $300M and after SRS Investment reported a 9.5% stake in the company. Also higher were Sprint (S) and Coach (COH), which gained 20% and 11%, respectively, after reporting quarterly earnings. In addition, FirstMerit (FMER) rose 16% after reporting quarterly earnings and announcing that it will merge with Huntington Bancshares (HBAN) in a deal valued at $3.4B. Huntington Bancshares fell 10% after the FirstMerit merger agreement was announced. Also lower was Stratasys (SSYS), which dropped 6% after JPMorgan downgraded the shares to Neutral from Overweight. In addition, Polaris (PII) and Waters Corporation (WAT) were down 11% and 4.5%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 273.66, or 1.72%, to 16,158.88, the Nasdaq was up 49.20, or 1.09%, to 4,567.69, and the S&P 500 was up 25.96, or 1.38%, to 1,903.04.
10:39 EDTAIGAIG CEO says has not heard from Icahn or Paulson yet this morning
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10:39 EDTAIGAIG CEO says clients depend on its scale
AIG CEO says "before you value us against peers, you need to choose the right peers." Hancock says the company has been listening to "all of its shareholders" and increased its transparency in reaction. AIG CEO Peter Hancock is speaking on CNBC.
10:00 EDTHIGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMC Entertainment (AMC) upgraded on valuation, 2017 outlook at RBC Capital... America Movil upgraded to Overweight from Equal Weight at Morgan Stanley... BNC Bancorp (BNCN) upgraded to Buy from Hold at Gabelli... Casella Waste (CWST) upgraded to Strong Buy from Outperform at Raymond James... Cenovus Energy (CVE) upgraded to Buy from Neutral at Goldman... Cracker Barrel (CBRL) upgraded to Buy from Neutral at SunTrust... D.R. Horton (DHI) upgraded to Buy from Hold at Zelman... Edison International (EIX) upgraded to Buy from Hold at Evercore ISI... First Financial Bancorp (FFBC) upgraded to Buy from Hold at Sandler O'Neill... Hartford Financial (HIG) upgraded to Overweight from Neutral at Atlantic Equities... Heartland Financial (HTLF) upgraded to Buy from Hold at Sandler O'Neill... MFA Financial (MFA) upgraded to Overweight from Neutral at JPMorgan... National General (NGHC) upgraded to Overweight at Morgan Stanley... Navios Maritime Partners (NMM) upgraded to Overweight from Neutral at JPMorgan... PG&E (PCG) upgraded to Buy from Hold at Evercore ISI... SBA Communications (SBAC) upgraded to Buy from Hold at Stifel... Sally Beauty (SBH) upgraded to Outperform from Perform at Oppenheimer... Sanmina (SANM) upgraded to Neutral from Sell at Citi... Scorpio Bulkers (SALT) upgraded to Overweight from Neutral at JPMorgan... Southern Company (SO) upgraded to Hold from Sell at Evercore ISI... Southern Copper (SCCO) upgraded to Overweight from Neutral at JPMorgan... Vodafone (VOD) upgraded to Buy from Hold at Jefferies.
08:49 EDTAIGAIG rallies in pre-market
The shares are up over 2.5% to $56.75 at time of writing in pre-market trading. This move up may break the short-term downtrend which would be bullish for future price. At current price next resistance is at $57.78. Support is at $55.91.
07:06 EDTAIGAIG sees consolidated normalized ROE about 9% by 2017
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07:04 EDTAIGAIG to pursue IPO of United Guaranty Corp in mid-2016
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07:04 EDTAIGAIG believes a full breakup in near-term would detract from shareholder value
With these actions, AIG has taken another major step in simplifying our organization to be a leaner, more profitable insurer, while continuing to return capital to shareholders and improve shareholder returns," said President and CEO Peter Hancock. "The creation of more nimble, standalone business units that can grow within AIG or be spun out or sold allows us to do what is in our shareholders' best interests." Douglas M. Steenland, AIG's Non-Executive Chairman, said, "The Board's actions reflect its full support for the plans that Peter Hancock and his management team have put forward, and we are aligned that these steps will deliver strong results while creating more options for shareholder value creation in subsequent years. After careful consideration, AIG believes that a full breakup in the near term would detract from, not enhance, shareholder value. A lack of diversification benefits would reduce capital available for distribution, and there would be a loss of tax benefits. Being a non-bank SIFI is not currently a binding constraint on return of capital," said Mr. Steenland.
07:03 EDTAIGAIG says board approves organizational changes, including nine 'modular' units
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07:03 EDTAIGAIG announces targeted expense reductions of $1.6B within two years
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07:03 EDTAIGAIG board committs to return at least $25B to shareholders over next two years
The Board of Directors has committed to return at least $25 billion of capital to shareholders over the next two years via buybacks and dividends without compromising the utilization of the Company's deferred tax assets; approved the IPO of up to 19.9% of United Guaranty Corporation as a first step towards a full separation; and approved the sale of AIG Advisor Group to Lightyear Capital LLC and PSP Investments.
07:02 EDTAIGAIG announces actions, organizational changes to create leaner insurer
07:02 EDTAIGAIG says strengthens reserves by $3.6B pre-tax in Q4
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07:01 EDTAIGAIG to sell AIG Advisor Group to Lightyear Capital, PSP Investments
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07:01 EDTAIGAIG to sell AIG Advisor Group to Lightyear Capital, PSP Investments
06:53 EDTHIGHartford Financial upgraded to Overweight from Neutral at Atlantic Equities
Atlantic Equities analyst John Heagerty upgraded Hartford Financial to Overweight with a $50 price target on shares. Heagerty believes concerns surrounding personal auto frequency, commercial insurance rats and the falling 10 year yield are overdone and recommends purchase.
January 25, 2016
15:55 EDTAIGAIG volatility up into conference call on strategy to drive shareholder value
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January 24, 2016
18:02 EDTAIGAIG considering ringfencing measures, FT says
As the company looks to downplay demands from activist shareholders, AIG is considering a plan to ringfence troubled, unprofitable policy blocks from the rest of the group, reports the Financial Times, citing corporate financiers. Reference Link
13:58 EDTAIGAIG to sell broker-dealers, offer shares of mortgage insurance unit, WSJ says
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11:02 EDTTRVStocks post weekly gain after oil rebounds
Stocks recovered late in the week to post their first weekly gain of the new year as equities continue to be correlated closely with the oil market. A plunge in oil led equities lower early in the holiday shortened week, but as oil prices rebounded to close the week out, the major averages followed suit. MACRO NEWS: In the U.S., the consumer price index fell 0.1% during December, versus expectations for a flat reading. The core reading, which excludes food and energy, showed prices rose 0.1% from the prior month, versus expectations for an increase of 0.2%. Initial jobless claims rose to 293,000 last week, topping the expectation for 278,000 first-time claims. Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast... In Asia, China's national bureau of statistics estimated that GDP growth slowed to 6.8% in the last quarter of the year, dipping from 6.9% growth in the previous quarter. China's industrial output rose 5.9% from a year earlier in December, compared with the consensus forecast for a 6% increase. Japan's Nikkei average was down early in the week, even falling into bear market territory, but rallied nearly 6% on Friday after the Nikkei Asian Review said that the Bank of Japan is taking a "serious look" at additional easing... In Europe, the European Central Bank left its key interest rates unchanged. However, at an associated press conference, ECB President Mario Draghi acknowledged downside risks were increasing again, meaning the bank may need to "review and possibly reconsider" its monetary policy stance at its next meeting in March. Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. The International Monetary Fund cut its global growth forecasts for the third time in less than a year. The IMF now estimates that the world economy will grow 3.4% this year and 3.6% next year, down from its prior forecasts of 3.6% and 3.8% growth, respectively. COMPANY NEWS: On Tuesday, Morgan Stanley (MS) advanced 1% after its earnings and revenue topped analysts' consensus forecast. Big bank peer Bank of America (BAC) slid 1% after its earnings also beat expectations but its revenue narrowly missed the consensus estimate... On Wednesday, IBM (IBM) slid nearly 5% after reporting better than expected earnings and revenue for the fourth quarter, but forecasting below-consensus profits for the new year... On Thursday, Verizon (VZ) was among the best performers on the Dow, advancing over 3% after its earnings, revenue and wireless subscriber additions all topped expectations. Conversely, fellow Dow member Travelers (TRV) slid almost 1% after releasing its own quarterly results... On Friday, American Express (AXP) sunk more than 12% after the card issuer reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors. Fellow Dow member GE (GE) slid a bit more than 1% after reporting better than expected earnings but lower than expected quarterly revenue... Schlumberger (SLB) shares gained 6% after the oil services giant reported earnings that topped expectations, approved a quarterly dividend of 50c per share and a new share repurchase program of $10B and said it plans to cut 10,000 more jobs... Netflix (NFLX) reported fourth quarter earnings that beat analyst estimates, powered by better than expected international subscriber growth. The numbers were met with positive commentary by several research firms, though decelerating U.S. subscriber growth was highlighted by bears as a warning sign for the company... Deutsche Bank (DB) disclosed that it expects a EUR2.1B net loss for the quarter due to a number of charges, including expected litigation costs of EUR1.2B... Xilinx (XLNX) advanced after reporting its third quarter numbers. The news may have been overshadowed, however, by a regulatory filing showing new agreements with its top executives, with several analysts highlighting that the change could signal a takeover is in the cards in the future... Alkermes (ALKS) plunged more than 44% after disclosing that two of three Phase 3 studies of its experimental depression disorder treatment did not meet their primary efficacy endpoints. INDEXES: For the four-day week, the Dow gained about 0.67% to close at 16,093.51, the S&P 500 rose about 1.4% to close at 1,906.90, and the Nasdaq increased about 2.3% to close at 4,591.18.
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