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Stock Market & Financial Investment News

News Breaks
July 17, 2014
06:38 EDTCS, UBS, MS, RY, BACStudy says UBS largest private bank with assets near $2T, Reuters says
A study by Scorpio Partnership detailed that UBS (UBS) secured its lead over Bank of America (BAC) as the globe's biggest private bank and is within striking distance of managing $2T on behalf of the wealthy, according to Reuters, citing the study. The study also found that Morgan Stanley (MS), Credit Suisse (CS) and Royal Bank of Canada (RY) rounded out the top five overall. Reference Link
News For UBS;BAC;MS;CS;RY From The Last 14 Days
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March 23, 2015
07:19 EDTMSCapital Link to hold a forum
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06:21 EDTUBSUBS in discussions to lease space from RBS in Connecticut, WSJ reports
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March 20, 2015
17:07 EDTCSCredit Suisse files automatic mixed securities shelf
10:36 EDTBACBank of America changes bylaws to allow some investors to nominate directors
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05:57 EDTBACBank of America faces pressure to defend structure, Financial Times reports
Bank of America will have to defend its current structure at its annual meeting in May after the SEC allowed a small shareholder the right to challenge the board on a break-up, reports the Financial Times. Bank of America's board could be under pressure to appoint a committee to examine a plan for divesting all non-core banking businesses if a proposal from Barlett Naylor of Public Citizen is adopted. Reference Link
March 19, 2015
11:53 EDTBAC, MSU.S. banks face headwinds in unloading oil loans, WSJ says
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06:30 EDTBACSEC says BofA must put investment bank spinoff to shareholder vote, Reuters says
The SEC has told Bank of America that it must allow shareholders to vote on whether the company will attempt to spin off its investment bank unit, reports Reuters, citing a decision by the Securities and Exchange Commission. A bank spokesperson said the company "will respond to the proposal in our proxy statement." Reference Link
06:06 EDTCSSunrun powers up for IPO later this year, WSJ reports
Sunrun, a solar-energy company, is said to be working with Credit Suisse (CS) and Goldman Sachs (GS) on a potential IPO for later this year, sources tell The Wall Street Journal, which adds that the company was valued at $1.3B as of March 2014. Other solar companies that have gone public in recent years include residential solar installers like Vivint Solar (VSLR), backed by Blackstone (BX), and SolarCity (SCTY), backed by Tesla's (TSLA) Elon Musk. Reference Link
March 18, 2015
07:20 EDTUBSU.S. considers 'tearing up' non-prosecution deals with banks, Bloomberg says
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07:10 EDTBACPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
14:37 EDTUBSCiti, Barclays near $800M settelement of forex suit, WSJ says
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13:40 EDTCSAmended settlement agreement announced between Credit Suisse, Freeport
On March 16, an Addendum to the Stipulation and Agreement of Settlement, Compromise and Release was entered into with respect to the consolidated stockholder derivative litigation captioned In Re: Freeport-McMoRan Copper & Gold (FCX) Derivative Litigation, C.A. No. 8145-VCN. The Addendum modifies the terms of the settlement in order to resolve potential derivative claims against Credit Suisse Securities (CS) in connection with its engagement to act as lead financial advisor to the Special Committee of the Board of Directors of Freeport-McMoRan with respect to the company’s 2013 acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co., which potential claims were previously excluded from the settlement as set forth in the Stipulation and Agreement of Settlement, Compromise and Release filed on January 15. As set forth in the Addendum, the original settlement consideration will be increased by $16.25M, consisting of a $10M cash payment to the company by Credit Suisse, and a credit of $6.25M to be redeemable by the company in connection with future assignments Credit Suisse performs. The Supplemental Cash Amount, together with the original settlement amount, less plaintiffs’ attorneys’ fees and expenses as awarded by the Court of Chancery of the State of Delaware, will be distributed to the company’s stockholders as a special dividend. The settlement is subject to specified conditions, including final approval by the Court of Chancery of the State of Delaware. The settling defendants and Credit Suisse vigorously deny all allegations of wrongdoing or fault but entered into the settlement to avoid the costs and distraction of continued litigation.
10:00 EDTCSOn The Fly: Analyst Downgrade Summary
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08:34 EDTBACBank of America reinstated with an Outperform at Raymond James
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06:30 EDTCSCredit Suisse downgraded to Underperform from Neutral at Macquarie
Macquarie downgraded Credit Suisse to Underperform following recent share strength.
March 16, 2015
17:07 EDTCSCredit Suisse to pay Freeport McMoRan $10M to settle allegations, WSJ says
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14:08 EDTCS, UBSEU regulator says time for fine-tuning, Reuters says
The Basel Committee on Banking Supervision believes the necessary bank regulatory framework is in place though some additional work must be done to finalize leverage ratio and capital floor rules, Reuters reported yesterday, citing statements by secretary-general William Coen at a financial conference in Doha. Coen added, "We're now at the state where we can take a step back and look to see how [the regulations] fit together," cautioning that further analysis must be data-driven but admitting that both banks and regulatory bodies were feeling "regulation fatigue." Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
13:05 EDTMSMorgan Stanley's quarter not shaping up to be strong one, says Rafferty Capital
Rafferty Capital's Dick Bove said Morgan Stanley's current quarter is not shaping up to be a strong one. Bove said industry trade data from the NY Federal Reserve Bank is not that encouraging with fall offs in numbers in key categories. The analyst believes trading is flat to down overall in the quarter and investment banking its not fairing much better. Bove still views Morgan Stanley among his top picks for 2015 despite near-term issues.
12:33 EDTMSMorgan Stanley may be challenged in quarter, says Rafferty Capital
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10:22 EDTBACBank of America February default rate 2.98% vs. 2.93% last month
Reports February delinquency rate 1.86% vs. 1.83% last month.
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