New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For UBS;JPM;C;HBC From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | all recent news | >>
May 20, 2015
16:26 EDTC, UBS, JPMOn The Fly: Top stock stories for Wednesday
Subscribe for More Information
16:00 EDTCOptions Update; May 20, 2015
iPath S&P 500 VIX Short-Term Futures up 3c to 19.19. Option volume leaders: AAPL AAL YHOO DAL FB BABA UAL BAC TWTR LUV C TSLA GE MU
12:33 EDTUBS, C, JPMOn The Fly: Top stock stories at midday
Stocks began the session relatively unchanged from yesterday’s close and continue to trade in a holding pattern as investors await the release of the minutes from the Federal Reserve's last FOMC meeting. ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 2.67M barrel fall in crude stocks, versus expectations for a 1.75M barrel decrease. The Federal Reserve is scheduled to release the minutes from its last rate setting meeting at 2 pm EDT. In Asia, Japan's GDP accelerated to a 2.4% growth pace in the first quarter, which was much better than expected. Japanese stock markets rallied on the news, sending the Nikkei 225 average to its best level in 15 years. COMPANY NEWS: Five of the world's largest banks - Citi (C), JPMorgan Chase (JPM), Barclays (BCS), The Royal Bank of Scotland (RBS) and UBS (UBS) - agreed to pay more than $5B and plead guilty to felony charges related to manipulating foreign currencies and interest rates. In conjunction with previously announced settlements with regulatory agencies in the United States and abroad, today’s resolutions bring the total fines and penalties paid by these five banks for their conduct in the foreign exchange spot market to nearly $9B, the Department of Justice stated... Target (TGT) shares advanced 1% after the retailer's first quarter earnings topped expectations and it raised the low-end of its fiscal year profit forecast. Brian Cornell, chairman and CEO of Target, said the company was pleased with its first quarter traffic and sales, particularly in its signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 53% after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug to the FDA for approval on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy, or DMD. Also higher was Pep Boys (PBY), which gained 14% after The Wall Street Journal said private equity firm Golden Gate Capital and other potential suitors have expressed interest recently in buying the company. Among the noteworthy losers was Etsy (ETSY), which operates an online marketplace to buy and sell handmade items and vintage goods. The stock, which priced its IPO at $16 and opened for trading at $31 per share, dropped 22% to trade near $16.50 after the company issued its first financial report since coming public in April. Also lower were shares of several airline stocks, led by Southwest (LUV), which was down 8% near noon. In a regulatory filing last night, Southwest indicated it expects FY15 capacity growth to increase 7%-8% and to grow another 6%-7% in FY16. Buckingham downgraded Southwest to Neutral from Buy this morning, stating it has a more cautious revenue outlook for the company due to a worsening backdrop as competitors vow to compete aggressively. INDEXES: Near midday, the Dow was down 6.10, or 0.03%, to 18,306.29, the Nasdaq was up 1.65, or 0.03%, to 5,071.69, and the S&P 500 was down 0.49, or 0.02%, to 2,127.34.
10:15 EDTC, JPM, UBSFive banks agree to parent-level guilty pleas in settlement over forex rigging
Subscribe for More Information
10:09 EDTC, JPM, UBSCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
Subscribe for More Information
10:08 EDTJPMJPMorgan announces $892M in settlements with DOJ, Fed
JPMorgan Chase announced settlements with the U.S. Department of Justice and the Federal Reserve relating to the bank’s foreign exchange (FX) trading business. Under the DOJ resolution, JPMorgan will plead guilty to a single antitrust violation and pay a fine of $550M. Under the resolution with the Fed, the bank will pay a fine of $342M and has agreed to the entry of a Consent Order. JPMorgan said it has previously reserved for these settlements. These settlements are in addition to agreements announced in November 2014 with the U.K. Financial Conduct Authority, the U.S. Commodity Futures Trading Commission and the U.S. Office of the Comptroller of the Currency relating to the FX trading business. The press release stated, "The conduct underlying the antitrust charge is principally attributable to a single trader (who has since been dismissed) and his coordination with traders at other firms." Jamie Dimon, Chairman and CEO of JPMorgan Chase, said: “The conduct described in the government’s pleadings is a great disappointment to us. We demand and expect better of our people. The lesson here is that the conduct of a small group of employees, or of even a single employee, can reflect badly on all of us, and have significant ramifications for the entire firm. That’s why we’ve redoubled our efforts to fortify our controls and enhance our historically strong culture."
10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
Citi announced that it has entered into settlements with the United States Department of Justice and the Board of Governors of the Federal Reserve System to resolve investigations into Citi’s foreign exchange business. The settlement with the DOJ includes a guilty plea by Citicorp, a subsidiary of Citigroup, to a violation of the Sherman Antitrust Act and fine of $925M. The settlement with the Fed includes the entry of a cease and desist order and a civil money penalty of $342M. Citi also announced that it has reached a separate agreement to settle related private U.S. class action claims for a payment of $394M, subject to court approval. Citi expects to maintain its licenses and does not expect a material impact on its operations or ability to serve its clients. The payments required by each of the settlements Citi announced today are covered by existing legal reserves and will not require a charge to earnings in the second quarter of 2015.
10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
Subscribe for More Information
10:00 EDTUBSOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
08:21 EDTC, JPMATM data theft soars to highest rate in two decades, WSJ says
Subscribe for More Information
07:01 EDTUBSUBS ordered to buy back bond funds from investor, Reuters reports
Subscribe for More Information
05:45 EDTUBSUBS upgraded to Buy from Neutral at BofA/Merrill
05:21 EDTUBSUBS enters resolutions with DOJ, Federal Reserve, CT DOB
UBS announced that it has approved entering into resolutions with the US Department of Justice, or DOJ, the Board of Governors of the Federal Reserve System, and the Connecticut Department of Banking, or CT DOB, in their investigations of the global foreign exchange, or FX, markets. This follows the firm's resolutions last November with the Swiss Financial Market Supervisory Authority, UK Financial Conduct Authority and the U.S. Commodity Futures Trading Commission. The bank continues to cooperate with ongoing investigations by other authorities in this industry-wide matter, which include investigations of individuals. As a result of the resolutions, UBS has not been criminally charged for FX conduct. The DOJ will also not file any charges concerning its investigations into the firm's V10 FX-related structured products and its precious metals business. In resolving the FX matter with the DOJ, UBS received conditional immunity from prosecution for EUR/USD collusion from the Antitrust Division, which will also not prosecute UBS for any other FX conduct. This immunity reflects UBS's role as the firm that first reported potential misconduct to the DOJ, and the full cooperation provided to the DOJ and other authorities throughout the world. The DOJ used its sole discretion to terminate its 2012 Non-Prosecution Agreement with UBS related to LIBOR. As a consequence, UBS AG has agreed to plead guilty to one count of wire fraud for conduct in the LIBOR matter, pay a $203M fine and accept a three-year term of probation. This guilty plea for LIBOR by UBS AG relates to the same conduct that was the basis of the plea by the firm's Japanese subsidiary when the firm resolved its LIBOR issues in 2012. The Fed and the CT DOB jointly issued a cease and desist order finding that UBS engaged in unsafe and unsound business practices relating to its FX business. UBS will pay a penalty of $342M to the Fed and has agreed to undertake a series of remedial measures. The firm is fully provisioned for these resolutions. As a consequence, they will have no financial impact on Q2 results.
May 19, 2015
15:42 EDTC, UBS, JPMBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
09:37 EDTJPMActive equity options trading on open
Subscribe for More Information
May 18, 2015
09:46 EDTJPM, CMPLX enters common unit sales agreement for up to $500M
Subscribe for More Information
09:36 EDTCActive equity options trading on open
Subscribe for More Information
08:31 EDTUBSUBS, NYSE Bonds announce strategic relationship
Subscribe for More Information
08:01 EDTCList of potential buyers of Citi Egyptian retail unit narrows, Reuters reports
Subscribe for More Information
07:12 EDTC, JPM, UBSBarclays expected to face over GBP250M in fines for rigging, Telegraph says
Subscribe for More Information
06:15 EDTCCiti divests 16% stake in Grupo Aeromexico, Reuters reports
Citigroup (C) has sold its 16% stake in Grupo Aeromexico, the Mexican airline says, Reuters reports. According to the airline, Barclays Capital (BCS) acquired about 8% of shares through a financial operation with Delta (DAL). Reference Link
May 15, 2015
14:07 EDTCCiti reports April credit loss 2.78% vs. 2.50% last month
Subscribe for More Information
12:13 EDTCThird Point gives quarterly update on stakes
NEW STAKES: Yum! Brands (YUM), NXP Semiconductors (NXPI), FedEx (FDX), McKesson (MCK), and J M Smucker (SJM). INCREASED STAKES: Actavis (ACT), Roper Technologies (ROP), Delta Air Lines (DAL), and FleetCor Technologies (FLT). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Phillips 66 (PSX), eBay (EBAY), and Anheuser Busch Inbev SA (BUD). LIQUIDATED STAKES: Alibaba Group (BABA), Citigroup (C), EMC Corporation (EMC), Anglo American (AAL), and Williams Companies (WMB).
10:47 EDTJPMNCR Corp. working with JPMorgan on sale, dealReporter says
Subscribe for More Information
07:50 EDTUBS, C, JPMDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
Subscribe for More Information
06:18 EDTJPMJPMorgan reports April Net Credit Losses 2.34% vs. 2.61% last month
Subscribe for More Information
May 14, 2015
09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
Subscribe for More Information
09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
Subscribe for More Information
07:37 EDTUBSUBS ordered to pay $200,000 to PR bond fund investor, Reuters reports
Subscribe for More Information
06:49 EDTC, UBS, JPMBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
May 13, 2015
08:59 EDTCEasterly Government Properties names Meghan Baivier as COO
Easterly Government Properties (DEA) announced that Meghan Baivier has been named EVP and COO, effective May 12. Baivier will be responsible for overseeing the alignment of the firm’s growth strategy and financial goals with operations, capital markets and finance activities. Prior to joining Easterly Government Properties, Baivier served as VP of Citigroup’s (C) Real Estate and Lodging Investment Banking group.
08:27 EDTUBSDOJ may scrap non-prosecution agreement with UBS over rigging, FT says
UBS had agreed in 2012 to a non-prosecution agreement with the Department of Justice to resolve allegations it rigged the benchmark rate and that deal was recently extended for an additional year to the end of 2015, but the DOJ is threatening the NPA as it pursue a new investigation of foreign exchange manipulation, said Financial Times. Reference Link
07:29 EDTCUBS to hold a conference
Subscribe for More Information
May 12, 2015
16:01 EDTCOptions Update; May 12, 2015
Subscribe for More Information
14:13 EDTC, JPMBove says it may be time to buy bank stocks
Subscribe for More Information
07:48 EDTCStandard & Poor's to hold a summit
Subscribe for More Information
May 11, 2015
09:59 EDTJPMOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
09:58 EDTUBS, C, JPMBarclays expected to pay GBP2B to settle forex rigging charges, FT says
Subscribe for More Information
09:28 EDTCCiti says DOJ talks could include guilty plea on antitrust charge
Subscribe for More Information
09:14 EDTCCiti says DOJ declined prosecution with respect to LIBOR
Subscribe for More Information
08:18 EDTJPM, CBanks executives seek to push back on 'false, damaging' statements, WSJ reports
Subscribe for More Information
07:46 EDTJPMJPMorgan price traget raised to $73 from $68 at BofA/Merrill
BofA/Merrill raised Buy rated JPMorgan's price target to $73 following a meeting with Chairman Jamie Dimon. The analyst believes earnings surprises are likely and the market is over-discounting the impact of regulation. BofA/Merrill expects JPMorgan to benefit from its multi-dimensional model, EPS sensitivity to rising interest rates, and a shift in Fed monetary policy which will drive bond market volatility.
07:28 EDTJPMJPMorgan downgraded to Neutral from Buy at MKM Partners
Subscribe for More Information
May 10, 2015
20:03 EDTC, JPM, UBSCiti, JPMorgan, UBS consider exiting U.K., Financial Times says
Citi (C), JPMorgan (JPM), and UBS (UBS) are considering exiting their London operations due to the U.K.'s bank levy, reports the Financial Times, citing people familiar with the matter. There is particular focus among the banks to reduce repurchase agreements, said three senior industry figures. The Financial Times notes that the recent Conservative win could see political maneuvers to reduce or renegotiate the levy, potentially persuading the banks to stay. Reference Link
16:54 EDTUBSUBS expands U.S. investment banking operations, WSJ says
Subscribe for More Information
<< 1 | 2 | 3 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use