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Stock Market & Financial Investment News

News Breaks
June 30, 2014
12:15 EDTV, USBU.S. Bancorp reaches settlement with U.S. Department of Justice
U.S. Bancorp (USB) announced that it has reached a settlement with the U.S. Department of Justice in order to resolve an investigation relating to the endorsement of mortgage loans under the Federal Housing Administrationís insurance program. The company cooperated fully with the DOJ investigation and chose to settle this matter for $200M without an admission of liability to avoid the path of costly and protracted litigation as well as distractions to the business. U.S. Bancorp has a legacy of being a respected mortgage lender, including a decades-long, strong working relationship with HUD and its FHA loan programs. In addition, during Q2 and prior to the settlement agreement with the DOJ, the company sold 3M shares of the Class B common stock of Visa (V) resulting in a net pretax gain of $214M. After the sale, the company continues to own approximately 9.6M Visa Class B shares. The combination of the settlement and the sale of Visa Class B shares is expected to be neutral to earnings-per-share in Q2.
News For USB;V From The Last 14 Days
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April 21, 2015
06:18 EDTVUS merchants struggle to meet deadline for accepting chip cards, WSJ reports
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April 17, 2015
15:39 EDTVCostco deal with Visa, Citi has 'near zero' acceptance costs, Bloomberg says
Costcoís (COST) acceptance costs will be near zero under the terms of its new deal with Visa (V) and Citigroup (C), compared to the roughly 0.6% of each transaction it currently pays to incumbent card partner American Express (AXP), reported Bloomberg, citing people familiar with the deal. Reference Link
07:31 EDTUSBU.K. postpones debt buyback due to Bloomberg terminal crash, WSJ reports
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April 15, 2015
09:53 EDTUSBU.S. Bancorp says improving interest rates is "a matter of when, not if"
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09:52 EDTUSBU.S. Bancorp does not expect to have a reduction in force
09:51 EDTUSBU.S. Bancorp says lower NIM due to investment portfolio growth
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08:25 EDTUSBUSB: Repurchase activity lower due conservative credit, underwriting culture
U.S. Bancorp said mortgage repurchase activity is lower than peers due to the conservative credit and underwriting culture. Reports Q1 beginning reserve of $46M and ending reserve of $46M. Reports Q1 mortgages repurchased and make-whole payments of $12M. Comments taken from slides for Q1 earnings conference call.
07:24 EDTUSBU.S. Bancorp sees level of net charge-offs increasing modestly in Q2
07:23 EDTUSBU.S. Bancorp sees total nonperforming assts 'relatively stable' in Q2
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07:20 EDTUSBU.S. Bancorp says 'diversification of business mix has served us well'
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07:19 EDTUSBU.S. Bancorp reports Q1 provision for credit losses $264M
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07:18 EDTUSBU.S. Bancorp reports Q1 EPS 76c, consensus 76c
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07:17 EDTUSBU.S. Bancorp reports Q1 EPS 76c, consensus 76c
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06:11 EDTUSBRegulators seek to end 'too big to fail' firms, WSJ reports
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05:10 EDTVHP selects Antonio Lucio as Chief Marketing Officer of HP Inc.
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April 14, 2015
18:41 EDTVTarget close to $20M settlement with MasterCard over data breach, WSJ says
According to people familiar with the negotiations, Target (TGT) is approaching a settlement with MasterCard (MA) to reimburse financial institutions roughly $20M for costs they incurred from the retailerís massive data breach in 2013, The Wall Street Journal reports. Target is negotiating a separate settlement with Visa (V), according to sources, WSJ added. Reference Link
16:36 EDTVVisa announces resignation of Chief Brand Officer Antonio Lucio
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15:34 EDTUSBNotable companies reporting before tomorrow's open
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12:58 EDTUSBU.S. Bancorp volatility elevated into Q1 and outlook
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12:09 EDTVAmEx to team up with Jawbone for payments via fitness bands, WSJ reports
American Express is planning to team up with Jawbone to allow AmEx cardholders to make purchases via their fitness bands at certain merchants, The Wall Street Journal reports, citing sources familiar with the matter. A source says that the payment mechanism is not expected to be part of Jawbone's UP3, which will begin shipping this month, but will be available on a future offering. It is unclear whether Jawbone will expand the program to accept payments processed by MasterCard (MA) and Visa (V). Reference Link
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