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Stock Market & Financial Investment News

News For V;MA;AXP;ACN;XRX;PAY;DFS;VNTV;IFX;WMT;BAC;WFC;TI From The Last 14 Days
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October 24, 2014
06:39 EDTTITelecom Italia nears agreement to divest TIM mobile towers, Reuters says
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October 23, 2014
13:40 EDTWMTWal-Mart's Sam's Club offering services to small businesses
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07:25 EDTWFCCitigroup, others careful of Ergen amid possible T-Mobile offer, Bloomberg says
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06:32 EDTWFC, BACGovernment relaxing mortgage regulations, NY Times says
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October 22, 2014
16:33 EDTDFSOn The Fly: Closing Wrap
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16:32 EDTVVisa increases dividend 20% to 48c from 40c
Visa announced that its board of directors had declared a quarterly dividend in the aggregate amount of 48c per share of class A common stock, determined in the case of class B and class C common stock on an as-converted basis, payable on December 2 to all holders of record of the company's class A, class B and class C common stock as of November 14. The quarterly dividend increase raises the annual dividend rate from $1.60 per share to $1.92 per share.
15:19 EDTBACBank of America Apple Pay glitch should be fixed today, Re/code reports
The Apple (AAPL) Pay glitch that some Bank of America (BAC) customers experienced, where they would be charged twice for a single transaction, should be fixed by today, Re/code reports, citing a person familiar with the error. Reference Link
12:53 EDTBACSome BofA customers charged twice by Apple Pay, CNN Money reports
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09:50 EDTWMTCredit Suisse to hold a field trip
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09:38 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR YHOO BAC GILD FB THRX DOW CAR
08:00 EDTWFCWells Fargo sees opportunity with deeper move into Europe, WSJ says
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07:40 EDTDFSDiscover beat Q3 despite conservatism in reserves, say Susquehanna
Susquehanna said Discover reported a solid Q3 despite investing to build reserves. The firm said loan and revenue growth were in-line and the company is continuing to buy shares and improve capital ratios. Susquehanna reiterates its Positive rating and $77 price target on Discover.
07:36 EDTAXPFederal Reserve Bank of New York to hold a conference
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07:04 EDTXRXXerox sees Q4 adjusted EPS 30c-32c, consensus 31c
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07:04 EDTXRXXerox sees FY14 adjusted EPS $1.11-$1.13, consensus $1.11
07:04 EDTXRXXerox reports Q3 adjusted EPS 27c, consensus 26c
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October 21, 2014
16:44 EDTDFSDiscover sees FY14 operating expenses approximately $3.3B
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16:43 EDTDFSDiscover sees Q4 net interest margin down slightly
16:42 EDTDFSDiscover reports Q3 Tier 1 capital ratio 15.6%
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16:10 EDTDFSDiscover reports Q3 Discover Card sales volume $29.61B vs. $27.99B last year
Discover reports net charge-off rate for credit card loans increased 11 basis points from the prior year to 2.16% and the delinquency rate for loans over 30 days past due increased 4 basis points to 1.71%.
16:08 EDTDFSDiscover reports Q3 total loans up $4.6B to $67.4B
Discover reports Direct Banking pretax income of $981M in the quarter was up $63M, or 7%, from the prior year. Total loans ended the quarter at $67.3B, up 7.4% compared to the prior year. Credit card loans ended the quarter at $53.7B, up 6.6% from the prior year. Personal loans increased $835M, or 20.9%, from the prior year and private student loans increased $369M, or 4.5%, from the prior year. Excluding purchased student loans, private student loans grew $884 million, or 23.1%, from the prior year. Revenue net of interest expense increased $129M, up 7% from the prior year due to loan growth and net interest margin expansion.
16:06 EDTDFSDiscover reports Q3 EPS $1.37, consensus $1.34
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15:35 EDTXRXNotable companies reporting before tomorrow's open
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15:30 EDTDFSNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Yahoo! (YHOO), consensus 30c; ACE (ACE), consensus $2.34; Discover Financial (DFS), consensus $1.34; Pinnacle Financial (PNFP), consensus 51c; Broadcom (BRCM), consensus 84c; Intuitive Surgical (ISRG), consensus $3.80; FMC Technologies (FTI), consensus 74c; Robert Half International (RHI), consensus 58c; E-Trade (ETFC), consensus 22c; Nabors Industries (NBR), consensus 36c; Waste Connections (WCN), consensus 54c; Cubist Pharmaceuticals (CBST), consensus 4c; Sonic (SONC), consensus 34c; American Campus Communities (ACC), consensus 43c; Cree (CREE), consensus 36c; Fulton Financial (FULT), consensus 20c; Costamare (CMRE), consensus 41c; Hawaiian Holdings (HA), consensus 78c; Ethan Allen (ETH), consensus 36c; Sabra Health (SBRA), consensus 55c; Rush Enterprises (RUSHA), consensus 51c.
08:18 EDTBAC, WFCBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
07:18 EDTXRXXerox volatility elevated into Q3 and outlook
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October 20, 2014
14:53 EDTAXPAmerican Express announces availability in Apple Pay
American Express (AXP) announces availability in Apple (AAPL) Pay, "the easy, safe and private way to pay with iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad mini 3." Apple Pay will be available for eligible U.S. Consumer and OPEN American Express Card Members. Reference Link
12:28 EDTPAYNCR Corp. plummets after guidance lowered
Shares of payment solutions company NCR Corp. (NCR) are sinking after the firm’s third quarter forecasts missed analysts’ consensus estimates and it lowered its outlook for fiscal 2014. WHAT'S NEW: This morning, NCR Corp. forecast Q3 EPS of 67c and revenue of $1.647B, below analysts' consensus estimates of 71c and $1.66B, respectively. Q3 free cash flow is seen at $132M, which includes the previously announced recovery of $93M related to the Fox River environmental matter. The company cited a challenging retail market as well as difficult global macroeconomic conditions, including foreign currency headwinds, for the weak outlook. WHAT'S NOTABLE: NCR Corp. lowered its FY14 EPS view to $2.60-$2.70 from $3.00-$3.10, compared to consensus of $3.00. It also cut its FY14 revenue outlook to $6.575B- $6.625B from $6.75B-$6.85B, versus consensus of $6.74B. The company said, “While we are disappointed by these results, our Financial Services business remains a bright spot, Q3 free cash flow improvement was strong, and our previously announced restructuring program is on track to deliver annual run-rate savings of approximately $90M by 2016. While we continue to be faced with challenging and uncertain market dynamics, we remain confident in the actions we are taking to address these challenges, including strengthening our Retail Solutions team and talent, as well as utilizing our restructuring program to allocate more resources to our highest growth, highest margin opportunities to drive long-term profitable growth.” PRICE ACTION: In afternoon trading, NCR Corp. fell $6.43, or about 21.5%, to $23.45 on nearly five times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $23.32. Including today's pull back, the shares have lost approximately 41% over the past 12 months. OTHERS TO WATCH: Other companies in the payment solutions business include VeriFone Systems (PAY) and Diebold (DBD).
08:16 EDTAXPAmerican Express upgraded to Buy from Hold at Sandler ONeill
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07:42 EDTWMTWal-Mart de Mexico reports Q3 net income 4.87B pesos vs. 5.12B pesos last year
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October 17, 2014
16:55 EDTBAC, WFC, WMTStocks end volatile week lower amid oil price plunge
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12:34 EDTAXPAmerican Express to boost merchant adoption of secure payment terminals
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11:25 EDTPAYVeriFone wins appeal of patent ruling in favor of CardSoft
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10:23 EDTWMTWal-Mart volatile in mixed trading as it nears 52-week lows
The shares have been trading in a dollar range, but with multiple sweeps higher and lower this morning as price nears the 52-week low at $72.27. At the current price of $73.74, next support is at $73.03, the session low. Resistance is at $74.18, the high of the day.
08:00 EDTPAYVeriFone fundamentals unchanged despite sell-off, says Jefferies
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06:45 EDTWFCWells Fargo closes alternative trading system, Reuters says
In response to weak client demand, Wells Fargo is shutting down its "dark pool" trading system, according to Reuters, citing a spokeswoman from the bank. The spokeswoman said that even though the firm will cease offering alternative trading access, it will still offer customers electronic trading tools. Reference Link
October 16, 2014
16:43 EDTWFCWells Fargo commercial banking veteran in Florida Howard Halle to retire
Wells Fargo head of Commercial Banking in Florida, Howard Halle, will retire at year-end. A search for Halle’s successor is underway and is expected to be announced in early November.
16:23 EDTVJPMorgan announces Apple Pay to be available to Chase customers, merchants
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15:26 EDTVApple Pay available to millions of Visa cardholders
Visa (V) announced that starting October 20 eligible Visa cardholders in the U.S. will be able to use Apple (AAPL) Pay, Apple’s new payment service, to begin to make purchases at select U.S. merchants with their new iPhone. Visa is actively working with its client base of thousands of U.S. financial institutions to enable them to offer the new Apple Pay service to their account holders.
15:10 EDTAXPAmerican College of Gastroenterology to hold annual meeting
ACG Annual Scientific Meeting 2014 to be held in Philadlephia, PA on October 17-22.
14:09 EDTAXP, WFC, V, MA, BACApple confirms October 20 start date for Apple Pay
Apple (AAPL) announced that customers can start making payments on Monday, October 20, when Apple Pay becomes available in the U.S. Users of the iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8. Apple Pay supports credit and debit cards from the three major payment networks: American Express (AXP), MasterCard (MA) and Visa (V). In addition to American Express, Bank of America (BAC), Capital One Bank (COF), Chase (JPM), Citi (C), Wells Fargo (WFC) and others, who announced support in September, more than 500 new banks from across the country have signed on to Apple Pay, the company said.
10:01 EDTWFC, BAC, AXPOn The Fly: Analyst Upgrade Summary
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10:01 EDTXRXAllegion selects Xerox in five-year agreement
Allegion (ALLE) selected Xerox (XRX) to support the company’s IT infrastructure as part of a five-year agreement. Xerox will support Allegion’s infrastructure by managing IT services.
09:39 EDTWMTActive equity options trading on open
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09:23 EDTWMTOn The Fly: Pre-market Movers
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08:27 EDTBACBank of America weakness overdone, buy shares, says Morgan Stanley
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08:23 EDTBACBofA CEO steps point to extended stay in post, Reuters reports
Bank of America Chairman and CEO Brian Moynihan has taken more control over the bank's retail business, has shifted executives into new positions and his sway with directors has increased since he recently became chairman, all of which signal that he plans to remain at the bank for "a minimum of five years," according to Reuters, citing sources familiar with the matter. Reference Link
07:44 EDTBACBank of America quarterly results trumped by market sell-off, says UBS
UBS believes Bank of America posted better than expected earnings with core expenses declining, but that the results were overshadowed by the market sell-off. The firm saw improved expense management and believes the company's changes to its portfolio will eventually be impacted by short term interest rates. UBS reiterates its Buy rating and $20 price target on Bank of America.
07:40 EDTWMTWal-Mart well positioned to execute turn-around, says UBS
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07:31 EDTWFCWells Fargo upgraded to Buy from Hold at Argus
Argus upgraded Wells Fargo to Buy with a $54 price target based on valuation and high levels of profitability and returns.
06:34 EDTWMTWal-Mart head promises to upgrade minimum wage roles, Reuters says
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06:10 EDTAXPAmerican Express upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded American Express to Neutral with a $90 price target citing a more balanced outlook following the company's Q3 results.
05:57 EDTBACBank of America upgraded to Outperform from Market Perform at FBR Capital
FBR Capital upgraded Bank of America to Outperform with a $20 price target citing book value growth following the company's Q3 results. Shares closed yesterday down 28c to $15.48.
October 15, 2014
18:26 EDTAXPOn The Fly: After Hours Movers
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16:37 EDTWMTOn The Fly: Closing Wrap
The market opened sharply lower amid sliding oil prices, worse than expected economic data, and the potential for a major M&A deal to fall apart due to tax inversion rule changes. The Dow fell more than 350 points within the first 30 minutes of trading, but then bounced back to move above its opening level. The volatility did not end there, however, as the market swung several more times during the session. The S&P 500's drop wiped out its gains for the year at one point, but a late day rally significantly cut the losses for the major averages. ECONOMIC EVENTS: In the U.S., retail sales, which were expected to be down 0.1% in September, actually fell 0.3% in the month and slipped 0.2% excluding autos. The Producer Price Index for final demand decreased a seasonally adjusted 0.1% in September from the prior month, marking the first decline in the measure in over a year. The core PPI reading, which excludes food and energy, was unchanged, versus expectations for a 0.1% rise. New York's Empire State manufacturing index fell 21.4 points to 6.2 in October, severely missing the expectation for a narrower pullback to a reading of 20. Business inventories rose 0.2% in August, versus expectations for an increase of 0.4%. In China, the consumer price index climbed 1.6% in September from a year earlier, which was below the consensus projection for 1.7% inflation and down from 2% inflation in August. China's PPI plunged 1.8% year-over-year in September, which was more than the 1.6% slide expected and an acceleration of the 1.2% year-on-year decline in August. COMPANY NEWS: Shares of Shire (SHPG) plunged $74.08, or 30.29%, to $170.49 after AbbVie's (ABBV) board last night stated that it was reconsidering its recommendation that the company's shareholders back a takeover of Irish drugmaker in light of the potential impact of tax rule changes on the deal. During the day, Bloomberg reported that people familiar with the matter say AbbVie is close to abandoning its $51B takeover bid, while Shire announced that it has agreed to waive the requirement for three business days' notice for AbbVie's board to meet to consider its offer. In contrast, AbbVie ended the session up 50c, or 0.92%, at $54.63... Wal-Mart (WMT) held its annual meeting, during which it lowered its fiscal year 2015 net sales growth forecast to 2%-3%, citing a tougher sales environment than it anticipated a year ago. The company indicated in February that it expected net sales growth to be at the low end of its guidance provided last October of 3%-5%. The world's largest retailer also cut its planned retail square foot growth expectations, due to a moderation of large format store growth and accelerated e-commerce investments. Following the outlook revisions, Wal-Mart closed down $2.78, or 3.57%, to $75.20. MAJOR MOVERS: Among the notable gainers was Penford Corporation (PENX), which jumped $7.60, or 69.15%, to $18.59 after the company agreed to be acquired by Ingredion (INGR) for $340M, or $19.00 in cash per share. Also higher was Southwestern Energy (SWN), which rose $2.59, or 7.82%, to $35.69 after it was among a number of oil and gas exploration and production names upgraded by analysts at Bank of America Merrill Lynch. Among the noteworthy losers was Nu Skin (NUS), which dropped $4.47, or 9.13%, to $44.50 after the company disclosed new debt arrangements that come with certain restrictions, including restrictions on the payment of dividends. Also lower were shares of Covidien (COV), which fell $6.50, or 7.04%, to $85.86 in the wake of the news for Shire and AbbVie, which investors may have read as jeopardizing Covidien's deal to be bought by Medtronic (MDT). Note that on October 3 Medtronic announced that it intends to use approximately $16B in external financing to complete the acquisition of Covidien and said the strategic benefits of the transaction "remain compelling" despite the additional expense of the new financing. INDEXES: The Dow dropped 173.45, or 1.06%, to 16,141.74, the Nasdaq slipped 11.85, or 0.28%, to 4,215.32, and the S&P 500 fell 15.21, or 0.81%, to 1,862.49.
16:27 EDTAXPAmerican Express CEO says growth rate still below long-term target
Kenneth I. Chenault, chairman and CEO stated, “Card Member spending was up 9%, a modest acceleration from last quarter, and loan balances grew 5%. Revenues continued to rise at a steady pace, but the growth rate is still below our long-term target."
16:19 EDTAXPAmerican Express down 2.8% after reporting Q3 results
16:06 EDTAXPAmerican Express reports global commercial services net income $204M
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16:05 EDTAXPAmerican Express reports Q3 card member spending up 9% YoY
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16:03 EDTAXPAmerican Express reports Q3 U.S. card services net income $889M, up 14% YoY
Reports Q3 International card services net income $142M, unchanged from a year ago.
16:02 EDTAXPAmerican Express reports Q3 EPS $1.40, consensus $1.36
Reports Q3 revenue $8.33B, consensus $8.35B.
15:29 EDTWMTWal-Mart to add 26M-30M net retail square feet worldwide in FY16
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15:28 EDTAXPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.36; eBay (EBAY), consensus 67c; Kinder Morgan (KMI), consensus 34c; Kinder Morgan Energy Partners (KMP), consensus 64c; Kinder Morgan Management (KMR), consensus 58c; El Paso Pipeline Partners (EPB), consensus 39c; Netflix (NFLX), consensus 93c; United Rentals (URI), consensus $2.08; Navient (NAVI), consensus 52c; Las Vegas Sands (LVS), consensus 58c; Umpqua Holdings (UMPQ), consensus 29c; Astoria Financial (AF), consensus 16c; Rambus (RMBS), consensus 5c.
15:28 EDTWMTWal-Mart sees FY16 e-commerce, digital spending of $1.2B-$1.5B
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15:26 EDTWMTWal-Mart sees FY15 capital investments between $12.5B-$13.0B
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15:22 EDTWMTWal-Mart sees FY16 net sales growth of 2%-4%
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15:19 EDTWMTWal-Mart lowers FY15 net sales growth forecast to 2%-3%
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15:16 EDTWMTWal-Mart drops 4% after giving guidance at analyst day meeting
12:36 EDTBACOn The Fly: Midday Wrap
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12:04 EDTAXPAmerican Express reports September write-off ate 1.2% vs. 1.5% last month
Reports September 30 days past due loans 1.0% vs. 0.9% last month.
11:17 EDTWFCSEC takes enforcement action against former Wells officer
The SEC announced an enforcement action against a former Wells Fargo Advisors compliance officer who allegedly altered a document before it was provided to the SEC during an investigation. Reference Link
11:14 EDTWMTWal-Mart Sam's Club CEO: Our business pressure remains mixed
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10:14 EDTWMTWal-Mart says 'Savings Catcher' has 5M users, to open more registers than ever
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09:47 EDTBACBank of America reports September default rate 2.93% vs. 3.33% last month
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09:39 EDTWMTWal-Mart US CEO: Our first half was challenging and we need to improve traffic
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09:37 EDTWMTWal-Mart expects to open 190 stores between now and end of the year
Wal-Mart US President Greg Foran believes Q4 actions will offset a portion of significant headwinds like wages and healthcare costs. Says the company will be "thoughtful" on wages.
09:37 EDTBACBank of America downgraded to Underperform from Sector Perform at Portales
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09:16 EDTWMTWal-Mart CEO outlines growth strategy at annual meeting
President and CEO Doug McMillon said "Customers make their shopping decisions based on four key dimensions – price assortment, experience and access. What we can offer them, and how we compete across those dimensions, is changing... We have tens of millions of customers visiting us weekly online and through our mobile apps looking for information, product options and then buying merchandise from us in stores and online. We’re known for assortment and we will be in the future.” Discussing price and experience, McMillon went on to say, “At Walmart, we serve value-conscious customers that come from all walks of life and all income levels. Price matters to our customers and it always will. As a company, being a low cost operator is in our DNA. This will never change and we will be the price leader, across a broad assortment, everywhere we operate." McMillon continued, “To capture the upside of our strategic advantages, we need to develop a more seamless relationship with our customers. We won't just be a store on the street." McMillon outlined what the company is doing to win now, noting that improving the company’s short-term performance is a priority across all of Walmart’s segments and markets. “Our supercenters in the U.S. should be delivering positive comps consistently. Our combination of pricing, in stock, service levels and merchant skills will generate improved performance in our supercenters. Our Neighborhood Markets continue to be a bright spot in terms of comp sales.” McMillon highlighted three key points that will drive the business going forward: “First, we're going to position ourselves to do a better job serving customers. We can create a next generation customer proposition through the combination of what we do with price, assortment, access and experience. We will save them money and time. Second, our priority is growth. Driving demand is the only sustainable way to deliver returns over time. Finally, we’ll manage capital in a disciplined, thoughtful manner.”
09:14 EDTWMTWal-Mart CEO: We've recognized situation has changed, will respond accordingly
The company expects to continue investing in supply chain to support e-commerce with real momentum there. CEO Doug McMillon says "We will win in the new era of retail." and adds that "driving demand is the only sustainable way to deliver results." Notes once again that the company will manage capital in disciplined, thoughtful manner.
09:09 EDTWMTWal-Mart expects to change capital allocation plans, short term pressure
CEO Doug McMillon said the company will invest less in stores and more in e-commerce. He adds that the company is in a "period of transformation." He said the company took leverage a bit too far, and improving short term performance is a priority for the company's business segments. McMillon said the company has room to improve in stock and at checkout. He says the changes won't happen overnight. Notes that low fuel prices are in the company's favor although healthcare is a headwind. Says the successor of competitors shows it has no excuse to not improve.
09:05 EDTWMTWal-Mart CEO: Future looks bright with the necessary changes
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08:54 EDTBACBank of America says largely done with debt footprint reduction
Comment from Q3 earnings conference call.
08:24 EDTWFCWells Fargo core results below expectations, says BMO Capital
BMO Capital says that Wells Fargo's core Q3 results were weaker than expected. However, the firm was encouraged by the company's loan growth at the end of Q3. It trimmed its price target on the shares to $54 from $55 but keeps an Outperform rating on the stock.
08:17 EDTBACBofA says $2B quarterly 'New BAC' cost savings target reached in Q3
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07:11 EDTBACBofA Q3 results include $5.3B, or 43c per share, charge for DOJ settlement
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07:08 EDTBACBank of America reports Q3 net charge-offs $1.04B
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07:06 EDTBACBofA reports tangible book value per share up 4% to $14.13
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07:02 EDTBACBank of America CEO says saw 'solid' customer and client activity
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07:01 EDTBACBank of America reports Q3 EPS (1c), consensus (9c)
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06:49 EDTWMTWal-Mart partners with VUDU for digital movie access offering
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October 14, 2014
16:22 EDTWFCOn The Fly: Closing Wrap
The Wall Street averages were mixed after three of the U.S.'s largest banks reported on their quarterly results and Germany slashed its economic forecasts for this year and next. Following the mostly solid earnings reports from the banks and Dow member Johnson & Johnson (JNJ) investors appeared to breathe a sigh of relief and sent the averages higher in early trading. With oil prices falling almost 5% and settling at a recent low, the averages pared their gains and struggled in positive ground. Another late day slide ended with the averages mixed, as the Nasdaq led and the Dow lagged. ECONOMIC EVENTS: In the U.S., the International Energy Agency said in its monthly oil market report that world oil demand growth would be weaker than previously expected. Afterward, WTI crude oil futures fell 4.6% at $81.84, marking their biggest percentage drop since late 2012 and the lowest settlement for the benchmark in over two years. The National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. In Europe, Germany's government cut its forecasts for gross domestic product growth to 1.2% in 2014 and 1.3% next year from its prior view of 1.8% growth this year and 2% in 2015. COMPANY NEWS: The first of America's big banks issued their quarterly reports, with JPMorgan's (JPM) headline earnings per share coming in below analysts’ consensus estimate, Wells Fargo (WFC) reporting in-line earnings and improved credit quality and Citigroup (C) posting better than expected adjusted third quarter profit. Citi, which also announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit after an investigation uncovered illegal conduct, saw its stock fare the best among the three, rising $1.57, or 3.15%, to $51.47... Another Dow member, Johnson & Johnson, reported better than expected profits and revenues and raised its FY14 EPS outlook, but its stock slid $2.11, or 2.13%, to $97.01. MAJOR MOVERS: Among the notable gainers was Domino's Pizza (DPZ), which rose $8.58, or 11.33%, to $84.30 after the pizza chain owner and franchisor reported better than expected third quarter earnings per share and revenue. Also higher was Skyworks (SWKS), which advanced $3.59, or 7.92%, to $48.91 after the supplier of chips to Apple (AAPL) raised its fourth quarter earnings per share outlook and revenue guidance. Among the noteworthy losers was Exactech (EXAC), which dropped $4.09, or 16.63%, to $20.50 after the company warned its Q3 income and revenue will likely miss its prior guidance. Also lower were shares of Gilead (GILD), which fell $4.26, or 4.2%, to $97.18 amid a number of developments. Competitor Johnson & Johnson said it would seek to make its own hepatitis C treatment accessible and "competitive," which some may have read as an indication of a potential price cut, and Ireland said it plans to close its "Irish Double" tax loophole, which currently benefits Gilead. INDEXES: The Dow slipped 5.88, or 0.04%, to 16,315.19, the Nasdaq rose 13.52, or 0.32%, to 4,227.17, and the S&P 500 added 2.96, or 0.16%, to 1,877.70.
15:29 EDTBACNotable companies reporting before tomorrow's open
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15:14 EDTBACEarnings Preview: Bank of America to report after upbeat notes from analysts
Bank of America (BAC) is scheduled to report third quarter earnings before the open on Wednesday, October 15, with a conference call scheduled for 8:30 am ET. Bank of America is a financial services company. EXPECTATIONS: Analysts are looking for earnings per share of (9c) on revenue of $21.36B, according to First Call. The consensus range for EPS is (14c)-(5c) on revenue of $20.73B-$21.93B. LAST QUARTER: Bank of America reported stronger than expected second quarter results, as its net charge-offs dropped to $1.1B in Q2 from $1.4B in Q1 and $2.1B in Q2 of 2013. Its provision for credit losses tumbled to $411M from $1.2B in the same period a year earlier. The drop was driven by lower levels of delinquencies across its consumer lending portfolio, as well as improvement in its consumer real estate portfolios, the bank stated. Bank of America added that its net interest income was positioned to rise as interest rates increased.. The bank's investment banking pipeline remained strong, while the second half of 2014 "looks healthy," the bank's CEO said. On August 6, the bank increased its quarterly dividend to 5c per share from 1c per share. On August 21, Bank of America announced that it had reached a $16.65B settlement with the Department of Justice and state Attorneys General on charges related to its residential mortgage-backed securities and collateralized debt obligation businesses. On September 10, the bank said its credit quality continued to improve, while most of its exposure to legacy mortgages had been eliminated. PEER RESULTS :Three large banks reported their Q2 results today. Citigroup (C) reported stronger than expected Q3 results today, while Wells Fargo's (WFC) results were roughly in-line with expectations. JPMorgan's (JPM) profit beat expectations, but its revenue came in slightly lower than expected. JPMorgan reported that its consumer and business banking deposits had risen 9%, and it lowered its fiscal 2014 charge-off guidance. The global economy faces challenges, but the U.S. economy is steadily improving, the bank stated. Citi said that its net credit losses had tumbled 14% from year ago levels, while its book value per share had risen 4% versus the same period a year earlier. Citi added that its consumer banking revenue was continuing to grow. As for Wells Fargo, the bank released $300M of its reserves due to improved credit quality, and said that it continued to sees signs of an improving economy. However, the bank added that its net interest margin had fallen to 3.06% from 3.15% as of June 30. STREET RESEARCH: On October 2, UBS upgraded Bank of America to Buy from Hold. The bank should be under less pressure than its peers to raise the interest rates it pays on deposits as the Federal Reserve starts to increase rates, the firm believes. Research suggests that holders of deposit accounts at Bank of America are less sensitive to rates than holders of deposit accounts at other banks, the firm explained. This situation should enhance the bank's ability to benefit from rising interest rates, according to UBS, which raised its price target on the shares to $20 from $16.80. On September 8, Goldman Sachs upgraded Bank of America to Buy from Neutral. The bank's business mix has improved significantly, as it has begun obtaining a greater percentage of its revenue from more profitable businesses, Goldman stated. Consequently, the bank's earnings per share volatility has decreased, Goldman believes. The firm increased its price target on the shares to $19 from $17. On September 20, Barron's echoed Goldman's enthusiasm, saying that Bank of America's earnings per share could hit $2 by 2017, up from an estimated 75c this year, while its cumulative dividends between now and 2017 could reach $1 per share. The stock could be worth $25 by 2017, the magazine stated. PRICE ACTION: Bank of America's stock is up 15% in the last year, but it is down 1.5% in the last month.
15:02 EDTBACBank of America October 16.5 straddle priced for 3.6% move into Q3
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14:47 EDTBACBank of America technical comments ahead of earnings
The shares have outperformed the broader averages in the last three months, trading up over 5%. The trend in the shares has been bullish with relatively low volatility. In technical terms the short-term and intermediate-term picture is bullish. On a longer-term basis however, the stock is at an interesting juncture. On a 5-year chart, the last 2.5 years to present are a mirror of the period from 5 years to 2.5 years ago. That puts the stock right back at resistance levels from early 2010. The key for the stock now is either breaking through resistance at the $18.50 area, or, fading. A breakout above $18.50 on strong news and a positive outlook would be very long-term bullish for share price. Resistance above $18.50 is at $18.99. Equally, news that fails to push the stock above that area could be a catalyst for a resumption of consolidation as traders await another upside catalyst. Support in that event is at $15.45, $14.98, and $14.02.
12:20 EDTWFCOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after three of the nation's largest banks reported on their results in the most recent quarter of the year. The market began the session in positive territory but the move seemed tenuous and the averages were almost back in negative ground within a half hour of the opening bell. As the morning progressed and the bears were unable to gain control, the buyers emerged and pushed the Dow to a triple digit gain and the Nasdaq to an increase of nearly 1.5%. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. COMPANY NEWS: JPMorgan (JPM) swung to a third quarter profit, but its headline earnings per share fell below analysts’ consensus estimate. Of note, the company's press release on its results came out earlier than planned on Nasdaq's (NDAQ) Shareholder.com website, which the exchange operator attributed to an internal "human error." Wells Fargo (WFC) reported in-line earnings and stronger credit quality, but its stock slid 1.4% following the report. Citigroup (C) generated the most headlines, however, as it reported better than expected adjusted third quarter profit, announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit that provided personal security services after an investigation uncovered illegal conduct. Shares of Citi bucked the trend set by its two peers, rising 3% near noon... In addition to JPMorgan, Dow member Johnson & Johnson (JNJ) reported on its third quarter earnings. The drug and medical device giant reported better than expected profits and revenues and raised its FY14 EPS outlook, but the stock was fractionally lower near midday. MAJOR MOVERS: Among the notable gainers was Energy Transfer Equity (ETE), which gained 8.5% after the stock was among the energy industry names upgraded this morning at RW Baird. Also higher was Skyworks (SWKS), which rose 11% after the company preannounced stronger than expected results that its CEO attributed to the "broad-based strength" of its business. Among the noteworthy losers was EnerNOC (ENOC), which dropped 11% after JPMorgan downgraded the stock to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. Also lower was Tyco (TYC), which fell nearly 4% after Barclays downgraded the stock citing valuation and coupled the ratings change with an upgrade of Eaton (ETN). INDEXES: Near midday, the Dow was up 133.38, or 0.82%, to 16,454.45, the Nasdaq was up 60.63, or 1.44%, to 4,274.29, and the S&P 500 was up 21.51, or 1.15%, to 1,896.25.
11:20 EDTXRXXerox upgraded to Buy from Hold at Standpoint Research
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11:15 EDTWFCWells Fargo sees effects from reg, requirements worsening before getting better
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11:14 EDTWFCWells Fargo says 'very' committed to private student lending
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11:03 EDTWFCWells Fargo says working with government on mortgage repurchase risk
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10:49 EDTWFCWells Fargo says spending more on compliance, risk management
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10:26 EDTWFCWells Fargo sees Q4 mortgage originations lower due to seasonality
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10:16 EDTWFCWells Fargo CEO says housing market 'not fully recovered'
CEO John Stumpf says path to full economic recovery remains uneven, but says "optimistic" about the future. Says has never seen credit better in his 32 years with the company. Says housing market has not fully recovered, as there are several factors holding it back from full recovery, including unavailable inventory. Sees housing market continuing recovery. Says residential real estate market better, but not fully recovered. Says U.S. economy benefiting from domestic oil and gas. Says household formation still at low levels. Says has significant amount of cash to deploy. Sees ability to grow net interest income over time. Comments made on the Q3 earnings conference call. Wells Fargo shares are down 1.6% in morning trading.
09:51 EDTTITelecom Italia CEO says Tim Participacoes not in rush for deal, Reuters reports
Telecom Italia (TI) CEO Marco Emilio Patuano told Valor Economico that TIM Participaçoes (TSU) can remain competitive in Brazil for five years without losing market share and that it is not in a rush for potential mergers and acquisitions, reported Reuters. TIM Brasil reportedly hired an advisor to look at a potential bid for Oi (OIBR), a source told Reuters previously, and Oi itself has hired a bank as well to advise it on a possible bid for Telecom Italia's 67% stake in TIM Brasil, the report noted, but Patuano told Valor: "I find it curious to see public comments [on a potential Oi bid for TIM] well before there is any concrete possibility of such a thing happening. Telecom Italia is not seeking an offer." Reference Link
09:40 EDTWFCWells Fargo sees operating within 55%-59% efficiency ratio range in Q4
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09:13 EDTWFCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Johnson & Johnson (JNJ), up 1%... Dominos Pizza (DPZ), up 2.7%. ALSO HIGHER: Citigroup (C), up 2.5% following earnings report, announcement of plans to exit consumer businesses in 11 markets... MagneGas (MNGA), up 14% after signing Letter of Intent with Pioneer Recycling... Skyworks (SWKS), up 6% after raising its outlook for Q4. Shares of peers Avago (AVGO), NXP Semiconductors (NXPI) and RF Micro Devices (RFMD) are also moving higher in pre-market trading after Skyworks pointed to "broad-based strength" of its business in raising its outlook... Halcon Resources (HK), up 6% after upgraded at KLR Group... Quantum (QTM), up 8.8% after issuing Q2 earnings guidance. LOWER: Wells Fargo (WFC), down 1.4% after reporting in-line Q3 earnings... JPMorgan (JPM), down 1.8% after Q3 headline earnings miss... Las Vegas Sands (LVS), down 1% following downgrade at BofA Merrill Lynch.
08:50 EDTVVisa, 3PEA International enter into prepaid card agreement
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08:16 EDTWFCWells Fargo reports book value per share $31.55 at quarter end
Reports Q3 net interest margin 3.06%, down from 3.15% at June 30 and down from 3.39% in prior year period.
08:14 EDTWFCWells Fargo reports Q3 Home Lending orignations $48B
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08:09 EDTWFCWells Fargo continues to see signs of steadily improving economy
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08:08 EDTWFCWells Fargo reports $300M reserve release due to improved credit quality
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08:03 EDTWFCWells Fargo reports Q3 EPS $1.02, consensus $1.02
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October 13, 2014
16:02 EDTBACOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
15:24 EDTWFCNotable companies reporting before tomorrow's open
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13:40 EDTWFCWells Fargo October volatility increases into Q3 and guidance
Wells Fargo October call option implied volatility is at 31, November is at 20, January is at 19; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 14.
09:02 EDTWMTWal-Mart October volatility elevated into investment community meeting
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07:19 EDTMA, BAC, WFC, V, AXPAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
07:15 EDTAXP, WMTNational Association of Corporate Directors to hold a conference
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06:44 EDTBAC, WFCRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTBAC, WFCBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
17:55 EDTWMTWal-Mart, DSW could benefit from holiday sales, Barron's says
Wal-Mart (WMT) and DSW (DSW) could benefit from the recent forecast of a 4% increase in holiday spending, Barron's contends in a follow up article. Reference Link
13:03 EDTWFC, BACBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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