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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
Check below for free stories on V;MA;AXP;ACN;XRX;PAY;DFS;VNTV;IFX;WMT;BAC;WFC;TI the last two weeks.
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April 17, 2014
16:45 EDTBACMarket swings to gains in holiday-shortened week
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16:31 EDTWMTOn The Fly: Closing Wrap
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12:53 EDTAXPOn The Fly: Midday Wrap
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10:40 EDTWMTMoneyGram, Western Union retreat after Wal-Mart launches competing service
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10:30 EDTWMTMoneyGram shares attractive with 13% of sales at risk, says Wells Fargo
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10:29 EDTWMTWestern Union transfer share not materially hurt by Wal-Mart, says Sterne Agee
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09:59 EDTBACOn The Fly: Analyst Upgrade Summary
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09:15 EDTWMTMoneyGram, Western Union slide after new money-transfer service from Wal-Mart
Shares of MoneyGram (MGI) are down 12.5% in pre-market trading and Western Union (WU) is down over 5% after Walmart (WMT) and Ria, a subsidiary of Euronet Worldwide (EEFT), announced the launch of Walmart-2-Walmart Money Transfer Service. Walmart said the service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for "up to 50% less than similar offerings on the market." Euronet shares are up nearly 8% before the open of the broader market, while Wal-Mart shares are fractionally higher.
09:13 EDTWMTWestern Union volatility expected to move on Walmart money-transfer service
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09:11 EDTWMTMoneyGram volatility expected to move on Walmart offering money-transfer service
MoneyGram (MGI) option implied volatility is expected to move on Walmart (WMT) announcing its own money-transfer service. Overall option implied volatility of 37 is near its 26-week average according to Track Data, suggesting non-directional price movement.
09:09 EDTWMTWestern Union down 5% after Wal-Mart launches new money transfer service
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09:08 EDTWMTWalmart introduces new money transfer service in partnership with Euronet
Walmart (WMT) and Ria, a subsidiary of Euronet Worldwide (EEFT), announced the launch of Walmart-2-Walmart Money Transfer Service. Available April 24, the new service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for "up to 50% less than similar offerings on the market," the company said. Walmart-2-Walmart offers a fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50.
08:51 EDTWMTWal-Mart announces money transfer service
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07:45 EDTV, MAVisa, MasterCard should report solid Q1 results, says Oppenheimer
Oppenheimer believes that the fundamental environment for Visa (V) and MasterCard (MA) is "relatively stable." The firm expects the companies to reaffirm their full-year guidance, and recommends using the stocks' recent weakness to become more aggressive. The firm keeps Outperform ratings on both stocks.
07:32 EDTBACBank of America upgraded at Oppenheimer
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07:32 EDTWMTMoneyGram to host conference call
Conference call to discuss Walmart's announcement of new service offering will be held on April 17 at 9 am. Webcast Link
06:44 EDTBACBank of America to pay $950M to settle mortgage allegations, NY Times says
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06:31 EDTWFC, BACBig banks boosting their business lending, WSJ reports
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06:28 EDTBACBank of America upgraded to Outperform from Perform at Oppenheimer
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06:24 EDTWMTWal-Mart, Euronet to announce new service today
Walmart (WMT) and Euronet (EEFT) last night announced that they will hold a conference call today to announce a new service. "Walmart and Euronet are committed to providing innovative solutions to help customers reduce costs and better manage their money," the press release stated. Shares of Euronet rallied 77c to $41.56 in after-hours trading following the news.
06:20 EDTWMTWal-Mart and Euronet host conference call
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06:15 EDTTITelecom Italia appoints Giuseppe Recchi as chairman
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April 16, 2014
19:32 EDTMAMasterCard acquires Pinpoint
MasterCard announced that it has entered into an agreement to acquire Pinpoint, a provider of loyalty and rewards services to financial institutions across the Asia Pacific region. This acquisition is expected to close in Q2. Financial terms of the deal were not disclosed.
18:55 EDTAXPOn The Fly: After Hours Movers
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17:35 EDTAXPAmerican Express cites Q1 sequential slower growth in U.S. billings
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17:28 EDTBACBank of America still a buy, Barron's says
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17:15 EDTDFSDiscover announces $3.2B share repurchase, increases dividend to 24c per share
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16:40 EDTAXP, BACOn The Fly: Closing Wrap
Stocks on Wall Street were higher after Fed Chair Janet Yellen struck a dovish tone in comments to the Economic Club of New York, which was in step with the minutes of the last FOMC meeting released last week. The Fed also released its latest Beige Book report, which indicated that economic activity increased in most regions after the severe winter weather that gripped much of the country to start the year had let up. Corporate earnings season continues to pick up steam, with Dow members IBM (IBM) and American Express (AXP), as well as Google (GOOG), reporting after the market close. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed's Beige Book report indicated that economic activity rebounded and strengthened in most regions over the last six week. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Bank of America (BAC) fell 26c, or 1.59%, to $16.13 after the bank reported a first quarter loss of 5c per share, largely due to $6B in legal charges. Excluding the impact of this litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and other legacy mortgage-related matters, the banking major reported earnings that appeared to beat estimates... Yahoo (YHOO) gained $2.14, or 6.26%, to $36.35 after its quarterly report, with investors reacting most positively to the 66% year-over-year revenue growth reported by Chinese e-commerce company Alibaba, in which Yahoo holds a 24% stake. Yahoo's quarterly profit and revenue also beat expectations and the company's CEO Marissa Mayer said during its earnings webcast that the search giant's core business has moved from declining growth to stable to modest growth. MAJOR MOVERS: Among the notable gainers was CBS Outdoor (CBSO), which jumped $1.94, or 6.69%, to $30.96 after the IRS approved a plan for the company, which was just last week spun-off from its parent CBS (CBS), to convert into a real estate investment trust, or REIT. Other companies seeking REIT status, including Equinix (EQIX), Iron Mountain (IRM) and Lamar Advertising (LAMR), also rose following CBS' announcement. Also higher was drugmaker Zogenix (ZGNX), up 48c, or 20.51%, to $2.82 after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers were U.S.-listed shares of Credit Suisse (CS), which fell 54c, or 1.7%, to $31.22 after the Swiss bank reported net income and revenue that fell when compared to the prior year. Also lower were Agnico Eagle Mines (AEM) and Yamana Gold (AUY) after agreeing to jointly acquire Osisko Mining. Angico shares fell $2.61, or 8.56%, to $27.88, while Yamana was down 36c, or 4.3%, to $8.02. INDEXES: The Dow was up 162.29, or 1.0%, to 16,424.85, the Nasdaq was up 52.06, or 1.29%, to 4,086.23, and the S&P 500 was up 19.33, or 1.05%, to 1,862.31.
16:10 EDTAXPAmerican Express says Q1 card member spending up 6% globally
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16:09 EDTAXPAmerican Express reports Q1 U.S. card services net income up 9% to $876M
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16:06 EDTAXPAmerican Express reports Q1 EPS $1.33, consensus $1.30
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16:00 EDTBACOptions Update; April 16, 2014
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15:17 EDTAXPNotable companies reporting after market close
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14:42 EDTBACBofA in mortgage settlement talks with DOJ, multiple AGs, WSJ says
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12:47 EDTBACOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the earnings season picks up steam. Stocks began the session sharply higher, with the market attempting to extend the rally that began on Monday. The move upward comes in spite of the day’s housing data coming in below expectations. This afternoon, investors will be watching the Fed’s Beige Book report in hopes it provides evidence that the economy is strengthening. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed’s Beige Book report, which includes anecdotal reports on business conditions in the various Fed districts, is due out at 2:00 pm ET. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Shares of Bank of America (BAC) were down over 2% near midday after the company reported a first quarter loss of 5c per share, which was influenced by $6B in legal charges. The $6B in litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and added reserves for other legacy mortgage-related matters, hurt the banks earnings by about 40c per share... Yahoo (YHOO) rose more than 6% after reporting first quarter profit and sales last night that beat expectations. A great deal of attention was also paid to the 66% year-over-year increase in revenue reported by Alibaba, the Chinese group of e-commerce sites in which Yahoo has a 24% stake. This morning, Wells Fargo upgraded its rating on Yahoo to Outperform from Market Perform and raised its price target range for shares to $45-$47 from $38-$40, while Jefferies assumed coverage of Yahoo and also raised its rating on the stock. MAJOR MOVERS: Among the notable gainers was SodaStream (SODA), which surged 9% after an Israeli website said that the company was in talks to sell a 10% or greater stake to a big name company such as PepsiCo (PEP), Dr Pepper Snapple (DPS), or Starbucks (SBUX). Also higher was drugmaker Zogenix (ZGNX), which gained nearly 10% after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers was Agnico Eagle Mines (AEM), which fell 7.5% after agreeing to jointly acquire Osisko Mining in partnership with Yamana Gold (AUY). Yamana shares were also down 3%. Also lower following their earnings reports were ADTRAN (ADTN), which fell nearly 6%, and CSX (CSX), which dropped about 3%. INDEXES: Near midday, the Dow was up 124.14, or 0.76%, to 16,386.70, the Nasdaq was up 37.86, or 0.94%, to 4,072.02, and the S&P 500 was up 13.52, or 0.73%, to 1,856.50.
11:40 EDTBACBank of America management to meet with Jefferies
Meeting to be held in Boston on April 22 hosted by Jefferies.
10:11 EDTBACBank of America falls after results, levels to watch
Shares are trading near the session low at $15.82 following earnings. At that price next support is at $15.18. Resistance is at $16.20.
09:36 EDTBACActive equity options trading on open
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09:11 EDTBACBofA sees being in better position in Q2 compared to start of the year
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08:52 EDTBACBank of America still sees 'New BAC' quaterly savings of $2.0B by mid-2015
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07:11 EDTBACBank of America reports book value per share $20.75 at March 31
Tangible book value per share was $13.81 at March 31, compared to $13.79 at December 31, 2013 and $13.36 at March 31, 2013. Book value per share was $20.75 at March 31, compared to $20.71 at December 31, 2013 and $20.19 at March 31, 2013.
07:10 EDTBACBank of America estimates Basel 3 Standard common tier 1 capital ratio 9.3%
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07:08 EDTVVisa volatility elevated into Q2 and revenue outlook
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07:07 EDTBACBank of America says Q1 earnings hurt by resolving more mortgage issues
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07:05 EDTBACBank of America reports Q1 provision for credit losses $1.01B
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07:03 EDTBACBank of America reports Q1 EPS ex-items 35c, consensus 27c
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April 15, 2014
15:25 EDTBACBank of America April 16 straddle priced for 3.3% move
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15:19 EDTBACNotable companies reporting before tomorrow's open
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14:48 EDTAXPEarnings Preview: American Express to report results amid positive card trends
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13:06 EDTBACEarnings Preview: Analysts lukewarm on Bank of America into Q1 results
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12:03 EDTAXPAmerican Express reports March write-off rate 1.8% vs. 1.7% last month
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12:01 EDTBACFirst Majestic announces $30M forward sale contract on lead production
First Majestic (AG) announced that it has entered into a $30M forward sale contract with Bank of America (BAC) Merrill Lynch on a portion of the company's future lead production. The company executed this forward sale contract for 15,911.3 metric tonnes of lead at a fixed price of $0.945 per pound for total proceeds of $30M. The contract term is valid from April to September 2017, with a six-month repayment holiday from April to September. The forward sale contract is financially settled from the sale of lead from any of First Majestic's operations and represents approximately 35% of the company's total estimated future lead production over this period. The purpose of this prepayment contract is to fund the Company's continuing expansion plans and for general working capital.
11:23 EDTACNInfosys falls after quarterly revenue trails estimates
Shares of Infosys (INFY), which consults on business information technology and systems integration, are falling after the company's fourth quarter revenue trailed analysts' consensus estimate. WHAT'S NEW: This morning, Infosys reported fourth quarter earnings per share of 85c and revenue of $2.09B, compared to expectations of 79c and $2.11B, respectively. The company's CEO and Managing Director, S. D. Shibulal, said he was pleased that Infosys was able to double its growth rate for the full year compared to last year, though added that its performance in the last quarter of of the fiscal year had been "disappointing." The company noted that Infosys and its subsidiaries added 50 clients during the quarter and 238 during the year. Infosys forecast FY15 revenue growth of 7%-9%, compared to consensus of $9.06B. WHAT'S NOTABLE: Infosys said its board had decided to increase the dividend pay-out ratio to up to 40% of post-tax profits effective FY14. Infosys' current policy is to pay dividends up to 30% of post-tax profits. OTHERS TO WATCH: Like Infosys, Wipro (WIT) is an IT services and software solution consultant headquartered in India. Others in the business consulting space include Cognizant Technology (CTSH), IBM (IBM) and Accenture (ACN). PRICE ACTION: In late morning trading, Infosys fell $3.49, or about 6.3%, to $52.09 on nearly twice its average daily trading volume. Shares of Cognizant were down about 0.75% to $48.12, while Wipro was up about 2.6% to $13.56.
10:25 EDTBACBank of America reports March default rate 3.55% vs. 3.53% last month
Reports March delinquency rate 2.18% vs. 2.26% last month.
10:00 EDTMA, VOn The Fly: Analyst Upgrade Summary
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08:26 EDTDFSDiscover reports March charge-offs 1.81% vs. 1.81% last month
Reports March delinquencies 1.57% vs. 1.61% last month.
07:28 EDTBACBofA/Merrill's to hold a breakfast meeting
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06:53 EDTV, AXP, MAAmazon.com rejects bitcoin, doesn't rule out payment network, Re/code says
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06:43 EDTAXPFormer AmEx Singapore employee fined for client data misuse, Bloomberg says
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05:53 EDTVVisa upgraded to Buy from Neutral at Janney Capital
Janney Capital upgraded Visa to Buy citing the recent pullback in shares and raised its price target for the stock to $240 from $210.
05:53 EDTMAMasterCard upgraded to Buy from Neutral at Janney Capital
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05:38 EDTWMTWal-Mart downgraded to Underperform from Market Perform at William Blair
William Blair downgraded its rating on Wal-Mart (WMT) to Underperform from Market Perform citing risks with e-commerce competition and the prospect of sector rotation away from retailers. William Blair says retail sales were sluggish in Q1 with weak consumer confidence for low-income households.
April 14, 2014
16:00 EDTBACOptions Update; April 14, 2014
iPath S&P 500 VIX Short-Term Futures down 32c to 44.41. Option volume leaders: AAPL C GILD TSLA LNG NQ BAC ZNGA according to Track Data.
11:59 EDTMAStocks with call strike movement; C MA
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10:56 EDTMA, V, WFCMasterCard, Visa rise after analysts recommend their shares
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10:02 EDTV, MAOn The Fly: Analyst Initiation Summary
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10:02 EDTV, MAOn The Fly: Analyst Upgrade Summary
Acorda Therapeutics (ACOR) upgraded to Outperform from Market Perform at FBR Capital... Allegheny Technologies (ATI) upgraded to Neutral from Underperform at Sterne Agee... BP (BP) upgraded to Buy from Hold at Canaccord... Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank... Boardwalk Pipeline (BWP) upgraded to Neutral from Underperform at BofA/Merrill... Boston Scientific (BSX) upgraded at BofA/Merrill... Charles Schwab (SCHW) upgraded to Buy from Neutral at UBS... Citigroup (C) upgraded to Hold from Sell at Rafferty Capital... Community Health (CYH) upgraded to Outperform from Perform at Oppenheimer... Eaton Vance (EV) upgraded to Neutral from Sell at Citigroup... Eli Lilly (LLY) upgraded to Hold from Underperform at Jefferies... F5 Networks (FFIV) upgraded to Buy from Hold at Stifel... HeartWare (HTWR) upgraded to Buy from Neutral at BTIG... Heartland Payment (HPY) upgraded to Hold from Sell at Stifel... Hyatt Hotels (H) upgraded to Outperform from Market Perform at FBR Capital... MasterCard (MA) upgraded to Outperform from Neutral at RW Baird... McDermott (MDR) upgraded to Neutral from Underweight at HSBC... Palo Alto (PANW) upgraded to Overweight at Stephens... PetroChina (PTR) upgraded to Neutral from Underperform at Credit Suisse... Seagate (STX) upgraded to Buy from Hold at Argus... Sensata (ST) upgraded to Buy from Neutral at Citigroup... Stryker (SYK) upgraded to Neutral from Reduce at SunTrust... TD Ameritrade (AMTD) upgraded to Buy from Neutral at UBS... TTM Technologies (TTMI) upgraded to Buy from Hold at Stifel... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... VMware (VMW) upgraded to Outperform from Underperform at CLSA... Visa (V) upgraded to Outperform from Neutral at RW Baird... Yahoo (YHOO) upgraded to Buy from Neutral at SunTrust... Zimmer (ZMH) upgraded to Neutral from Reduce at SunTrust... bebe stores (BEBE) upgraded to Buy from Neutral at Janney Capital.
08:17 EDTXRXMeadWestvaco renews partnership with Xerox
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06:03 EDTMAMasterCard initiated with a Sector Perform at Pacific Crest
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06:03 EDTVVisa initiated with an Outperform at Pacific Crest
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05:38 EDTMAMasterCard upgraded to Outperform from Neutral at RW Baird
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05:37 EDTVVisa upgraded to Outperform from Neutral at RW Baird
RW Baird upgraded Visa to Outperform citing a more attractive risk/reward following the recent pullback in shares. The firm has a $245 price target for the stock.
April 11, 2014
17:09 EDTWFCStocks tumble as investors remain skittish
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16:21 EDTWFCOn The Fly: Closing Wrap
Stocks on Wall Street were lower in a session that saw the averages struggle for direction early before sellers gained control and pushed stocks lower through the second half of the session. With today's losses, the averages each finished the week with losses greater than 2%, with the tech-heavy Nasdaq losing 3% to close below 4,000 for the first time since early February. ECONOMIC EVENTS: In the U.S., the Producer Price Index jumped 0.5% in March, versus expectations for it to be up 0.1%. The University of Michigan consumer sentiment reading jumped to 82.6 in the preliminary April look, which was better than forecast and its highest reading since July. COMPANY NEWS: JPMorgan (JPM) and Wells Fargo (WFC) kicked off earnings season for the major banks, with their quarterly results, and stocks, moving in opposite directions following the news. Dow member JPMorgan fell $2.10, or 3.66%, to $55.30 after its earnings per share and revenue significantly trailed consensus estimates. Shares of Wells gained 37c, or 0.78%, to $48.08 after the bank's profits beat the consensus forecast. MAJOR MOVERS: Among the notable gainers was BofI Holding (BOFI), up $6.02, or 8.09%, to $80.46 near midday after the company last night announced a deal to acquire H&R Block's (HRB) bank assets. H&R Block shares fell 78c, or 2.74%, to $27.64. Also higher was Zygo (ZIGO), up $4.75, or 32.36%, to $19.43 after the company agreed to be acquired by Ametek (AME) for $19.25 per share in cash in a deal that represents an aggregate enterprise value of $280M for Zygo. Among the noteworthy losers was Herbalife (HLF), down $8.36, or 13.97%, to $51.48 after a report late in the session from the Financial Times said the company is facing a criminal investigation from the U.S. Department of Justice and FBI regarding its business practices. Also lower was NQ Mobile (NQ), a recent target of noted short-seller Carson Block, down $3.29, or 20.58%, to $12.70 after its profit missed expectations and the company disclosed that it found accounting errors in its recent reports. INDEXES: The Dow was down 143.47, or 0.89%, to 16,026.75; the S&P 500 was down 17.39, or 0.95%, to 1,815.69; the Nasdaq was down 54.37, or 1.34%, to 3,999.73.
13:01 EDTWFCOn The Fly: Midday Wrap
Stocks on Wall Street were lower again at midday, with the Dow being weighed on by a disappointing earnings report from banking giant JPMorgan (JPM). The reports from JPMorgan and peer Wells Fargo (WFC) certainly seemed to have more of an impact on market sentiment than the better than expected University of Michigan consumer confidence reading. ECONOMIC EVENTS: In the U.S., the Producer Price Index jumped 0.5% in March, versus expectations for it to be up 0.1%. The University of Michigan consumer sentiment reading jumped to 82.6 in the preliminary April look, which was better than forecast and its highest reading since July. COMPANY NEWS: JPMorgan and Wells Fargo kicked off earnings season for the major banks, with their stocks moving in opposite directions to mirror their earnings results. Dow member JPMorgan slipped more than 3% after its earnings per share and revenue significantly trailed consensus estimates, while Wells shares gained about 1.5% after the bank's profits beat the consensus forecast. Both noted, however, that their capital levels continued to strengthen during the quarter and both gave optimistic views on their ability to continue to reduce expenses. MAJOR MOVERS: Among the notable gainers was BofI Holding (BOFI), which rose 11% near midday after the company last night announced a deal to acquire H&R Block's (HRB) bank assets. H&R Block shares were down over 2% near noon. Also higher was mobile game maker Zynga (ZNGA), whose shares gained almost 3% after the company announced a new CFO and the stock was upgraded to Equal Weight by analysts at Morgan Stanley. Another gainer, Zygo (ZIGO), jumped 31% after the company agreed to be acquired by Ametek (AME) for $19.25 per share in cash in a deal that represents an aggregate enterprise value of $280M for Zygo. Shares of Ametek also rose 1.5% following the deal announcement. Among the noteworthy losers was 3D-printer maker Voxeljet (VJET), which fell 16% after its 3-million-share secondary offering of common stock priced at $15.00. Also lower was NQ Mobile (NQ), a recent target of noted short-seller Carson Block, which dropped over 13% after its profit missed expectations and the company disclosed that it found accounting errors in its recent reports. INDEXES: Near midday, the Dow was down 81.88, or 0.51%, to 16,088.34, the Nasdaq was down 15.30, or 0.38%, to 4,038.80, and the S&P 500 was down 6.89, or 0.38%, to 1,826.19.
10:44 EDTWFCWells Fargo sees FY NIM growth similar to last year
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09:52 EDTWFCWells Fargo rises after results beat expectations, levels to watch
The shares are trading up following results, last at $47.97. At that price, the next major resistance level is at the 52-week high of $50.49. Support is at $46.72, the low of the session.
09:37 EDTBACActive equity options trading on open
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09:19 EDTWFCWells Fargo reports Q1 NIM down 7 bps to 3.2%
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09:13 EDTWFCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Fastenal (FAST), up 3%... Wells Fargo (WFC), up 0.2%. ALSO HIGHER: H&R Block (HRB), up 5% after announcing a deal for BofI (BOFI) to acquire H&R Block's bank assets. Bofi up 9.4% after the deal announcement... Zynga (ZNGA), up 1.7% after naming new CFO, shares upgraded to Equal Weight at Morgan Stanley... SINA (SINA), up 2% after announcing up to $500M share repurchase program. DOWN AFTER EARNINGS: JPMorgan (JPM), down 3.7%... NQ Mobile (NQ), down 14.6%. ALSO LOWER: Gap (GPS), down 4% after reporting March SSS fell 6%, shares downgraded at Janney Capital... Voxeljet (VJET), down 16% after 3M share secondary offering priced at $15.00... Datawatch (DWCH), down 29% after cutting its second quarter revenue outlook.
08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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08:15 EDTWFCWells Fargo continues to expect future reserve releases
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08:07 EDTWFCWells Fargo reports Q1 Basel III Advanced Tier 1 ratio 10.04%
Wells said capital continued to strengthen in the first quarter, with Common Equity Tier 1 of $132.7B under the Basel III General Approach, or 11.36% of risk-weighted assets. The Common Equity Tier 1 ratio under Basel III under the Advanced Approach, fully phased-in, was 10.04%.
08:04 EDTWFCWells Fargo reports Q1 provision for credit losses $325M
Reports net charge-offs of $825M, down $594M from first quarter 2013. Reports $500M reserve release due to continued strong credit performance and improved economic conditions. Chairman and CEO John Stumpf said, "First quarter 2014 earnings were another record for our Company and capital levels continued to strengthen. Returning more capital to our shareholders has remained a priority for Wells Fargo and we were pleased to have received a non-objection to our 2014 CCAR submission." CFO Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year.”
08:01 EDTWFCWells Fargo reports Q1 EPS $1.05, consensus 97c
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07:09 EDTWMTLi & Fung collaborates with Citigroup on brand unit spinoff, Bloomberg says
Li & Fung (LFUGF)) is said to be collaborating with Citigroup (C) to spin off its brands division, which is valued at nearly $2B, according to Bloomberg, citing people with knowledge of the matter. The company's brand unit sells clothing and toys to retailers such as Wal-Mart (WMT) and Kohl's (KSS). Reference Link
April 10, 2014
15:25 EDTWFCNotable companies reporting before tomorrow's open
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13:14 EDTWMTFamily Dollar slides after holiday disappointment prompts store closures
Shares of discount retailer Family Dollar (FDO) are falling after the company reported second quarter earnings per share and revenue that fell below expectations, along with third quarter and FY14 projections that are lower than analysts' consensus. WHAT'S NEW: This morning, Family Dollar reported second quarter earnings per share of 80c, which fell below analysts consensus of 90c. The company reported second quarter revenue of $2.72B, while analysts projected $2.77B. Family Dollar, which reported that its second quarter same-store-sales decreased by 3.8%, said the holiday season was challenged by "a more promotional competitive environment and a more financially constrained consumer" and that its results were also significantly impacted by severe winter weather like many retailers. The company expects third quarter earnings per share excluding-items to be 85c-95c, while analysts project a 98c consensus. Family Dollar said that it sees FY14 earnings per share excluding items to be $3.05-$3.25, which is at the lower end of analysts' estimations. Family Dollar noted that it expects to close nearly 370 underperforming stores in the second half of FY14 and slow new store growth beginning in FY15. WHAT'S NOTABLE: During Family Dollar's earnings conference call, the company said that it plans to slow square footage growth in the beginning of FY14 and said that it recently cut about 10% of its corporate workforce. ANALYST OPINION: Wells Fargo analyst Matt Nemer said Family Dollar's third quarter negative comp guidance and commentary about a challenging macro environment could pressure its own shares as well as those of its peers Dollar General (DG) and Dollar Tree (DLTR). However, Family Dollar's store closures combined with a decrease in future store growth could ultimately have positive implications for its competitors, Nemer added. On March 4, Credit Suisse said Family Dollar's underperformance compared to Dollar General and significant earnings possibilities gives the rationale for a potential merger of the two. On February 19, Credit Suisse analyst Michael Exstein suggested that Wal-Mart (WMT) should consider acquiring Family Dollar as a way to "jumpstart" its small store effort. CNBC's David Faber reported the same morning that Exstein published his note that Family Dollar was not holding any talks about selling itself at that time. PRICE ACTION: During afternoon trading, shares of Family Dollar decreased $1.54, or 2.61%, to $57.53, Dollar Tree dropped 2.5%, and Dollar General fell about 1.5%.
13:07 EDTWFCWells Fargo April weekly 50 straddle priced for 2% move into Q1
12:36 EDTWFCEarnings Preview: Wells Fargo to report results after dividend hike
Wells Fargo (WFC), a bank holding company, is scheduled to report first quarter earnings before the open on Friday, April 11, with a conference call scheduled for 10:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 97c on revenue of $20.6B, according to First Call. The consensus range for EPS is 90c-$1.02 on revenue of $19.5B-$22.41B. LAST QUARTER: Wells Fargo reported higher than expected Q4 EPS and revenue. The company said that it believes it can continue to grow its net interest margin over time. In a statement, CEO John Stumpf said, "Strong earnings power and capital levels, and an improving economic outlook are major reasons why we look ahead to 2014 with optimism." On March 26, Wells Fargo reported that the Federal Reserve had approved the bank’s capital allocation plan. Under the plan, Wells plans to pay a dividend of 35c per share. The dividend, which was increased 16.7% over prior levels, must be approved by the bank’s board of directors at its April 29 meeting. The bank also authorized the repurchase of an additional 350M shares of its own stock. STREET RESEARCH. In a note to investors on April 8, UBS wrote that Q1 may be the first quarter in four years that Wells Fargo’s EPS will not grow versus the previous quarter, as it believes the bank was hit with seasonal costs in Q1 that were not offset by revenue increases. The bank’s EPS will drop to 97c in Q1, down from $1.00 in Q4, but will still be up 5% versus the first quarter of 2013, the firm predicted. On a positive note, UBS contended that Wells Fargo was "a relative winner" of the Fed’s capital plan approval process. Although Wells' board has approved a 350M share increase in the bank’s stock repurchases, it typically doesn’t carry out large share repurchases, UBS stated. Wells should benefit from a continued U.S. economic recovery, but its shares already reflect such an outlook, according to UBS, which kept a Neutral rating on the stock. Meanwhile, Oppenheimer was somewhat upbeat about the sector's outlook. In a note to investors on April 3, the firm predicted that bank stocks would outperform the broader market by a few hundred basis points per year. Loan growth "remains sluggish," but reduced credit costs and expenses should enable banks to report results that show slight year-over-year improvements, the firm contended. PRICE ACTION: Wells’ stock is little changed over the last month, but is up 6% so far this year and nearly 29% over the last 12 months.
11:21 EDTBACBank of America falls to important support area, levels to watch
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07:30 EDTWFCWells Fargo April volatility elevated at 20 into Q1 and outlook
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06:56 EDTTITelecom Italia said to team with Murdoch's Sky, Bloomberg says
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06:35 EDTBAC, WFCMobile banking presents opportunity and risks for banks, WSJ reports
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06:13 EDTWMTWal-Mart to carry Wild Oats organic food items
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05:40 EDTACNAccenture, SAP expand global alliance through first-of-its-kind agreement
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April 9, 2014
13:37 EDTBACBank of America ordered by CFPB to pay $727M for illegal credit card practices
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12:24 EDTBACBank of America to pay $800M in credit card settlement, WSJ says
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10:47 EDTTIOi could be preparing bid for Telecom Italia unit, WSJ reports
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09:10 EDTWMTWal-Mart to purcahse energy-efficient LED ceiling lighting fixtures from GE
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08:48 EDTBACHuntington Bancshares to acquire 11 branches in central, east Michigan
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07:41 EDTBACBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link
07:35 EDTACNAccenture makes minority investment in Crittercism, terms not disclosed
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07:00 EDTBACBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
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06:35 EDTWFC, BACRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTBAC, WFCBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 8, 2014
11:13 EDTPAYVeriFone management to meet with SunTrust
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11:05 EDTXRXXerox acquires Smart Data Consulting
Xerox announced the acquisition of Smart Data Consulting, which provides hosted and on-site services using Viewpoint, the all-in-one e-discovery platform developed by Lateral Data that was acquired by Xerox in 2012. Smart Data’s management team and 22 employees will continue to deploy, support and deliver Viewpoint managed services to its clients as part of Xerox Litigation Services.
08:07 EDTACNAccenture to participate in a conference call with Cowen
Cowen Analysts Arnold and Katri, along with Accenture's Global Managing Directors Safavi and Birhanzel, discuss the Company's data analytics and outsourcing businesses on a conference call to be held on April 14 at 12 pm hosted by Cowen.
07:24 EDTMAPR News to hold a conference
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06:17 EDTWMTWal-Mart to expand in India, add e-commerce, wholesale stores, WSJ reports
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April 7, 2014
19:57 EDTBAC, WFCFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement 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
07:44 EDTVNTVMarketo to hold a summit
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07:16 EDTV, MARetailers muscle into competitive mobile payment market, Reuters says
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