New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For WFC;AXP;BBY;INFY;UPIP;ERIC;JCP;ARQL;BV From The Last 14 Days
Check below for free stories on WFC;AXP;BBY;INFY;UPIP;ERIC;JCP;ARQL;BV the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | 4 | all recent news | >>
April 11, 2014
14:26 EDTJCPCBL & Associates expects more J.C. Penney closures
Subscribe for More Information
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
Subscribe for More Information
10:19 EDTERICQualcomm, Ericsson recommended by RBC Capital
Subscribe for More Information
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.
09:19 EDTWFCWells Fargo reports Q1 NIM down 7 bps to 3.2%
Subscribe for More Information
09:15 EDTINFYInfosys CEO Shibulal to retire, board commences search
Infosys announced earlier today that its board has begun the search to select the successor to Mr. S. D. Shibulal, its CEO and Managing Director. Shibulal has expressed his desire to retire as the CEO and MD of the company and as a member of the board either on the date of the last board meeting before his superannuation - January 9, 2015 or when his successor is ready to assume office, whichever date is earlier. The board said it will short list and evaluate an internal slate of candidates with the assistance of Development Dimensions International The board has also appointed Egon Zehnder, an executive search firm, to assist in identifying an external slate of candidates.
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.
09:09 EDTERICQualcomm Ericsson recommended for near-term at RBC Capital
Subscribe for More Information
08:15 EDTWFCWells Fargo continues to expect future reserve releases
Subscribe for More Information
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
Subscribe for More Information
07:15 EDTINFYInfosys hires headhunter to help with new CEO search , Bloomberg says
The nominations committee of Infosys' board has hired executive search firm Egon Zehnder to begin the search for a successor to CEO S.D. Shibulal, according to Bloomberg, citing an e-mailed statement from the software-services provider. Reference Link
April 10, 2014
16:06 EDTBBYZynga CFO Vranesh leaving company, Best Buy's Lee to succeed as CFO
Subscribe for More Information
15:25 EDTWFCNotable companies reporting before tomorrow's open
Subscribe for More Information
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.
09:03 EDTBVBazaarvoice management to meet with Deutsche Bank
Subscribe for More Information
07:30 EDTWFCWells Fargo April volatility elevated at 20 into Q1 and outlook
Subscribe for More Information
<< 1 | 2 | 3 | 4 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use