All Posts Tagged With: "BAC"
(XLF) Stock Market News for March 2, 2012 – Market News
Encouraging domestic economic data and the massive monetary injection by the European Central Bank (ECB) lifted the benchmarks modestly higher on Thursday. The day was somewhat marred by dismal economic data and news of explosion on an unknown Saudi oil pipeline. However,...
(BAC) Bank of America Settlement Case in State Court
Providing a major relief to Bank of America Corporation (BAC), a U.S. Appeals Court has ruled that BofA’s $8.5 billion settlement deal related to mortgage backed securities (MBS) will be reviewed in the...
(XLF) Stock Market News for February 28, 2012 – Market News
Domestic housing data, which came in better-than-expected, combined with a drop in crude prices, helped the markets close narrowly higher on Monday. The S&P 500 hit its highest level since pre-recessionary days in May 2008 as it touched an intra-day high of 1,370.89. However,...
(BAC) Major Wall Street Banks Face New Mortgage Securities Lawsuit
According to Bloomberg, Sealink Funding Ltd., an Ireland-based investment firm, has filed a lawsuit against a number of major banks over residential mortgage-backed securities. The complaint lodged claims that these banks have misrepresented documents as the underwriters...
(BAC) Bank of America Subpoenaed for Collateralized Loan Obligations Inquiry
Massachusetts state regulators are investigating whether Bank of America Corporation (BAC) has knowingly inflated the value of assets in two loan portfolios that BofA sold to the investors in the form of collateralized...
(JPM) JPMorgan to Return Overdraft Fees
The U.S. District Court of Southern Florida (Miami) has asked JPMorgan Chase & Co. (JPM) to pay $110 million to settle a class lawsuit related to the charging of inappropriate overdraft fees to its customers....
(C) Citigroup Entangled in Lawsuit Again
Citigroup Inc. (C) is again making headlines for landing into another legal mess. Recently, Citibank, the banking unit of the company, has been sued by Lehman Brothers Holdings Inc. for wrongly confiscating...
(WFC) Wells Fargo & Company Settles Foreclosure Mess
Wells Fargo & Co. (WFC) has reached a $5.3 billion settlement with states and federal authorities over alleged abuses in foreclosure practices. The company along with four other large mortgage servicers––Bank...
(BAC) Class-Action Suit Against Bank of America
Yesterday, the federal judge in Manhattan ordered Bank of America Corporation (BAC) to deal with a shareholders’ class-action lawsuit. The lawsuit accused BofA along with some of its senior managers and...
(USB) U.S. Bancorp Acquires BankEast
U.S. Bancorp (USB) is focused on expanding its business through acquisitions. The company’s lead bank, U.S. Bank National Association, acquired the banking operations of BankEast, a subsidiary...
(BAC) Bank of America Corporation – Bear of the Day
Bank of America Corp.’s (BAC) fourth-quarter earnings came in substantially lower than the Zacks Consensus Estimate. The sale of non-core assets and accounting gains made it possible for the company...
(BAC) Stock Market News for January 23, 2012 – Market News
Strong corporate results helped lift the Dow higher to a six month high, while the S&P 500 registered frugal gains. Meanwhile, an earnings miss by Google weighed down the Nasdaq Composite Index. Nonetheless, the markets managed to end another week with gains and each benchmarks...
(GS) Banking on a Turnaround? – Investment Ideas
Can we really have a rally without the financials?
Earnings have been mixed for the financials. Let’s take a deeper look at the players in each segment and see if we can’t come to a consensus as to whether or not a rally can be supported. The Zacks Rank for most...
(XLF) Stock Market News for January 20, 2012 – Market News
Strong corporate earnings results and a positive jobless claims report helped carry the markets forward on Thursday. On an otherwise lackluster day, the S&P 500 touched a five-month high as investors awaited results from Google. However, post the closing bells, Google’s...
(BAC) Stock Market News for January 18, 2012 – Market News
The major US indices registered gains to close in the green after a slew of positive economic reports were released at home and in China. A successful debt auction in Europe added to the cheer. However, the gains were limited, as investors’ sentiments were dampened after...
(BAC) Company News for January 17, 2012 – Corporate Summary
• During a hearing in Franfurt, Presiding Judge Daniel Koehle said JP Morgan Chase & Co. (NYSE:JPM) and the German city of Pforzheim should settle their dispute over losses of 56 million Euros on an interest rate...
(EU) Stock Market News for January 16, 2012 – Market News
Markets edged lower once again, bogged down by cross-Atlantic concerns as several euro-zone countries looked likely to suffer credit-rating downgrades. Things were also farm from cheerful on the domestic front after banking major J.P. Morgan Chase dampened sentiment with its...
(MS) Morgan Stanley Analyst Maintains Underperform on Shares
We are reiterating our long-term Underperform recommendation on Morgan Stanley (MS). Though the company’s third-quarter results were significantly ahead of the Zacks Consensus Estimate, there are concerns...
(XLE) Stock Market News for January 9, 2012 – Market News
The fact that the US unemployment rate has dropped to its lowest level since February 2009 failed to spark a rally on Friday. European concerns weighed on sentiment to drag the benchmarks marginally lower. However, the first week of 2012 ended on a positive note amidst a slew...
(BAC) Stock Market News for January 4, 2012 – Market News
The first trading day of the year witnessed a positive trend in the US markets, backed by encouraging news from the global arena and positive domestic economic reports. Major indices gained during the trading day helped by an optimistic mood that prevailed among investors.
The...
(ADP) Stock Market News for January 6, 2012 – Market News
A slew of better than expected economic reports helped the indices to close flat, after fresh eurozone worries weighed on the markets which opened lower. For the very first time this year, the Dow closed in the red, while the Nasdaq and the S&P 500 index registered small...
(BAC) Stock Market News for January 3, 2012 – Market News
On the last trading day of the year, US markets witnessed low volumes and muted activity as investors seemed reluctant to make any major moves on Friday. The “Santa rally” continued into the day but barely made any impact on the market.
The Dow Jones Industrial...
(MS) Morgan Stanley to Delete Jobs in New York
According to a state filing, Morgan Stanley (MS) intends to lay off 580 workers in New York State due to economic reasons. The company started trimming its workforce since the middle of December on a rolling...
(PMI) European Central Bank Tries Quenching Thirsty Banks
The European Central Bank (ECB) has been overwhelmed by the rush for cheap three-year loans. The demand for these loans has far exceeded expectations — a fact that underscores the difficult times the banking system is...
(BAC) Fitch Ratings Downgrades Giant Wall Street Banks
Adding to the ongoing economic concerns, Fitch Ratings lowered its viability ratings on eight major global banks on Thursday. Moreover, long-term issuer-default ratings were also downgraded on six major U.S. and European banks.
The banks experiencing fall in their viability...
(XLF) Stock Market News for December 23, 2011 – Market News
Investors received a pre-Christmas gift in the form of encouraging economic data, which led the benchmarks higher on Thursday. The Dow and S&P 500 registered their third-straight finish in the green, but trading volumes continued to be on the low side.
The Dow Jones...
(AIG) American International Group ILFC to Raise $650 Million from Notes
Yesterday, American International Group Inc.’s (AIG) aircraft leasing unit – International Lease Finance Corporation (ILFC) – announced the issue of long term notes worth $650 million.
Accordingly,...
(JPM) GMAC Exits Mortgage Loans
On Friday, GMAC Mortgage, the mortgage origination and servicing operation of Ally Financial Inc., announced that it would stop purchasing mortgage loans from the third party in Massachusetts. However, the company would honor all its contractual obligations made as of December...
(MCO) Fitch Has Eurozone Rating Misgivings
Ratings agency Fitch has misgivings about Europe’s ability to tackle the sovereign debt crisis. Moody’s, a division of Moody’s Corporation (MCO) and Standard & Poor’s had earlier warned about the...
(XHB) Stock Market News for December 20, 2011 – Market News
Benchmarks moved into the red zone on Monday after European debt crisis escalated following dismal comments by European Central Bank head Mario Draghi. Adding to the gloom was a Wall Street Journal report that suggested the Federal Reserve had accepted new standards that require...