Opening Bell

  • dan-loeb-sony

    Opening Bell

    Opening Bell: 08.06.13

    Sony Rejects Loeb Proposal for Splitting Off Entertainment Unit (DealBook) Sony said late on Monday that it planned to keep all of its vast entertainment arm, rejecting a proposal by one of its biggest investors, the activist hedge fund manager Daniel S. Loeb. … Sony’s chief executive, Kazuo Hirai, wrote in the letter that the […]

    / Aug 6, 2013 at 7:35 AM
  • hsbc

    Opening Bell

    Opening Bell: 08.05.13

    HSBC Profit Rises 23% on Cost Cuts (WSJ) HSBC Holdings PLC posted a 23% increase in net profit for the first half of the year, as a three-year cost-cutting plan bore fruit and loan impairments fell. The bank said Monday that net profit attributable to ordinary shareholders for the six months of the year was […]

    / Aug 5, 2013 at 7:35 AM
  • Fabrice-Tourre-closeup

    Opening Bell

    Opening Bell: 08.02.13

    Former Trader Is Found Liable In Fraud Case (DealBook) “He was the one that didn’t get away,” one of the nine jurors, Beverly Rhetts, said after the verdict. “The decision-making was a slow and arduous process,” said Ms. Rhetts, a retired teacher who was juror No. 2. “We went over each item with a fine-tooth […]

    / Aug 2, 2013 at 7:32 AM
  • soros-short-squeeze

    Opening Bell

    Opening Bell: 08.01.13

    Fresh Squeeze? Ackman Questions Soros’ Buy of Herbalife (FBN) Are some investors manufacturing a “short squeeze” in shares of Herbalife in order to force activist investor William Ackman to capitulate on his massive bet against the health-product manufacturer? Those representing Ackman think so, and they’re pressing officials in the New York office of the Securities […]

    / Aug 1, 2013 at 7:34 AM
  • ackman thumb

    Opening Bell

    Opening Bell: 07.31.13

    Activist investor Ackman makes his biggest bet ever (CNBC) Activist investor William Ackman’s firm Pershing Square Capital Management has acquired a 9.8 percent position in $22 billion industrial gas company Air Products & Chemicals, CNBC reported on “Squawk Box” Wednesday morning. The stake is valued at $2.2 billion, according to Ackman, and is his largest […]

    / Jul 31, 2013 at 7:35 AM
  • barclays-center

    Opening Bell

    Opening Bell: 07.30.13

    Barclays reveals £12.8bn balance sheet hole (FT) Barclays has revealed a £12.8bn hole in its balance sheet as it announced a £5.8bn rights issue, buttressed by a plan to shrink its balance sheet and issue £2bn of contingent convertible debt. The bank’s shares, which fell 4 per cent on Monday after the Financial Times reported […]

    / Jul 30, 2013 at 7:36 AM
  • publicis-omnicom

    Opening Bell

    Opening Bell: 07.29.13

    Merger Is Set To Create World’s No. 1 Ad Company (NYT) After decades of buying up boutique firms, the advertising conglomerates Omnicom Group and Publicis Groupe finally set their sights on one another. The two announced a merger on Sunday that would create the world’s biggest family of agencies, with a stock market value of […]

    / Jul 29, 2013 at 7:26 AM
  • janet-yellen

    Opening Bell

    Opening Bell: 07.26.13

    Senate letter backs Yellen for Fed role (FT) A number of US Senate Democrats are circulating a letter supporting Janet Yellen to be the next chair of the Federal Reserve in an ominous sign for supporters of Larry Summers. Ms Yellen, vice-chair of the Fed board, and Mr Summers, a former Treasury secretary and White […]

    / Jul 26, 2013 at 7:55 AM
  • sac-capital

    Opening Bell

    Opening Bell: 07.25.13

    Banks Said to Weigh Suspending Dealings With SAC as Charges Loom (Bloomberg) Deutsche Bank AG and Goldman Sachs Group Inc. are among firms weighing the reputational and financial consequences of continuing to provide trading, lending and prime brokerage services to SAC, one of Wall Street’s largest trading clients, said the people, who asked for anonymity […]

    / Jul 25, 2013 at 8:08 AM
  • larry-summers

    Opening Bell

    Opening Bell: 07.24.13

    Right now, Larry Summers is the front-runner for Fed chair (Wonkblog) That’s not to say Summers is anywhere near a sure thing. His confirmation would be far tougher than Yellen’s, as Republicans will make him answer for the stimulus and the bailouts, and progressive Democrats have a list of grievances going back to financial deregulation […]

    / Jul 24, 2013 at 7:41 AM
  • RonaldonHorse

    Opening Bell

    Opening Bell: 07.23.13

    SAC to Employees: Cohen Didn’t Read Dell Email at Heart of SEC’s Case (WSJ) Remember this is a failure to supervise case. A Legal Bane of Wall Street Switches Sides (DealBook) When he left his role as Wall Street’s top federal enforcer, Robert S. Khuzami began a long courtship with a who’s who of the […]

    / Jul 23, 2013 at 7:56 AM
  • royalbabywatch

    Opening Bell

    Opening Bell: 07.22.13

    UBS Settles With U.S. Mortgage Regulator (WSJ) UBS said its second-quarter results, set to be released in full on July 30, now include pre-tax charges for litigation matters totaling about 865 million Swiss francs ($919 million). About 700 million francs of the charges are being booked to the bank’s corporate center, which houses a legacy […]

    / Jul 22, 2013 at 7:58 AM
  • blythemasters-jpmorgan

    Opening Bell

    Opening Bell: 07.19.13

    JPMorgan Executive May Escape Penalty (DealBook) Blythe Masters, a seminal Wall Street figure who is known for developing exotic financial instruments, emerged this spring at the center of an investigation by the Federal Energy Regulatory Commission into accusations of illegal trading in the California and Michigan electricity markets. … Months earlier, investigators planned to recommend […]

    / Jul 19, 2013 at 7:49 AM
  • james-gorman-floor

    Opening Bell

    Opening Bell: 07.18.13

    Morgan Stanley profit rises as all main businesses grow (Reuters) Morgan Stanley reported a stronger-than-expected adjusted quarterly profit as revenue grew in all of its major businesses, particularly trading and underwriting. Net income attributable to common shareholders rose to $802 million, or 41 cents per share, in the second quarter from $564 million, or 29 […]

    / Jul 18, 2013 at 8:16 AM
  • bernanke-testimony-water

    Opening Bell

    Opening Bell: 07.17.13

    Wild Cards for the Fed’s Exit Strategy (WSJ) The Federal Reserve’s plans to wind down its big bond-buying program depend on solving four economic puzzles involving the job market, the inflation rate and fiscal policy. Fed Chairman Ben Bernanke gets another chance to clarify the central bank’s thinking when he testifies before Congress on Wednesday […]

    / Jul 17, 2013 at 7:37 AM
  • bill-gross-leans-on-wall

    Opening Bell

    Opening Bell: 07.16.13

    Pimco’s Gross Raised Rate-Risk Exposure (WSJ) Mr. Gross’s bond fund increased its duration to 5.82 years at the end of June from 5.15 years in May, according to Pimco’s website. The increase in interest-rate risk cost Mr. Gross dearly. The fund suffered a loss of 2.64% in June in total return, compared with a loss […]

    / Jul 16, 2013 at 7:35 AM
  • hitler-batman

    Opening Bell

    Opening Bell: 07.15.13

    Investors, Bank Near Pact in Madoff Cases (WSJ) The tentative settlement, reached just as the two sides were about to deliver closing arguments, may return a fraction of the $60 million that the investors said they lost. But any sums could be a blow for the bank, Connecticut Community Bank and its branch, Westport National […]

    / Jul 15, 2013 at 7:35 AM
  • smokey

    Opening Bell

    Opening Bell: 07.12.13

    JPMorgan Quarterly Earnings Surge 31 Percent (DealBook) JPMorgan Chase, the nation’s largest bank, reported a 31 percent surge in second-quarter earnings on Friday, buoyed by strong gains in the bank’s investment banking business, its credit card operations and in its mortgage lending division, which is benefiting from steady improvements in the nation’s housing markets. The […]

    / Jul 12, 2013 at 7:33 AM
  • thesix bottle service

    Opening Bell

    Opening Bell: 07.11.13

    Rate Surge Catches Banks Off Guard (WSJ) A swift, steep rise in long-term interest rates since early May, stoked by comments from the Fed chairman, is presenting challenges and opportunities for the largest U.S. banks as they struggle to overcome lackluster loan demand, a weak economy and a slew of new regulations that are crimping […]

    / Jul 11, 2013 at 7:37 AM
  • egg-sidewalk

    Opening Bell

    Opening Bell: 07.10.13

    J.P. Morgan Review Finds Errors in Debt-Collection Lawsuits (WSJ) The bank studied roughly 1,000 lawsuits and found mistakes in 9% of the cases, said people familiar with the review. “Any rate above zero is high,” said one person familiar with the bank’s conversations with regulators. The errors ranged from inaccurate interest and fees applied by […]

    / Jul 10, 2013 at 7:42 AM
  • stuart-madoff

    Opening Bell

    Opening Bell: 07.09.13

    U.K. Treasury Endorses Banking Reforms (WSJ) The U.K. Treasury said Monday in a report on its efforts to overhaul the nation’s banking industry that it is proposing a criminal law to punish “reckless” misconduct by senior bankers. The Treasury also said it was working with regulators to ensure bonuses can be deferred for up to […]

    / Jul 9, 2013 at 7:35 AM
  • eliot-spitzer

    Opening Bell

    Opening Bell: 07.08.13

    Greece’s Economic Future ‘Uncertain,’ Creditors Say (WSJ) Greece’s international creditors acknowledged that all isn’t well with the country’s mammoth bailout program Monday as their representatives issued a statement saying the outlook for the critically ailing economy is “uncertain,” even as they said progress has been made on reforms. The admission comes as talk of more […]

    / Jul 8, 2013 at 7:22 AM
  • joey-chestnut-hot-dogs

    Opening Bell

    Holiday Bell: 07.05.13

    SAC Capital’s Steven Cohen Expected to Avoid Criminal Charges (WSJ) U.S. prosecutors have concluded that they don’t have enough evidence against hedge-fund billionaire Steven A. Cohen to file criminal insider-trading charges against him before a July deadline, people familiar with the situation said. Investigators probing the biggest alleged insider-trading scheme in history have been eyeing […]

    / Jul 5, 2013 at 1:30 PM
  • bill-gross-tie-loose

    Opening Bell

    Opening Bell: 07.03.13

    S&P downgrades Barclays, Deutsche and Credit Suisse (FT) Standard & Poor’s has downgraded Barclays, Deutsche Bank and Credit Suisse, reflecting its doubts about the future of European investment banking. The rating agency on Tuesday evening simultaneously cut all three banks from A-plus to A, blaming the rising uncertainty around the investment banking model. … S&P […]

    / Jul 3, 2013 at 7:37 AM
  • winklevii fleeces

    Opening Bell

    Opening Bell: 07.02.13

    Winklevoss Twins Plan First Fund for Bitcoins (DealBook) Cameron and Tyler Winklevoss, the twins best known for their part in the history of Facebook, filed a proposal with securities regulators on Monday that would allow any investor to trade bitcoins, just as if they were stocks. The plan involves an exchange-traded fund, which usually tracks […]

    / Jul 2, 2013 at 7:25 AM
  • James-Simons

    Opening Bell

    Opening Bell: 07.01.13

    Onyx Rejects Amgen’s Takeover Bid, Then Places Itself on the Market (DealBook) Onyx Pharmaceuticals Inc. put itself up for sale on Sunday after having rejected an unsolicited $10 billion takeover bid by the biotechnology giant Amgen last week as too low. The company said in a statement that Amgen had proposed paying $120 a share […]

    / Jul 1, 2013 at 7:48 AM
  • zoltar

    Opening Bell

    Opening Bell: 06.28.13

    Fed Officials Intensify Effort to Curb Surge in Interest Rates (Bloomberg) “It is pretty obvious that the Fed was caught off guard by the market’s reaction given the lengths to which they have gone to reshape market expectations,” Drew Matus, deputy U.S. chief economist at UBS Securities LLC in Stamford, Connecticut, and a former analyst […]

    / Jun 28, 2013 at 8:06 AM
  • hank-snowflake-flowers

    Opening Bell

    Opening Bell: 06.27.13

    EU reaches deal on failed banks (FT) From 2018, the so-called “bail-in” regime can force shareholders, bondholders and some depositors to contribute to the costs of bank failure. Insured deposits under €100,000 are exempt and uninsured deposits of individuals and small companies are given preferential status in the bail-in pecking order. While a minimum bail-in […]

    / Jun 27, 2013 at 7:50 AM

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