JPMorgan Chase & Co (JPM) shares are down 0.7% in extended Friday trading, sliding 25 cents to $36.71 each, as Fitch Ratings downgrades JPM long-term issuer default rating one notch A+ from AA-. The credit rating agency also trimmed the bank’s short-term debt to F1 from F1+.
Fitch also has placed all parent and subsidiary long-term ratings on Rating Watch Negative. It also downgraded JPM’s viability rating to a+ from aa-, placing that rating on Rating Watch Negative.
The move follows JPM disclosing $2 billion in trading losses over the past six weeks by its Chief Investment Office. JPM share slid 9.3% during today’s regular session.
Price: 36.71, Change: -0.25, Percent Change: -0.68
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11MayFinancial transaction, Life settlement, Movers & Shakers, banking, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, credit, daily stock tips, equity, financial settlement, free stock info, free stock tips, liquidity, long term investments, market facts, markets, return rate, savings, settlement, stock market, trading, trading ideas, trend, usa economics No Comments
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China’s manufacturing sector shrank for the sixth month running in April, according to a survey on Wednesday that showed a continued divergence between China’s larger, predominantly state-owned enterprises and smaller, private firms.
The HSBC China Purchasing Managers’ Index, geared to smaller firms, improved to 49.3 in April from 48.3 in March, but remained below the threshold of 50 that divides expansion from contraction. Still, it showed that the rate of deterioration had slowed following a difficult first quarter when economic growth hit its slowest pace in nearly three years.
By contrast, the government’s official manufacturing PMI, largely indicative of bigger firms, rose to a 13-month high of 53.3 in April, figures on Tuesday showed, thanks to stronger output. The March reading was 53.1.
“Anecdotal evidence provided by survey respondents suggested that reduced production reflected lower levels of incoming new business. There were also reports of a general deterioration in market conditions,” Markit Economics, which compiled the HSBC index, wrote in its report.
The China Federation of Logistics and Purchasing, which compiles the official index, also urged caution on Tuesday.
“Influenced by the change in demand, there is the possibility of a waning in future economic growth,” one of the federation’s analysts, Zhang Liqun, said.
The federation noted that while its sub-index for large firms was at 53.7 in April, or firmly in growth territory, its smaller firms sub-index was below the growth threshold, at 49.1.
The dichotomy represents the continuing struggle for financing by smaller firms that find it more difficult than state-owned firms to get loans and other support. Chinese manufacturers must also contend with the pressures of too much capacity and lackluster demand.
“The longer the two indicators straddle either side of the 50-line, … the less useful they become as indicators at all,” wrote Alastair Thornton of IHS Global Insight in Beijing.
Both surveys agreed that new export orders rose, albeit marginally, in April, while overall new orders fell, implying that domestic demand was relatively weak.
HSBC said some respondents were cutting prices to “stimulate fragile demand.”
That backs up comments made by the chief executive of Caterpillar CATÂ 102.11 -0.66, the world’s largest maker of construction machinery. He said the company was trying to work with dealers after sales fell sharply in the first quarter.
While input costs rose, albeit moderately, factory gate prices were unchanged in April, the HSBC survey found. That inability to pass on rising raw materials or labor costs is a sign of overcapacity.
The quantity of purchases sub-index ticked above the 50 mark for the first time since October 2011, HSBC said, although it noted that subdued demand reined in buying.
Almost four-fifths of the HSBC survey respondents said export orders were unchanged.
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21Febbreaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, global economy, trend No Comments
Europe reaches deal for new Greek aid package, reports say; euro jumps on news
Eurozone finance ministers sealed a deal Tuesday morning for a second bailout for Greece, including 130 billion euros ($173 billion) in new financing.
The finance ministers from the 17 nations that use the euro, known as the Eurogroup, gave Greece funding it needs to avoid a potential default next month.
While this new deal provides some short-term relief for Greece, difficult days lie ahead as the government tries to trim debt to 121% of the country’s gross domestic product by 2020. Greece’s debt now stands at about 160% of GDP.Tags: Europe reaches deal for new Greek aid package, reports say; euro jumps on news
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01FebMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock tips, free stock info, free stock picks, free stock tips, market analysis, market facts, market projections, markets, stock market, stockmarket analysis, stocks, technical analysis, trading ideas, trend No Comments
Another mixed session for stocks, but both the DJIA and the S&P 500 Index recorded their best percentage jump for the month of January since 1997. The DJ-30 posted a monthly gain of 3.40%, while the S&P 500 advanced 4.36%.
The major averages rallied to begin the day, but then suddenly turned lower when the Conference Board’s measure of consumer confidence came in significantly below expectations. The S&P/Case-Shiller 20-city composite home price index also took a toll on stocks. The index showed that home prices dropped sharply in November declining for the third straight month.
The DJIA closed right in the middle of today’s trading range, down about 21 points or 0.16%. The Dow is trapped between levels of support and resistance and continues to trade sideways. The S&P500 Index also closed in the middle of today’s range with a minor loss.
Today’s best performing stocks among the S&P500 components just happen to display some very favorable patterns on their daily charts. CBRE Group (CBG) and Edwards Life Sciences (EW) with gains of about 5.70%. United States Steel Corp. (X) and Mattel Inc. (MAT) both closed up about 5%. Harris Corp. (HRS), up 4.57% and McKesson Corp. (MCK), up 3.85% round out the day’s biggest S&P gainers.
Tags: Stocks record Their Best January in More Than 10 years
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01FebMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, facebook, free stock tips, ipo, market facts, market projections, markets, stock market, stocks, trading ideas No Comments
Facebook Could Opt for Smaller $5 Billion IPO
Some more details on the expected Facebook (NYSE: FB) IPO filing are leaking out.
According to reports from IFR, the social media giant is expected to raise just $5 billion in its preliminary IPO prospectus which is due Wednesday morning. This is lower than the $10 billion number that was being discussed.
IFR said the smaller deal size “reflects a decision to start with a conservative base before deciding whether to increase.”
As expected, Morgan Stanley (NYSE: MS) will lead the deal. Goldman Sachs (NYSE: GS), Bank of America Merrill Lynch (NYSE: BAC), Barclays Capital (NYSE: BCS) and JP Morgan (NYSE: JPM) will help with the underwriting.
The IPO process could be finalized by May, the report said.
A valuation wasn’t mentioned, only that recent trading on private exchanges pointed to a $80 billion-plus valuation.
A ticker also wasn’t mentioned, although recent reports suggest “FB” is the stock symbol.
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30JanLife settlement, banking, fed action, gold, government, leverage, market facts, markets, savings, settlement, usa economics No Comments
This Day in Wall Street History:
1934: Gold Reserve Act is passed
The value of American currency ping-ponged up and down wildly throughout the Great Depression. However, on this day in 1934, the House looked to put a halt to the vacillation by passing the Gold Reserve Act. The adoption of the act gave President Franklin Roosevelt license to peg the value of the dollar within a range of 50 to 60 cents in terms of gold. Roosevelt took swift action: the next day he announced that the dollar would be worth 59.06 cents, while gold would be valued at $35 per ounce. The Gold Reserve Act also paved the way for the “nationalization” of gold: as per the legislation’s mandate, the various Federal Reserve banks handed control of their gold supplies, including all coins, bullion and gold certificates, to the U.S. Treasury. The U.S. Treasury shuttled a good chunk of the gold to a well-protected spot in Fort Knox, Kentucky. -
30JanFUTURES, Movers & Shakers, analysis, breaking market news, breaking news, breaking stock market news, breaking stock news, cash, daytrades, deals, debt, facebook, free stock info, free stock picks, global economy, ipo, liquidity, market projections, money, return rate, short term investments, stock market, stockmarket analysis, stocks, structured settlements, trading, trading ideas, trend, usa economics No Comments
There is a chance we will see liquidation on many levels to free up capital for the biggest IPO of our time.
Stockshakers are cautiously defensive here already due to the pending issues in the Eurozone.
Noticing the selling action today alone indications are early and this is based in theory but we may see some profit taking as many move to cash to get their powder dry for the Biggest IPO of our time. -
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Fed will begin detailing members’ rate forecasts: FOMC meeting minutes
Tags: Fed will begin detailing members' rate forecasts: FOMC meeting minutes
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20DecMovers & Shakers, breaking market news, breaking news, breaking stock market news, breaking stock news, breaking wall street news, daily stock picks, daily stock tips, daytrades, deals, free stock info, free stock picks, free stock tips, global economy, hedge fund, leverage, market analysis, market facts, market projections, money, option, options, short term investments, stock market, stockmarket analysis, stocks, structured settlements, trading, trading ideas, trend No Comments
the Net Euro Short positions ( number of EURO currency contracts held short) have hit an all time record. This for us, presents an opportunity as this indicates that the Euro could be heading much lower or we could see a massive short squeeze.
Tags: Euro Short positions
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