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Water Balloon Toss 06-29-2011
Wednesday, June 29, 2011 - 6:58pm | 994Cusick's Corner Today's action was like watching a fast paced water balloon toss competition (a great Fourth of July game). There will be quite a bit of data released over the next 12 hours that has the potential to add some volatility and the most notable releases are manufacturing data out of...
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BofA Agrees To Pay "X Times" Reserved, Stock Rises
Wednesday, June 29, 2011 - 4:14pm | 155In one of the most-ridiculous moves today, we have BAC, which is up some 3% this morning on the following news: Bank of America Corp. (BAC), the biggest U.S. bank, agreed to pay $8.5 billion to resolve claims over soured mortgages after bondholders including BlackRock Inc. (BLK) demanded refunds....
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Rally Extended 06-29-2011
Wednesday, June 29, 2011 - 3:31pm | 936Cusick's Corner Today's snapshot: Greeks respond to austerity measures, BAC settles and bonds tumble. The Finance sector had the largest lift into the midday, thanks to more clarity from Bank of America concerning fallout from the mortgage and CDS markets which additionally helps estimate the...
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Rally Extended 06-29-2011
Wednesday, June 29, 2011 - 3:31pm | 936Cusick's Corner Today's snapshot: Greeks respond to austerity measures, BAC settles and bonds tumble. The Finance sector had the largest lift into the midday, thanks to more clarity from Bank of America concerning fallout from the mortgage and CDS markets which additionally helps estimate the...
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List of Companies Affected by Fed's Recommendation
Wednesday, June 29, 2011 - 3:22pm | 147On Wednesday, the Federal Reserve recommended that the cap on debit card-swipe fees be increased to $0.21. Following the news, shares of Visa (NYSE: V) and Mastercard (NYSE: MA) spiked higher; both rallied over 9% before being halted temporarily. Yet, other companies saw a rally as well: Bank of...
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Wednesday's Mid-Day Options Volume Leaders
Wednesday, June 29, 2011 - 1:51pm | 86Here are today's mid-day options volume leaders… 1. Bank of America (NYSE: BAC) 298,453 contracts, 66.6% calls, 33.4% puts 2. Apple Inc. (NASDAQ: AAPL) 116,141 contracts, 49.2% calls, 50.8% puts 3. Citigroup Inc. (NYSE: C) 86,558 contracts, 77.6% calls, 22.4% puts 4. Freeport McMoran Copper and...
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Did You Miss It: Another Bailout For The Banks
Wednesday, June 29, 2011 - 12:45pm | 296The financial stocks are soaring today on yet another bailout. Europe just bailed out Greece and by doing so, saved the world from yet another global financial crisis. Many will not understand how this was a bank bailout, yet again. Let me explain. If Greece did not get their bailout, they would...
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Compass Point Research Comments on Bank of America
Wednesday, June 29, 2011 - 12:43pm | 112Compass Point Research provided color on Bank of America's (NYSE: BAC) proposed settlement in a research report published today. In the report, Compass Point states, "We believe this proposed settlement is just a starting point and will likely increase meaningfully after the court hears arguments...
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Bank Stocks Surge on $8.5 Billion Bank of America Settlement, Greek Vote (BAC, BLK, JPM, C, WFC, KBE)
Wednesday, June 29, 2011 - 10:46am | 614Banking stocks are climbing higher early during the Wednesday trading session, after Bank of America Corporation (NYSE: BAC) announced an $8.5 billion settlement with investors who had purchased mortgage backed securities originated by Bank of America Corporation's Countrywide Financial business...
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Large Financial Stocks Rally On Greek Austerity Vote
Wednesday, June 29, 2011 - 10:27am | 232The large financial stocks are trading sharply higher this morning. This sector has been under severe selling pressure until today. It appears that the Greek austerity vote has helped to lift the large financial stocks this morning. Recently, there have been many rumors in the trading community...
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Citi Comments On Bank Of America Press Reports
Wednesday, June 29, 2011 - 9:04am | 87According to Citi, Bank of America (NYSE: BAC) is nearing a settlement with Gibbs & Bruns representing an investor group as owners of MBS securities. Citi said that key points from the press are, “1) the settlement is for $8.5 bil, 2) the proceeds of the settlement would go to the trustee to...
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Morgan Stanley Reiterates Overweight on Bank of America
Wednesday, June 29, 2011 - 8:29am | 60Morgan Stanley reiterated its Overweight rating on Bank of America (NYSE: BAC). At the moment, Morgan Stanley does not have a price target placed on the company's stock. On Tuesday, Bank of America lost 0.28% of its value to end the day at $10.82. Its shares rebounded in today's pre-market trading...
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Benzinga's Top Upgrades
Wednesday, June 29, 2011 - 8:16am | 140Analysts at Jefferies & Company upgraded Susquehanna Bancshares Inc (NASDAQ: SUSQ) from “hold” to “buy.” SUSQ's shares closed at $7.69 yesterday. SUSQ's trailing-twelve-month operating margin is 14.56%. Analysts at Deutsche Bank upgraded Legg Mason (NYSE: LM) from “hold” to “buy.” LM's shares...
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A Peek Into The Market Before The Trading Starts
Wednesday, June 29, 2011 - 7:42am | 393Pre-open movers US stock futures are higher this morning, as investors are awaiting home-sales data. The Greek parliament is scheduled to vote on the austerity measures. Futures on the Dow Jones Industrial Average surged 55 points to 12,196.00 and futures on the S&P 500 stock index rose 7.20...
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Goldman Sachs Reports Unchanged Estimates On Bank of America
Wednesday, June 29, 2011 - 7:33am | 88According to Goldman Sachs, Bank of America (NYSE: BAC) estimates are unchanged. Goldman Sachs said that Bloomberg and several other news sources are reporting that BAC is close to an $8.5bn settlement with a group of 22 private label MBS investors including BlackRock, Met Life, PIMCO and the...