On the four-year anniversary of Dodd-Frank, perhaps there is a lesson big banks can learn from smaller, regional banks, says Dan O'Donnell.» Read More
For the first time in recent memory, financials investors are judging bank earnings by Main Street borrowing versus Wall Street trading.
Bank of America Corp. fell$. 31 or 1.9 percent, to $15.51. Citigroup Inc. rose$. 43 or. 9 percent, to $49.72. Goldman Sachs rose $1.70 or 1.0 percent, to $170.87.
NEW YORK— A look at New York Stock Exchange 10 most-active stocks at 1 p.m.:. AbbVie fell. 6 percent to $53.14 with 13,607,100 shares traded. Advanced Micro Devices Inc. rose 2.7 percent to $4.65 with 46,059,000 shares traded.
The company and its retailing partners, including Neiman Marcus, Pizza Hut, Staples and others, hope a quicker payout will lead to fewer abandoned shopping carts online. The service is currently being offered in the U.S., Canada and Australia,.
The warning from No. 3 Justice official Tony West comes after a $7 billion settlement with Citigroup Inc and amid talks with Bank of America Corp over similar claims.
"Technology has certainly blunted that," said professor Joseph Foudy of the New York University Stern School of Business. Large and mid-sized companies with offices in Manhattan- where many of the 300,000 daily LIRR riders work- agreed.
*Time Warner shares up 16.9 percent. NEW YORK, July 16- Rupert Murdoch's 21st Century Fox Inc said on Wednesday that Time Warner Inc had rebuffed its offer to buy the company, but people familiar with his thinking say he is determined to bring the U.S. media conglomerate into his empire.
*New company will list on NYSE, delist from Milan. MILAN, July 16- Italy's GTECH will buy U.S. slot machine maker International Game Technology for $4.7 billion, shifting the lottery operator away from its struggling domestic market and making it a major player in the casino business.
**September 2012: Agrees to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch& Co at the height of the financial crisis.
Billionaire investor Leon Cooperman gave 12 stock recommendations at the Delivering Alpha conference Wednesday.
NEW YORK, July 16- Hedge fund manager Leon Cooperman, who has forecast that the Standard& Poor's 500 stock index will hit 2000 this year, cautioned on Wednesday that gains will be slower as the market is more fairly valued now.
Bank of America Corp. fell$. 34 or 2.2 percent, to $15.47. Citigroup Inc. rose$. 14 or. 3 percent, to $49.43. Goldman Sachs rose $1.59 or. 9 percent, to $170.76.
MUMBAI, July 16- Indian budget airline IndiGo has picked six lead managers for its initial public offering, which could be worth up to $400 million, three people involved in the deal said.
Media group 21st Century Fox confirmed that it made an offer to acquire peer Time Warner, but Time Warner rebuffed the offer.
*Murdoch may consider higher offer for Time Warner- sources. NEW YORK, July 16- Rupert Murdoch's 21st Century Fox Inc said on Wednesday it had offered to buy Time Warner Inc, a move that would unite two of the world's most powerful media conglomerates, but Time Warner rebuffed its offer.
Mortgage revenue fell and litigation costs increased for Bank of America in the second quarter.
*Murdoch determined to pursue Time Warner- NYT. July 16- Rupert Murdoch's 21st Century Fox said it made a bid to buy media conglomerate Time Warner Inc but was rebuffed. Time Warner's stock jumped 22.5 percent to $87 premarket as the New York Times reported that Murdoch was determined to buy Time Warner and was unlikely to walk away despite the rejection.
Twenty-First Century Fox made an $80 billion takeover bid in recent weeks for Time Warner but was rebuffed, sources said. The New York Times reports.
July 16- Bank of America Corp, the second-largest U.S. bank by assets, reported a 43 percent drop in second-quarter profit as mortgage revenue fell and litigation costs soared. Bank of America's shares, which have barely moved this year, fell slightly to $15.68 in premarket trading on Wednesday.
NEW YORK— Bank of America said Wednesday that its second-quarter earnings were hit by higher litigation expenses. Bank of America also said that it had reached a $650 million settlement Tuesday with American International Group Inc. to resolve all outstanding residential mortgage-backed securities litigation between the two companies.