Stocks on the move
Real-time Equity news
U.S. stock market report
1116 ET 18Sept2009
Goldman downgrades Charles Schwab, ups E*Trade
Goldman Sachs downgraded discount broker Charles Schwab Corp to 'sell' from 'neutral,' saying it does not expect interest rates to move higher before 2011, hurting revenue from asset management and net interest income.
At the same time, the firm upgraded E*Trade Financial Corp to 'buy' from 'neutral', citing improving credit trends in its home equity loan book, rapid loan portfolio runoff, and better-than-expected brokerage trends.
For details, see
Shares of Charles Schwab fell 2.7 percent to $17.26 while E*Trade advanced 6.5 percent to $1.81.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1104 ET 18Sept2009
Expiration may have a slight bullish bias
Friday marks the quarterly expiration and settlement of September options and futures, a convergence known as quadruple witching.
Option expiration retains a slight bullish bias, especially if the Standard & Poor's 100 index is above 490 at today's close, said Larry McMillan of McMillan Analysis Corp in a note. He said there was a put exercise after Thursday's close, which adds a little bullish fuel to expiration. The OEX edged up to 492.66 near midday. September OEX options and individual equity options go off the board after the close.
Separately, 27 million option contracts traded on Thursday as calls outpaced puts by a factor of 2-to-1, according to Trade Alert. 'This puts yesterday's volume among the top three days of this year and is consistent with the surge in call activity ahead of quarterly expiration,' said Trade Alert president Henry Schwartz.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1056 ET 18Sept2009
Fed to propose bank pay rules: source
The U.S. Federal Reserve is close to proposing wide-ranging rules on bankers' pay that would apply to any employee able to take risks that could threaten the safety and soundness of the institution, a Fed source said on Friday.
The source, speaking on condition of anonymity, said the guidelines would apply to all firms regulated by the Fed and would be enforceable under its existing supervisory powers.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1046 ET 18Sept2009
Callaway Golf advances after Wedbush upgrade
Wedbush Morgan Securities upgraded Callaway Golf Co to 'outperform' from 'neutral,' citing considerable retailer enthusiasm for the company's upcoming products for 2010.
The brokerage, which raised its price target on the stock by $3 to $10, also increased its 2010 earnings estimate to 42 cents from 31 cents on positive retailer feedback.
For details, see
The stock gained 7.9 percent to $8.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1039 ET 18Sept2009
UBS: IRS may get U.S. client data
U.S. clients of UBS AG have been warned by the bank that their undeclared income in Switzerland may be revealed to U.S. tax authorities, according to a letter obtained by Reuters on Friday.
The Swiss bank, which agreed to hand over 4,450 account names to the U.S. government in August, tells clients they have 20 days to appoint a lawyer in Switzerland, or be assigned one by the Swiss authorities, according to the letter, dated Sept. 10.
For details, see
U.S.-listed shares of UBS edged 0.4 percent higher to $18.59.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Real-time Equity news
U.S. stock market report
1116 ET 18Sept2009
Goldman downgrades Charles Schwab, ups E*Trade
Goldman Sachs downgraded discount broker Charles Schwab Corp to 'sell' from 'neutral,' saying it does not expect interest rates to move higher before 2011, hurting revenue from asset management and net interest income.
At the same time, the firm upgraded E*Trade Financial Corp to 'buy' from 'neutral', citing improving credit trends in its home equity loan book, rapid loan portfolio runoff, and better-than-expected brokerage trends.
For details, see
Shares of Charles Schwab fell 2.7 percent to $17.26 while E*Trade advanced 6.5 percent to $1.81.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1104 ET 18Sept2009
Expiration may have a slight bullish bias
Friday marks the quarterly expiration and settlement of September options and futures, a convergence known as quadruple witching.
Option expiration retains a slight bullish bias, especially if the Standard & Poor's 100 index is above 490 at today's close, said Larry McMillan of McMillan Analysis Corp in a note. He said there was a put exercise after Thursday's close, which adds a little bullish fuel to expiration. The OEX edged up to 492.66 near midday. September OEX options and individual equity options go off the board after the close.
Separately, 27 million option contracts traded on Thursday as calls outpaced puts by a factor of 2-to-1, according to Trade Alert. 'This puts yesterday's volume among the top three days of this year and is consistent with the surge in call activity ahead of quarterly expiration,' said Trade Alert president Henry Schwartz.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1056 ET 18Sept2009
Fed to propose bank pay rules: source
The U.S. Federal Reserve is close to proposing wide-ranging rules on bankers' pay that would apply to any employee able to take risks that could threaten the safety and soundness of the institution, a Fed source said on Friday.
The source, speaking on condition of anonymity, said the guidelines would apply to all firms regulated by the Fed and would be enforceable under its existing supervisory powers.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1046 ET 18Sept2009
Callaway Golf advances after Wedbush upgrade
Wedbush Morgan Securities upgraded Callaway Golf Co to 'outperform' from 'neutral,' citing considerable retailer enthusiasm for the company's upcoming products for 2010.
The brokerage, which raised its price target on the stock by $3 to $10, also increased its 2010 earnings estimate to 42 cents from 31 cents on positive retailer feedback.
For details, see
The stock gained 7.9 percent to $8.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1039 ET 18Sept2009
UBS: IRS may get U.S. client data
U.S. clients of UBS AG have been warned by the bank that their undeclared income in Switzerland may be revealed to U.S. tax authorities, according to a letter obtained by Reuters on Friday.
The Swiss bank, which agreed to hand over 4,450 account names to the U.S. government in August, tells clients they have 20 days to appoint a lawyer in Switzerland, or be assigned one by the Swiss authorities, according to the letter, dated Sept. 10.
For details, see
U.S.-listed shares of UBS edged 0.4 percent higher to $18.59.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.