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BAC

Bank of America

$20.29

0.075 (0.37%)

09:40
11/30/16
11/30
09:40
11/30/16
09:40

FINRA fines Merrill $7M for inadequate supervision of securities-backed leverage

The Financial Industry Regulatory Authority said that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25M and the firm will pay approximately $780,000 in restitution for inadequately supervising its customers' use of leverage in their Merrill brokerage accounts. FINRA found that although both Merrill policy and the terms of the non-purpose LMA agreements prohibited customers from using LMA proceeds to buy many types of securities, the firm's supervisory systems and procedures were not reasonably designed to detect or prevent such use. FINRA further found that during the relevant period, on thousands of occasions, Merrill brokerage accounts collectively bought hundreds of millions of dollars of securities within 14 days after receiving incoming transfers of LMA proceeds. FINRA separately found that from January 2010 through July 2013, Merrill lacked adequate supervisory systems and procedures to ensure the suitability of transactions in certain Puerto Rican securities, including municipal bonds and closed-end funds, where customers' holdings were highly concentrated in such securities and highly leveraged through either LMAs or margin. In settling this matter, Merrill neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

  • 13

    Jan

BAC Bank of America
$20.29

0.075 (0.37%)

11/16/16
BARD
11/16/16
DOWNGRADE
BARD
Neutral
Bank of America downgraded to Neutral from Outperform at Baird
11/16/16
11/16/16
DOWNGRADE
Target $18

Neutral
Bank of America downgraded to Neutral from Outperform at Baird
As previously reported, Baird analyst David George downgraded Bank of America to Neutral from Buy as he believes the post-election rally has largely discounted the potential benefits of rising interest rates, lower taxes, and more aggressive capital return. George raised his price target to $18 from $17 on Bank of America shares.
11/16/16
11/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Sysco (SYY) downgraded to Neutral from Outperform at Credit Suisse with analyst Edward Kelly saying Sysco shares are up 50% over the last 18 months and now views risk/reward as balanced. 2. Teva (TEVA) downgraded to Hold from Buy at Jefferies, to Equal Weight from Overweight at Morgan Stanley, and to Neutral from Buy at BTIG. 3. Bank of America (BAC) Capital One (COF) downgraded to Neutral from Outperform at Baird while the firm downgraded Fifth Third (FITB) to Underperform from Neutral. 4. Zions Bancorp (ZION) downgraded to Equal Weight from Overweight at Morgan Stanley and to Market Perform from Outperform at Bernstein. 5. Yingli Green Energy (YGE) downgraded to Sell from Buy at Axiom while the firm downgraded SolarCity (SCTY) and JA Solar (JASO) to Sell from Hold. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/29/16
KBWI
11/29/16
UPGRADE
Target $23
KBWI
Outperform
Bank of America upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanzl upgraded Bank of America to Outperform citing expectations for improved operating and regulatory environments. The valuation remains reasonable despite the recent rally, Kleinhanzl tells investors in a research note. The analyst raised his price target for the shares to $23 from $17.50.

TODAY'S FREE FLY STORIES

SQ

Square

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PDS

Precision Drilling

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KTOV

Kitov Pharmaceuticals

$3.44

0.05 (1.47%)

09:27
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UNCFF

UniCredit

$2.47

0.28 (12.79%)

09:25
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09:25
Periodicals
Pioneer suspends a pair of senior Dublin execs, Irish Times reports »

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ARIA

ARIAD

$13.69

0.41 (3.09%)

09:25
12/07/16
12/07
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09:25
Conference/Events
ARIAD to hold a conference call »

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  • 07

    Dec

  • 29

    Apr

OCLR

Oclaro

$8.35

-0.05 (-0.60%)

09:25
12/07/16
12/07
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09:25
Conference/Events
Oclaro participates in a conference call with Jefferies »

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  • 07

    Dec

SBUX

Starbucks

$57.44

-0.06 (-0.10%)

09:24
12/07/16
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09:24
Hot Stocks
Starbucks says sees at-home coffee sales growth slowing »

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  • 07

    Dec

WDC

Western Digital

$63.85

1.76 (2.83%)

, SQ

Square

09:23
12/07/16
12/07
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09:23
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On The Fly: Pre-market Movers »

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WDC

Western Digital

$63.85

1.76 (2.83%)

SQ

Square

AAPL

Apple

$109.95

0.84 (0.77%)

PLAY

Dave & Buster's

$48.00

-0.83 (-1.70%)

VRA

Vera Bradley

$14.67

-0.07 (-0.47%)

ANTH

Anthera

$1.47

-0.03 (-2.00%)

SIGM

Sigma Designs

$7.75

0.1 (1.31%)

SSNLF

Samsung

AVAV

AeroVironment

$29.34

0.76 (2.66%)

OXM

Oxford Industries

03/08/13
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  • 07

    Dec

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    Dec

  • 07

    Dec

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    Dec

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    Dec

  • 14

    Dec

  • 09

    Jan

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    Jan

  • 13

    Mar

WDAY

Workday

09:23
12/07/16
12/07
09:23
12/07/16
09:23
Downgrade
Workday rating change  »

Workday downgraded to…

03/08/13
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  • 07

    Dec

  • 09

    Jan

AAPL

Apple

$109.95

0.84 (0.77%)

, GOOG

Alphabet

$759.11

-3.41 (-0.45%)

09:21
12/07/16
12/07
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09:21
Hot Stocks
Kantar says Apple iOS share gains driven by iPhone 7 sales »

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AAPL

Apple

$109.95

0.84 (0.77%)

GOOG

Alphabet

$759.11

-3.41 (-0.45%)

GOOGL

Alphabet Class A

$776.18

-2.04 (-0.26%)

MSFT

Microsoft

$59.95

-0.27 (-0.45%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 15

    Jan

  • 13

    Mar

AZO

AutoZone

09:20
12/07/16
12/07
09:20
12/07/16
09:20
Recommendations
AutoZone analyst commentary  »

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  • 14

    Dec

AAPL

Apple

$109.95

0.84 (0.77%)

09:18
12/07/16
12/07
09:18
12/07/16
09:18
Downgrade
Apple rating change  »

Apple downgraded to Mixed…

03/08/13
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03/08/13
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  • 13

    Mar

SBUX

Starbucks

$57.44

-0.06 (-0.10%)

09:18
12/07/16
12/07
09:18
12/07/16
09:18
Hot Stocks
Starbucks says five-year goal is to 'elevate the brand' »

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  • 07

    Dec

NBR

Nabors Industries

09:16
12/07/16
12/07
09:16
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09:16
Downgrade
Nabors Industries rating change  »

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FIT

Fitbit

09:16
12/07/16
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Fitbit acquires certain assets from Pebble, deal excludes hardware products »

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  • 08

    Dec

AVAV

AeroVironment

$29.34

0.76 (2.66%)

09:15
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AeroVironment, Cal State Fresno to research water stress in almond trees »

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09:15
12/07/16
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General news
Energy Action: NYMEX crude »

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CLB

Core Laboratories

09:13
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  • 07

    Dec

ETFC

E-Trade

$35.52

0.31 (0.88%)

09:11
12/07/16
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E-Trade CEO says running to grow company, not sell it »

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  • 07

    Dec

SBUX

Starbucks

$57.44

-0.06 (-0.10%)

09:09
12/07/16
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09:09
Hot Stocks
Breaking Hot Stocks news story on Starbucks »

Starbucks says sees…

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  • 07

    Dec

S

Sprint

$8.17

0.12 (1.49%)

09:08
12/07/16
12/07
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09:08
Hot Stocks
Sprint becomes first U.S. Pokemon GO partner »

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  • 07

    Dec

  • 04

    Jan

RES

RPC, Inc.

$21.39

-0.24 (-1.11%)

09:08
12/07/16
12/07
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09:08
Downgrade
RPC, Inc. rating change  »

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09:07
12/07/16
12/07
09:07
12/07/16
09:07
Conference/Events
Cowen analysts hold an analyst/industry conference call »

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HBAN

Huntington Bancshares

$13.22

0.19 (1.46%)

09:07
12/07/16
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Hot Stocks
Huntington Bancshares sees FY17 revenue growth of 20%+ »

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  • 07

    Dec

OCRX

Ocera Therapeutics

$2.35

0.1 (4.44%)

09:05
12/07/16
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09:05
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Ocera Therapeutics completes enrollment in STOP-HE Phase 2b study »

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