Square selloff on 'double whammy' a buying opportunity, says Mizuho » 06:5910/2210/22/20
SQ, JPM, PYPL
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Citi downgraded to Buy from Conviction Buy at Goldman Sachs » 04:5110/2210/22/20
Goldman Sachs analyst…
Goldman Sachs analyst Richard Ramsden removed Citi from the firm's Americas Conviction List but keeps a Buy rating on the shares with an unchanged price target of $55. The combination of the timing and resolution of the consent order, coupled with the CEO transition, will delay setting financial targets until the first half of 2021, Ramsden tells investors in a research note. The analyst, however, continues to see a "long term value case" for Citi and believes that some of the increased expenses from the remediation of the recent consent order are already in the current run rate.
Morgan Stanley commodities execs leave after WhatsApp breach, Bloomberg says » 12:3810/2110/21/20
Nancy King, Morgan…
Nancy King, Morgan Stanley's (MS) global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving the bank after compliance breaches linked to the use of communications tools such as WhatsApp (FB), Bloomberg's Jack Farchy and Javier Blas report, citing two people familiar with the matter. The bank didn't find any wrongdoing, but the use of those communication channels went against policy, the people say. Reference Link
Goldman adds streaming firm pricing to MarketAxess' Live Markets order book » 08:1610/2110/21/20
MarketAxess Holdings announced that Goldman Sachs & Co. LLC has committed to become a dedicated market maker and is actively contributing streaming prices for US investment grade corporate bonds to the MarketAxess Live Markets order book for institutional credit markets. Leveraging the anonymous all-to-all Open Trading marketplace, Live Markets provides a single view of two-way, actionable prices for the most active US investment grade bonds, including recently issued debt, benchmark issues and news-driven securities. Launched in the summer of 2020, Live Markets gives institutional credit investors and dealers the ability to place resting live orders in the market and engage firm prices provided by dealers and investors with a single click. Live Markets aims to bring new liquidity to the credit markets and reduce trading friction through efficient technology, which ultimately has the potential to increase turnover in these bonds and improve transaction costs.
JPMorgan's QuickAccept service takes on Square, PayPal, CNBC reports » 07:5210/2110/21/20
JPM, SQ, PYPL
JPMorgan's (JPM) new…
JPMorgan's (JPM) new QuickAccept service lets businesses take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase accounts on the same day, CNBC's Hugh Son reports. The fast funding is offered free, unlike competitors including Square (SQ) and PayPal (PYPL), which typically take a day or more and charge a 1.5% fee to make instant transfers, the report notes. Reference Link
Notable open interest changes for October 20th » 08:5510/2010/20/20
AAPL, SNAP, BAC, MSFT
Monday's total option volume of 27.8 million contracts resulted in net open interest growth of 5.04 million calls and 3.89 million puts. Apple (AAPL), Snap Inc. (SNAP), Bank of America (BAC) and Microsoft (MSFT) saw the greatest growth. Top five new positions opened include 27k Occidental Petroleum (OXY) Jan-21 15 calls, 25k Occidental Petroleum (OXY) Jan-21 18 calls, 21k Snap Inc. (SNAP) 10/23 weekly 31 calls, 21k NIO (NIO) 10/30 weekly 30 calls and 21k Microsoft (MSFT) 11/6 weekly 235 calls.
Goldman Sachs could pay over $2B in DOJ's 1MDB probe, Bloomberg reports » 06:3410/2010/20/20
Goldman Sachs has reached…
Goldman Sachs has reached a deal with the DOJ to pay more than $2B for the bank's role in Malaysia's 1MDB scandal, and the deal may be announced within days, Bloomberg's Dani Burger reports, citing people familiar with the matter. Reference Link
United aims for $3B in bond market following failed effort, Bloomberg says » 19:0610/1910/19/20
United Airlines (UAL) is…
United Airlines (UAL) is making another attempt at refinancing short-term loans it took out early in the COVID-19 crisis after a similar effort foundered in May, Bloomberg's Davide Scigliuzzo and Justin Bachman report. The new $3B debt issue, led by Goldman Sachs (GS), will use as collateral 352 aircraft, of 43% of the airline's fleet, as well as 99 engines and the company's spare parts, the authors note. The company is seeking to price the offering at a yield of around 6%, though formal talks with investors have yet to begin, the authors say, citing a person with knowledge of the matter.
Goldman Sachs to give staff half-day off to vote on Nov. 3, NY Post says » 17:4710/1910/19/20
Goldman Sachs CEO David…
Goldman Sachs CEO David Solomon said he will give the bank's workers a paid half-day off on November 3 to vote in the U.S. presidential election, the New York Post's Thornton McEnery reports. "We recognize that the pandemic raises unique challenges for those who want to exercise this civic responsibility to vote safely," Solomon said in a memo seen by The Post. "And that is why we are providing our people the time and flexibility to vote on Election Day." Reference Link
T. Rowe Price appoints Raymone Jackson as global head of diversity, inclusion » 10:0410/1910/19/20
T. Rowe Price Group…
T. Rowe Price Group (TROW) announced that Raymone Jackson will join the firm in late October as global head of diversity and inclusion. He will be responsible for the firm's global diversity and inclusion strategy, overseeing current diversity and inclusion programs and envisioning new strategies to help T. Rowe Price improve the attraction, development, and retention of diverse associates. In leading these efforts, Mr. Jackson will partner closely with the firm's Management Committee, Black Leadership Council, employee-led business resource groups and other key stakeholders to develop focused, actionable, and sustainable programs, building on-and accelerating-the progress the firm has made over the past several years. Jackson will join T. Rowe Price from Morgan Stanley (MS), where he served as national diversity officer for the wealth management businesses.