4 Financial Stock Stories Gaining Thursday Traction
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.99
According to JPMorgan, news reports emerging on the Internet that it is exerting new capital controls on certain bank accounts represent an overreaction to a “streamlining” and “derisking” process the big bank says has been ongoing for several months. The reports say that the bank has elected to limit cash withdrawals and wire transfers for certain business customers commencing on November 17, including Chase Business Select checking and Chase Business Classic checking.
The bank has sent letters to certain customers that said they will be unable to send and receive domestic and international wire transfers, and also that, “cash activity” will be limited to $50,000 per statement cycle, including night drops, cash deposits, and ATM and cash withdrawals.
Morgan Stanley (NYSE:MS): Current price $28.65
On Thursday, Morgan Stanley India Investment Fund, Inc. announced that its board has okayed a tender offer to purchase, in exchange for cash, as much as 10 percent of the Fund’s outstanding shares at a price equal to 98.5 percent of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the business day immediately after the day the offer expires. The Tender Offer will begin on or about October 21.
Kohlberg Kravis Roberts & Co. (NYSE:KKR): Current price $22.12
The worldwide investment firm on Thursday announced the fifth year of results from its Green Portfolio Program: an estimated $917 million in cost savings and additional revenue and in excess of 1.8 million metric tons of greenhouse gasses avoided between 2008 and 2012. The Program is an operational improvement program that employs an “environmental lens” to examine critical business activities of KKR’s participating private equity portfolio firms. Introduced in partnership with Environmental Defense Fund in 2008, the GPP’s financial impact directly results from energy and water efficiency efforts, operational improvements, and improved waste handling across 19 portfolio companies reporting into the program.
Citigroup Inc. (NYSE:C): Current price $50.85
RadioShack Corp. and Citi Retail Services have reached a long-term accord to extend their 28-year-old consumer credit relationship. Through the agreement, Citi will continue to supply service-enhancing solutions and analytics backing RadioShack’s targets for growth. RadioShack customers will continue to benefit from financing programs and customer service. RadioShack will reintroduce its private label credit card in the first quarter with new branding.
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