4 Financial Stock Stories to Help Kick Off the New Trading Week
JPMorgan Chase & Co. (NYSE:JPM): Current price $51.70
Several big bank shares are tumbling after a report by The Financial Times reported that Citigroup’s trading revenues have registered a significant drop. JPMorgan shares are down about 2.15 percent in afternoon trading. Citi’s trading revenue has fallen in the third quarter during weakness in interest rates and foreign exchange markets, according to the newspaper.
MasterCard Inc. (NYSE:MA): Current price $684.02
MasterCard and Visa will slash the fees they charge to process credit card transactions in France by nearly 50 percent. The French Competition Authority announced the accord between Visa and MasterCard following word of the proposed legislation from the European Commission that banks and payment firms restrict the fees they charge on card payments. Card companies have struggled for 20 years with the European Union’s executive, which mandates antitrust rules in the bloc.
MFA Financial, Inc. (NYSE:MFA): Current price $7.41
MFA said Monday that its board has named its President William S. Gorin as chief executive, effective January 1, 2014. Gorin will succeed Chief Executive and Chairman Stewart Zimmerman, who is retiring at the end of this year after having served as CEO since 1997 and chairman since 2003. Additionally, the board has appointed Craig L. Knutson as president and chief operating officer, effective January 1, 2014.
BB&T Corp. (NYSE:BBT): Current price $34.20
United States Court of Federal Claims Judge Thomas Wheeler in Washington has denied a bid by BB&T to recover a minimum of $688 million in taxes and penalties, ruling that a series of transactions with Barclays Plc, meant to generate tax credits, was without economic substance. Wheeler bashed participants in the transactions, including the KPMG consultancy and the Sidley Austin LLP law firm, for conduct he termed “nothing short of reprehensible,” saying that BB&T “engaged in an economically meaningless tax shelter.”
As he upheld the Internal Revenue Service’s rejection of transactions from August 2002 through April 5, 2007, Wheeler wrote that the firms followed a path “rife with its conflicts of interest, questionable pro forma legal and accounting opinions, and a taxpayer with a seemingly insatiable appetite for tax avoidance.”