4 Financial Stock Stories Getting Thursday Traction
Citigroup Inc. (NYSE:C): Current price $48.49
A securities regulator announced Thursday that Citi will pay a $30-million penalty after one of its analysts improperly transmitted confidential research on an Apple vendor to large clients, among which include Steven A. Cohen’s hedge fund SAC Capital Advisors. Analyst Kevin Chang at Citigroup emailed unpublished research concerning Hon Hai Precision Industry Co. — which is a major supplier of Apple Inc. iPhones — to SAC, T. Rowe Price, Citadel, and GLG Partners, said Massachusetts’ Secretary of the Commonwealth William Galvin.
Morgan Stanley (NYSE:MS): Current price $26.98
The 34-year-plus veteran Merrill Lynch broker Garry Bridgeman has joined Morgan Stanley’s Graystone Consulting division in Atlanta. Bridgeman came to Morgan Stanley on September 26, bringing $1.9 million of fees and revenue during the last 12 months, and has a high industry profile, said a Morgan Stanley spokeswoman. He served as the 2008-2009 board president of the Investment Management Consultants Association, which credentials advisers active in portfolio management, and was the first African American to be hired by a top broker-dealer in Mississippi, said Morgan Stanley.
Wells Fargo & Co. (NYSE:WFC): Current price $41.05
The number one home mortgage lender in the United States joins NeighborWorks America and the Charlotte-Mecklenburg Housing Partnership, along with Charlotte Mayor Patsy Kinsey, announced the Charlotte NeighborhoodLIFT program, which is a $6.6-million local effort to help the housing market recover. This program will be available for eligible homebuyers to reserve $15,000 down payment assistance grants through which to buy a home in Charlotte on October 25 and 26 at the Charlotte Convention Center, Hall B.
MetLife Inc. (NYSE:MET): Current price $46.93
On Thursday, MetLife, which provides dental plan administration for some 20 million persons, announced that it will update its impacted dental plans to comply with the requirements of the Patient Protection & Affordable Care Act. Starting January 1, the Act places new requirements on certain health benefits for most small business employers. For these businesses, medical carriers will have to offer a medical plan consisting of ten essential health benefits, including pediatric dental and vision coverage for children up to the age of 19.
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