On Friday, The Dow briefly dropped down more than 100 points in the open, down 0.54 percent at 18,039, with Home Depot the greatest decliner and JPMorgan Chase the leading two advancers.
The S&P 500 opened down 9 points, or 0.43 percent, at 2,091, with utilities leading all sectors except financials lower.
The NASDAQ opened down 10 points, or 0.22 percent, at 4,972.
Following 4 stocks from financial sector are among Top Gainers in the meantime: Charles Schwab Corp (NYSE:SCHW), Lincoln National Corporation (NYSE:LNC), Bank of America Corp (NYSE:BAC), Bank of New York Mellon Corp (NYSE:BK)
Their Insights are depicted underneath:
Charles Schwab Corp (NYSE:SCHW)’s shares picked up 4.24%, and is now trading at $31.49, hitting new 52-week high of $31.74.
Moody’s Investors Service assigned A2 ratings to The Charles Schwab Corporation (SCHW) (A2 senior) offering of $625 million 2018 senior unsecured notes and $375 million 2025 senior unsecured notes. At the same time, Moody’s affirmed Schwab’s existing ratings. Moody’s rating outlook remains stable.
Moody’s anticipates most of the predictable $1 billion proceeds from Schwab’s debt offering to be invested in US treasury securities (with a similar maturity profile to the debt tranches issued) retained at the parent entity. Schwab plans to retain the treasuries as an additional source of liquidity that could be made accessible to its operating companies in times of need.
Moody’s said Schwab’s plan is credit neutral, despite the $1 billion issuance amounting to a 53% raise in Schwab’s long-term debt, because the incremental liquidity buffer offered by the treasury securities is intended for utilization in a liquidity stress scenario. Moody’s also said that the net interest rate differential between the interest paid on Schwab’s new debt and interest received on the treasury securities will be immaterial to Schwab’s revenue. Moody’s said that any future utilization of the treasury securities for purposes other than to support this improved liquidity pool could result in downward rating pressure.
The Charles Schwab Corporation, through its auxiliaries, provides wealth administration, securities brokerage, banking, money administration, and financial advisory services.
Lincoln National Corporation (NYSE:LNC), raised 3.27%, and is now trading at $60.24, hitting new 52-week high of $60.84.
Lincoln Financial Group (LNC), declared that Charles C. Cornelio, will retire from his position as president, Retirement Plan Services (RPS), effective April 15, 2015. Cornelio joined Chubb Life Insurance in 1988, which was purchased by Jefferson Pilot in 1997 and then merged with Lincoln Financial Group in 2005. He held numerous roles in the organization throughout his tenure, culminating with his appointment as president of RPS in 2009.
“On behalf of the Board of Directors and all Lincoln Financial employees, I would like to thank Chuck for his many years of dedicated service,” said Dennis R. Glass, president and CEO of Lincoln Financial Group. “Among his many accomplishments, Chuck is a nationally recognized advocate for the preservation and improvement of the private retirement savings system.”
During his 30-year career, Cornelio held senior leadership roles at Lincoln Financial, Jefferson Pilot and Chubb Life Insurance Corporation in Legal, Government Relations, Distribution, Technology, Customer Service, Product Development, and Administrative Services and Operations.
Lincoln Financial Group provides advice and solutions that assist empower Americans to take charge of their financial lives with confidence and optimism. Recently, more than 17 million customers trust our retirement, insurance and wealth protection expertise to assist address their lifestyle, savings and revenue aims, in addition to guard against long-term care expenses.
Bank of America Corp (NYSE:BAC), enhanced 3.44%, and is now trading at $16.55.
Bank of America Corporation (BAC), released the results of its 2015 stress test. Under the Dodd-Frank Act, systemically important institutions are required to conduct an annual stress test and publish the results.
The Federal Reserve conducts its own test and declares its results at the same time. Bank of America’s estimates may differ from the Federal Reserve’s estimates. In addition, they do not comprise the influence of potential capital actions in excess of the corporation’s current ordinary share dividends1 (and contractually obligated payments on other regulatory capital instruments) and should not be regarded as forecasts of actual financial results for either Bank of America or its selected auxiliaries. Investors in securities issued by Bank of America should not rely on the stress test results as being indicative of predictable future results.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset administration and other financial and risk administration products and services.
Bank of New York Mellon Corp (NYSE:BK), rose 2.53%, and is now trading at $40.17.
Today, Bank of New York Mellon Corp (BK), a global leader in investment administration and investment services, has been designated by Accor S.A., a leading hotel operator based in France, as depositary bank for its sponsored American depositary receipt (ADR) program. Accor formerly traded in the U.S. as an unsponsored DR. Each sponsored ADR represents one-fifth of an ordinary share and trades on the OTC Markets under the symbol ‘ACCYY.’ Accor’s ordinary shares trade on Euronext Paris under the code ‘AC.’
With more than 3,700 hotels and 480,000 rooms, Accor caters to business and leisure travelers in 92 countries across all hotel segments: luxury-upscale with Sofitel, Pullman, MGallery, and Grand Mercure; midscale with Novotel, Suite Novotel, Mercure and Adagio; and economy with ibis, ibis Styles, ibis budget and hotelF1. The corporation’s digital ecosystem comprises its booking portal accorhotels.com, brand websites, and loyalty program Le Club Accorhotels.
BNY Mellon is a global investments corporation dedicated to assisting its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment administration and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under administration.
