On Wednesday, New York Community Bancorp, Inc. (NYSE:NYCB)’s shares declined -1.19% to $18.33.
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the regulations promulgated thereunder by the Board of Governors of the Federal Reserve System (the “FRB”), New York Community Bancorp, Inc. (NYCB) (the “Company”) recently revealed the results of its 2015 Dodd-Frank Act company-run stress test (“DFAST”) under the Severely Adverse Scenario established by the FRB on October 23, 2014.
The Company’s DFAST results, and those of its savings bank partner, New York Community Bank, have been posted to the Company’s website, www.myNYCB.com, under “Investor Relations” and can be accessed by clicking on “Financial Results” and then on “Regulatory Disclosures.”
The DFAST results reflect the Company’s estimates of losses, pre-provision net revenue, provisions for loan and lease losses, net income, and capital levels under the FRB’s Severely Adverse Scenario over a nine-quarter planning horizon starting September 30, 2014 and ending on December 31, 2016. These results are not intended to be a forecast of the Company’s future financial condition or results of operations but, rather, a possible outcome based on the hypothetical, severely adverse, macroeconomic conditions developed by the FRB for 2015 DFAST purposes.
New York Community Bancorp, Inc. operates as a holding company for New York Community Bank and New York Commercial Bank that offer banking products and financial services in New York, New Jersey, Florida, Ohio, and Arizona.
Time Warner Inc (NYSE:TWX)’s shares gained 0.21% to $87.22.
Time Warner Inc. (TWX) declared the expiration of its tender offer (the “Offer”) to purchase for cash any and all of the outstanding 5.875% Notes due 2016 (CUSIP No. 887317AC9) of Time Warner Inc. (the “Notes”). The Offer expired at 5:00 p.m., New York City time, on June 3, 2015 (the “Expiration Time”).
As of the Expiration Time, $687,092,000 aggregate principal amount of outstanding Notes had been validly tendered and accepted. This amount comprises $610,000 aggregate principal amount of outstanding Notes tendered following the guaranteed delivery procedures described in the Offer to Purchase regarding the Offer, which remain subject to the Note holders’ performance of the delivery requirements under such procedures.
As declared on May 28, 2015, the purchase price is $1,073.50 per $1,000 principal amount of Notes tendered and accepted for payment. Time Warner will also pay accrued and unpaid interest on the Notes accepted in the Offer up to, but not counting, June 4, 2015 for all Notes tendered in the Offer, counting the Notes tendered following the guaranteed delivery procedures. The payment date is June 4, 2015 (other than with respect to Notes tendered following the guaranteed delivery procedures, with respect to which payment will be made on June 8, 2015).
Time Warner anticipates to record an approximate $51,000,000 pre-tax charge to “other income (loss), net” in the second quarter of 2015 related to the premiums paid to tendering holders of the Notes. The loss will not impact Adjusted EPS.
Time Warner Inc. operates as a media and entertainment company in the United States and internationally. It operates through three segments: Turner, Home Box Office, and Warner Bros. The Turner segment owns and operates a portfolio of cable television networks and related properties that offer entertainment, sports, kids, and news programming on television and digital platforms for consumers. It operates about 165 channels in 200 countries.
At the end of Wednesday’s trade, Celgene Corporation (NASDAQ:CELG)‘s shares surged 0.95% to $112.16.
Celgene Corporation (CELG) declared that during its June meeting the Company’s Board of Directors authorized the repurchase of up to an additional $4.0 billion of the Company’s common stock.
This open-ended program is effective right away. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene’s administration and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of about $5.2 billion remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned about $12.3 billion to shareholders through the repurchase program.
Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies to treat cancer and inflammatory diseases in the United States and Internationally. It markets REVLIMID, an oral immunomodulatory drug for multiple myeloma, myelodysplastic syndromes (MDS), and mantle cell lymphoma; ABRAXANE, a solvent-free chemotherapy product to treat breast, non-small cell lung, pancreatic, and gastric cancers; POMALYST/IMNOVID for the treatment of multiple myeloma; and VIDAZA, a pyrimidine nucleoside analog to treat intermediate-2 and high-risk MDS, and chronic myelomonocytic leukemia, in addition to acute myeloid leukemia (AML).
Starwood Property Trust, Inc. (NYSE:STWD), ended its Wednesday’s trading session with 0.22% gain, and closed at $22.71.
Starwood Property Trust, Inc. (STWD) declared that Adam Behlman and Isaac Pesin were promoted to the position of Co-Presidents of its Real Estate Investing & Servicing Division (“REIS”). They had assumed the roles of Co-heads of REIS earlier this year. In their new role they will oversee the CMBS and real estate investment platform in addition to lead LNR Partners, the Company’s commercial mortgage special servicer.
Mr. Behlman has served as the Head of Capital Markets and Chief Risk Officer for LNR since 2011. Prior to this role, Mr. Behlman served as Head of the Real Estate Finance and CMBS division of UBS, where he was in charge of managing and trading its legacy CMBS and Commercial Real Estate Loan book while also returning UBS to the origination, trading and underwriting business. He has over 25 years of capital markets and real estate experience with firms counting Deutsche Bank, Prudential Securities and Deloitte.
Mr. Pesin most served as Managing Director of Investments and Business Development for LNR. He started as a Loan Asset Manager in 2003 and across his 11 year career at the firm has held various positions counting Co-President of Special Servicing, Director of Business Development, Director of Operations, Team Leader, and Surveillance Manager. Before joining LNR, Mr. Pesin worked in the real estate practice group at JP Morgan Partners, the private equity arm of JP Morgan Chase. Prior to JP Morgan, he worked in the real estate investment banking group at Morgan Stanley.
Starwood Property Trust, Inc. originates, acquires, finances, and manages commercial mortgage loans, other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate-related debt investments in the United States and Europe.
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