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Jan 31, 2014

DealBook P.M. Edition January 31, 2014: Weekend Reading: Super Bowl Quotes for Wall Street.



FRIDAY, JANUARY 31, 2014
TOP STORY
Weekend Reading: Super Bowl Quotes for Wall Street Big banks are giving their junior workers time off just in time for the Super Bowl. This week we're looking at quotable National Football League stars and Wall Street financier counterparts.

"Omaha!" - Peyton Manning, Denver Broncos

Manning, the highest paid player in the N.F.L. is due $15 million next season, on par with Lloyd C. Blankfein, the chief executive of Goldman Sachs, who was granted restricted shares worth almost as much as part of his 2013 pay package. Mr. Blankfein's total compensation is expected to be around $23 million. The Oracle of Omaha, Warren E. Buffett, famously takes only a $100,000 salary. That's less than the $405,000 rookie minimum salary for the N.F.L.

"I'm the best corner in the game! When you try me with a sorry receiver like Crabtree that's the result you're gonna get! Don't you ever talk about me!" - Richard Sherman, Seattle Seahawks

Sherman, a Stanford University graduate, was called a "thug" and worse for his trash talking after the N.F.C. championship game. Endorsements offers of $5 million soon followed, the player's agent told CNNMoney.

Bitcoin advocates Cameron and Tyler Winklevoss also grabbed attention this week for taking a swipe at their opponents: the traditional banking industry. "Solutions don't really come from the current industry," Cameron Winklevoss said. The Harvard graduates have made of career of public feuds, having made their early reputation battling Mark Zuckerberg over ownership of Facebook.

"I'm just 'bout that action, boss." - Marshawn Lynch, Seattle Seahawks

Lynch, the running back known as "Beast Mode," doesn't speak to the media very often, but when he does the world listens to every word.

The hedge fund titan Paul E. Singer has his own nickname - "vulture capitalist" - and is famously shy about speaking with the financial press. The billionaire does his talking through conferences like the World Economic Forum in Davos and his letters to shareholders of Elliott Management. In a 2013 letter obtained by ValueWalk, Mr. Singer attacked big banks saying that if "a law is ignored in thousands of subtle ways, then over time the rule of law will be replaced by corruption and whim."
For the latest updates, go to dealbook.nytimes.com »
A look back on our reporting of the past week's highs and lows in finance.
FRIDAY
Much of Bank of America's mortgage troubles stemmed from the subprime lender Countrywide Financial, which the bank acquired in 2008.
Judge Approves Bank of America Mortgage Settlement A New York State judge on Friday approved most of an $8.5 billion agreement by Bank of America to settle claims by nearly two dozen mortgage securities investors.
Satya Nadella, pictured in 2012, has worked closely with Microsoft's departing chief executive, Steven A. Ballmer.
Contender for Microsoft Helm Seen as Unlikely to Shake It Up As Microsoft hunts for its new chief executive, the company is said to have zeroed in on a company man who's spearheaded Microsoft's efforts to stay on the cutting edge. But Satya Nadella probably isn't the man for drastic action.
Super Bowl Boulevard has taken over a wide swath of Broadway in Midtown Manhattan.
From High Above Times Square, a Super Bowl TeaseMillions of dollars' worth of financial transactions are flowing in conference rooms above Times Square, while Super Bowl revelers gather on the streets. And the financial workers are mostly just annoyed with the hubbub..
Google's Stock Split Comes as Shares Hit Record HighsRemember when Google announced plans to split its stock, creating a third class of shares? Now the company's board has finally cleared the way for the stock division.
The columnist says the simplest definition of meditation is learning to do one thing at a time.
Life@Work: More Mindfulness, Less Meditation The practice has benefits, but it is far more effective as a technique of self-management than as a means of personal transformation, Tony Schwartz writes in the Life@Work column.
Berlin's Hertha BSC soccer club is popular but has had financial difficulties.
K.K.R. Buys Stake in German Soccer Club Kohlberg Kravis Roberts & Company has agreed to buy a 9.7 percent stake in Hertha BSC, a soccer club in Berlin. It is virtually unheard of for an American private equity firm to buy a stake in German soccer.
Start-Up Aims to Circumvent Rules on Private Stock SalesEmployees who hold shares in start-ups are often wealthy on paper, but have few ways to access that wealth. A new company, Equidate, is trying to get around rules that restrict employees' ability to sell their shares with a novel way to provide liquidity.
Telecom Firm Altice Raises $1.8 Billion in I.P.O. The pricing gives the company, which has operations in several European countries and the Caribbean, a market value of €5.7 billion and fuel for potential acquisitions.
THURSDAY
Lloyd Blankfein, chief of Goldman Sachs.
Goldman Awards Blankfein $14.7 Million in Stock Bonus Lloyd C. Blankfein, the chief executive of Goldman Sachs, was awarded 10.5 percent more than in the previous year.
Mary L. Schapiro, the former head of the Securities and Exchange Commission, joined the Promontory Financial Group last year.
Former Chief of S.E.C. to Shift Consulting Job Mary L. Schapiro is leaving a full-time role at the Promontory Financial Group and said her time would be spent on an array of university lectures, speaking engagements and corporate board work.
A computer market in Shanghai. With the PC market in steady decline, Lenovo is aggressively moving into mobile and servers.
Over Just 7 Days, Lenovo Wraps Up Two Deals Totaling $5.2 Billion Lenovo, the world's biggest PC maker, bought a low-end server business that will remain in demand for years, and Motorola Mobility, which makes it the trusted partner of Google.
Prime Minister Helle Thorning-Schmidt said on Thursday that she would form a new government after some ministers quit.
Goldman Deal Threatens Danish Government When Denmark gave the company approval to buy a stake in its state utility, the Socialist People's Party withdrew its ministers from the country's governing coalition.
Col. Muammar el-Qaddafi was still the Libyan leader when the country's sovereign wealth fund began investing with Goldman Sachs.
Libyan Investment Fund Sues Goldman Over LossThe Libyan Investment Authority claims that Goldman Sachs made more than $1 billion in derivatives trades that became worthless in value but left the bank with a profit of $350 million.
Goldman Sachs's building on Fleet Street. The Libyan Investment Authority filed a lawsuit against Goldman in London.
News Analysis: Libya Says Goldman Didn't Explain Options The Libyan Investment Authority says Goldman did not provide confirmations of trades until weeks, or in some cases months, after they were made or require it to sign the normal agreement required to trade in derivatives.
WEDNESDAY
Motorola Mobility's Moto X phones, which failed to sell as well as expected. Google spent $12.5 billion to buy the company.
After Big Bet, Google Is to Sell Motorola Unit The announced sale of Motorola for $2.91 billion is not a total loss for Google, but it is a sign of fits and starts at the company.
Wall Street's New Housing Bonanza Banks have begun selling bonds backed by foreclosed homes turned into rentals in the United States, bringing calls for Congress to look into the deals.
The Justice Department blocked a proposed merger between T-Mobile and AT&T in 2011.
Wireless Mergers Will Draw Scrutiny, Antitrust Chief Says William J. Baer, assistant attorney general for the antitrust division, said consumers have enjoyed "much more favorable competitive conditions" since the division blocked a proposed merger between AT&T and T-Mobile in 2011.
Ellen Dorsey of the Wallace Global Fund, which is coordinating foundations' efforts to sell off coal, oil and gas production stocks.
Foundations Band Together to Get Rid of Fossil-Fuel Investments Taking cues from old fights to end apartheid and oppose tobacco, several foundations are addressing the warming of the planet.
Sotheby's employees hold up Vincent Van Gogh's
Sotheby's, Under Pressure, to Pay Special Dividend and Buy Back Shares Sotheby's outlined plans to pay $300 million to shareholders in the form of a special dividend, and said it would begin a $150 million share repurchase program.
Senator Claire McCaskill, Democrat of Missouri, leads the subcommittee on Financial and Contracting Oversight.
Senator Asks Veterans Agency to Review How Financial Advisers Are Accredited A lax accreditation process is effectively giving "unscrupulous or unqualified individuals" an opportunity to waste taxpayer money and harm veterans, Senator Claire McCaskill said.
David Meister, also a former federal prosecutor, will head the white-collar group at Skadden.
A Former Regulator Returns to Private Practice David Meister, who left the post of enforcement chief at the Commodity Futures Trading Commission last fall, will return to his old firm, Skadden, Arps.
Mathew Martoma, a former SAC portfolio manager, is charged with insider trading.
Colleague of SAC Leader Was Not Alerted to TradesAn associate of Steven A. Cohen said at the trial of Mathew Martoma, a former SAC Capital Advisors trader, that he was told of drug stock sales after the fact.
Michel Barnier, the European Union commissioner who oversees financial services, defended the timing of a regulatory proposal.
Europe's Banking Risk Plan Is a Long Shot The European Union revealed a long-awaited proposal to reduce the systemic risk posed by big banks like the Volcker Rule in the United States, but it may be a long time before the European Parliament considers it.
The Industrial and Commercial Bank of China, a state-controlled bank, owns a 20.1 percent stake in Standard Bank of South Africa.
China's Biggest Bank Gains Entree Into Trading in London Industrial and Commercial Bank of China is buying a controlling interest in Standard Bank's global markets business in London.
TUESDAY
Banks have paid out billions of dollars for their role in the mortgage collapse, but some hedge funds say they should pay more.
News Analysis: Hedge Funds Sniff for Even Bigger Payouts From Banks One hedge fund, Fir Tree Partners, is even trying to coax other investors out of participating in the $4.5 billion JPMorgan Chase settlement with private investors.
Cameron, left, and Tyler Winklevoss, at a hearing about virtual currency on Tuesday in New York. The hearing gave five Bitcoin advocates the chance to discuss what they view as the advantages of Bitcoin over current systems.
A Swipe at Traditional Banking at a Forum Illuminating Bitcoin A hearing on the regulatory future of Bitcoin gave advocates the chance to enumerate what they view as the advantages Bitcoin could provide over current monetary systems.
Mathew Martoma, a former SAC Capital Advisors trader, is accused of insider trading.
SAC's Counsel Testifies at Insider Trading Trial in Unexpected Move by the Defense Testimony by the chief counsel at SAC could allow prosecutors to scrutinize compliance at the multibillion-dollar hedge fund founded by Steven A. Cohen.
Deal Professor: Answers to a Puzzling Deal at Alibaba Remain in the Shadows Alibaba's acquisition of a sleepy technology company set of a flurry of speculation and after its public debut scrutiny of its deals will only intensify.
MONDAY
Jiang Jianqing
DealBook Column: Anxiety Rising Over Relations Between Japan and China The ties of the neighbors with a long history of strained interactions were a major topic at the World Economic Forum, writes Andrew Ross Sorkin.
Charles Shrem, who co-founded an exchange for virtual money and spoke on the Bitcoin circuit, was arrested on Sunday.
Bitcoin Figure Is Accused of Conspiring to Launder Money A prominent player in the Bitcoin universe, Charles Shrem, was arrested on Sunday and accused of helping people making drug transactions on the now defunct online bazaar Silk Road.
A branch of Royal Bank of Scotland in London.
Past Sins Haunting Royal Bank of Scotland The bank said it would set aside £3 billion, or nearly $5 billion, to cover litigation losses tied to soured mortgage-backed securities and other assets sold before the financial crisis began.
Vodafone's shareholders will soon get a glimpse of the company's plans after it completes the $130 billion sale of its stake in Verizon Wireless.
Despite Spate of Deals, Vodafone Faces an Uncertain Future Telecommunications analysts debate whether Vodafone can prosper on its own or whether it would be better off as a takeover target.
BUZZ TRACKER
Accounting for Jamie Dimon's Big Raise The compensation and management development committee of JPMorgan Chase's board has three members, all seasoned business luminaries in their own right. So how could they recommend paying the bank's chief executive, Jamie Dimon, $20 million for 2013, a year in which JPMorgan shelled out more than $20 billion in regulatory fines and penalties? James B. Stewart asks in his Common Sense column in The New York Times.
Detroit Plan Is Said to Split Creditors Into 2 Groups Detroit is preparing to resolve its bankruptcy case by splitting its unsecured creditors into two groups and treating them differently, according to people briefed on the city's plan.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Most Actives Closing January 31, 2014

Most Actives Closing
Most Active Stocks by Volume
4:47 pm ET 01/31/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)137,651,013$16.75-0.18-1.06
Ford Motor (F)63,803,20614.96-0.29-1.90
Pfizer (PFE)40,598,49730.40-0.42-1.36
General Electric (GE)39,786,34525.13-0.37-1.45
EMC (EMC)37,713,06624.24-0.38-1.54
Petroleo Brasileiro ADS A (PBRA)36,976,65011.90-0.26-2.14
Newmont Mining (NEM)35,037,45621.60-2.50-10.37
J.C. Penney (JCP)34,976,9855.920.152.60
AT&T (T)33,868,75333.32-0.03-0.09
Citigroup (C)33,074,88747.43-0.87-1.80
Alcoa (AA)30,625,14211.51-0.44-3.68
Petroleo Brasileiro ADS (PBR)29,342,39811.21-0.13-1.15
General Motors (GM)27,094,22036.08-0.76-2.06
Wells Fargo (WFC)26,986,20145.34-0.71-1.54
Xerox (XRX)26,253,57510.85-0.20-1.81
MasterCard Cl A (MA)22,792,68275.68-4.08-5.12
Chimera Investment (CIM)19,310,1683.12-0.02-0.64
Rite Aid (RAD)18,963,8355.55-0.12-2.12
Office Depot (ODP)18,131,0774.89-0.01-0.20
JPMorgan Chase (JPM)17,876,01455.36-0.64-1.14
Verizon Communications (VZ)17,816,32948.020.390.82
Annaly Capital Management (NLY)17,362,21910.770.211.99
Sprint (S)16,968,3418.27-0.12-1.43
Vale ADS (VALE)16,883,91213.600.100.74
Exxon Mobil (XOM)16,787,75892.16-1.83-1.95
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Zynga (ZNGA)169,742,284$4.400.8423.60
Facebook Cl A (FB)86,824,30562.571.492.44
Microsoft (MSFT)85,553,71837.840.982.66
PowerShares QQQ Trust Series 1 (QQQ)42,137,16286.27-0.23-0.27
Cisco Systems (CSCO)41,517,94921.91-0.07-0.30
VelocityShares Daily Inverse VIX Short Term ETN (XIV)33,193,27328.61-2.42-7.80
Sirius XM Holdings (SIRI)32,108,0603.58-0.02-0.42
Yahoo! (YHOO)29,893,34936.010.701.98
Micron Technology (MU)28,236,81023.04-0.41-1.75
Intel (INTC)26,911,69524.54-0.20-0.81
Mattel (MAT)20,143,82137.84-5.17-12.02
Applied Materials (AMAT)19,781,29716.820.040.24
VelocityShares Daily 2x VIX Short Term ETN (TVIX)17,547,7459.591.3816.81
JDS Uniphase (JDSU)17,148,19113.290.574.48
Broadcom (BRCM)16,366,38629.760.551.88
Apple (AAPL)16,272,872500.600.820.16
Comcast Cl A (CMCSA)15,432,08954.450.260.48
21st Century Fox Cl A (FOXA)15,396,17631.82-0.20-0.62
Ariad Pharmaceuticals (ARIA)14,926,9637.39-0.45-5.74
Symantec (SYMC)14,895,23121.41-0.97-4.33
Qualcomm (QCOM)14,600,61374.220.961.31
BlackBerry (BBRY)14,099,9319.45-0.34-3.42
Amazon.com (AMZN)13,691,886358.69-44.32-11.00
AMR (AAL)12,676,24633.55-0.25-0.74
eBay (EBAY)12,157,69153.200.020.04
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)174,134,746$178.18-1.05-0.59
iShares MSCI Emerging Markets ETF (EEM)99,997,29038.190.060.16
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)69,042,17149.513.858.43
Select Sector SPDR-Financial (XLF)49,762,71921.06-0.25-1.17
iShares Russell 2000 ETF (IWM)44,538,770112.16-0.84-0.74
iShares MSCI Japan ETF (EWJ)41,130,45011.33-0.30-2.62
iShares MSCI EAFE ETF (EFA)33,516,98263.61-1.10-1.70
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)28,103,18923.48-0.01-0.04
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)25,876,7744.240.040.95
Vanguard FTSE Emerging Markets ETF (VWO)24,777,09137.67-0.01-0.03
iShares China Large-Cap ETF (FXI)23,431,62534.58-0.08-0.23
Select Sector SPDR-Consumer Staples (XLP)21,623,91940.76-0.20-0.49
iShares MSCI Brazil Capped ETF (EWZ)17,331,78539.24-0.40-1.01
Select Sector SPDR-Energy (XLE)15,914,49483.38-1.09-1.29
Direxion Daily Small Cap Bear 3x Shares (TZA)15,451,47018.170.351.96
ProShares UltraShort S&P500 (SDS)14,704,74731.730.371.18
Select Sector SPDR-Industrial (XLI)14,056,61950.03-0.25-0.50
iShares 20+ Year Treasury Bond ETF (TLT)13,999,823108.280.720.67
Select Sector SPDR-Utilities (XLU)13,995,04539.100.320.83
iShares U.S. Home Construction ETF (ITB)12,110,66524.820.431.76
WisdomTree Japan Hedged Equity Fund (DXJ)11,556,26346.61-1.36-2.84
iShares U.S. Real Estate ETF (IYR)11,171,17165.250.200.31
Select Sector SPDR-Health Care (XLV)10,767,83155.96-0.49-0.87
SPDR Dow Jones Industrial Average ETF Trust (DIA)10,478,384156.75-1.42-0.90
Select Sector SPDR-Technology (XLK)9,858,53634.820.080.23
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)174,134,736$178.18-1.05-0.59
Zynga (ZNGA)169,742,2844.400.8423.60
Bank of America (BAC)137,651,01316.75-0.18-1.06
iShares MSCI Emerging Markets ETF (EEM)100,141,44938.190.060.16
Facebook Cl A (FB)86,824,30562.571.492.44
Microsoft (MSFT)85,553,71837.840.982.66
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)69,042,17149.513.858.43
Ford Motor (F)63,803,20614.96-0.29-1.90
Select Sector SPDR-Financial (XLF)49,762,71921.06-0.25-1.17
iShares Russell 2000 ETF (IWM)44,539,355112.16-0.84-0.74
PowerShares QQQ Trust Series 1 (QQQ)42,137,16286.27-0.23-0.27
Cisco Systems (CSCO)41,517,94921.91-0.07-0.30
iShares MSCI Japan ETF (EWJ)41,132,55011.33-0.30-2.62
Pfizer (PFE)40,598,49730.40-0.42-1.36
General Electric (GE)39,786,34525.13-0.37-1.45
EMC (EMC)37,713,06624.24-0.38-1.54
Petroleo Brasileiro ADS A (PBRA)36,976,65011.90-0.26-2.14
Newmont Mining (NEM)35,037,45621.60-2.50-10.37
J.C. Penney (JCP)34,976,9855.920.152.60
iShares MSCI EAFE ETF (EFA)34,659,10263.61-1.10-1.70
AT&T (T)33,868,75333.32-0.03-0.09
VelocityShares Daily Inverse VIX Short Term ETN (XIV)33,193,27328.61-2.42-7.80
Citigroup (C)33,074,88747.43-0.87-1.80
Sirius XM Holdings (SIRI)32,108,0603.58-0.02-0.42
Alcoa (AA)30,625,14211.51-0.44-3.68
 
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Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group