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Feb 28, 2014

DealBook P.M. Edition February 28, 2014: Citigroup Revises Earnings on Fraud in Mexico.

For the latest updates, go to dealbook.nytimes.com »
FRIDAY, FEBRUARY 28, 2014
TOP STORY
Michael Corbat, the chief executive of Citigroup, said the bank was working with the Mexican authorities.
Citigroup Revises Earnings on Fraud in MexicoCitigroup said on Friday that it was revising its results for the fourth quarter and 2013 after it discovered fraud at a subsidiary in Mexico. The company said in a statement that it lent $585 million through Banco Nacional de Mexico, or Banamex, to Oceanografia, a Mexican oil services company, through an accounts receivable financing program. Oceanografia has been a chief supplier to Pemex, the Mexican state-owned oil company. Citigroup later discovered that Oceanografia had been suspended by the government from winning new contracts and began reviewing the financing program.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
Mark Karpeles, second from left, attended a news conference after his company, Mt. Gox, filed for bankruptcy.
Mt. Gox Files for Bankruptcy Mt. Gox, once the largest Bitcoin exchange in the world, filed for bankruptcy protection on Friday and said that it might have lost 750,000 of its customers' coins in a hacking attack.
Fortress Discloses a Paper Loss on Bitcoin The Fortress Investment Group is the first large public company to disclose a stake in Bitcoin. It had an unrealized loss of $3.7 million at the end of the year.
A Scorecard on Jos. A. Bank's Latest Moves Jos. A. Bank's rejection of the new bid from Men's Wearhouse was expected. But what was surprising was that Jos. A. Bank laid out parameters for future talks over a deal, Steven M. Davidoff writes in the Deal Professor column.
Five Years Later, an Over-the-Top Wall Street Blog ReturnsLeveraged Sell-Out, a blog that parodied the musings of young Wall Street bankers, is back with new postings, five years after the financial crisis.
Paper Warns of Exodus From Emerging Market Bond FundsFour influential economists with roots in Wall Street, academia and the Federal Reserve will warn that regulators have to date done little to prepare for a possible system-rattling "bond market tantrum."
John Mackey, the co-chief executive of Whole Foods, spoke in a session called
A Purpose Beyond Profit Over the past 15 years, something palpable has begun to change at big companies, Tony Schwartz writes. They are awakening to a larger perspective and a bigger view of the role they play in the world.
Mattel Agrees to Buy Maker of Mega Bloks, a Lego Rival Mattel on Friday said it had agreed to buy Mega Brands, a smaller company based in Montreal that sells plastic construction bricks and arts and crafts sets. The deal has an enterprise value, a measure that includes debt, of $460 million.
Chinese Auction House Raises $331 Million in Hong Kong I.P.O.The offering by Poly Culture bolsters the prospects of the company's auction business in the world's fastest-growing art market and allows it to expand its cinema, theater and performance hall operations.
Riverbed Rejects Updated Elliott Takeover Bid Riverbed Technology rejected the latest takeover proposal from the hedge fund Elliott Management on Friday, calling the $3.3 billion offer too low. The move was disclosed just three days after Elliott raised its takeover bid to $21 a share from $19.
Carl C. Icahn called the Forest Laboratories deal
The Best of the Week's eBay Barbs "The C.E.O. seems to be completely asleep," "Mr. Icahn's attacks are false and misleading" and other highlights from the war of words between Carl C. Icahn and eBay this week.
Leon D. Black, the head of Apollo Global Management, pictured in 2011.
Apollo Chief Questions Effort to Limit Banks' Exposure to Buyout Deals Leon D. Black, the head of Apollo Global Management, said on Friday that regulators instructing banks to avoid providing financing above a certain level of debt were "micromanaging."
GrubHub merged with Seamless last summer.
GrubHub Files for an I.P.O. The company published a prospectus for its initial public offering on Friday, unveiling the financial performance of divisions like Seamless and its namesake delivery service.
Bankia Privatization Starts With Sale of Government Sliver The Spanish government announced on Friday that it sold a 7.5 percent stake in Bankia, its first step toward returning the bank to private ownership. The government still owns about 61 percent of the bailed-out bank.
A Maelstrom of Fraud Without Early WarningCitigroup has been caught up in a fraud in a basic business, a situation that should concern its rivals as well, Antony Currie writes for Reuters Breakingviews.
Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corporation, hinted this week that United States banking regulators will soon announce a proposed leverage ratio.
Why the Bank Leverage Ratio Is Important The Federal Deposit Insurance Corporation has proposed the ratio at 5 percent for bank holding companies and 6 percent for insured bank depositories. The time has come to put this into effect, writes Mayra Rodríguez Valladares.
LOOKING AHEAD
Warren E. Buffett publishes his annual letter to shareholders on Saturday morning. Berkshire Hathaway's results are also released. On Friday, the jobs data for February will be carefully examined.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Most Actives Closing February 28, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:32 pm ET 02/28/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)124,062,523$16.530.040.24
Verizon Communications (VZ)60,740,14147.580.080.17
AT&T (T)42,953,39331.93-0.30-0.93
General Motors (GM)39,203,38036.20-0.57-1.55
J.C. Penney (JCP)35,660,3167.28-0.19-2.54
Ford Motor (F)35,422,34215.390.000.00
Citigroup (C)31,549,17848.63-0.06-0.12
General Electric (GE)28,184,05025.47-0.03-0.12
Pfizer (PFE)27,113,90732.11-0.12-0.37
Vale ADS (VALE)26,593,84514.17-0.16-1.12
Petroleo Brasileiro ADS (PBR)22,517,37811.20-0.32-2.78
Nokia ADS (NOK)22,275,4267.58-0.11-1.43
Rite Aid (RAD)21,157,4806.59-0.15-2.23
EMC (EMC)20,394,01426.37-0.10-0.38
E-Commerce China Dangdang ADS (DANG)18,994,44214.060.957.25
Oracle (ORCL)18,857,38839.110.160.41
Salesforce.com (CRM)18,808,75562.37-3.85-5.81
Alcoa (AA)18,794,15811.74-0.29-2.41
JPMorgan Chase (JPM)18,391,18456.820.130.23
SandRidge Energy (SD)17,828,7116.450.121.90
Wells Fargo (WFC)16,075,23146.420.370.80
Hertz Global Hldgs (HTZ)15,842,36328.01-1.01-3.48
Juniper Networks (JNPR)15,589,73026.74-0.27-1.00
Coca-Cola (KO)15,578,31738.200.130.34
Best Buy (BBY)15,328,14526.631.064.15
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
NII Holdings (NIHD)93,113,323$1.15-1.43-55.34
Facebook Cl A (FB)65,616,20668.46-0.48-0.70
American Realty Capital Properties (ARCP)46,088,60014.69-0.06-0.41
PowerShares QQQ Trust Series 1 (QQQ)42,902,64290.34-0.10-0.11
Cisco Systems (CSCO)39,604,88721.80-0.12-0.55
Microsoft (MSFT)38,164,55438.310.451.19
Zynga (ZNGA)34,295,0265.06-0.15-2.88
Micron Technology (MU)33,357,07424.190.000.00
Sirius XM Holdings (SIRI)31,375,7473.610.000.00
Intel (INTC)22,838,20424.760.000.00
Central European Media Enterprises Cl A (CETV)22,063,9684.742.0374.91
Groupon (GRPN)21,704,5928.31-0.21-2.46
BlackBerry (BBRY)20,205,25610.00-0.49-4.67
Ariad Pharmaceuticals (ARIA)19,351,5708.69-0.30-3.34
Comcast Cl A (CMCSA)18,463,58451.690.611.19
Wendy's Co (WEN)17,560,2589.58-0.36-3.62
Yahoo! (YHOO)16,672,85838.670.200.52
Windstream Holdings (WIN)16,085,2188.020.020.25
eBay (EBAY)15,957,54058.770.430.74
VelocityShares Daily Inverse VIX Short Term ETN (XIV)15,094,89431.20-0.49-1.55
FuelCell Energy (FCEL)14,725,0101.950.031.56
Applied Materials (AMAT)14,488,50418.96-0.05-0.26
Tesla Motors (TSLA)14,362,830244.81-7.73-3.06
Vodafone Group ADS (VOD)12,932,79441.570.310.75
Apple (AAPL)12,736,835526.24-1.43-0.27
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)136,470,008$186.290.470.25
iShares MSCI Emerging Markets ETF (EEM)85,456,39839.48-0.27-0.68
Select Sector SPDR-Financial (XLF)53,674,72021.700.110.51
iShares Russell 2000 ETF (IWM)44,960,578117.52-0.47-0.40
iShares MSCI EAFE ETF (EFA)38,538,62267.510.120.18
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)37,431,63043.870.771.79
iShares MSCI Japan ETF (EWJ)36,895,32711.610.060.52
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)26,643,14625.88-0.09-0.35
iShares China Large-Cap ETF (FXI)23,254,17035.39-0.39-1.09
Vanguard FTSE Emerging Markets ETF (VWO)21,889,73338.89-0.31-0.79
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)21,406,3743.42-0.32-8.56
Direxion Daily Small Cap Bear 3x Shares (TZA)16,996,54215.530.181.17
iShares MSCI Brazil Capped ETF (EWZ)16,771,42741.00-0.63-1.51
ProShares UltraShort S&P500 (SDS)16,030,37328.94-0.11-0.38
iShares U.S. Real Estate ETF (IYR)13,100,32068.350.450.66
Select Sector SPDR-Industrial (XLI)12,862,17952.060.100.19
Direxion Daily Small Cap Bull 3x Shares (TNA)10,705,17880.37-1.11-1.36
Select Sector SPDR-Energy (XLE)10,395,34587.650.440.50
Select Sector SPDR-Health Care (XLV)10,333,69459.440.000.00
SPDR Gold Trust (GLD)9,825,942127.62-0.58-0.45
SPDR Dow Jones Industrial Average ETF Trust (DIA)9,792,799163.020.470.29
iShares MSCI Taiwan ETF (EWT)8,990,49114.06-0.01-0.07
Select Sector SPDR-Utilities (XLU)8,831,76240.450.280.70
Market Vectors Russia ETF Trust SBI (RSX)8,485,79624.44-0.58-2.32
Select Sector SPDR-Technology (XLK)8,381,38536.350.040.11
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)136,630,086$186.290.470.25
Bank of America (BAC)124,062,52316.530.040.24
NII Holdings (NIHD)93,113,3231.15-1.43-55.34
iShares MSCI Emerging Markets ETF (EEM)85,456,42139.48-0.27-0.68
Facebook Cl A (FB)65,616,20668.46-0.48-0.70
Verizon Communications (VZ)60,740,14147.580.080.17
Select Sector SPDR-Financial (XLF)53,674,74121.700.110.51
American Realty Capital Properties (ARCP)46,088,60014.69-0.06-0.41
iShares Russell 2000 ETF (IWM)45,171,871117.52-0.47-0.40
AT&T (T)42,953,39331.93-0.30-0.93
PowerShares QQQ Trust Series 1 (QQQ)42,902,64290.34-0.10-0.11
Cisco Systems (CSCO)39,604,88721.80-0.12-0.55
General Motors (GM)39,203,38036.20-0.57-1.55
iShares MSCI EAFE ETF (EFA)38,538,65167.510.120.18
Microsoft (MSFT)38,164,55438.310.451.19
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)37,431,63043.870.771.79
Plug Power (PLUG)37,187,2534.670.306.86
iShares MSCI Japan ETF (EWJ)36,895,32711.610.060.52
J.C. Penney (JCP)35,660,3167.28-0.19-2.54
Ford Motor (F)35,422,34215.390.000.00
Zynga (ZNGA)34,295,0265.06-0.15-2.88
Micron Technology (MU)33,357,07424.190.000.00
Citigroup (C)31,549,17848.63-0.06-0.12
Sirius XM Holdings (SIRI)31,375,7473.610.000.00
General Electric (GE)28,184,05025.47-0.03-0.12
 
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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