Stock Analysis: Auditor changed, New York REIT’s (NYSE: NYRT) annual report to be delayed; Doral Financial (NYSE:DRL), The Dow (INDEX:DJI)

New York REIT (NYSE: NYRT) has announced, as a result of its previously disclosed change in auditors, that it expects to delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2014, beyond the required filing date of March 2. New York REIT expects to file its Form 10-K with an audit report and attestation on internal control over financial reporting from its new independent registered public accounting firm, KPMG LLP, in April.

 

Doral Financial (NYSE:DRL) concerned about pending items’ negative impact. Doral Financial (NYSE:DRL)  filed its annual report for FY14 on Federal Reserve Bank Form FR Y-9C on February 17, with the Federal Reserve Bank of New York, its principal regulatory agency. The company is still in the process of completing its financial statements for the first three fiscal quarters of 2014 as well as the full fiscal year and its independent auditors have not reviewed or audited the financial information set forth in the Form FR Y-9C. Accordingly, the financial information set forth in the Form FR Y-9C remains subject to further adjustments which may result in a material negative impact on results of operations and financial condition which could result in the company’s primary operating subsidiary, Doral Bank, falling into the "critically undercapitalized" regulatory capital category.

 

Greek deal reached, Dow (INDEX:DJI), S&P 500 reach record highs. Stocks were on track to end the week slightly higher, but a tentative bailout extension reached for Greece today helped fuel an end of the week rally in the U.S. market. Worries about Greece's status within the eurozone moved markets throughout the week and the relief rally over the preliminary deal helped push the Dow Jones (INDEX:DJI)  and S&P 500 to close out the week at new record highs. Investors were worried about the effects of a potential exit of Greece from the eurozone, as the Greek government sought changes in the terms of its bailout. Germany yesterday rejected Athens' proposals. However, on Friday afternoon the Eurogroup reached a framework deal that will keep Greece's bailout funds flowing as long as the country commits to new reform measures.