Archive for April, 2010
Lending Club and Prosper: Comparing Two Peer to Peer Lending Models
Lending Club and Prosper Marketplace are the two established companies in the United States which offer peer to peer lending marketplaces in which people can make loans to one another. Although they have similar business plans, the two companies loan marketplaces function quite different. Prosper Marketplace makes use of a reverse Dutch auction, in which [...]
Massachusetts to Take Business Away from Wells Fargo (NYSE: WFC), Citigroup (NYSE: C) and Bank of America (NYSE: BAC)
Massachusetts’ state government will withdraw more than $243 million worth of state funds from their Bank of America Corp. (NYSE: BAC), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) accounts because the three banks refuse to cap credit card interest rates at 18%, according to a new report from Business Week. Bank [...]
Citigroup (NYSE: C) Sets New Price Target on Philip Morris (NYSE: PM)
Citigroup‘s (NYSE: C) equity research team issued a new price target of $56.00 on Philip Morris International (NYSE: PM) and reiterated its buy rating. Citi analyst says, “PM has met or beaten consensus every quarter since its spin, but this quarter we think there is a decent chance it will miss consensus EPS ($0.93) by [...]
Sale Continues at Citi (NYSE: C). SkyBridge Capital LLC to Acquire Three Hedge-Fund Businesses
Continuing to reduce their risk profile, Citigroup Inc (C) has announced the sale of three hedge-fund businesses to SkyBridge Capital LLC. The sale is the latest step being taken by Citi to reduce the government shadow (the Treasury Department still owns more than one-fourth of Citi’s common stock) and sell off its peripheral businesses. Since [...]
Theflyonthewall.com Asks for Ban to be Lifted in Case Against Banking Giants Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS) and Barclays (LSE:BARC)
Theflyonthewall.com has pressed U.S. District Judge Denise Cote to remove the ban she placed on the company in March in a case brought against them by banking giants Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS) and Barclays (LSE:BARC). The request by Theflyonthewall.com came from the decision by Cote to restrict the company from dessiminating research [...]
Under Fire in Washington, J.P. Morgan Chase & Co. (NYSE: JPM) Reports 55% Increase in Profits
J.P. Morgan Chase (JPM) reported a 1st quarter profit of $3.3 billion, an increase of 55% from a year earlier. The improving economy left its mark on the bank’s first-quarter earnings, as delinquencies continued to decline and the company had to set aside less money for bad loans. “There is clear and broad based improvement” [...]
Bank Of America (NYSE: BAC) Taps Noski As New CFO
Bank of America (NYSE: BAC) announced Wednesday it has named Charles H. Noski as executive vice president and chief financial officer, effective May 11. Noski, 57, was most recently the CFO and corporate vice president of aerospace company Northrop Grumman Corp. Prior to working with Northrop Grumman, Noski spent time as CFO and chairman of [...]
Goldman Sachs (NYSE:GS) Recommends Buying Low Cost Ebay (Nasdaq:EBAY) Options Before Earnings Report
With expectations the eBay (Nasdaq:EBAY) earnings report could be “volatile,” Goldman Sachs’ John Marshall and Maria Grant, equity derivatives strategists for the company, recommend buying “low cost” options as a hedge against the stock before the earnings report slated for April 21. The specifics recommended by the two would be to acquire May $25 puts [...]
Citigroup (NYSE:C) Selling Hedge Fund Business Citi Alternative Investments to Skybridge Capital
Citigroup (NYSE:C) has reportedly sold their hedge fund business – which had operated as Citi Alternative Investments – to Skybrdige Capital, the investment company launched by Anthony Scaramucci. As a result, an additional $4.2 billion in assets will be added to Skybridge, bringing the total in assets under management by the company to $5.6 billion. [...]
Morgan Stanley (NYSE: MS) Says Bank of America (NYSE: BAC) Stock Price to Increase
Morgan Stanley (NYSE: MS) wrote in a note to clients on Tuesday that they believe Bank of America‘s (NYSE: BAC) share price will increase during the next 45 days, citing a number of catalysts which could drive gains in the company’s stock price. Analysts at Morgan Stanley believes that Bank of America’s April 16th earnings [...]
Morgan Stanley New York Quality Municipal Securities Today Declared a Monthly Income Dividend from Tax-Free Income (NYSE:MS)
Morgan Stanley New York Quality Municipal Securities today declared a monthly income dividend of $.06 per share from tax-free income. Morgan Stanley New York Quality Municipal Securities is a closed-end non-diversified management investment company investing primarily in Municipal Obligations the interest on which is exempt from federal, New York State and New York City income [...]
Research and Markets: Bank of America Corporation: SWOT Analysis & Company Profile (NYSE:BAC)
Research and Markets (http://www.researchandmarkets.com/research/5430d0/bank_of_america_co) has announced the addition of the “Bank of America Corporation: SWOT Analysis & Company Profile” company profile to their offering. Bank of America Corporation: SWOT Analysis & Company Profile offers both overview level information and in-depth analysis of Bank of America Corporation highlighting the major internal and external factors which play [...]
JPMorgan Chase Reports First-Quarter 2010 Net Income of $3.3 Billion, or $0.74 Per Share, on Revenue1 of $28.2 Billion (NYSE:JPM)
JPMorgan Chase & Co. (NYSE: JPM) today reported first-quarter 2010 net income of $3.3 billion, compared with $2.1 billion in the first quarter of 2009. Earnings per share were $0.74, compared with $0.40 in the first quarter of 2009. Jamie Dimon, Chairman and Chief Executive Officer, commented on the quarter: “The Firm’s net income of $3.3 billion reflected another [...]
Lending Club Announces Closing of $24.5 Million Series C Funding
Lending Club, a company which offers a peer to peer lending marketplace, announced the closing of a $24.5 million “Series C” investment round, lead by Foundation Capital and joined by existing investors including, Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners. “Lending Club is ideally positioned to capture a significant share of the US banking [...]
JP Morgan Chase (NYSE: JPM) Posts 57 Percent Jump In Q1 Profit
JP Morgan Chase (NYSE: JPM) announced Wednesday morning first quarter profits jumped 57 percent led by robust revenue growth at its investment banking unit. The bank said it earned $3.3 billion or 74 cents a share in the first quarter, up from $2.1 billion or 40 cents a share in the same period a year [...]
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