Archive for April, 2010
Ambac (NYSE: ABK) Falls Sharply on JPMorgan (NYSE: JPM) Note, Jim Cramer Says Buy
Ambac (NYSE: ABK) saw a significant surge in its share price, rising by as much as 50% during trading on Tuesday, but declined significantly after JPMorgan (NYSE: JPM) said that Ambac’s common equity shares have “no value.” Ambac is a mortgage insurance company which is considered to be near bankruptcy. The company’s stock priced surged [...]
Wells Fargo (NYSE: WFC) and Credit Suisse (NYSE:CS) to Manage $150 Million Debt Sale
Wells Fargo Securities (NYSE: WFC) and Credit Suisse Group AG (NYSE:CS) are set to be the two joint book-runner managers in Worthington Industries Inc’s (NYSE: WOR) sale of $150 million in debt. The senior-level notes will be due in 2020 and have an interest rate of 6.5%. Worthington Industries will use the proceeds of the [...]
Technical’s May Indicate Decline in Citigroup (NYSE: C) Share Price
Citigroup Inc Shares (NYSE: C) closed down by $0.02 or -0.43% on Tuesday, despite seeing 596 million shares of the company’s stock trading hands during the day. Citigroup had what some in the investment world would refer to as a “doji close” when the company’s open and close price are very similar, indicating a balance [...]
Former Bank Of America (NYSE: BAC) Employee Pleads Guilty To Computer Crimes
A former computer designer and administrator for Bank of America (NYSE: BAC) has plead guilty to crimes that cost the financial institution more than $300,000, according to estimates. Rodney Reed Caverly, 53 was charged with unauthorized access to protected computers of a financial institution, according to the office of the U.S. attorney for the Western [...]
Citigroup (NYSE: C) to Undergo Major Restructuring, Reduce Assets
Citigroup (NYSE: C) CEO Vikram S. Pandit said that Citi is undergoing a significant restructuring and reduce its assets by as much as 40%. The New York-based bank is hoping to return to its roots and focus on natural growth from its Citicorp banking operations. Pandit said that company had learned its lesson from the [...]
Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) Extremely Vulnerable to HELOCs
Based on the conclusion of one of the top research firms, CreditSights Inc., Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) could be slammed by home equity line of credit (HELOC) loans this year, having strong exposure to them. When adding this to the re-sets due this year for a large number [...]
Bank of America (NYSE:BAC) Mortgage Picture Not Looking Pretty Says President of Home Loans
In her testimony before the House Financial Services Committee today, which assembled to find out where the bank is in regard to modifying mortgages in trouble, president of Bank of America Home Loans, Barbara Desoer, didn’t have real good news, underscoring the many problems related to helping borrowers stay in their homes. The other major [...]
Citigroup (NYSE:C) Says U.S. Dollar Could Drop Against Euro, British Pound
Citigroup (NYSE:C) technical analyst Aron Gera says the U.S. dollar will probably fall against the euro and British pound, based on emerging technical patterns. That’s an interesting insight in that the euro and pound have been, and will continue to be under enormous downward pressure, even in light of the specific commitment by the European [...]
Citigroup (NYSE: C) Sends Fidelity National Information Services (NYSE: FIS) Shares Up After Initiating Coverage
Citigroup (NYSE: C) sent shares of Fidelity National Information Services (NYSE: FIS) up 1.1% for the day after the New York-based bank initiated coverage on the company. Citi’s analyst wrote, “In addition to the attractive valuation, other reasons for our favorable view include FIS’ leading market position; 85% recurring revenue model; cash flow characteristics; and [...]
Citigroup’s (NYSE:C) Failure May Have Been Caused by ‘Liquidity Puts’ Says FCIC
After digging deeper into the practices of Citigroup (NYSE:C) which led to them being required to be bailed out by taxpayers, the Financial Crisis Inquiry Commission (FCIC) has targeted what are called ‘liquidity puts,’ which are guarantees put in place for investors in debt securities. The conclusion of the panel may be that the liquidity [...]
Goldman Sachs (NYSE: GS) to Announce Q1 Earnings on April 20th
Goldman Sachs Group Inc. (NYSE: GS) will announce its first quarter financial earnings results on Tuesday, April 20th in a release that will be issued before the opening bell. A conference call to discuss the firm’s results, outlook and related matters, will be held at 11:00 am (ET). The call will be open to the [...]
Bank of America (NYSE: BAC) Appoints New Co-Head of Americas Credit Sales
Bank of America Merrill Lynch (NYSE: BAC) has appointed Gerry Walker as its new co-head of Americas Credit Sales with Steve Hollender. As co-heads, Hollender and Walker will jointly manage investment grade, structured credit, leveraged and distressed sales in North America and South America. Hollender and Walker will report to the co-head of global fixed [...]
Apple May Be Prepping a 5″-7″ Version of the iPad (NASDAQ: AAPL)
Apple Inc. (NASDAQ: AAPL) may be preparing to launch a new, smaller version of its iPad tablet computer as soon as the first quarter of 2011, according to a new report from Digitimes. The rumored tablet would have a 5″-7″ screen and be priced below $400. Digitimes Research senior analyst Mingchi Kuo, citing discussions with [...]
MasterCard (NYSE: MA) Names Former Citigroup (NYSE: CE) Exec as New Head
MasterCard (NYSE: MA) has named a former Citigroup (NYSE: C) executive as the company’s new chief executive officer. MasterCard named Ajay Banga, MasterCard’s current chief operating officer, as its new CEO replacing Robert Selander. Sanga recently joined MasterCard from Citigroup as part of a succession plan for the credit card network. After stepping down as [...]
Treasury To Auction Warrants For Wells Fargo (NYSE: WFC), PNC Financial (NYSE: PNC), Others
The Treasury Department announced Monday that it will hold several auctions over the next six weeks to sell of warrants on banks, such as Wells Fargo (NYSE: WFC) that have repaid TARP funds, but did not repurchase the securities. The move is the latest in continued efforts by the Treasury to recoup taxpayer money. Along [...]
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