Archive for April, 2010
Bank of America (NYSE:BAC) Downgrades Infineon to ‘Underperform’
Infineon Technologies AG, which is the No. 2 maker of computer chips in Europe, was downgraded by Bank of America (NYSE:BAC) from “Neutral” to “Underperform” today. The primary business of Infineon is supplying the chips for Apple Inc.’s (NASDAQ:AAPL) iPhone and mobile phones for LG Electronics Inc. Even though Infineon has said they’re going to [...]
Bank Of America (NYSE: BAC) Permanently Modified More Than 12,000 Loans Last Month
Bank of America (NYSE: BAC) announced Monday that it has permanently modified 33,000 loans through the Home Affordable Modification Program (HAMP), an increase of 12,200 since its report a month ago. The monthly increase marks the largest since the bank joined the loan modification program. “We anticipated the momentum of completion of HAMP modifications would [...]
Citigroup (NYSE:C) Increases Contract Size with Federated Investors (NYSE:FII) in Managed Accounts Unit
Citigroup (NYSE:C) communicated today that they have increased the size of the contract they have with Federated Investors (NYSE:FII) in the managed accounts services they provide for the company. The specific products used to expand their business with Federated Investors are CitiConnnect and Open(SM)Asm platforms. These two products are used to help investment companies keep [...]
MasterCard (NYSE: MA) Names COO Ajay Banga As CEO, Succeeds Selander
MasterCard Inc. announced Monday that President and Chief Operating Officer Ajay Banga will succeed Robert W. Selander as chief executive officer on July 1. Selander, 59, will serve as executive vice chairman and on the board of directors until his full retirement on Dec. 31. “Bob is a true visionary – responsible for the transformation [...]
Citigroup (NYSE:C) Hired by Detroit Pistons to Value Company in Preparation for Sale
The Detroit Pistons have hired Citigroup (NYSE:C) to determine what the basketball franchise is worth in anticipation of current owner Karen Davidson selling the team. Davidson took over ownership a little over a year ago when her husband passed away. She had communicated early in 2010 she was contemplating selling the storied franchise, which had [...]
Citigroup Cuts Dead Weight, Sets Eyes on Growth (NYSE: C)
Citigroup Inc (NYSE: C) has gotten past the financial crisis and now with the U.S. Treasury announcing plans to divest itself from the New York-based bank. Citigroup is in the process of regrouping and has ridden itself of most of the non-core assets that it hopes to shed in its Citi Holdings Division. The company [...]
Manhattan Ends Middle School Program Funded by $18 Million General Electric (NYSE: GE) Grant
New York City has cancelled a middle school improvement project funded by the largest private grant to city schools in history after two years in. The $18 million grant was funded by General Electric Co. (NYSE: GE), according to a new report from the New York Daily News. The program was cancelled because the city [...]
Bank of America (NYSE: BAC) to Expand Corporate Banking Operations in Japan
Bank of America Corp. (NYSE: BAC) will be adding 30 new employees to its corporate-banking services unit in Japan before the end of the year, according to a new WSJ report. The hiring is part of an ongoing push by Bank of America to expand its corporate-banking services in Japan, where it believes there’s an [...]
Wells Fargo (NYSE: WFC) Set to Report First Quarter EPS of $0.42
Wells Fargo & Co. (NYSE: WFC) is expected to announce first quarter earnings per share of $0.42 on sales of $21.7 billion on April 21st, 2010, according to consensus estimates. For the entire year, analysts expect the San Francisco-based company to post earnings per share of $1.95. During the first quarter of 2009, Wells Fargo [...]
Ford (NYSE: F) to Expand Brazilian Investments by $200 Million
Ford Motor Co. (NYSE: F) CEO Alan Mulally announced plans to expand its Brazilian investments by increasing funding for its “Ford Brazil” subsidiary from $2.2 billion to $2.4 billion between 2011 and 2015. The investment is the largest single amount that Ford has invested in its Brazilian operations in a given five-year period during the [...]
Former Citigroup Executive Robert Rubin Hammered by FCIC (NYSE: C)
Former Citigroup Inc. (NYSE: C) Chairman Robert Rubin was scolded on Thursday during a hearing of the Financial Crisis Inquiry Commission after a heated discussion over the significant losses from mortgage-securities at Citigroup (NYSE: C) when he was at the company. Rubin claimed that he did not know the risks related to the securities were [...]
Wells Fargo (NYSE: WFC) Raises Price Target on T. Row Price Group (NASDASQ: TROW)
Wells Fargo & Co (NYSE: WFC) analysts raised their price target range on T. Rowe Price Group (Nasdaq: TROW) from $53-56 to $56-59. The San Francisco-based bank also maintained its “market perform” rating for the company. Wells analyst says, “TROW has demonstrated strong performance relative to many competitors in the asset management sector. Longer term, [...]
Morgan Stanley (NYSE: MS) Set to Report Earnings Per Share of $0.58
Morgan Stanley (NYSE: MS) is expected to first quarter earnings per share of $0.58 on a sales total of $8.3 billion on April 20th, 2010 according to consensus estimates. For the entire year, analysts generally expect the company to post earnings per share of $2.87. During the first quarter of 2009, Morgan Stanley reported a [...]
General Electric (NYSE: GE) Sells Two Power Plants to Venezuela, Totaling $600 Million
General Electric Co. (NYSE: GE) will be building two power plants in the country of Venezuela, which are expected to cost $600 million to produce and will generate 800 megawatts of energy, according to Basic Industries and Mining Minister Rodolfo Sanz. The first of the two power plants will generate 440 MW of electricity and [...]
European Gov’t Officials Offer Greece $61 Billion Rescue Package
Saddled with debt and ever increasing borrowing costs, European finance ministers said Sunday they would offer the country up to 45 billion euros ($61 billion) in financial loans at below market interest rates. The move comes after Greece’s borrowing costs surged to an 11-year high. The pledge will not only restore confidence in Greece’s ability [...]
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