Archive for April, 2010
Nomura Banker to Join Bank of America (NYSE: BAC) as Head of European Investment Banking
Bank of America Corp (NYSE: BAC) has announced that it has hired Christian Meissner as its new head of investment banking for Europe, Middle East and Africa just hours after Nomura announced that he resigned his position as deputy global head of investment banking. Meissner will be based in London and report to Michael Rubinoff [...]
Analysts Comment on Citigroup (NYSE: C) Earnings Results
Citigroup Inc’s (NYSE: C) momentum continued closing up close to 9% for the week following better than expected first quarter earnings results and now analysts are weighing in. Citigroup reported first quarter earnings-per-share of $0.14 from continuing operations, versus the consensus estimate of $0.00. Revenue for the quarter totaled $25.4 billion, beating the consensus estimate [...]
More Regionals Beat Estimates. Huntington Bancshares (NASDAQ: HBAN) Posts Profit; KeyCorp (NYSE: KEY) and Suntrust (NYSE: STI) Post Smaller-Than-Expected Losses.
As reported in the Wall St. Journal, Huntington Bancshares Inc. (HBAN) posted its first profit in more than a year in the first quarter, while KeyCorp (KEY) and SunTrust Banks Inc. (STI) posted smaller-than-expected quarterly losses. Regional banks have surged roughly 30% this year. However, this week’s earnings reports allow investors to see the level [...]
Goldman Sachs (NYSE: GS) Raises Price Target on Halliburton Co (NYSE: HAL) to $43.00.
Goldman Sachs Group Inc (NYSE: GS) raised its price target on Halliburton Co (NYSE: HAL) from $42.00 to $43.00 following yesterday’s results. Goldman also reiterated Halliburton’s status on its “Conviction Buy” list. Halliburton reported first quarter earnings per share of $0.28, beating analyst estimates of $0.25. Revenue for the first quarter was $3.76 million, compared [...]
Morgan Stanley (NYSE: MS) Swings Q1 Profit As Trading Profits Soar
Morgan Stanley (NYSE: MS) announced Wednesday that it swung back to a profit in the first quarter as net revenues surged more than three-fold. Results were driven by large gains in the bank’s fixed income and trading unit, along with the institutional securities business. The New York based bank said first quarter profits hit $1.41 [...]
Wells Fargo Insurance Names New Executive (NYSE: WFC)
Wells Fargo & Co’s (NYSE: WFC) “Wells Fargo Insurance Services” division has named Stephen Hall as its new vice president and sales executive for its San Francisco office, the company announced on Monday. In his new position, Hall will be responsible for growing and building new customer relationships in the East Bay for Wells Fargo [...]
Regional Banks Rise As Zions Bancorp (NSDQ: ZION), Bank Of NY Mellon (NYSE: BK) Top Estimates
Regional banks rallied on Tuesday as better than expected quarterly results from several financial institutions sent the group higher. The Bank of New York Mellon (NYSE: BK) reported a 74 percent jump in first quarter profit, while Zions Bancorp (NSDQ: ZION) posted a smaller than expected loss for the first quarter. Both stocks helped push [...]
Citigroup’s (NYSE: C) Largest Shareholder Strongly Supports Pandit
Citigroup’s (NYSE: C) largest single shareholder, Saudi Arabian billionaire Prince Alwaleed Bin Talal, said on Monday that he strongly supports CEO Vikram Pandit and that Pandit has his “firm backing.” The prince also congratulated the company on posting a first-quarter net profit totalling $4.4 billion. “Citigroup has demonstrated its ability to overcome the recent economic [...]
Regions Financial Corp. (NYSE: RF) Posts 4th Consecutive Quarterly Loss; Beats Estimates
Regions Financial Corp. (RF) reported a first-quarter loss of $196 million, or 21 cents a share – its fourth-consecutive quarterly loss. The first-quarter earnings compared with a prior-year profit of $77 million, or 4 cents a share. The latest period included a $59 million gain on the sale of collateralized mortgage obligations. Revenue decreased 13% [...]
State Street (NYSE: STT) Q1 Profit Rises On Revenue, Asset Growth
State Street Corporation (NYSE: STT) announced Tuesday that first net income grew 11 percent as revenue and assets under management rose. The financial institution said it earned $496 million or 99 cents a share in the first quarter, compared to $446 million or $1.02 a share in the same period a year ago. Per share [...]
Why U.S. Government Wants Citigroup (NYSE:C) Over $5 A Share
At the recent Citigroup (NYSE:C) shareholder meeting, a number of shareholders pushed for a reverse stock split in order to increase the price of the company, as I wrote about earlier. This is also why there has been so much positive spin being reported on the company and the enormous amount of shares trading hands [...]
Wells Fargo (NYSE: WFC) Remains Positive on Goldman Sachs (NYSE: GS) Despite Fraud Charges
Wells Fargo & Co (NYSE: WFC) commented on Goldman Sachs Group Inc’s (NYSE: GS) and said that the firm still had an attractive valuation despite additional reputation risk from last week’s SEC fraud charges against the company. Wells Fargo maintained its “Outperform” rating and its $205-$215 valuation range for Goldman Sachs. The firm’s analyst commented, [...]
Bank of America (NYSE:BAC) Downgrades Protective Life Corp. (NYSE:PL), Upgrades FPL Group (NYSE:FPL)
Bank of America (NYSE:BAC) downgraded Protective Life Corp. (NYSE:PL) today while upgrading FPL Group (NYSE:FPL). Protective Life was downgraded from “Buy” to “Neutral,” and FPL Group was upgraded from “Neutral” to “Buy.” The downgrade of Protective Life was based largely on whether or not the company would make an acquisition which would add to its [...]
Citigroup (NYSE:C) Sued by Italian Bank Over Total Return Swap
Italian Bank, Banca Carige SpA (CRG.MI), is the latest to join a parade of companies suing Citigroup (NYSE:C) and other giant financial institutions over swaps. In this case – concerning a total return swap – Citigroup is accused of misrepresenting the amount of risk related to the security, which Banca Carige says didn’t allow them [...]
Some Citigroup (NYSE:C) Shareholders Pushing for Reverse Stock Split
With the Citigroup (NYSE:C) share price lingering at around $4, a number of shareholders at the annual shareholders meeting strongly suggested when talking to Citigroup Chairman Richard Parsons that the company move ahead with a a reverse stock split as part of the strategy of the company. The suggestion brought out a lot of emotion [...]
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