Archive for April, 2010
Earnings Reports in Focus for Regional Banks Including: Regions Financial Corp. (NYSE: RF), U.S. Bancorp (NYSE: USB), and SunTrust Banks (NYSE: STI)
Next week, large regional banks including Regions Financial (RF), SunTrust Banks (STI) and U.S. Bancorp (USB) will begin unveiling their first-quarter numbers. Regional banks have surged roughly 30% this year, as many investors, if not analysts, are seeing these stocks as underappreciated and under-priced. And, compared to the news that seems to break daily [...]
Citigroup (NYSE: C) Permanent Home Modifications Total 22,445 for March
The latest numbers from the Obama administration’s Home Mortgage Affordability Program (HAMP) have been released, indicating that Citigroup’s CitiMortgage unit has made 22,455 permanent home loan modifications as of the end of March, up from 15,607 permanent modifications at the end of February. Citigroup has made either permanent or trial mortgage modifications for 47% of [...]
Analysts Reports Show Continuing Concern About Bad Loans at Citibank (NYSE: C), Bank of America Corp. (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC)
JPMorgan Chase & Company’s (JPM) first quarter earnings came in at 74 cents per share. That was substantially ahead of the Consensus Estimate from Zacks Investment Research of 63 cents per share. Bank of America Corp. (BAC) reported earnings of 28 cents a share, beating Wall Street estimates for a profit of 9 cents a [...]
Earnings at Bank of America Corp. (NYSE: BAC) Show Investors a Glass that is Half-Empty and Half-Full
A surge in profits from bond and stock trading propelled Bank of America Corp. (BAC) to $3.2 billion in first-quarter earnings, more than doubling from the fourth quarter of last year. Bank of America enjoyed a similar surge in its trading business last year’s first quarter, helping the company report overall profits that were nearly [...]
Morgan Stanley (NYSE:MS) Says Political Unrest in Thailand Will Hamper Economic Growth
In a recent report talking about the effects of the protests against the Thailand government, Morgan Stanley (NYSE:MS) said the loss of tourism business will have a significant impact on the economic growth of the country this year. Morgan Stanley estimates it could cut about 0.2 percent from the economy, which very well could be [...]
Citigroup (NYSE:C) Finalizes Sale of Primerica Shares, Ready for Monday’s Quarterly Report
On a daily basis Citigroup (NYSE:C) has by far been the most traded stock on the exchange, and Monday is sure to be a huge day as the company prepares to report its quarterly results, which will be before the market opens. It helps that it will be fresh in the minds of investors that [...]
JPMorgan Chase (NYSE: JPM) Executive Mobbed by Angry Homeowners
JPMorgan Chase (NYSE: JPM) Home Mortgage Chief David Lowman was mobbed by angry borrowers on Tuesday after he invited customers to speak to him if they were afraid that their home would be foreclosed upon at a congressional hearing in Washington. Lowman was asked by a lawmaker who borrowers could turn to if they felt [...]
Prosper.com Finalizes $14.7 Million Series D Funding Round
Peer to peer lending company Prosper.com has announced that it has finalized a $14.7 million Series D round from new investors TomorrowVentures, LLC and CompuCredit Holdings Corporation (NASDAQ: CCRT) and all of Prosper’s existing investors: Accel Partners; Benchmark Capital; DAG Ventures; Meritech Capital Partners; Omidyar Network; QED Investors; and Volition Capital (formerly Fidelity Ventures). Prosper [...]
SEC Files Fraud Charges Against Goldman Sachs (NYSE: GS)
The Securities and Exchange Commission filed charges against Goldman Sachs Group Inc (NYSE: GS) on Friday, accusing the Wall Street firm of defrauding investors in a sale of securities tied to subprime mortgages. The SEC announced that it has charged Goldman Sachs and one of the company’s vice presidents, Fabrice Tourre, for failing to disclose [...]
Bank of America (NYSE: BAC) Says Loan Losses Eased in March
Bank of America Corp. (NYSE: BAC) disclosed in a regulatory filing on Thursday that its rate of credit card loan losses eased during the month of March. In a filing with the Securities and Exchange Commission, Bank of America said its charge-off for card balances was 12.54% during the month of March, down from 13.51% [...]
Bank Of America (NYSE: BAC) Q1 Profit Slips 23 Percent, But Tops Estimates
Bank of America (NYSE: BAC) announced Friday first quarter earings slid 23 percent due to slower mortgage banking business. However, the bank topped Wall Street estimates and said credit losses are slowing. The nation’s largest bank earned $3.2 billion or 28 cents a share in the first quarter, down from $4.2 billion or 44 cents [...]
Richard Bove and UBS Raise Price Target on JPMorgan Chase (NYSE: JPM)
Rochdale securities analyst Richard Bove has raised his price target on JPMorgan Chase (NYSE: JPM) from $50.00 to $55.00 following solid first quarter results from the banking giant. Separately, UBS maintained its “neutral” rating on JPMorgan Chase and bumped its price target from $45.00 to $50.00. JPMorgan shares rose by about 4% yesterday after releasing [...]
Wells Fargo Reports 523,336 HAMP Mortgage Modifications (NYSE: WFC)
Wells Fargo & Co (NYSE: WFC) announced on Wednesday that it had modified 523,336 mortgages through the bank’s internal programs and through the federal government’s Home Mortgage Affordability Program (HAMP) as of March 31st. Wells Fargo has made modifications of about 380,000 under its own private programs since the beginning of 2009, according to a [...]
Citigroup (NYSE:C) Smashes Through $5 Barrier
For the first time since October 2009, Citigroup (NYSE:C) surged above $5 a share, continuing the rally it has enjoyed so far throughout April. So far in April Citigroup has exploded for almost a 25 percent gain, largely on the news the government was going to start to divest of its stake in the company [...]
Bank of America (NYSE: BAC) to Double Spending on Digital Advertising
Bank of America Corp. (NYSE: BAC) is planning to double the amount of money its spending on digital advertising, according to a new report from Ad Age. As a result, the company will be spending less on traditional media outlets such as print, radio and television ads. Bank of America head of marketing Claire Huang [...]
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