Archive for August, 2010
Goldman Sachs (NYSE: GS) Hires Morgan Stanley (NYSE: MS) Executive to Run Financial Institutions Group
Goldman Sachs Group Inc. (NYSE: GS) announced that it has hired Michael Wise, a veteran of Morgan Stanley (NYSE: MS), to manage its financial institutions group, the Wall Street Journal reported. Wise previously worked at Morgan Stanley (NYSE: MS) for 13 years and most recently served as the company’s equity capital-markets division and a co-head [...]
Citigroup, Inc (NYSE: C) Expected to Issue $6 Billion Additional Long Term Debt
Citigroup, Inc (NYSE: C) said in a filing with the SEC that it plans to issue $3 billion to $6 billion in additional long-term debt than it had previously estimated this year. The firm said in a regulatory filing that it now expects to sell between $18 billion and $21 billion in long-term debt for [...]
Barclays Cuts Price Target on Hewlett-Packard (NYSE: HPQ)
Barclays analysts cut their price target on shares of Hewlett Packard (NYSE: HPQ) from $60.00 to $55.00 as the company CEO Mark Hurd steps down The firm said that interim CEO Cathie Lesjak should buy back stock. Barclays reiterated its “overweight” rating on HP. Helmerich & Payne, Inc. is engaged in contract drilling of oil [...]
Morgan Stanley (NYSE: MS) Downgrades Johnson & Johnson (NYSE: JNJ)
Morgan Stanley (NYSE: MS) analysts downgraded shares of Johnson & Johnson (NYSE: JNJ) from “equal weight” to “overweight” citing lower pharmaceutical growth and fewer leverage opportunities. Johnson & Johnson is engaged in the research and development, manufacture and sale of a range of products in the health care field. The Company operates in three business [...]
Bank of America Corp (NYSE: BAC) Upgrades Hatters Financial (NYSE: HTS)
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division upgraded shares of Hatters Financial (NYSE: HTS) from “neutral” to “underperform” citing interest rate improvements which will support a more constructive near-term view. The firm set a $27.00 price target on the company. Hatteras Financial Corp. is an externally managed mortgage real estate investment trust (REIT). [...]
Qatar May Back Out of $6 Billion Petrochemicals Complex with Exxon Mobil (NYSE: XOM)
Qatar agreed to jointly build a $6 billion petrochemicals complex with Exxon Mobil Corp. (NYSE: XOM) in January, however, the country said that it may choose a different partner for the project, according to an official at Qatar’s state-run Qatar Petroleum to Bloomberg. The official said that Qatar Petroleum will select a partner that makes [...]
New York Attorney General Expands Health-Care Credit Probe to JPMorgan (NYSE: JPM), Citigroup (NYSE: C) and General Electric (NYSE: GE)
New York Attorney General Andrew Cuomo has subpoenaed JPMorgan Chase & Co. (NYSE: JPM)’s “Chase Health Advance” and Citigroup, Inc (NYSE: C)’s “Citi Health” as part of his ongoing investigation of health care credit cards, which has previously taken aim at “CareCredit” a division of General Electric Co. (NYSE: GE)’s GE Capital Service. Last Week, [...]
Google (NASDAQ: GOOG) to Introduce “Street View” in Germany
Google (NASDAQ: GOOG) announced that it will introduce its “Street View” feature in Google Maps in the country of Germany before the end of the year. The service, which provides a street level view of a city, has been controversial in Germany and other European countries based on fear that people could be seen doing [...]
Ford Motor Co. (NYSE: F) Receives $250 Million Loan Guarantee
Ford Motor Co. (NYSE: F) won approval of a $250 million working capital and loan guarantee from the Export-Import Bank of the United States. The newly approved loan facility will finance approximately $3.1 billion worth of export sales across more than 200,000 vehicles to Canada and Mexico, according to a report from Zacks. Using the [...]
Bank of America Corp (NYSE: BAC) Could Add $13 Billion in Book Value from China Construction Bank Holding
Bank of America Corp (NYSE: BAC) said on Monday that it could add as much as $13 billion to its overall book value as the lock-up period on its 11% stake in China Construction Bank will expire in less than 12 months. According to a Bloomberg report, the investment from Bank of America was previously [...]
Overdraft Reform to Cost Wells Fargo & Co. $500 Million This Year (NYSE: WFC)
Wells Fargo & Co. (NYSE: WFC) said on Monday that new federal regulation to limit overdraft fees will reduce its 2010 revenue by about $500 million from losses during the second half of the year alone. The Federal Reserve moved to ban overdraft fees on ATM machines and debit-card transactions unless consumers had actively solicited [...]
Citigroup, Inc (NYSE: C) Hires Several New Asian Executives
Citigroup, Inc (NYSE: C) announced on Monday that it has appointed a number of new executives for its Asia business, including PJ Anderson as the company’s new global head of pan-Asian derivatives and convertible sales as part of a series of hires in its Asian convertible bonds team. Andersson formerly worked in Citigroup’s institutional equity [...]
Jim Cramer says Citigroup, Inc (NYSE: C) Stock Heading “Substantially Higher”
Mad Money host Jim Cramer said on the “Mad Money Lightning Round” segment of his show on Thursday that he believes Citigroup, Inc (NYSE: C)’s stock will be heading substantially higher during the next 12 months. Specifically, Cramer said, “I believe that this stock is still headed higher. I think next year it will be [...]
Bank of America Corp (NYSE: BAC) Hires Citigroup, Inc (NYSE: C) Investment Banker
Bank of America Corp (NYSE: BAC) has hired former Citigroup, Inc (NYSE: C) investment banker Chad Holm. Holm, who previously served as an investment banker for Citigroup, Inc (NYSE: C) to financial companies including NYSE Euronext and BlackRock. He worked on the team that advised the $15.2 billion purchase of Barclays PLC by BlackRock and [...]
Ford Motor Co. (NYSE: F) to Create 2,000 New Union Jobs
Ford Motor Co. (NYSE: F) said that it plans to create 2,000 union jobs which had previously been outsourced to supplies. The new total is about 25% higher than Ford had previously agreed to pay to bring back in-house during its negotiations with the United Autoworkers Union three years ago, reported the Wall Street Journal [...]
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