Archive for mitch

McDonald’s (NYSE: MCD) posted a 12 percent rise in second quarter earnings as sales were strong worldwide, with Australia and China leading the way. The fast-food giant said quarterly earnings were $1.23 billion or $1.13 a share, up from $1.09 billion or 98 cents a share in the second quarter last year. Revenue totaled $5.95 [...]

Several big name financial institutions, such as Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) are looking for ways to increase fee income in order to offset expected revenue declines from the financial reform bill. The latest version of the financial reform bill passed on Thursday is expected to pressure revenue in several [...]

Shares of Altria Group (NYSE: MO), parent of Phillip Morris USA, and Reynolds American (NYSE: RAI) both jumped more than 3 percent on Monday after the Supreme Court rejected appeals by the government on a suit that sought out upward of $280 billion of profits from the tobacco industry to cover health damages, along with [...]

The Financial Industry Regulatory Authority has ordered Goldman Sachs (NYSE: GS) to pay $20.6 billion to victimized investors of a Ponzi scheme run by Bayou Hedge Funds.  The three-person arbitration panel for the financial regulatory agency ruled that Goldman Sachs should have been aware of the Ponzi scheme being run at the hedge fund.  Goldman [...]

Apple (NSDQ: APPL) announced Tuesday that it has sold 3 million iPads as of June 21, just 80 days after the product was introduced in the United States.  The iPad allows users to browse the web, watch videos, listen to music, read and send emails, read e-books, along with many other features. The company rolled [...]

Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will be delisted from the New York Stock Exchange for failure to meet minimum exchange requirements.  Shares of both government controlled companies tumbled more than 40 percent on the news. The Federal Housing Authority, which is in charge of regulating Fannie Mae and Freddie [...]

According to recent reports, Morgan Stanley (NYSE: MS) has plans to close 300 branch offices and reduce its workforce by up to 1,200 over the next year.  The move comes as the bank looks to cut costs and better integrate the resources of its brokerage business with those of Citigroup’s Smith Barney unit; the two [...]

British financial regulators hit the London unit of JP Morgan Chase (NYSE: JPM) with a record 33.3 million pound ($48.8 million) fine for comingling a portion of client money with firm capital.  According to the Financial Services Authority (FSA), JP Morgan Securities Ltd (JPMSL) failed to separate all funds between November 2002 and July 2009. [...]

Bank of America (NYSE: BAC) announced Wednesday that it has started implementing the principal forgiveness portion of its National Homeownership Retention Program (NHRP).  The initiative offers reduction to a borrowers’ principal if they are considerably underwater on their loan. The plan was officially announced in March, at which time Bank of America said principal reduction [...]

Bank of America (NYSE: BAC) announced yesterday the status of its 10-year $1.5 trillion community development lending program.  The program recently passed the 1- year mark and has thus far provided $168.2 billion in community development lending. The lending initiative is the largest community development goal ever established by a U.S.-based financial institution and aims [...]