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Stock Market & Financial Investment News

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January 21, 2014
07:37 EDTCMAComerica decreases Q4 net income result by 15c after unfavorable jury verdict
Comerica issued revised 2013 results based on an unfavorable Montana jury verdict. The Montana litigation in which Comerica Bank was a third-party defendant, was tried before the Montana Second District Judicial Court for Silver Bow County in Butte, Montana. The claims underlying the lawsuit against the Bank grew out of an initial $9M revolving line of credit loan extended by the Bank to Masters Group International that was subsequently increased to $10.5M and later paid in full through collection actions taken by the Bank following a default by Masters. Following the jury's decision on the case, Comerica increased its reserve for litigation and decreased incentive compensation expense based on the revised results, which resulted in a decrease in net income of $28M, or 15c per share, for the fourth quarter 2013. Comerica reiterates its previously stated outlook for 2014, excluding the impact of this event. Net income decreased by 15c per share to 62c per share in Q3 compared to the previously reported net income of 77c per share.
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September 15, 2014
17:17 EDTCMAComerica releases results of its mid-cycle stress test
In a severely adverse scenario, Comerica's total risk based capital ratio would be 11.4% through 2Q16. Reference Link
September 8, 2014
07:56 EDTCMAComerica loan growth weaker than expected, says BMO Capital
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07:55 EDTCMAComerica reports Q3 average loans though August $47.1B.
Comerica, in slides disclosed late Friday for an upcoming presentation by CEO Ralph Babb Jr. at the Barclays Global Financial Services Conference on Tuesday, September 9, updated on its third quarter. Comerica said average loans were tracking up 3% to $47.1B through August 31, compared to the Q2 average loans of $46.7B. In discussing July and August trends, Comerica said H.8 data shows commercial loan growth has slowed, compared to 1H14, and that pressure on yield persists from the low rate environment. The company added that its outlook for moderate average loan growth year over year remains unchanged.

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