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Stock Market & Financial Investment News

News Breaks
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.
News For CMA From The Last 14 Days
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October 20, 2014
09:13 EDTCMAComerica downgraded to Hold from Buy at Rafferty Capital
Rafferty downgraded Comerica to Hold based on concerns the company will not be able to maintain its net interest income combined with operating expenses over the next few quarters. Price target lowered to$48 from $59. Note that Bernstein, Nomura, and Sandler O'Neill upgraded shares this morning.
08:16 EDTCMAComerica upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill upgraded Comerica to Buy with a $49 price target due to valuation and increased confidence in cost controls. Note this is the third upgrade of the day.
06:49 EDTCMAComerica upgraded to Neutral from Reduce at Nomura
Nomura upgraded Comerica to Neutral based on reasonable valuation. Price target lowered to $41 from $42. Note that Bernstein upgraded shares to Market Perform this morning.
05:55 EDTCMAComerica upgraded to Market Perform from Underperform at Bernstein
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October 17, 2014
06:47 EDTCMAComerica now sees FY14 average loans growth of about 5%
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06:47 EDTCMAComerica sees slight growth in average loans in Q4
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06:42 EDTCMAComerica reports Q3 EPS 82c, consensus 80c
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October 16, 2014
15:26 EDTCMANotable companies reporting before tomorrow's open
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