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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.
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April 22, 2014
16:25 EDTCMAComerica raises quarterly dividend to 20c, increases repurchase program
The board of directors of Comerica increased the quarterly cash dividend for common stock five percent to 20c per share. The dividend is payable July 1, to common stock shareholders of record June 13.The board today also increased the number of shares of common stock that Comerica is authorized to repurchase under its share repurchase program by 2M shares. This action was taken in conjunction with Comerica's announcement on March 26, that the Federal Reserve did not object to Comerica's 2014 capital plan and contemplated capital distributions. The plan includes up to $236M in share repurchases for the four-quarter period commencing in the second quarter 2014 and ending in the first quarter 2015. Shares will be purchased from time to time in the open market or otherwise. The shares may be held as treasury stock or retired.
April 15, 2014
06:45 EDTCMAComerica reports Q1 EPS 73c, consensus 72c
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April 14, 2014
15:17 EDTCMANotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Johnson & Johnson (JNJ), consensus $1.48; Coca-Cola (KO), consensus 44c; Charles Schwab (SCHW), consensus 22c; Northern Trust (NTRS), consensus 78c; Comerica (CMA), consensus 72c; Westamerica (WABC), consensus 58c; Comverse (CNSI), consensus 49c; Pep Boys (PBY), consensus 5c.

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