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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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July 16, 2014
10:00 EDTCMAOn The Fly: Analyst Upgrade Summary
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07:33 EDTCMAComerica upgraded to Neutral from Underperform at Macquarie
Macquarie upgraded Comerica to Neutral following the better than expected Q2 report citing improving loan growth and potential rate catalysts. Price target is $50.
July 15, 2014
12:56 EDTCMAComerica upgraded to Buy from Hold at Rafferty Capital
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06:49 EDTCMAComerica reports Q2 EPS 80c, consensus 76c
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