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Stock Market & Financial Investment News

News For C;BAC From The Last 14 Days
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October 22, 2014
16:00 EDTCOptions Update; October 23, 2014
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15:19 EDTBACBank of America Apple Pay glitch should be fixed today, Re/code reports
The Apple (AAPL) Pay glitch that some Bank of America (BAC) customers experienced, where they would be charged twice for a single transaction, should be fixed by today, Re/code reports, citing a person familiar with the error. Reference Link
12:53 EDTBACSome BofA customers charged twice by Apple Pay, CNN Money reports
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09:38 EDTBAC, CActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR YHOO BAC GILD FB THRX DOW CAR
07:36 EDTCFederal Reserve Bank of New York to hold a conference
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06:16 EDTCBNY Mellon's Hong Kong unit to launch wealth management strategy, FT says
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October 21, 2014
16:00 EDTCOptions Update; October 21, 2014
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09:37 EDTCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL PBR AMZN C TWTR CVX VZ MCD GILD TXN
08:18 EDTBAC, CBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
06:52 EDTCCiti purchasea Deutsche energy, metals book, Reuters says
Citigroup (C) acquired Deutsche Bank's (DB) energy and metals book, which is the U.S. company's latest expansion effort in commodities trading as some of its competitors look to exit that sector, according to Reuters, citing a source familiar with the matter. Reference Link
October 20, 2014
07:21 EDTCFederal Reserve Bank of New York and Boston to hold a workshop
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October 17, 2014
16:55 EDTC, BACStocks end volatile week lower amid oil price plunge
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09:38 EDTCActive equity options trading on
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October 16, 2014
14:09 EDTBAC, CApple confirms October 20 start date for Apple Pay
Apple (AAPL) announced that customers can start making payments on Monday, October 20, when Apple Pay becomes available in the U.S. Users of the iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8. Apple Pay supports credit and debit cards from the three major payment networks: American Express (AXP), MasterCard (MA) and Visa (V). In addition to American Express, Bank of America (BAC), Capital One Bank (COF), Chase (JPM), Citi (C), Wells Fargo (WFC) and others, who announced support in September, more than 500 new banks from across the country have signed on to Apple Pay, the company said.
11:41 EDTCCitigroup to host conference call
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10:01 EDTBAC, COn The Fly: Analyst Upgrade Summary
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09:39 EDTCActive equity options trading on open
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08:42 EDTCUBS, DOJ in talks for forex rigging settlement, FT reports
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08:27 EDTBACBank of America weakness overdone, buy shares, says Morgan Stanley
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08:23 EDTBACBofA CEO steps point to extended stay in post, Reuters reports
Bank of America Chairman and CEO Brian Moynihan has taken more control over the bank's retail business, has shifted executives into new positions and his sway with directors has increased since he recently became chairman, all of which signal that he plans to remain at the bank for "a minimum of five years," according to Reuters, citing sources familiar with the matter. Reference Link
07:44 EDTBACBank of America quarterly results trumped by market sell-off, says UBS
UBS believes Bank of America posted better than expected earnings with core expenses declining, but that the results were overshadowed by the market sell-off. The firm saw improved expense management and believes the company's changes to its portfolio will eventually be impacted by short term interest rates. UBS reiterates its Buy rating and $20 price target on Bank of America.
07:29 EDTCCitigroup upgraded to Hold from Sell at Argus
Argus upgraded Citigroup to Hold based on valuation and management's progress in improving the loan portfolio and reducing expenses.
07:21 EDTCCFA Institute to hold a conference
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05:57 EDTBACBank of America upgraded to Outperform from Market Perform at FBR Capital
FBR Capital upgraded Bank of America to Outperform with a $20 price target citing book value growth following the company's Q3 results. Shares closed yesterday down 28c to $15.48.
October 15, 2014
19:24 EDTCMexico regulators fine Citigroup Banamex unit 30M pesos, Bloomberg reports
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16:00 EDTCOptions Update; October 15, 2014
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14:17 EDTCCitigroup reports September credit loss 2.53% vs. 2.57% last month
Reports September delinquencies 1.5% vs. 1.44% last month.
12:36 EDTBACOn The Fly: Midday Wrap
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09:47 EDTBACBank of America reports September default rate 2.93% vs. 3.33% last month
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09:38 EDTCActive equity options trading on open
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09:37 EDTBACBank of America downgraded to Underperform from Sector Perform at Portales
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08:54 EDTBACBank of America says largely done with debt footprint reduction
Comment from Q3 earnings conference call.
08:17 EDTBACBofA says $2B quarterly 'New BAC' cost savings target reached in Q3
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07:27 EDTCJPMorgan, HSBC fire traders linked to forex probe, WSJ reports
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07:26 EDTCCapital Link to hold a webinar
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07:11 EDTBACBofA Q3 results include $5.3B, or 43c per share, charge for DOJ settlement
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07:08 EDTBACBank of America reports Q3 net charge-offs $1.04B
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07:06 EDTBACBofA reports tangible book value per share up 4% to $14.13
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07:02 EDTBACBank of America CEO says saw 'solid' customer and client activity
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07:01 EDTBACBank of America reports Q3 EPS (1c), consensus (9c)
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06:27 EDTCCitigroup pushing Mexican unit chairman to retire, NY Times says
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October 14, 2014
16:22 EDTCOn The Fly: Closing Wrap
The Wall Street averages were mixed after three of the U.S.'s largest banks reported on their quarterly results and Germany slashed its economic forecasts for this year and next. Following the mostly solid earnings reports from the banks and Dow member Johnson & Johnson (JNJ) investors appeared to breathe a sigh of relief and sent the averages higher in early trading. With oil prices falling almost 5% and settling at a recent low, the averages pared their gains and struggled in positive ground. Another late day slide ended with the averages mixed, as the Nasdaq led and the Dow lagged. ECONOMIC EVENTS: In the U.S., the International Energy Agency said in its monthly oil market report that world oil demand growth would be weaker than previously expected. Afterward, WTI crude oil futures fell 4.6% at $81.84, marking their biggest percentage drop since late 2012 and the lowest settlement for the benchmark in over two years. The National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. In Europe, Germany's government cut its forecasts for gross domestic product growth to 1.2% in 2014 and 1.3% next year from its prior view of 1.8% growth this year and 2% in 2015. COMPANY NEWS: The first of America's big banks issued their quarterly reports, with JPMorgan's (JPM) headline earnings per share coming in below analysts’ consensus estimate, Wells Fargo (WFC) reporting in-line earnings and improved credit quality and Citigroup (C) posting better than expected adjusted third quarter profit. Citi, which also announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit after an investigation uncovered illegal conduct, saw its stock fare the best among the three, rising $1.57, or 3.15%, to $51.47... Another Dow member, Johnson & Johnson, reported better than expected profits and revenues and raised its FY14 EPS outlook, but its stock slid $2.11, or 2.13%, to $97.01. MAJOR MOVERS: Among the notable gainers was Domino's Pizza (DPZ), which rose $8.58, or 11.33%, to $84.30 after the pizza chain owner and franchisor reported better than expected third quarter earnings per share and revenue. Also higher was Skyworks (SWKS), which advanced $3.59, or 7.92%, to $48.91 after the supplier of chips to Apple (AAPL) raised its fourth quarter earnings per share outlook and revenue guidance. Among the noteworthy losers was Exactech (EXAC), which dropped $4.09, or 16.63%, to $20.50 after the company warned its Q3 income and revenue will likely miss its prior guidance. Also lower were shares of Gilead (GILD), which fell $4.26, or 4.2%, to $97.18 amid a number of developments. Competitor Johnson & Johnson said it would seek to make its own hepatitis C treatment accessible and "competitive," which some may have read as an indication of a potential price cut, and Ireland said it plans to close its "Irish Double" tax loophole, which currently benefits Gilead. INDEXES: The Dow slipped 5.88, or 0.04%, to 16,315.19, the Nasdaq rose 13.52, or 0.32%, to 4,227.17, and the S&P 500 added 2.96, or 0.16%, to 1,877.70.
16:00 EDTCOptions Update; October 14, 2014
iPath S&P 500 VIX Short-Term Futures down 40c to 39.11. Option volume leaders: AAPL TSLA TWTR AMZN GILD C JNJ AA NFLX PBR according to Track Data.
15:29 EDTBACNotable companies reporting before tomorrow's open
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15:14 EDTBACEarnings Preview: Bank of America to report after upbeat notes from analysts
Bank of America (BAC) is scheduled to report third quarter earnings before the open on Wednesday, October 15, with a conference call scheduled for 8:30 am ET. Bank of America is a financial services company. EXPECTATIONS: Analysts are looking for earnings per share of (9c) on revenue of $21.36B, according to First Call. The consensus range for EPS is (14c)-(5c) on revenue of $20.73B-$21.93B. LAST QUARTER: Bank of America reported stronger than expected second quarter results, as its net charge-offs dropped to $1.1B in Q2 from $1.4B in Q1 and $2.1B in Q2 of 2013. Its provision for credit losses tumbled to $411M from $1.2B in the same period a year earlier. The drop was driven by lower levels of delinquencies across its consumer lending portfolio, as well as improvement in its consumer real estate portfolios, the bank stated. Bank of America added that its net interest income was positioned to rise as interest rates increased.. The bank's investment banking pipeline remained strong, while the second half of 2014 "looks healthy," the bank's CEO said. On August 6, the bank increased its quarterly dividend to 5c per share from 1c per share. On August 21, Bank of America announced that it had reached a $16.65B settlement with the Department of Justice and state Attorneys General on charges related to its residential mortgage-backed securities and collateralized debt obligation businesses. On September 10, the bank said its credit quality continued to improve, while most of its exposure to legacy mortgages had been eliminated. PEER RESULTS :Three large banks reported their Q2 results today. Citigroup (C) reported stronger than expected Q3 results today, while Wells Fargo's (WFC) results were roughly in-line with expectations. JPMorgan's (JPM) profit beat expectations, but its revenue came in slightly lower than expected. JPMorgan reported that its consumer and business banking deposits had risen 9%, and it lowered its fiscal 2014 charge-off guidance. The global economy faces challenges, but the U.S. economy is steadily improving, the bank stated. Citi said that its net credit losses had tumbled 14% from year ago levels, while its book value per share had risen 4% versus the same period a year earlier. Citi added that its consumer banking revenue was continuing to grow. As for Wells Fargo, the bank released $300M of its reserves due to improved credit quality, and said that it continued to sees signs of an improving economy. However, the bank added that its net interest margin had fallen to 3.06% from 3.15% as of June 30. STREET RESEARCH: On October 2, UBS upgraded Bank of America to Buy from Hold. The bank should be under less pressure than its peers to raise the interest rates it pays on deposits as the Federal Reserve starts to increase rates, the firm believes. Research suggests that holders of deposit accounts at Bank of America are less sensitive to rates than holders of deposit accounts at other banks, the firm explained. This situation should enhance the bank's ability to benefit from rising interest rates, according to UBS, which raised its price target on the shares to $20 from $16.80. On September 8, Goldman Sachs upgraded Bank of America to Buy from Neutral. The bank's business mix has improved significantly, as it has begun obtaining a greater percentage of its revenue from more profitable businesses, Goldman stated. Consequently, the bank's earnings per share volatility has decreased, Goldman believes. The firm increased its price target on the shares to $19 from $17. On September 20, Barron's echoed Goldman's enthusiasm, saying that Bank of America's earnings per share could hit $2 by 2017, up from an estimated 75c this year, while its cumulative dividends between now and 2017 could reach $1 per share. The stock could be worth $25 by 2017, the magazine stated. PRICE ACTION: Bank of America's stock is up 15% in the last year, but it is down 1.5% in the last month.
15:02 EDTBACBank of America October 16.5 straddle priced for 3.6% move into Q3
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14:47 EDTBACBank of America technical comments ahead of earnings
The shares have outperformed the broader averages in the last three months, trading up over 5%. The trend in the shares has been bullish with relatively low volatility. In technical terms the short-term and intermediate-term picture is bullish. On a longer-term basis however, the stock is at an interesting juncture. On a 5-year chart, the last 2.5 years to present are a mirror of the period from 5 years to 2.5 years ago. That puts the stock right back at resistance levels from early 2010. The key for the stock now is either breaking through resistance at the $18.50 area, or, fading. A breakout above $18.50 on strong news and a positive outlook would be very long-term bullish for share price. Resistance above $18.50 is at $18.99. Equally, news that fails to push the stock above that area could be a catalyst for a resumption of consolidation as traders await another upside catalyst. Support in that event is at $15.45, $14.98, and $14.02.
12:20 EDTCOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after three of the nation's largest banks reported on their results in the most recent quarter of the year. The market began the session in positive territory but the move seemed tenuous and the averages were almost back in negative ground within a half hour of the opening bell. As the morning progressed and the bears were unable to gain control, the buyers emerged and pushed the Dow to a triple digit gain and the Nasdaq to an increase of nearly 1.5%. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. COMPANY NEWS: JPMorgan (JPM) swung to a third quarter profit, but its headline earnings per share fell below analysts’ consensus estimate. Of note, the company's press release on its results came out earlier than planned on Nasdaq's (NDAQ) Shareholder.com website, which the exchange operator attributed to an internal "human error." Wells Fargo (WFC) reported in-line earnings and stronger credit quality, but its stock slid 1.4% following the report. Citigroup (C) generated the most headlines, however, as it reported better than expected adjusted third quarter profit, announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit that provided personal security services after an investigation uncovered illegal conduct. Shares of Citi bucked the trend set by its two peers, rising 3% near noon... In addition to JPMorgan, Dow member Johnson & Johnson (JNJ) reported on its third quarter earnings. The drug and medical device giant reported better than expected profits and revenues and raised its FY14 EPS outlook, but the stock was fractionally lower near midday. MAJOR MOVERS: Among the notable gainers was Energy Transfer Equity (ETE), which gained 8.5% after the stock was among the energy industry names upgraded this morning at RW Baird. Also higher was Skyworks (SWKS), which rose 11% after the company preannounced stronger than expected results that its CEO attributed to the "broad-based strength" of its business. Among the noteworthy losers was EnerNOC (ENOC), which dropped 11% after JPMorgan downgraded the stock to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. Also lower was Tyco (TYC), which fell nearly 4% after Barclays downgraded the stock citing valuation and coupled the ratings change with an upgrade of Eaton (ETN). INDEXES: Near midday, the Dow was up 133.38, or 0.82%, to 16,454.45, the Nasdaq was up 60.63, or 1.44%, to 4,274.29, and the S&P 500 was up 21.51, or 1.15%, to 1,896.25.
11:59 EDTCCitigroup sees Q4 legal costs continuing to be 'elevated and episodic'
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11:58 EDTCCitigroup sees Q4 consumer banking revenue growth continuing
11:57 EDTCCitigroup says Q4 NIM may decline buy a 'basis point or two'
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11:38 EDTCCitigroup CEO says Citi Holdings now 5% of bank's balance sheet
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10:23 EDTCCitigroup rises after results, trades lower off earlier high
The stock is up 1.5% to $50.58 at time of writing, off the earlier session high at $51.63. At current price support is at $50.44, the low of the day, and then at $51.14 which was the opening price.
09:37 EDTCActive equity options trading on open
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09:13 EDTCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Johnson & Johnson (JNJ), up 1%... Dominos Pizza (DPZ), up 2.7%. ALSO HIGHER: Citigroup (C), up 2.5% following earnings report, announcement of plans to exit consumer businesses in 11 markets... MagneGas (MNGA), up 14% after signing Letter of Intent with Pioneer Recycling... Skyworks (SWKS), up 6% after raising its outlook for Q4. Shares of peers Avago (AVGO), NXP Semiconductors (NXPI) and RF Micro Devices (RFMD) are also moving higher in pre-market trading after Skyworks pointed to "broad-based strength" of its business in raising its outlook... Halcon Resources (HK), up 6% after upgraded at KLR Group... Quantum (QTM), up 8.8% after issuing Q2 earnings guidance. LOWER: Wells Fargo (WFC), down 1.4% after reporting in-line Q3 earnings... JPMorgan (JPM), down 1.8% after Q3 headline earnings miss... Las Vegas Sands (LVS), down 1% following downgrade at BofA Merrill Lynch.
08:11 EDTCCitigroup reports book value per share increased to $67.31
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08:07 EDTCCitigroup to disban Banamex unit
08:05 EDTCCitigroup says illegal conduct, fraud found in Banamex unit probe
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08:04 EDTCCitigroup reports Q3 net credit losses down 14% from prior year to $2.1B
Citigroup reported Q3 net interest margin increased to 2.91%. Net credit losses of $2.1B declined 14% versus the prior year period. Q3 allowance for loan losses was $16.9B at quarter end, or 2.60% of total loans, compared to $20.6B, or 3.16% of total loans, at the end of the prior year period. The $552M net release of loan loss reserves in the current quarter compared to a $675M release in the prior year period. Citigroup asset quality continued to improve as total non-accrual assets fell to $8.0B, a 19% reduction compared to the third quarter 2013.
08:03 EDTCCitigroup discloses results of investigation into security unit in Mexico
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08:01 EDTCCitigroup to exit consumer businesses in 11 markets
Citigroup announced strategic actions to accelerate the transformation of Global Consumer Banking by focusing on those markets where it has the greatest scale and growth potential. As a result, Citigroup intends to exit its consumer businesses in 11 markets. The new consumer banking footprint will serve nearly 57 million clients in 24 markets that capture over 95% of GCB’s existing revenue base, while further simplifying its operations and improving its performance. The affected businesses include the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea. Active sales processes are underway for the majority of the businesses, and subject to market conditions and regulatory and other approvals, the strategic actions are currently expected to be substantially completed by year-end 2015. The businesses will be reported as part of Citi Holdings as of the first quarter 2015 to provide greater transparency with respect to the performance of the ongoing operations reported in GCB. Citigroup’s Institutional Clients Group will continue to serve clients in these markets. “I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders. While we have made progress optimizing these 11 consumer markets, we believe our Global Consumer Bank will achieve stronger performance by focusing on the countries where our scale and network provide a competitive advantage,” CEO Michael Corbat said.
08:00 EDTCCitigroup reports Q3 revenue $20B ex- CVA/DVA
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07:59 EDTCCitigroup reports Q3 EPS $1.15 ex CVA/DVA, consensus $1.12
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07:13 EDTCCitigroup chairman suggests wrapping FDIC, OCC into single regulator, WSJ says
Citigroup Chairman Michael O'Neill is calling for a more rational regulatory landscape, the Wall Street Journal reports. He suggests wrapping the FDIC and the Office of the Comptroller of the Currency into a single banking regulator. Reference Link
October 13, 2014
16:02 EDTBAC, COptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
15:24 EDTCNotable companies reporting before tomorrow's open
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14:33 EDTCEarnings Preview: Citigroup to report with shares up 11% over last six months
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13:48 EDTCCitigroup October volatility increases into Q3 and revenue outlook
Citigroup October call option implied volatility is at 39, November is at 25, December is at 25, January is at 24; compared to its 26-week average of 23 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 14.
07:19 EDTBAC, CAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTC, BACRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTBAC, CBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
13:03 EDTBAC, CBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 10, 2014
09:38 EDTCActive equity options trading on open
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October 9, 2014
17:28 EDTCCitigroup not hit by hacking incident, CNBC reports
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16:00 EDTC, BACOptions Update; October 9, 2014
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13:52 EDTCAttorney General announces agreement with Citi to return $16M to customers
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09:38 EDTCActive equity options trading on open
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06:45 EDTBACBofA finalizes oil financing agreement with PES, Reuters says
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06:40 EDTCSource of JPMorgan cyberattack still unclear, NY Times says
The source of the cyberattack on JPMorgan (JPM) and other U.S. financial institutions this summer is still unclear, according to The New York Times. The hackers may have tried to hit about a dozen financial institutions , and E-Trade(ETFC) and Fidelity Investments may have been victimized in some way, the newspaper stated, citing an unnamed source who was briefed on the matter. At least five other banks, including Citigroup (C), HSBC (HBC) and Regions Financial (RF), discovered that one of the web addresses used by those who hacked JPMorgan tried to penetrate their systems, The Times quoted unnamed sources briefed on the matter as saying. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
06:39 EDTCFidelity attacked by JPMorgan hackers, but no data stolen, FT reports
Fidelity Investments was among 13 financial institutions attacked by hackers who are believed to have been responsible for a breach at JPMorgan Chase, but there is no indication that Fidelity customer data were stolen, the Financial Times reports, citing two sources. Reference Link
06:37 EDTCJPMorgan hackers linked to 13 other possible breaches, Bloomberg says
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06:35 EDTCCitigroup to return $16M to customers for fees on investment accounts, WSJ says
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06:33 EDTBAC, CCitigroup 2015 consensus may be 10% too high, says Deutsche Bank
Deutsche Bank believes the IPO of OneMain, the consumer finance unit within Citi Holdings, and higher expenses create 10% risk to the 2015 consensus estimate of $5.40 for Citigroup. Deutsche says shedding OneMain would lower Citigroup's (C) annual earnings by about 20c. The firm says the bank's Q3 results could top expectations, however, on better than expected currency trading. Deutsche continues to prefer Bank of America (BAC) to Citi, saying its confident consensus estimates for the former are reasonable. It has a Hold rating on Citi and Buy rating on Bank of America.
October 8, 2014
18:26 EDTCCitigroup, Etrade, others attacked by same JPMorgan hackers, Bloomberg reports
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12:02 EDTCCitigroup's OneMain Financial preparing for $50M IPO, NY Times reports
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08:34 EDTBACBank of America October volatility increases into Q3 and outlook
Bank of America October call option implied volatility is at 28, November is at 23, January is at 22; compared to its 26-week average of 24 according to Track Data, suggesting larger near term price movement into the expected release of Q3 results on October 15.
08:06 EDTCAstoria Financial appoints Hugh J. Donlon as Chief Lending Officer
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07:13 EDTC, BACBank dealers agree to revised derivatives rules, FT reports
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