New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For GS;JPM;USB;MS;BAC;WFC;C From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | all recent news | >>
April 16, 2015
07:55 EDTBACBank of America Q1 results 'simply dreadful,' says Oppenheimer
Oppenheimer believes that Bank of America $1B in "retirement-eligible incentive costs" and $0.5B of "market-related adjustments" to net interest income are not one-time items. The firm says that the bank's revenue fell significantly, while its core operating expenses have not followed suit. However, the firm still finds the stock's valuation attractive and recommends buying the shares.
07:42 EDTGSGoldman Sachs reports investment management revenue flat to $1.58M
Subscribe for More Information
07:41 EDTGSGoldman Sachs reports Q1 institutional client services revenue up 23% to $5.46B
Net revenues in Institutional Client Services were $5.46B for Q1, 23% higher than 1Q14 and 73% higher than 4Q14. Net revenues in Fixed Income, Currency and Commodities Client Execution were $3.13B for Q1, 10% higher than 1Q14, due to significantly higher net revenues in currencies and interest rate products, partially offset by significantly lower net revenues in credit products, commodities and mortgages. Net revenues in Equities were $2.33B for Q1, 46% higher than the 1Q14, due to significantly higher net revenues in equities client execution, reflecting strong results in both derivatives and cash products across all major regions.
07:38 EDTGSGoldman Sachs 'encouraged' about prospects for continued growth
“We are pleased with our results this quarter and the fact that all of our major businesses contributed,” said Lloyd C. Blankfein, Chairman and CEO. “Given more normalized markets and higher levels of client activity, we remain encouraged about the prospects for continued growth.”
07:38 EDTGSGoldman Sachs reports Q1 investment banking revenue up 7% to 1.91B
Subscribe for More Information
07:38 EDTGSGoldman Sachs reports Common Equity Tier 1 ratio 11.4% at March 31
Subscribe for More Information
07:37 EDTGSGoldman Sachs increases quarterly dividend to 65c per share
Subscribe for More Information
07:36 EDTGSGoldman Sachs reports Q1 EPS $5.94, consensus $4.26
Subscribe for More Information
07:19 EDTGS, COptions expected to be active: NFLX SNDK UNH PNRA C GS SLB
April 15, 2015
16:01 EDTBAC, COptions Update; April 15, 2015
iPath S&P 500 VIX Short-Term Futures down 49c to 21.90. Option volume leaders: AAPL NFLX C PBR KMI RIG MCP TWTR GILD BAC according to Track Data.
15:59 EDTGSVIX methodology for Goldman Sachs down 1.8% to 20.75 into Q1
Subscribe for More Information
15:57 EDTGSGoldman Sachs April 200 straddle priced for 2.1% movement into Q1
Subscribe for More Information
14:58 EDTCEarnings Watch: Analysts more bullish on Citi after asset sales, CCAR approval
Citigroup (C), one of the largest banks in the U.S., is expected to report first quarter earnings before the open on Thursday, April 16, with a conference call scheduled for 11:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.39 on revenue of $19.82B. The consensus range is $1.32-$1.45 for EPS on revenue of $18.43B-$20.36B, according to First Call. On its last earnings conference call, Citi said it was committed to its 2015 targets and to returning capital to shareholders. Citi is targeting a 2015 consumer banking efficiency ratio of 49%-52%, compared to a ratio of 56% in 2014 and a pro forma 2014 ratio of 55%. LAST QUARTER: Citigroup reported fourth quarter EPS of 6c, versus analysts' consensus forecast of 11c. The company’s revenue came in below expectations at 17.81B. Citi CEO Michael Corbat said at the time: "While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities... Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015." NEWS: On March 2, Costco (COST) announced it has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa (V). Under the terms of the agreements, Citi would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016. The next day, Citi announced that it has reached a definitive agreement to sell OneMain Financial Holdings to Springleaf (LEAF) for a purchase price of $4.25B. The deal is expected to close in the third quarter of 2015, subject to approvals and other customary conditions. The sale, along with retirement of related funding, are expected to result in a net addition to earnings before income taxes of approximately $1B, the bank stated. On March 5, the Federal Reserve said that Citi had passed its Dodd-Frank stress test, as did all 31 banks that were examined. About a week later, the central bank announced it had not objected to the capital plans of 28 bank holding companies participating in the Comprehensive Capital Analysis and Review, or CCAR. After the Fed advised Citi that it has no objection to the planned capital actions requested by the bank, Citi said it will increase its quarterly common stock dividend to 5c per share from 1c per share. Citi also announced plans for a common stock repurchase program of up to $7.8B during the five quarters starting in the Q2. At the end of March, Citi announced that it has reached a definitive agreement to sell 100% of the shares of Citi Cards Japan, the exclusive issuer of Diners Club cards in Japan, to Sumitomo Mitsui Trust Bank. Also in March, Citi announced that it has sold 396M common shares in Akbank T.A.S. through an equity offering representing its entire 9.9% equity interest in the company. Total proceeds from the transaction are expected to be approximately $1.15B at then current exchange rates. The financial terms of those two transactions are not material to Citi, the bank noted. STREET RESEARCH: On February 10, Deutsche Bank upgraded Citi to Buy from Hold and raised its price target for shares to $54 from $51. Deutsche said then that it believed the decline in the stock since the firm's December 4 downgrade had priced in some of the earnings risk, but added the FY15 consensus estimates for Citi still looked too high. On March 17, Deutsche Bank further raised its price target for Citi shares to $56 from $54, citing positive news flow around the sale of OneMain, its credit card deal with Costco and the Fed's stress test results. On March 3, JPMorgan upgraded Citigroup to Overweight, saying the Costco co-branding credit card deal will add to revenue growth and return on assets. Further, the firm said it expects the banking giant to achieve its operating efficiency targets this year. It upped its price target for shares to $58 from $54. The next day, Morgan Stanley said it believes Citi's sale of OneMain and its new Costco partnership imply, when taken together, that the bank is substituting OneMain's higher risk assets with the Costco portfolio, which has a lower yield, risk and RWA. Such a trade will be viewed favorably by regulators, the firm said. Morgan Stanley, which has an Overweight rating on Citi, said then it sees potential upside to its $60 price target on Citi shares if capital freed from the OneMain sale is returned to shareholders. PRICE ACTION: In afternoon trading ahead of tomorrow morning's report, Citi rose over 1% to $53.31. Over the last three months, Citi shares are up nearly 13%.
14:42 EDTGSEarnings Watch: Goldman to report amid optimism on fixed income, trading
Goldman Sachs (GS) is scheduled to report first quarter earnings before the open on Wednesday, April 16, with a conference call scheduled for 9:30 am ET. Goldman is an investment bank. EXPECTATIONS: Analysts are looking for earnings per share of $4.26 on revenue of $9.35B, according to First Call. The consensus range for EPS is $4.11-$4.44 on revenue of $8.72B-$9.65B. LAST QUARTER: Goldman reported higher than expected fourth quarter profits and revenue. However, the revenue of its investment banking and institutional client services businesses fell 16% and 8% respectively versus the same period a year earlier, while the revenue of its fixed income business tumbled 19% year-over-year. In March, Goldman passed the Fed's stress test, and it raised its quarterly dividend by 5c to 65c per share. In April, Reuters reported that Global investment banking fees dropped 8% to $20B in the first quarter, representing the weakest start to the year for the fees since 2012, according to Reuters. Deal activity in Europe, Asia Pacific, and Japan was weak during the quarter, the news service stated. On a positive note for Goldman investors, The Wall Street Journal on April 2 quoted NAB Research and Deutsche Bank as saying that volatility in the currency market had risen 18% from January to mid-March, which should boost profitability for the fixed-income trading businesses at major banks. PEER RESULTS: Perhaps boding well for Goldman, JPMorgan reported on Monday that its Q1 gross investment banking revenue from its commercial banking clients had soared 68%, STREET RESEARCH: On April 7, research firm Susquehanna raised its Q1 EPS estimate for Goldman to $4.24 from $3.60, citing improved trading and fixed income forecasts. The firm increased its price target on the shares to $198 from $190 and set a Neutral rating on the shares. PRICE ACTION: Goldman's stock has jumped almost 13% over the last three months and almost 30% over the last year.
14:06 EDTCCiti reports March credit loss 2.50% vs. 2.55% last month
Reports March delinquency rate 1.58% vs. 1.61% last month.
10:13 EDTBACBank of America reports March default rate 2.94% vs. 2.98% last month
Reports March delinquency rate 1.80% vs. 1.86% last month.
09:53 EDTUSBU.S. Bancorp says improving interest rates is "a matter of when, not if"
Subscribe for More Information
09:52 EDTUSBU.S. Bancorp does not expect to have a reduction in force
09:51 EDTUSBU.S. Bancorp says lower NIM due to investment portfolio growth
Subscribe for More Information
09:35 EDTBACActive equity options trading on open
Subscribe for More Information
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use