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Stock Market & Financial Investment News

News Breaks
January 9, 2013
07:38 EDTPNCPNC Financial sees Q4 EPS exceeding First Call mean estimate of $1.57
The PNC Financial Services Group took the following actions in Q4 associated with its residential mortgage banking activities along with other items. The net impact of these actions will reduce PNCís Q4 net income by approximately 47c per diluted common share. PNC recorded $91M of expenses related to residential mortgage foreclosure activities, which includes a charge of approximately $70M resulting from an agreement to amend the consent orders entered into in April 2011. PNC recorded a pretax provision of $254M for residential mortgage repurchase obligations related to expected elevated levels of repurchase demands primarily as a result of further changes in behavior and demand patterns of government-sponsored enterprises, FHLMC and FNMA, for loans sold into agency securitizations, including the years 2004 and 2005. PNC recorded a noncash, nontax-deductible goodwill impairment charge of $45M in Q4 related to its Residential Mortgage Banking segment, which had no goodwill remaining at December 31. PNC recorded a pretax gain of $130M on the sale of a portion of its investment in Visa, or 4 million Visa Class B common shares. PNC recorded $35M of pretax integration costs and $70M of pretax noncash charges for the remarketing and redemption of high cost hybrid capital securities. Excluding the net impact of these actions, PNC currently expects its Q4 EPS will exceed the current First Call mean estimate of $1.57.
News For PNC From The Last 14 Days
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October 20, 2014
06:40 EDTPNCPNC Financial downgraded to Hold from Buy at Deutsche Bank
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October 17, 2014
09:06 EDTPNCJPMorgan and PNC Financial weakness a buying opportunity, say Morgan Stanley
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October 15, 2014
11:04 EDTPNCPNC Financial sees reserve releases continuing, but not likely at current level
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10:30 EDTPNCPNC Financial says U.S. economy feels 'very strong,' 'resilient'
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10:20 EDTPNCPNC Financial sees 'challenging' revenue environment until rates rise
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07:55 EDTPNCPNC Financial sees Q4 net interest income down modestly vs. Q3
Sees modest growth in loans in Q4 vs. Q3. Sees "stable" fee income in Q4 vs. Q3. Sees Q4 noninterest expense up low single digits vs. Q3. Sees Q4 loan loss provision $25M-$75M. Comments from slides that will be presented on the Q3 earnings conference call.
06:47 EDTPNCPNC Financial reports Q3 retail banking net interest income $985M
Retail Banking earnings for Q3 decreased compared with Q2 and increased compared with 3Q13. Noninterest income included strong customer-related fee income growth in both comparisons primarily resulting from changes in product offerings and increases in customer-initiated transactions. Noninterest income also reflected gains on sales of Visa Class B common shares of $57M in Q3, $54M in Q2 and $85M in 3Q13. Provision for credit losses increased compared with the linked quarter as credit quality improved at a slower pace in Q3 compared with Q2. The provision decreased compared with 3Q13 driven by improved credit quality in the consumer and commercial loan portfolios as net charge-offs and delinquencies declined.
06:43 EDTPNCPNC Financial reports Q3 EPS $1.79, consensus $1.71
Reports Q3 revenue $3.84B, consensus $3.8B. Reports Q3 Basel III Tier 1 capital ratio 10.1%. Reports Q3 book value per share $76.71. Reports Q3 net charge offs 0.16%. PNC continued to execute on its strategic priorities as reflected in the results for the third quarter which included strong fee income, well-controlled expenses and overall credit quality improvement. Net interest income of $2.1B in Q3 decreased $25M, or 1%, compared with Q2 due to lower earning asset yields, lower investment securities balances and the impact of increasing the company's liquidity position.
October 14, 2014
15:40 EDTPNCPNC Financial October 82 straddle priced for 3% move into Q3
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15:29 EDTPNCNotable companies reporting before tomorrow's open
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October 13, 2014
08:45 EDTPNCPNC Financial October volatility elevated into Q3 and outlook
PNC Financial October call option implied volatility is at 33, November is at 23, January is at 19; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.

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