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Stock Market & Financial Investment News

News Breaks
April 16, 2014
07:17 EDTUSBU.S. Bancorp reports Q1 EPS 73c, consensus 73c
Reports Q1 revenue $4.81B, consensus $4.8B. U.S. Bancorp Chairman, President and CEO Richard K. Davis said, “Our first quarter earnings of $1.4 billion, or $.73 per diluted common share, demonstrated our Company’s ability to generate strong results in the face of a slow-growing and uncertain economy. Our industry-leading returns on average assets of 1.56 percent and average common equity of 14.6 percent, combined with our strong efficiency ratio of 52.9 percent, remain among the top performance ratios in our peer group. Our performance clearly reflects the advantage of our diversified business mix and disciplined expense management which has enabled us to withstand the revenue challenges facing our industry in this slow-growth economy. Average loan growth remained strong at 6.0 percent year-over-year and 1.3 percent on a linked quarter basis. Total loan and commitment growth continued to be an area of strength for the Bank, particularly highlighted by our commercial business, which grew loans by 8.5 percent year-over-year and 2.8 percent on a linked quarter basis. This growth demonstrates our ability to gain market share as customers choose to partner with us to expand their businesses when opportunities arise. Credit quality continued to be strong in the first quarter as net charge-offs declined 21.2 percent compared with the prior year and rose modestly on a linked quarter basis due to unusually high recoveries in the prior quarter. Nonperforming assets, excluding covered assets, fell by 1.0 percent and delinquencies also improved in the quarter. Overall credit quality is expected to remain relatively stable in the coming quarters."
News For USB From The Last 14 Days
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October 13, 2014
06:44 EDTUSBRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTUSBBanking 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 EDTUSBBanks 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 7, 2014
10:02 EDTUSBOn The Fly: Analyst Downgrade Summary
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07:06 EDTUSBU.S. Bancorp downgraded to Market Perform from Strong Buy at Raymond James
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06:51 EDTUSBJustice Department set to attack more large banks by year end, NY Times says
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October 6, 2014
07:29 EDTUSBHead of NYDFS reaching out to banks in wake of JPMorgan breach, FT says
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06:27 EDTUSBJPMorgan hackers hit about nine other firms, NY Times says
The group of hackers that infiltrated JPMorgan (JPM) also penetrated about nine other financial institutions, according to The New York Times. Washington intelligence officials and policy makers are much more concerned about the attacks than they have disclosed, the newspaper added. Other publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded cybersecurity companies 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

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