A selloff in financials and tech stocks on Thursday dragged Wall Street lower and put an end to a record-breaking streak for the Nasdaq. The Nasdaq fell 0.29%, backing away from a run that saw the index close at records for five consecutive trading days.
Category: Banking
Dimon Praises Cabinet Picks, Says He’s Optimistic About Trump
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he’s optimistic about President-elect Donald Trump’s administration because of the group of people he’s assembled to fill his cabinet.
3 ETFs to Buy If You Think Bank of America Beats Q4 Earnings
Bank of America is set to benefit as the Federal Reserve continues to raise interest rates. Here are three ETFs that may benefit if investors like fourth-quarter results.
Wells Fargo Still Staging a Correction
However, it looks like prices got ahead of themselves and the stock has been correcting those gains. In this one-year daily bar chart of WFC, above, we can see an upside price explosion where WFC ran from $45 to touch $58 in a few weeks.
Stock Futures Decline Ahead of Friday’s Big Bank Earnings
S&P 500 futures were down 0.3%, Dow Jones Industrial Average futures fell 0.2%, and Nasdaq futures declined 0.3%. A number of big banks including JPMorgan , Bank of America and Wells Fargo will release quarterly performances on Friday morning, heralding the kickoff to the fourth-quarter reporting season.
AT&T Keeps Getting Its Profit Estimates Slashed by One Wall Street Firm
Shares of AT&T fell by about 1% on Wednesday after the stock’s rating was downgraded to “hold” from “buy” at Deutsche Bank because of weaker margins and slower earnings growth, according to the firm’s note. Deutsche also lowered its price target on the stock to $43 from $44.
Wells Fargo’s Post-Scandal Pay Plan Eliminates Sales Goals
Wells Fargo & Co. introduced a compensation plan for retail-bank employees that shifts the focus from sales goals to customer service after the old incentives led to a scandal over the creation of potentially millions of fraudulent accounts.
JPMorgan Found in Probe to Have Retaliated Against Adviser
JPMorgan Chase & Co. wrongfully fired a financial adviser in retaliation for publicly complaining that managers pressured him to sell the bank’s own investment products, a federal investigator found.
SoftBank Hires U.K. Investor to Help Manage $100 Billion Fund
The founder of a London-based investment fund that focused on what it called “constructive activism” has joined SoftBank Group Corp. to help manage its new $100 billion technology vehicle. Knight Assets & Co.
Australian Bank Shares Are Soaring So Fast, You Could Get a Nosebleed
One of the fastest rallies for Australian banks in six years is prompting fund managers to stop and catch their breath. Randal Jenneke of T. Rowe Price is pausing after moving overweight in the banking sector before the U.S. elections.
Takeda Expands Cancer Business With $4.66 Billion Ariad Deal
Takeda Pharmaceutical Co. will expand its footprint in the U.S. oncology market with the $4.66 billion purchase of Ariad Pharmaceuticals Inc., adding one potential blockbuster in lung cancer and another already on-the-market therapy.
Banks, Oil Stocks Hinder Dow’s Pursuit of 20,000
Declines in bank and energy companies weighed on Wall Street on Monday, distancing the Dow from the 20,000 mark, while gains in technology stocks pushed the Nasdaq to a record intraday high. Two-thirds of the 30 Dow components were lower, with Goldman Sachs’s 0.7 percent decline weighing the most.
Bank of Americas Biggest Wildcard for 4Q Earnings
In fact, that’s only half its identity; it’s also an investment bank with a sizable presence on Wall Street. Being a so-called universal bank is good for Bank of America because it diversifies its revenue streams.
Morgan Stanley, UBS Said to Plan Boosting China JV Stakes
Morgan Stanley and UBS Group AG are in talks with local partners to boost holdings in their China securities businesses, a sign of growing confidence in those operations, according to people familiar with the matter. The banks are engaged in separate discussions on raising their stakes to 49 percent, the maximum allowed under current regulations, the people said, asking not to be identified because the negotiations are confidential.
Week Ahead: Wall Street Welcomes Fourth-Quarter Earnings With the Big Banks
The fourth-quarter earnings season will kick off in the coming week with a number of high-profile companies reporting their performance over the last months of 2016. With a new year comes a look at the old.
BofA Said to Boost Bonuses for Bond Traders, Cut Equities
Bank of America Corp. is poised to boost bonuses for many of its bond traders and trim payouts for those handling stocks, people with knowledge of the matter said. The combined compensation pool will drop significantly, though fewer workers will divvy the rewards.
Cramer: What Sets Dominion Resources Apart?
For an “Executive Decision” segment, Cramer spoke again with Tom Farrell, chairman, president and CEO of Dominion Resources , a stock that rose 13% in 2016 and currently yields 3.7%. Farrell said that Dominion is different from other utilities because of its natural gas infrastructure, which includes a new export terminal set to come online later this year.
Former Fed board member J. Dewey Daane has died
J. Dewey Daane, a noted expert on monetary policy who was nominated to serve on the Federal Reserve board by President John F. Kennedy, has died. He was 98. His death Tuesday in Nashville was announced by Vanderbilt University where Daane had been a longtime professor at the Vanderbilt Owen Graduate School of Management.
Deutsche Bank Crime Fighter Said to Step Down After Six Months
Deutsche Bank AG’s global head of anti-financial crime and group money-laundering reporting officer, Peter Hazlewood, will step down only six months after assuming the post, a person familiar with the matter said. Hazlewood will probably stay with Deutsche Bank in a different role, said the person, who asked not to be identified because the information isn’t public.
Despite 50% Gain, Banks Yet to Win Over Europe Fund Managers
Banks may have beaten every industry group on the Stoxx Europe 600 Index since a July low in share prices, but European fund managers are still underweight. While money managers have turned less bearish and now own the most bank shares since mid-2015, lenders still make up a smaller proportion of portfolios than they do in equity benchmarks, according to HSBC Holdings Plc.
ANZ Sells Shanghai Bank Stake in Unwinding of Asia Expansion
Australia & New Zealand Banking Corp. agreed to sell its 20 percent stake in Shanghai Rural Commercial Bank Co. for A$1.84 billion , Chief Executive Officer Shayne Elliott’s latest move to unwind an Asian expansion that sapped profits.
Indonesia Ends JPMorgan Partnerships on Downgrade, Okezone Says
Indonesia’s government terminated all business partnerships with JPMorgan Chase & Co. after the U.S. bank downgraded its assessment of Southeast Asia’s largest economy following Donald Trump’s surprise U.S. election win, according to a report on the Okezone news portal.
Jain Joins Cantor as President in Post-Deutsche Bank Restart
Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain, 53, will help the closely held company expand in areas including fixed-income and equities trading as well as prime brokerage, Cantor Chairman and CEO Howard W. Lutnick said Monday in a phone interview.
5 Cheapest Bank Stocks Right Now
After the post-election rally , it’s getting hard to find cheap bank stocks. But it’s still not impossible.
Ex-Deutsche Bank’s Jain to Join Cantor Fitzgerald as President
Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain will help with the privately held firm’s expansion, according to a statement from the New York-based firm Monday.
Largest India Bank Sees Loan Growth Jumping From 25-Year Low
State Bank of India, the country’s largest lender, is predicting an acceleration in loan growth from a 25-year low after slashing borrowing costs to the lowest level in at least six years. The state-run lender cut lending rates based on the marginal costs of funds by 90 basis points across all tenures on Sunday.
10 Ways Bank of America Has Changed in the Past Decade
Is it the same bank that it was going into the financial crisis ? Or is it something entirely different? And if it has changed, how would one go about quantifying the difference? Questions like these may seem easy to answer. But as soon as you start digging into the specifics, it quickly becomes clear how complicated it actually is.
Brokerages Set DISH Network Corporation (DISH) Target Price at $68.41
Shares of DISH Network Corporation have been assigned an average recommendation of “Hold” from the twenty-two brokerages that are currently covering the firm. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company.
Wells Fargo Settles With Brokers Over Claims of Racial Bias
Wells Fargo & Co. settled a dispute with a group of black brokers claiming the bank failed to give them the same career opportunities as their white colleagues.
ECB’s Monte Paschi Capital Bar Would Trip Up 10 Other EU Banks
Deutsche Bank AG, UniCredit SpA and eight other European Union banks would fall short of the European Central Bank’s capital demands on Banca Monte dei Paschi di Siena SpA based on stress-test results, highlighting potential objections to the plan. The ECB told Monte Paschi it needed enough capital to push its common equity Tier 1 ratio to 8 percent of risk-weighted assets in the adverse scenario of the stress test, the Bank of Italy said in a statement late on Dec. 29. That’s well above the legal minimum of 4.5 percent.
Tracking Bank of America’s Uptrend Dips
I’ve been selectively adding exposure to financials, energy, and small-caps, as they’ve experienced explosive rallies since November. Despite the pullback, BAC has been on a tear.
Dow Analyst Moves: JPM
The latest tally of analyst opinions from the major brokerage houses shows that among the 30 stocks making up the Dow Jones Industrial Average, JPMorgan Chase is the #19 analyst pick. Within the broader S&P 500, when components were ranked in terms of analyst favorites, JPM claims the #299 spot.
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Nobody’s perfect and corporate executives are just like you and me. But when you’re running a publically traded company and billions in wealth is made or lost by a stock price swing, the stakes are much higher.
TD Leads Canadian Stock Sales as Energy Deals Fuel Record Year
Toronto-Dominion Bank took top spot for managing Canadian stock sales in 2016 as large energy deals led by pipeline operator TransCanada Corp. helped set a record for equity financings. The amount raised from initial public offerings, secondary sales and equity-linked securities reached C$50.4 billion , up 17 percent from 2015, according to data compiled by Bloomberg.
San Francisco Software Startup AppDynamics Files for U.S. IPO
The San Francisco-based company filed with an initial offering amount of $100 million, a placeholder used to calculate fees that will probably change. Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co.
3 Bank Stocks to Buy
Bank stocks have been on an absolute tear in the past month following the election of real estate mogul Donald Trump as president of the United States. Shares in JPMorgan Chase are up over 18% since Nov. 9, Bank of America is up a whopping 26%, and even the currently scandal-embroiled Wells Fargo has seen its shares rise 21% in anticipation of financial deregulation under President Trump.
Texas manufacturers, riding high postelection, look forward to
Tongue plates fall into bins at TK Holding Inc., a Takata Corp. seat belt plant in San Antonio. Texas manufacturers have ended 2016 on a positive note, according to a survey from the Federal Reserve Bank of Dallas.
Monte Dei Paschi Needs $9.2 Billion to Avert Potential Shortfall
Troubled Italian lender Monte dei Paschi says a potential capital shortfall identified by the European Central Bank has widened to 8.8 billion . Troubled Italian lender Monte dei Paschi remains solvent, a requirement for a government bailout under European Union rules, but its potential capital shortfall has widened to a 8.8 billion .
Shale Specter Haunts OPEC as Oil Seen Rallying Into 2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November by a pump-at-will OPEC strategy aimed at market dominance.
Better Buy: Alliance Resource Partners LP vs. CONSOL Energy Inc.
If you are an investor looking at this pair, your primary question might be which one has a brighter future in the energy market. However, if you are an income investor, you might find owning a great business in a fading industry is just your speed.