Nomura Securities on Brokers & Asset Managers: 1Q Review, 2Q Preview
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Price: $129.67 -2.42%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Nomura Securities on Brokers & Asset Managers: 1Q review, 2Q preview
Analyst, Glenn Schorr, said, "U.S. broker and universal bank stocks have sold off so far in 2Q12 (-10.8% on average vs. -2.9% for the S&P 500) as European sovereign concerns have resurfaced and U.S. economic data is mixed. This has led to a return of “risk-off” and risk assets have seen prices slip. This decline in risk-asset prices generally acts as a hindrance to the trading businesses at the brokers and universal banks. At the same time, activity levels are sluggish with U.S. cash equity volumes -8% y/y, CME interest rate futures volumes - 21% y/y, and investment banking activity has yet to see a meaningful pick-up. To be clear, we aren’t even through one full month of the quarter, so trends could change, but it looks like 2Q is off to a soft start. Citi (NYSE: C), Goldman Sachs (NYSE: GS), and JPMorgan (NYSE: JPM) remain our top Broker and Universal Bank picks."
Analyst, Glenn Schorr, said, "U.S. broker and universal bank stocks have sold off so far in 2Q12 (-10.8% on average vs. -2.9% for the S&P 500) as European sovereign concerns have resurfaced and U.S. economic data is mixed. This has led to a return of “risk-off” and risk assets have seen prices slip. This decline in risk-asset prices generally acts as a hindrance to the trading businesses at the brokers and universal banks. At the same time, activity levels are sluggish with U.S. cash equity volumes -8% y/y, CME interest rate futures volumes - 21% y/y, and investment banking activity has yet to see a meaningful pick-up. To be clear, we aren’t even through one full month of the quarter, so trends could change, but it looks like 2Q is off to a soft start. Citi (NYSE: C), Goldman Sachs (NYSE: GS), and JPMorgan (NYSE: JPM) remain our top Broker and Universal Bank picks."
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