BMO Capital Raises Price Target on Citigroup (C) to $66 Following 2Q EPS Beat
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UBS Reiterates Buy on Citigroup (C) Following 2Q Report - PT to $53
July 18, 2016 9:56 AM EDTUBS reiterated a Buy rating on Citigroup (NYSE: C), and cut the price target to $53.00 (from $54.00), following the company's 2Q earnings report. Citi's NIM should recover to 290+ bps in 2H16 due to 3 bps of uplift from Costco and a normalization of cash balances. The Costco portfolio closed in June and the $10.6 billion portfolio... More
Bank of America sets new cost target under pressure from low rates
July 18, 2016 7:01 AM EDTBy Dan Freed and Sruthi Shankar
(Reuters) - Bank of America Corp (NYSE: BAC) reported a 19 percent drop in second-quarter profit on Monday and set a new expense target as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.
Like other lenders, the Charlotte, N.C.-based bank has been struggling under the weight of low rates for years, but analysts say Bank of America is particularly sensitive to the issue because of how management has positioned its balance sheet. Accounting oddities related... More
Nomura Securities Cuts Price Target on Citigroup (C) to $57 Following 2Q EPS Beat
July 18, 2016 6:51 AM EDTNomura Securities maintained a Buy rating on Citigroup (NYSE: C), and cut the price target to $57.00 (from $62.00), following the company's 2Q earnings report. EPS was reported at $1.24, ahead of the Street's $1.10 estimate. However, an updated commentary suggests that consensus forecasts are too high for 2H16 and 2017, placing... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Rate-starved U.S. banks happily gobble mortgage business
July 18, 2016 1:07 AM EDTBy David Henry
NEW YORK (Reuters) - Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co (NYSE: JPM), Wells Fargo & Co (NYSE: WFC) and Citigroup Inc (NYSE: C) said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over the first quarter.... More
Top 10 News for 7/11 - 7/15: Herbalife's Big Settlement; Amazon has Record Prime Day; Pokemon Overtakes the World
July 15, 2016 3:58 PM EDT1. Herbalife Ltd. (NYSE: HLF) announced it has reached a settlement agreement with the Federal Trade Commission (FTC or the Commission) resolving the FTCs multi-year investigation of the Company. The terms of the settlement do not change Herbalifes business model as a direct selling company and set new standards for the industry. With the settlement agreement announced today, the FTCs investigation of... More
Wells Fargo management prodded on expenses after profit decline
July 15, 2016 8:18 AM EDTBy Dan Freed and Nikhil Subba
(Reuters) - Top Wells Fargo & Co (NYSE: WFC) executives were grilled by analysts on Friday about whether they're doing enough to control expenses after the bank reported a drop in second-quarter profit.
Like its big bank peers, Wells Fargo has been challenged by a prolonged period of historically low interest rates, which only fell further in the second quarter.
Even as the San Francisco-based lender extended more loans, its profits fell 3.5 percent because it has started setting aside more money for possible losses in the... More
Citigroup (C) Tops Q2 EPS by 6c
July 15, 2016 7:59 AM EDTCitigroup (NYSE: C) reported Q2 EPS of $1.24, $0.06 better than the analyst estimate of $1.18. Revenue for the quarter came in at $17.5 billion versus the consensus estimate of $17.87 billion.
Michael Corbat, Chief Executive Officer of Citi, said, These results demonstrate our ability to generate solid earnings... More
Trading Radar for 7/15: Citi (C), Wells Fargo (WFC), US Bancorp (USB), PNC (PNC), Infosys (INFY) Report
July 14, 2016 2:22 PM EDTThe Trading Radar highlights key earnings and economic announcements for the next trading session:
Before Markets Open:
Economics:
8:30am EDT
Citi (C) calls active on elevated volatility into Q2 and outlook
July 14, 2016 11:34 AM EDTCitigroup (NYSE: C) July call option implied volatility is at 69, August is at 28; compared to its 52-week range of 16 to 52 into the expected release of Q2 on July 15.
... MoreWall Street sets another record as JPMorgan leads banks higher
July 14, 2016 7:25 AM EDTBy Rodrigo Campos
NEW YORK (Reuters) - Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along.
JPMorgan (NYSE: JPM), the biggest U.S. bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue.
The bank's shares rose 1.5 percent to $64.12, while the S&P financial index rose 0.89 percent.
... MoreMired in low rates, JPMorgan buoys itself with loan growth
July 14, 2016 6:49 AM EDTBy David Henry and Sweta Singh
(Reuters) - JPMorgan Chase & Co (NYSE: JPM) is lending more and keeping a lid on expenses to combat the scourge of low interest rates, allowing management to stick to financial goals for the year.
JPMorgan, the largest U.S. bank by assets, beat subdued expectations, reporting a 1 percent slide in second-quarter earnings on Thursday, in the face of historically low rates, volatile markets and questions about its future in one of Europe's biggest economies.
Chief Financial Officer Marianne Lake struck a resilient tone when... More
