Yesterday, Bank of America (BAC) said it would miss its 2008 numbers. There has been a good deal of talk that Jamie Dimon will be pulled off his thrown at JPMorgan (JPM) once the integration of Bear Stearns and write-off of consumer and business credit starts to hit its earnings. No one in the banking industry likes analyst Meredith Whitney. She is actually the most loathed person covering big ...
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Filed under: General Electric (GE), Bank of America (BAC), CIT Group (CIT), Personal finance, Initial public offerings, Federal Reserve, Financial CrisisIs the Fed's program of slashing interest rates to near zero having any beneficial effects? If we look back at the past three months investors have been running away from any investment with the least bit of risk. This is why we've seen such a ...
Enterprise Products Partners L.P. (NYSE: EPD) has announced that it will sell 8,600,000 common units in a secondary offering. The units represent limited partner interests rather than traditional shares seen in most secondary offerings. Its market cap is nearly $10 billion. If it can maintain its current dividend, the yield is roughly 9%. Citigroup, Barclays, Morgan Stanley, UBS and Wachovia a...
Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiationsAnalyst upgrades: Merriman upgraded shares of Google (NASDAQ: GOOG) to Neutral from Sell as they believe consensus estimates for Q4 and FY09 are no longer too high. In addition, the firm believes Google's slowing capex spend will improve margins and their recent channel checks indicate the company's ad coverage ha...
After receiving hundreds of billions of dollars in taxpayer-funded federal bailout money, the biggest U.S. banks say they can’t track how that money is being spent. Some of the banks are outright refusing to discuss the matter, a new study has found. "We have not disclosed that to the public. We’re declining to," Thomas Kelly, a spokesman for JP Morgan Chase & Co. (JPM...
Filed under: Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC)Yesterday, business reporter Charlie Gasparino wrote in The Daily Beast that JP Morgan (NYSE: JPM) and its CEO Jamie Dimon, would be the next big financial institution for fall apart. He wrote, "But Dimon is feeling that heat, nonetheless, from analysts, who believe his firm will post a loss this quarter, the first sinc...
Senate Banking Committee Market activity was improved somewhat today, the Bulls thought so at least. Major U.S. indices moved into positive territory from the opening bell and held green throughout the trading session. Senate Banking Committee seeks SEC Records for Madoff probe as the House Financial Services Committee conducted its first hearing Monday into the failures of the Securities and E...
Three days ago, Sprint (S) traded at $1.79. Today, it hit $2.32 in early trading, up 30%. AT&T (T) and Verizon (VZ) are down during the same period, to some extent because analysts have expressed concerns that consumers will cut back on use of landlines, cellphones, and handsets to send data.Sprint shares the cellular subscription market risk facing AT&T and Verizon. As by far the weake...
Profits will not be as fat for Citigroup's Chinese partner in the new year, after the economy slowed and interest rate spreads narrowed.
Down in Washington, a bunch of Congressmen who lost their jobs and bunch of others taking lobbying money under the table for a piece of the bailout fund, are drawing and quartering the SEC.The actions are deserved. The agency never did catch Madoff, even though they visited with him several times. The SEC also helped set up the rules that allowed bank holding companies to increase leverage by u...