24/7 Wall St. » Accounting

MLP Investors Have to Weigh Risks vs. Rewards This Summer (EPD, KMP, PAA, OKS, ETP, EEP, AMJ, AMLP, KYN)

Administrator — Wed, 23 May 2012 12:01:29 +0000

The world of master limited partnerships (MLPs) has brought great reward to investors in recent years. 24/7 Wall St. wants to know if the enthusiasm can stay in this sector this summer now that so many new secondary offerings have come in the recent weeks and months. The payouts are great, but there are many things to consider under a risk-reward analysis here, even after most MLPs really have come off of their highs.

At a time when Treasury yields have been nonexistent, MLP investors have been able to get high payouts that are viewed as quasi-dividends, due to some payouts representing income and some representing return of capital. The question to ask now is whether the risk-reward is there for new investors at the current prices. The unit prices of many key MLPs have been hit hard along with stocks in the past few weeks, and we wanted to take a risk-reward look for summer 2012. This sector could get a recovery, or it could face additional pressure like we saw in 2011.

If investors have been involved in the MLP sector since before, during or right after the great panic selling of 2008 and 2009, they are up huge if they held on. In many cases they have doubled their money or more. And as far as they are concerned they have been getting 5% to 8% in payouts each year (again, some income and some return of capital). The problem is that the prices here have become choppy and the MLP structures often have had secondary offerings on top of secondary offerings. Those secondary offerings have provided growth and acquisition capital, but some investors have started to worry that these secondary offerings may be the biggest contribution to the never-ending payout increases that have been seen in this sector.

MLPs in the energy space often attract the same sort of investors who would buy utility shares and preferred shares of banks, but they also overlap with REIT investors who look for above-market yields. This sector has enjoyed large price gains in the unit (share) prices, and investors are looking for any safe investments that have high payouts, compared to the world of no-returns in CDs and Treasuries. A wave of secondary offerings from many MLPs came before and during the recent market sell-off.

24/7 Wall St. has evaluated some of the top MLP investments to see how much implied upside remains in this sector. We have taken price performance as far as the sell-off from recent highs, as well as issues like the payout ratios (implied yield-equivalent) and the consensus price targets from Thomson Reuters. We have evaluated the following MLPs: Enterprise Products Partners LP (NYSE: EPD), Kinder Morgan Energy Partners LP (NYSE: KMP), Plains All American Pipeline LP (NYSE: PAA), ONEOK Partners LP (NYSE: OKS), Energy Transfer Partners LP (NYSE: ETP) and Enbridge Energy Partners LP (NYSE: EEP). These MLPs mentioned and covered here are some of the ones we track and keep on our watch list in the sector. These have market caps above $8 billion, they have a history of increased payouts each quarter, for the most part, and generally speaking these MLPs are all believed to have good management teams.

Investors have made a bundle here in this sector. MLPs are not really all that correlated to the price of oil because these are the partnerships (general and limited) for pipelines, terminals, and other facilities involved in the oil and gas sector in America. MLPs must derive 90% of their income from real estate, natural resources and commodities. The issuing of K-1 statements can make the structure more complicated, but the payouts often make that worth it for many investors seeking higher streams of cash flow.

We also have evaluated some of the key ETFs and closed-end funds in this sector. Be advise that just the three vehicles we have tracked in funds and ETFs have a combined market value of more than $11 billion.

Filed under: Accounting, Bonds, Corporate Governance, Dividend, Editor's Picks, Infrastructure, Oil & Gas, Personal Finance, REIT, Shareholder Issues, Value Investing Tagged: AMJ, AMLP, EEP, EPD, ETP, KMP, KYN, OKS, PAA

Does A Ralph Lauren Dividend Double Matter To Peers?

Administrator — Tue, 22 May 2012 12:51:45 +0000

Ralph Lauren Corporation (NYSE: RL) has what would appear to be good news in most headline watching: the high-end apparel maker is doubling its dividend. Unfortunately this is getting lost in the shuffle after its earnings report showed gains of 29%. The company has now declared a quarterly dividend of $0.40 per share, or $1.60 when you take it on an annualized basis, from its prior level of $0.20 per share per quarter. The prior rate is rounded up to 0.6% but the new rate based upon a $146.30 closing price would generate a dividend yield of 1.09%. Our aim is to see if a dividend that sounds this low really matters, and we want to see how it stacks up against large peer companies.

The dividend will be payable on July 13, 2012, to stockholders of record on June 29, 2012, with an ex-dividend date of June 27, 2012.

As far as how this dividend compares to the other large apparel makers, this is as follows: V.F. Corporation (NYSE: VFC) has close to a 2.1% dividend yield and Columbia Sportswear Company (NASDAQ: COLM) has a 1.9% yield. Having a 1% or 2% dividend might not sound huge on the surface when you consider the DJIA components and other dividend growers, but most of the large apparel companies either do not pay a dividend or they have a low yield. Accessories maker Coach, Inc. (NYSE: COH) has a 1.8% yield. Even the great sports apparel and equipment maker Nike Inc. (NYSE: NKE) pays only a 1.4% yield to investors.

Maybe a 1.1% dividend yield now isn’t so bad after all. The 5-year Treasury note pays only 0.74% and the 10-year Treasury pays 1.74% right now.

JON C. OGG

Filed under: Accounting, Apparel, Dividend, Retail, Shareholder Issues Tagged: COH, COLM, NKE, RL, VFC

World’s Top Brands Led By Apple, IBM, Google

Administrator — Tue, 22 May 2012 12:04:20 +0000

You may or may not have heard of Millward Brown, but you might not be surprised who they ranked as the world’s top brand: Apple Inc. (NASDAQ: AAPL) took the pole position in 2012. Millward Brown’s 2012 BrandZ Top 100. The study took into consideration the following: Value, Renewal, Relevance, Reputation, Reimagine, Brand Contribution, Personality, Harder BRICs, Disruption, Technology, Digital, Health & Wellness, and Entitlement

Of the top brands, the following came in after Apple:

2. International Business Machines Corporation (NYSE: IBM)

3. Google Inc. (NASDAQ: GOOG)

4. McDonald’s Corporation (NYSE: MCD)

5. Microsoft Corporation (NASDAQ: MSFT)

6. Coca-Cola Corporation (NYSE: KO)

7. Marlboro of Altria Group Inc. (NYSE: MO)

8. AT&T, Inc. (NYSE: T)

9. Verizon Communications, Inc. (NYSE: VZ)

10. China Mobile Limited (NYSE: CHL)

11. General Electric Co. (NYSE: GE)

The ‘Top Riser” from 2011 to 2012 was Facebook, Inc. (NASDAQ: FB) with a 74% rise

The full Millward Brown study on these brands gets broken down into segments such as industry, brand growth, geographic, and sectors.

JON C. OGG

Filed under: Accounting, Compensation, Consumer Electronics, Consumer Goods, Economy, Editor's Picks, Product Review, Research, Retail, Shareholder Issues Tagged: AAPL, CHL, FB, GE, GOOG, IBM, KO, MCD, MO, MSFT, T, VZ

Hedge Fund Stock Picks: Whale Hunting of the Kingmakers

Administrator — Wed, 16 May 2012 21:43:08 +0000

24/7 Wall St. published the full list of positions already for Warren Buffett and Berkshire Hathaway Inc. (NYSE: BRK-A). While there were some surprises out there and 24/7 Wall St. tracked some of the key additions by “whales” like Farallon, Highbridge, Paulson & Co., SAC Capital, Greenlight Capital and others. These positions were the changes seen in the first quarter and has been consolidated from our prior reports.

Apple Inc. (NASDAQ: AAPL) was a large gain by Appaloosa Management, with a gain of more than 500,000 shares up to 685,000 shares worth some $303 million. This of course was worth more in April. Farallon put up a new position of just over 192,000 worth some $116 million. Janus only lowered its stake by 0.5% and Apple is still its largest holding at over $3.8 billion, while Vanguard lifted its stake by about 5% worth over $23 billion.

Caesars Entertainment Corporation (NASDAQ: CZR) was a strange position on the surface, but easy to explain later. Paulson & Co. was shown to have lifted its stake to 12.37 million shares from NO SHARES at the end of 2011. The problem is that Paulson owned Caesars shares already before the IPO but it was not public before the end of 2011.

Computer Sciences Corporation (NYSE: CSC) was a 2.4 million share stake by Greenlight Capital (under David Einhorn) worth $72 million, and that was a new position. With an activism flare, maybe this can light some fire under what has been a dead tech-value stock. Another firm, Highbridge Capital Management LLC, added more than 1 million shares as a new position in the first quarter.

DaVita Inc. (NYSE: DVA) was a key addition of Warren Buffett’s Ted Weschler who grew his stake to 6,000,000 from almost 2.7 million shares. This was a doubling of the stake, but we would note that this stock has slid 10% since the end of the quarter. The overall position may be closer to break-even here, but this has a huge portion of the kidney dialysis market as of today.

Dollar General Corporation (NYSE: DG) was a surprise for us considering that we thought Warren Buffett’s new manager Todd Coombs would have added to this position rather than cutting it. Maybe the valuation premium just became too much. The March 31 stake was 3.63 million shares versus the 4.497 million shares at the end of 2011.

El Paso Corporation (NYSE: EP) saw more than one move higher. Farallon Capital added another 50% or so to end with 22.49 million shares worth $235 million in the first quarter; Paulson & Co. doubled its stake in the first quarter to 8 million shares worth over $118 million.

Encana Corporation (NYSE: ECA) is a standout because it looks small, but it is a good whale watching stock. BP Capital’s T. Boone Pickens initiated a new position of more than 1.13 million shares worth some $22.3 million.

Express Scripts Holding Co. (NASDAQ: ESRX) was a very large gain by Farallon Capital, where the position rose to over 5.65 million shares as of March 31 from only 1.17 million shares at the end of 2011. Paulson & Co. also doubled its stake in the first quarter to 3.24 million shares worth over $87 million shares. With the merger now closed, others have been looking at this despite Walgreen’s issues.

General Motors Co. (NYSE: GM) was another new position of 10 million shares worth more than $250 million. Frankly, we might have guess that Ford would have been chosen. Is it possible that this was a “politically motivated or influenced” as Buffett is such a supporter of Obama? That admittedly seems like a stretch, but if we were looking for auto exposure it would have probably been with Ford.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) saw SAC Capital grow from only over 3 million shares at the end of 2011 to 98.2 million shares worth almost $217 million in the first quarter, SAC wheels and deals in shares all the time, so they could have been in and out of a lot more or less shares before, during, and after that point.

Skyworks Solutions Inc. (NASDAQ: SWKS) scored a new large stake in the first quarter by Maverick Capital. The new holdings came to over 5.8 million shares worth some $161 million at the end of the quarter, likely as an “Apple play.”

United Continental Holdings (NYSE: UAL) was hard not to miss in the whale hunting as well as Appaloosa grew its position by 500% or so up to over 7.9 million shares worth over $146 million.

JON C. OGG

Filed under: Accounting, Activist Investor, Analyst Calls, Buffett, Compensation, Corporate Governance, Insider Activity, Large Cap Stocks, Management Change, Mutual Funds, Personal Finance Tagged: AAPL, BRK-A, CSC, CZR, DG, DVA, ECA, EP, ESRX, SIRI, SWKS, UAL

J.P. Morgan Firing The London Whale

Administrator — Wed, 16 May 2012 17:35:48 +0000

J.P. Morgan Chase & Co. (NYSE: JPM) has already sent its long-time Chief Investment Officer named Ina Drew packing after the $2 billion loss that surfaced last week. The damage to J.P. Morgan’s reputation has been extensive, but the bank is still expected to make something to the tune of $20 billion this year. Now it is the trader, the notorious London Whale named Bruno Iksil, who is “leaving” the bank.

DealBook of the New York Times has reported the news and it cited current and former colleagues as saying the timing of this departure is not known.

UPDATE 1:52 PM EST: CNBC reported that J.P. Morgan’s comment is that Iksil is still employed at the firm.

Today’s news should really not be a shock. Jamie Dimon survived efforts to split his office of the Chairman and CEO, but the damage to Jamie Dimon is that now politicians and the critics sitting back afar on Main Street think much less of him.

Other departures are cited in the Times around this issue and chances are high that either more firings are coming or are already in the works.

If J.P. Morgan can have stupid oversight procedures and poor risk management, then what does it say for the other participants?

J.P. Morgan shares are down 0.3% at $36.10 against a 52-week range of $27.85 to $46.49.

JON C. OGG

Filed under: Accounting, Banking, Brokerage Firms, Compensation, Corporate Governance, Management Change, Trading Alert Tagged: JPM

GE Finally Starts Getting GE Capital Dividends Again, Plus $4.5 Billion Special Dividend

Administrator — Wed, 16 May 2012 13:25:16 +0000

General Electric Company (NYSE: GE) is now going to be much further to being back on track in its GE Capital unit. After having promised a return to dividend after proper approvals had been granted, General Electric Capital Corporation has declared a quarterly dividend of $475 million that it will pay directly to the parent company of General Electric in the second quarter 2012. This is sooner than expected and it supports yet more dividend hikes from the parent company. GE said that the GECC 2012 dividend payments are being set at roughly 30% of the finance unit’s total 2012 earnings.

Here is where the news really gets interesting for GE… In addition to the second quarter dividend from GECC, the unit is now planning to pay a special dividend of $4.5 billion to GE in 2012.

GECC had to suspend the historical dividend in 2009 during the financial crisis. As a result of the dividend and the special dividend, General Electric said that it plans to accelerate its common stock buyback starting in the second quarter if market conditions permit.

GE shares are up 1.8% at $18.73 against a 52-week trading range of $14.02 to $21.00 and its dividend on the common stock is currently almost 3.6% paid to public shareholders.

JON C. OGG

Filed under: Accounting, Banking, Compensation, Conglomerates, Dividend, Financial Stocks, Shareholder Issues Tagged: GE

The 18 Big Risks To Consider In The Facebook IPO

Administrator — Tue, 15 May 2012 11:14:40 +0000

It seems as though almost everyone wants a piece of the Facebook IPO. The social networking giant is set to come public this Friday in what will be one of the most highly watched initial public offerings of a lifetime. The price range was lifted to $34 to $38 per share with a value of roughly $100 billion. With potentially even more shares being sold by holders now, it is time to ask about what some of the risks are in this huge IPO. The deal was already oversubscribed with more than a week to go, and the order books are already said to be full.

Most investors and watchers are focused on how large Facebook is and how big its opportunities are in the future. There may be a side of caution with a super-premium valuation at the IPO here. 24/7 Wall St. wants to at least run up some of the less obvious flags of caution which investors should at least consider on the risk side before throwing their life savings into the social networking leader.

Leadership is a huge risk here… Facebook is effectively going to be controlled by 28-year old Mark Zuckerberg. He will hold or have the ability to control approximately 57% of the voting power of the outstanding capital stock following this offering. The fact that Zuckerberg’s ‘hoodie’ stood out in the IPO roadshow more than anything else may bring some caution. Zuckerberg also apparently gets to appoint a successor, making this somewhat like a kingdom rather than a public company.

NO real voting power for holders… Facebook has this dual-class of shares. This gives what is effectively zero power to common shareholders. Shares of the Class A common stock are entitled to one vote per share while shares of Class B common stock are entitled to ten votes per share. This is another example of a public company that might as well not even hold annual shareholder meetings.

Google hype versus Facebook hype… The last big frenzy of this sort that comes to mind is Google Inc. (NASDAQ: GOOG). Facebook will already be worth half of what Google is worth today, yet Google is expected to generate almost $35.5 billion in sales in 2012. If you just annualize the first quarter Facebook revenues with 10% growth sequentially in each quarter, the Facebook revenues would come to about $4.9 billion in 2012.

Sequential revenue growth has already faltered… We just noted the revenue path if Facebook grows revenues 10% sequentially each quarter, but the reality is that in the first quarter of 2012 the social media giant saw negative sequential revenue trends. Facebook generated revenues of $1.06 billion versus $731 million a year earlier and net income attributable to shareholders was listed as $137 million versus $153 million. Facebook saw its first sequential decline in revenues as the fourth quarter of 2011 had combined revenues of $1.131 billion. Despite seasonality, the growth opportunity here is so large that the company should still be growing sequentially at this point.

Filed under: Accounting, Compensation, Corporate Governance, Editor's Picks, Entertainment, Internet, IPOs, Media, Shareholder Issues Tagged: FB, featured, GOOG, MSFT, ZNGA

The Lamest Headline of the Day: YRC Worldwide

Administrator — Fri, 11 May 2012 18:32:03 +0000

YRC Worldwide Inc. (NASDAQ: YRCW) gets the dubious honor of having The Lamest Headline of the Day! This one looks as though it was brought to you right from the Department of Who Frigging’ Cares. To announce that you have been added to the Fortune 500 after brutalizing shareholders in the manner that YRC has is almost insulting. If anything, this shows that being a member of the Fortune 500 does not even take into consideration that a company was as near bankruptcy as this one has been.

It may seem impressive on the surface that formal bankruptcy was avoided here. In reality, the losses for YRC shareholders were so atrocious that the stock issued had two different reverse stock splits. The sub-$6.00 price of today compares to a reverse split-adjusted share price of 32,540.62 back in September of 2009. The company’s most recent balance sheet shows that total stockholder equity is negative by -$431.8 million and its net tangible assets are also negative at -$544.9 million.

Here is what the company’s release states:

“YRC Worldwide Named to 2012 FORTUNE 500 List”

YRC Worldwide Inc. (NASDAQ: YRCW) today announced it has been named to the FORTUNE 500 list of the largest U.S.-based companies. YRCW was ranked 487 overall.

Then the company claims over 200,000 customers and a newly optimized network for its largest subsidiary YRC Freight. FORTUNE’s methodology for the FORTUNE 500 is listed as being companies ranked by total revenues for their respective fiscal years that are incorporated and operate in the U.S. and file financial statements with a government agency.

A look at the balance sheet and income statement shows that the revenues for each of the last three years (2011 first) were $4.868 billion, $4.33 billion, and $4.87 billion. The losses in each of those years were (2011 first) -$409.31 million, -$325.8 million, and -$619.4 million.

As far as what to expect ahead, we cannot even make heads or tails of the expectations. Thomson Reuters has estimates of $5.12 billion in sales for 2012 and $5.45 billion in 2013. Earnings estimates are -$21.94 per share in 2012 and -$12.98 per share in 2013. The loss per share was -$196.12 in 2011.

The long and short is that the losses here in earnings and in shareholder value are so great that you have to wonder just how important the Fortune 500 really is.

JON C. OGG

Filed under: Accounting, Corporate Governance, Index, Transports Tagged: YRCW

Chesapeake Discloses CEO Well Participation Dollar Amounts… Huge!

Administrator — Fri, 11 May 2012 17:46:22 +0000

SEC filings are often long and full of details that make most investors have a glassing-over look in their eyes. Chesapeake Energy Corporation (NYSE: CHK) has filed its proxy materials for its annual meeting and there is a big disclosure over the controversial ‘well participation program.’

If you go all the way to page 14 under the “Transactions with Related Persons” section after the disclosure about the Oklahoma City Thunder that is where you find the goodies. This is the “Founder Well Participation Program” and it shows the sums that Aubrey McClendon got from the well participation program. After that, it also shows that the Map Sale was rescinded.

In order to avoid any data confusion and in order to avoid any contextual issues, we have run this verbatim from the proxy materials. The proxy noted, “The Board and Aubrey voluntarily renegotiated the terms of the FWPP to provide for early termination on June 30, 2014, 18 months before the previous termination date of December 31, 2015, pursuant to a letter agreement previously filed with the SEC. Aubrey will receive no compensation of any kind in connection with the early termination of the FWPP. Further, to address requests for more information, Aubrey voluntarily disclosed personal financial and operational information regarding his oil and gas investments through the FWPP.”

The company has reaffirmed that it plans to nominate an independent non-Executive Chairman. Here are the full details of the WELL PARTICIPATION PLAN as follows:

The FWPP permits Mr. McClendon, the Company’s co-founder, to participate and invest as a working interest owner in new wells drilled by the Company. In 2005, the FWPP was documented as a formal plan containing substantially the same terms as prior agreements with the Company’s two co-founders that had been in place since the Company’s initial public offering in 1993. Shareholders approved the FWPP on June 10, 2005. The participation of co-founder Tom L. Ward terminated following his separation from the Company in 2006. The Company believes the FWPP fosters and promotes the development and execution of the Company’s business by aligning the interests of Mr. McClendon and the Company. Mr. McClendon has continually participated in the FWPP since the Company’s initial public offering in 1993, except during the five-quarter period from January 1, 1999 to March 31, 2000. The Board and Mr. McClendon recently renegotiated the terms of the FWPP to provide for the early termination of the FWPP on June 30, 2014, 18 months before the end of its current term on December 31, 2015, pursuant to a letter agreement previously filed with the SEC on the Company’s Form 8-K on May 2, 2012. Mr. McClendon will receive no compensation of any kind in connection with the early termination of the FWPP.

Under the FWPP, Mr. McClendon has the right to participate in either all or none of the wells spudded by or on behalf of the Company during each calendar year. Prior to the beginning of each year, Mr. McClendon must provide written notice to the members of the Compensation Committee of his election to participate in the FWPP and his proposed working interest percentage for that year. His working interest percentage may not exceed a 2.5% working interest in a well and is not effective for any well where the Company’s working interest after Mr. McClendon’s participation election would be reduced to below 12.5%. Subject to these limitations, if Mr. McClendon elects to participate in the FWPP, he must participate in all wells spudded by or on behalf of the Company during the given calendar year and cannot elect to participate on a well-by-well basis. In September 2011, Mr. McClendon elected to participate in the FWPP for the 2012 calendar year at the maximum 2.5% working interest permitted, the same participation percentage that Mr. McClendon has elected for the past nine years.

Filed under: Accounting, Activist Investor, Annual Report, Corporate Governance, Editor's Picks, Insider Activity, Labor & Unions, Management Change, Mergers and Buy Outs, Oil & Gas, Shareholder Issues Tagged: featured

A Call For Jamie Dimon To Resign

Administrator — Fri, 11 May 2012 15:17:02 +0000

J.P. Morgan Chase & Co. (NYSE: JPM) has done some severe damage to its image as the best risk manager of the large banks, and this damage may easily carry over into all of the ‘too big to fail’ banks. It is becoming more and more evident that the new ‘Best Bank in America’ title belongs to Wells Fargo & Co. (NYSE: WFC) as Warren Buffett keeps adding to this position each and every quarter. Now we are already hearing at least one call that Jamie Dimon might need to resign.

The Thursday disclosure of a loss of about $2 billion due to egregious failures in risk management now puts J.P. Morgan Chase in the same league as Bank of America Corporation (NYSE: BAC) and Citigroup, Inc. (NYSE: C). Jamie Dimon has been the most vocal bank executive out there and this is not exactly going to help Dimon in any of his future arguments against more and more bank regulations.

Simon Johnson at MIT’s Sloan School of Management is shown here calling for the possibility of a resignation of Jamie Dimon. Johnson went on to note that if any other company lost this much then the person responsible would be forced to resign. He did note that it is not going to happen in banking where regulators move to oust Jamie Dimon. Johnson is one of the voices calling for the break-up of the big banks

Dimon noted that this trade did not violate the Volcker Rule but it did violate the Dimon Principle. What happens when your hedges are wrong hedges? The loss could cost another $1 billion over the next quarter or two as well as the trade was called flawed synthetic credit derivatives which are volatile.

So, back to this call for a Dimon resignation. Dimon remains one of the top executives out there in banking and in corporate America. He was recently cleared to lift the common stock dividend and to buy back stock. Dimon always said that he would buy stock back when its price made sense to do. A drop of almost 8% down to $37.60 takes this banking stock down to prices not seen since February 16, 2012. The dividend-adjusted closing price at the end of 2011 was $32.80.

There is another call for Dimon’s role of Chairman and CEO to be split as well. AFSCME sent out an email noting, “After JP Morgan’s Jamie Dimon lost $2 Billion in risky trading, today, AFSCME issued a renewed call for the shareholders of JPM to end Dimon’s reign as Chairman and CEO and adopt an independent board chair.” In short, the call is keep Dimon on as CEO but to bring in a new Chairman of the Board that is independent of the company.

Congressman Barney Frank (co-author of Dodd-Frank) has publicly said, “JP Morgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them. The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today.”

Jamie Dimon may have taken a body blow here, but the notion that this will cause his resignation seems very unlikely. The next risk is the pending downgrade of more than 100 of the top global banks from Moody’s.

FBR was one of the firms which downgraded J.P. Morgan shares this Friday and the target was taken down to $37 from $50 previously.

JON C. OGG

Filed under: Accounting, Analyst Calls, Banking, Compensation, Corporate Governance, Dividend, Earnings, Earnings Warning, Economy, Financial Stocks, Management Change, Shareholder Issues, Stock Buybacks Tagged: BAC, C, featured, JPM, WFC