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The most charitable thing that can be said about Vikram Pandit, the CEO of Citigroup (NYSE:C) since December 11. 2007, is that he was in the wrong place at the wrong time. The bank’s stock is down 90% since his first day as chief executive. The shares of other large international banks were battered by the credit crisis, but JP Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) have gained most of their value back during the two-year period. Bank of America (NYSE:BAC), the most hapless of all the large financial firms, has even performed better than Citi in the market. Read More
Posts for Ticker ‘COF’
$1 Salary For Pandit: Citigroup Gets What It Paid For
Paulson Takes Huge Stake In Citigoup, Dumps Goldman
John Paulson is rather notorious, and wealthy, for how much he picked up by shorting financial stocks on the way down. But the financial world found out in August that Paulson & Co. had bought up many key financial and banking stocks. Paulson & Co. Inc. is out with a 13-F filing after the close showing he is still in many key financial stocks.
The famed hedge fund manager took a massive stake in Citigroup and sold his entire interest in Goldman Sachs
- Bank of America (NYSE: BAC) was listed as 159,794,229 shares, down from 167,990,464 shares.
- Capital One Financial Corp. (NYSE: COF) was static as a stake of 17,000,000 shares of common stock.
- Citigroup Inc. (NYSE: C) is listed as 300,000,000 (three-hundred million) of common stock.
- Fifth Third Bancorp (NASDAQ: FITB) was static as a 5,000,000 share stake.
- First Horizon National Corp. (NYSE: FHN) was 7.11 million, up from a stake of 3,000,000 shares in August.
- JPMorgan Chase & Co. (NYSE: JPM) was down to 2,000,000 shares, down from an August stake of 7,000,000 shares of common stock.
- Marshall & Ilsley Corp. (NYSE: MI) was static at 12,000,000 shares of common stock.
- People’s United Financial Inc. (NASDAQ: PBCT) was static at 2,750,000 shares of common stock.
- Regions Financial Corp. (NYSE: RF) was static at 35,000,000 shares of common stock.
- SunTrust Bank Inc. (NYSE: STI) was static at 1,500,000 shares of common stock.
We had also noted back in October how Conseco, Inc. (NYSE: CNO) had scored a Paulson investment.
Goldman Sachs Group Inc. (NYSE: GS) was NOT in the new filing compared to the August filing where he listed 2,000,000 shares of common stock in the August filing. State Street Corp. (NYSE: STT) was NOT in the filing versus a stake of 700,000 shares of common stock in August.
JON C. OGG
Earnings Duel: American Express vs. Capital One (AXP, COF)
American Express Company (NYSE: AXP) and Capital One Financial Corporation (NYSE: COF) have both reported earnings this afternoon. We saw estimates rise in recent days as many lenders were discussing better credit metrics starting to be evident. These numbers are mixed on the credit metrics but look amazing on some fronts.
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The 100 Hardest Working Brands In The World
There are a number of ways to rank brand values. One of the most important is the level at which a brand contributes to the market value of a public company.
24/7 Wall St. asked Corebrand, the brand research and consulting firm, to look at the top 100 brands based their contribution to market capitalizaton. Using this method, the hardest working brand was Hershey (NYSE:HSY), followed by Coca-Cola (NYSE:KO) and Harley-Davidson (NYSE:HOG)
Corebrand described the process briefly to 24/7 Wall. St.
24/7 Wall St.: Corebard often refers to the brands on this list as the”hardest working brands”. How did you come to that description?
Corebrand: There are a lot of people measuring and examining the “strongest brands” or the “most valuable brands”. Our opinion is that examining one without the other is somewhat meaningless. How “strong” a brand is nice to know but not very relevant unless you understand how that strength benefits business. Similarly, “value” is little more than a measure of corporate size unless you understand the drivers of that value and how to influence it. By examining the strength of the brand and it’s contribution to total market value, we can help companies and their leadership manage that strength and value over time.
24/7 Wall St.: Is there any advantage or disadvantage to having a brand value be a very large percentage of market cap in the present and as an indication of a company’s future performance?
Corebrand: The brand will need to be in balance with the rest of the company’s assets. A company should strive to have it’s brand strong enough to fend off competitors or changing market conditions but not so strong that it becomes overly dependent on the brand as a single driver of value. If a company can achieve and maintain its appropriate maximum strength without becoming over-dependent, it will see greater returns in bull markets and retain greater value in bear markets.
The list: Read More
Top Day Trader Alerts (FOLD, BRCD, COF, FITB, SCLN, TRID, WFC)
These are this morning’s top day trader alerts and active trader alert stocks for Monday. We have more details on volume and price analysis on each stock covered at VSInvestor.com:
Amicus Therapeutics (NASDAQ: FOLD) is hitting 52-week lows on its type 1 Gaucher disease treatment disappointment.
Brocade Communications Systems, Inc. (NASDAQ: BRCD) is trading up over 13% after the company has reportedly up for sale.
Capital One Financial Corp. (NYSE: COF) and Fifth Third Bancorp (NASDAQ: FITB) are both higher despite Goldman Sachs dropping FITB in favor of COF for its Conviction Buy List.
SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) is down 7% but not as bad as it could have been after dropping its Phase 2 trial evaluating RP101 for late-stage pancreatic cancer.
Trident Microsystems Inc. (NASDAQ: TRID) is surging on higher guidance and an NXP combination of their digital TV and Set-Top box businesses.
Wells Fargo & Co. (NYSE: WFC) is up over 4% on the Goldman Sachs upgrade.
You can join our open email distribution list which goes out several times per week for reminders of the top day trader alerts, analyst upgrades and downgrades, IPO’s, key secondary offerings, guru investor data on Buffett and others, mergers, and more.
JON C. OGG
October 5, 2009
Top Analyst Upgrades (COF, CMCSA, CMA, CNXT, CVG, DEPO, DTSI, QSFT, SY, WFC, WEN)
There were many more upgrades than downgrades seen early this Monday morning. These are top upgrades and positive research calls from Wall Street analysts we have seen so far:
Capital One Financial (NYSE: COF) Raised to Conviction Buy List at Goldman Sachs.
Comcast (NASDAQ: CMCSA) Raised to Outperform at Wells Fargo.
Comerica (NYSE: CMA) Raised to Neutral from Sell at Goldman Sachs.
Conexant Systems (NASDAQ: CNXT) Started as Outperform at Oppenheimer.
Convergsys (NYSE: CVG) Raised to Buy at Citigroup.
Depomed (NASDAQ: DEPO) Started as Buy at Merriman Curhan Ford.
Digital Theater Systems (NASDAQ: DTSI) Raised to Buy at Deutsche Bank.
Quest Software (NASDAQ: QSFT) Raised to Buy at Auriga.
Sybase (NYSE: SY) Started as Buy at BofA/Merrill Lynch.
Wells Fargo & Co. (NYSE: WFC) Raised to Buy at Goldman Sachs.
Wendy’s/Arby’s (NYSE: WEN) Started as Buy at SunTrust Robinson Humphrey.
You can join our open email distribution list which goes out several times per week for reminders of the analyst upgrades and downgrades, top day trader alerts, IPO’s, key secondary offerings, guru investor data on Buffett and others, mergers, and more.
JON C. OGG
Top Analyst Upgrades (COF, EBAY, GS, JBLU, LTM, MA, SNDK, UPS, WYNN)
There are still many upgrades coming considering the light and shortened week. These are this Wednesday’s top early bird analyst upgrades and positive research calls that we have seen:
Capital One (COF) Raised to Buy at Citi.
eBay (EBAY) Raised to Outperform at Bernstein.
Goldman Sachs (GS) Raised to Outperform at JMP Securities.
Jetblue (JBLU) Raised to Buy at Argus.
Life Time Fitness (LTM) Started as Buy at Jefferies.
Mastercard (MA) Raised to Hold at Citi.
SanDisk (SNDK) Raised to Buy at Deutsche Bank.
UPS (UPS) Raised to Overweight at JPMorgan.
Wynn Resorts (WYNN) Raised to ‘Perform’ at Oppenheimer.
JON C. OGG
Paulson Adds Citi to B of A, Goldman, and JPMorgan Holdings (C, BAC, COF, GS, JPM)
Paulson & Co. Inc. has become a very influential firm that can now move a market after John Paulson made billions from properly betting against the fate of the US financial and banking sector before the malaise started to create the wrecking ball of empires last year and earlier this year. Now a report starting in the New York Post has John Paulson amassing a stake in Citigroup Inc. (NYSE: C). His prior filing had him as a huge stakeholder in Bank of America Corporation (NYSE: BAC) and other somewhat large stakes in Capital One Financial Corp. (NYSE: COF), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM).
Read More
Top Analyst Upgrades (AMD, AXP, ACI, ASH, STD, BRCD, COF, DFS, HIBB, MSCC, RCL, ZMH)
There were quite a few analyst upgrades and positive research calls this Monday morning. These are the calls we have seen from Wall Street firms early this morning with about two hours until the market opens:
Advanced Micro Devices (AMD) Raised to Buy at Citigroup.
American Express (AXP) Raised to Overweight at Barclays.
Arch Coal (ACI) Raised to Overweight at JPMorgan.
Ashland (ASH) Raised to Buy at KeyBanc.
Banco Santander (STD) Raised to Overweight at JPMorgan.
Brocade (BRCD) Raised to Buy at Argus.
Capital One (COF) Raised to Overweight at Barclays.
Discover Financial (DFS) Raised to Overweight at Barclays.
Hibbett Sports (HIBB) Raised to Overweight at JPMorgan.
Microsemi (MSCC) Raised to Overweight at Thomas Weisel.
Royal Caribbean (RCL) Raised to Buy at Argus.
Zimmer Holdings (ZMH) Raised to Overweight at Thomas Weisel.
If you wish to be reminded of daily upgrades and downgrades as well as other key market issues like mergers and top stories, you can join our open email distribution list to receive updates several times per week.
JON C. OGG
Paulson, Esteemed Bank Short Seller, Now Long Financials (BAC, COF, GS, JPM, FITB, FHN, MI, PBCT, SKF, RF, STT, STI)
John Paulson has been well known as a hedge fund manager because of the profits he made from short selling many of the key financial stocks. Yet his new filing shows a large long position as of the quarter-end June 30, 2009. For example, it lists a huge stake in Bank of America Corp. (NYSE: BAC). There were many smaller company stakes, but some of the medium-sized stakes (for Paulson that is) are in Capital One Financial Corp. (NYSE: COF), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM). Below are the rest of his financial holdings: Read More
Short Seller Rush Out Of Financial Stocks, Tech, And Retail
Short sellers moved out of financial shares in great numbers.
As of August 11, the short interest in Citigroup (C) fell 71% to 343 million shares. Share sold short in GE (GE) fell 15% to 143 million. The short interest in Wells Fargo (WFC) was down by 9% to 99 million. Shares sold short in American Express (AXP) dropped 20% to 36 million. The short interest in Capitol One (COF) dropped 19% to 30 million. Shares sold short in Visa (V) dropped 22% to 15 million. Read More
Am-Ex and Capital One Both Beat and Both Disappoint (AXP, COF)
Capital One Financial Corp. (NYSE: COF) and American Express Company (NYSE: AXP) are historically about as similar of companies as they come. Yet at the same time, they are about as different from each other as they could be as well. We have received earnings from both lenders this afternoon.
Read More
Top Analyst Upgrades (AXP, KMX, CNQ, COF, CERN, CVD, ENOC, QLGC, QCOM, DIS)
These are some of the top pre-market analyst upgrades and positive initiations we have seen early this Thursday morning:
American Express (AXP) Raised to Neutral from Underweight at JPMorgan.
CarMax (KMX) Started as Buy at Rochdale.
Canadian Natural (CNQ) Raised to outperform at CIBC.
Capital One (COF) Raised to Buy at Jefferies.
Cerner (CERN) Started as Outperform at William Blair.
Covance CVD) Started as Outperform at JPMorgan.
enerNOC (ENOC) Raised to Outperform at Baird.
QLogic (QLGC) Raised to Buy at ThinkEquity.
QUALCOMM (QCOM) Started as Outperform at RBC.
Walt Disney (DIS) Raised to Outperform at Bernstein.
JON C. OGG
When High Charge-Offs Start Looking Good (COF)
Capital One Financial Corp. (NYSE: COF) has some more dismal data regarding the monthly credit card defaults and delinquencies. The defaults rose again in June, bolstered by weak economic data and higher unemployment. But there is actually some good news buried in here along with what may be the trend of “less-bad” news. The same holds true on the international side of its operations.
Read More
S&P Looking For More Bank Losses (WFC, CMA, USB, BBT, RF, COF, FITB, HBAN, SNV, WTNY, FAS)
Standard & Poor’s may still have at least some relevance in its debt ratings. This morning we saw a wave of downgrades at banks by the debt ratings agency on systematic-risk and non-systematic risk. We tried to shorten this up to the most concise report in rating groups as this is hitting many of the bank stocks pretty hard this morning. Wells Fargo & Co. (NYSE: WFC), Comerica (NYSE: CMA), USBancorp (NYSE: USB), BB&T Corp. (NYSE: BBT), Regions Financial Corp. (NYSE: RF), Capital One Financial Corp. (NYSE: COF), Fifth Third Bancorp (NASDAQ: FITB), Huntington Bancshares Inc. (NASDAQ: HBAN), Synovus Financial Corp. (NYSE: SNV) and Whitney Holding Corp. (NASDAQ: WTNY) were all in the wave of S&P downgrades. This news has the extremely volatile Direxion Daily Financial Bull 3X Shares (NYSE: FAS) triple leverage financial sector ETF down 7% at $8.60.
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Sprint (S) Still Near Top Of MSN “Worst Customer Service” List
Palm (PALM) may not have had much of a choice in terms of which cellular company was going to market its new Pre. AT&T (T) and Verizon Wireless (VZ)(VOD) were probably not interested. Palm’s marriage with Sprint (S) may hurt the handset firm’s chances at a turnaround. Sprint’s customer service still gets remarkably poor ratings. Read More
Media Digest 6/10/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The Supreme Court delays Chrysler deal.
Reuters: The cleared ten banks to repay TARP include JPMorgan (JPM), Goldmand Sachs (GS), American Express (AXP), Cpaital One(COF), State Street (STT), BBT (BBT), Morgan Stanley (MS), and US Bancorp (USB).
Reuters: Senate Democrats revealed healthcare bill.
Reuters: New York Times (NYT) will not close the Boston Globe Read More
Getting Out From Under the TARP (AXP, BK, BBT, COF, GS, JPM, STT, USB)
The Treasury is finally allowing some of the TARP recipient banks that posed the least systematic risk to begin repaying the Treasury’s preferred stock funds. This will get these institutions out from under as much oversight from regulators, but more importantly it will take away the political-risk headlines and will reduce some of the importance over issues such as compensation and total loans. This list is partial and please be advised that it may change. We believe that these eight are among the ten banks which will be allowed to buy back the Treasury’s preferred shares:
- American Express Co. (NYSE: AXP)
- Bank of New York Mellon (NYSE: BK)
- BB&T Corp. (NYSE: BBT)
- Capital One Financial Corp. (NYSE: COF)
- Goldman Sachs Group Inc. (NYSE: GS)
- JPMorgan Chase & Co. (NYSE: JPM)
- State Street Corp. (NYSE: STT)
- USBancorp (NYSE: USB)
Cramer Outlines The Obama Target List (COF, ACI, MEE, X, SO)
Tonight on CNBC’s MAD MONEY, Jim Cramer came out with several sectors that he thinks that President Obama will be trying to change, and noted Nancy Pelosi is in the fold as well. He thinks they will be targets for change and these businesses can be hurt by government action more than by any competition. He thinks credit cards, anything carbon, and healthcare are all at-risk sectors that could be hurt by Obama’s actions.
Capital One Financial (NYSE: COF) is the one he is worried about even though the stock was one of his favorites. He thinks that the big issuers are at risk here and now thinks Capital One is a SELL. Anything carbon-related is at risk. Arch Coal Inc. (NYSE: ACI) and Massey Energy Co. (NYSE: MEE) are at risk, but Cramer thinks China can keep their businesses from rotting. This hurts the steel producers as well and he would sell US Steel (NYSEL: X) on this notion that they are tied to it. He would also sell Southern Company (NYSE: SO) because it has 71% of its energy from fossil fuels.
In healthcare, he knows pharma and anything that makes a profit in that sector is a target. He thinks this can drive down anything tied to healthcare as investors have to move to the sidelines to figure it out.
JON C. OGG
May 21, 2009
Should Banks Exiting TARP Still Pay Dividends to Government? (COF, USB, BK, BBT, STT, GS, MS, JPM, BAC)
It is no secret that the banks that can pay the money back want out from under the Troubled Asset Relief Plan, or the TARP. It is also no secret that the Treasury, the Federal Reserve, and the politicians have not agreed to any terms yet take the TARP monies back from the major money center and larger institutions. Capital One Financial Corp. (NYSE: COF), US Bancorp (NYSE: USB), Bank of New York Mellon Corp. (NYSE: BK), BB&T Corporation (NYSE: BBT), State Street Corp. (NYSE: STT), Goldman Sachs Group Inc. (NYSE: GS), Morgan Stanley (NYSE: MS), and J.P. Morgan Chase & Co. (NYSE: JPM) are among the larger banks that have said they want to or that have been reported about wanting to pay back those TARP funds immediately.
Even the troubled Bank of America Corporation (NYSE: BAC) has had its CEO Ken Lewis say that he wants to pay back the TARP, although the stress tests showed the need for more capital and ‘B of A’ has been raising capital over the last ten days or so. Where a large dilemma comes up is regarding future dividends and the warrants held by the U.S. government. Uncle Sam gets paid dividends every quarter from these same institutions, and Uncle Sam also has a 10-year warrant in each of these institutions. It is very possible that the government wants more than just two quarters of dividends for the capital it put up.
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