CIT Chairman/CEO Out (CIT)
CIT Group Inc. (NYSE: CIT) is now effectively without a CEO. The troubled financial company has just announced that Jeffrey M. Peek informed CIT’s board of directors of his plans to resign. This resignation…
Banking, finance, and taxes
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Newest first · Page 221Meredith Whitney Dumps Goldman Sachs Ahead of Earnings (GS)
Goldman Sachs Group Inc. (NYSE: GS) is on deck for earnings this week. Its earnings news may have just been derailed by a key influential analyst call. Meredith Whitney, now with Meredith Whitney Advisory…
CIT (NYSE:CIT) Closer to Bankrutcy
Investors who have dumped CIT (NYSE:CIT) stock since September 29 are looking smart. The shares have dropped from $1.67 on the 29th to $1.04. It appears that debtholders of paper from the lender to…
52-Week High Club
IBM (NYSE: IBM) hit a yearly high of $126.67 after the company announced that it had renewed its marketing and services relationship with the National Football League. The Blackstone Group (NYSE: BX) surged over…
The New Lehman Trade: Selling the Bankruptcy Claims (BAC, MS, CS)
There have been many ways which companies exit bankruptcy court. Historically, many companies have used tax loss carryforward strategies as well. But selling a claim against assets for recovery in bankruptcy is a strategy…
SPAC Shareholders Keep OK-ing Big Mergers (IAN, DSP, STTA, TGY, GHC, NAQ, REN)
SPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. So far this week, shareholders approved one SPAC transaction and shot another down and two blank checks…
Very Mixed Analyst Calls in Financial Stocks (GS, MS, BBT, CMA, FITB, PNC, PRSP, STI, WFC)
We are seeing a very mixed picture among the analyst calls this morning over banks and financial stocks. We are seeing some very positive “BUY” calls and we are also seeing some new “SELL”…
24/7 Wall St. TV: $10 Trillion In Baby Boomer Cash
Baby boomers control $10 trillion in assets. A great deal if not most of that money has been invested in the stock market as this part of the population attempted in increase the size…
Citigroup (NYSE:C) Tries To Dump Its $100 Million Man
Andrew Hall, the head of Citigroup’s (NYSE:C) Philbro commodities trading unit, has been a thorn in the side of the bank since it was disclosed that he made as much as $100 million. Congress,…
Bank Of America (NYSE:BAC) Knuckles Under On Credit Card Rates
Bank of America (NYSE:BAC) sent a letter to one of its harshest critics, Senator Christopher Dodd, head of the Senate Banking Committee, saying that it will not raise the rates that it charges on…
Symetra, a Buffett Holding, Plans IPO… Again (SYA, BRK-A, WTM, BEN, OZM)
After the close on Monday came a little-known IPO filing from a life insurance operation called Symetra Financial Corp. It turns out that the Bellevue, Washington-based insurer has no terms for the sale but…
Another Busy SPAC Merger Week (GHC, IAN, DSP, FTBK)
This week kicks off a month’s worth of deal votes guaranteed to keep SPACs’ volume up into November. SPACUpdate.com has noted how the asset class has already been highlighted for its resiliency and successful…
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)…
Henry Paulson’s Little White Lie
It seems that Henry Paulson was a bit too optimistic about the prospects of several banks which received TARP funds at the end of last year. The Treasury Department’s inspector general Neil Barofsky reports…
Goldman Sachs (NYSE:GS) Wins Again
Some times it seems like Goldman Sachs (NYSE:GS) has a single-sided coin that always comes up heads. Documents recently released show that if CIT (CIT) fails, Goldman get $1 billion of money that it…