Share Collapse At E*Trade (ETFC)
After a huge sell-off of Countrywide (CFC) shares that forced the company to deny it was in deep trouble, shares of another weak financial firm, E*Trade (ETFC) are off 20% and have traded as…
Banking, finance, and taxes
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Newest first · Page 304Citigroup (C) To Cut 32,000, Sell Smith Barney?
One Wall St.analyst thinks Citigroup (C) will have to make some extreme moves to keep the bank running. Speaking to The Times of London, Meredith Whitney of CIBC said that investors should look for…
Baird on Banks (BAC, BBT, CMA, FITB, KEY, MI, MTB, PNC, STI, USB, WB, WFC)
ROBERT W.BAIRD has initiated mostly cautious coverage on Banks and Financials this morning. Most are Neutral rated, although there are a few Outperform ratings in the coverage group. Here are the initiations. NEUTRAL ratings…
A $16 Billion Write-Down At Citigroup (C)
Bloomberg is reporting that a Merrill Lynch analysts says that Citigroup (C) may have to take a $16 billion fourth quarter write-down of subprime assets. Douglas A. McIntyre
Will Citigroup (C) Cut 30,000 Jobs?
CNBC is reporting that Citigroup (C) could cut 5% to 10% of its workforce as early as next week. Based on the bank’s current headcount, that could be over 30,000 souls. Douglas A. McIntyre
Citigroup (C) Write-Downs To Hit $15.3 Billion
KBW analyst Diane Merdian now estimates Citigroup (C) will take $15.3 billion in writedowns in the fourth quarter tied to mortgage-backed debt and collateralized debt obligations, instead of the $11 billion previously estimated, according…
State Street, Not Immune To Subprime (STT)
State Street Corporation (NYSE:STT) has announced that it will record a net after-tax charge in the fourth quarter of 2007 of $279 million, or $0.71 per share. The charge is to establish a reserve…
Citigroup (C) Q4 Write-Down Could Be $12 Billion
Shares in Citigroup (C) are off by over 1% today despite a positive report from research firm Punk, Ziegel. The reason the big bank is trading near its 52-week low may be that Sanford…
National City Slashes More Jobs… And Its Dividend (NCC)
National City Corp. (NYSE: NCC) is following suit of many of the financial lending companies. The company has slashed its dividend by 49% down to a new $0.21 dividend rather than its historic $0.41…
Merrill Lynch (MER) To Raise More Capital? Or Sell BlackRock Stake?
Press reports are saying that Merrill Lynch (MER) may have to raise more capital to offset huge Q4 losses. Merrill Lynch & Co. is in talks with Chinese and Middle Eastern sovereign-wealth funds to…
Banks Go To Market To Raise Money In Record Numbers
The FT writes "according to data from Dealogic, commercial and investment banks raised equity worth $83bn in the final six months of 2007 – an increase of more than 20 per cent on the…
Citigroup (C) May Have To Sell Smith Barney
The market was full of talk yesterday about Goldman Sachs predictions that Citigroup (C) might have to write-off another $18.7 billion in CDOs in the fourth quarter. Word was that the big bank may…
Citigroup (C) As A Growth Stock
Analysts at Goldman Sachs think Citigroup (C) will have to cut its dividend 40%. Their expectation is that the big bank "may write off $18.7 billion in collateralized debt obligations" in the fourth quarter,…
Davis Selected Advisers Takes Piece In MBIA (MBI)
Davis Selected has bought 5.1% of MBIA (MBI). Just a few days ago, the fund put money into Merrill Lynch (MER). MBIA shares are rising on the news, up 11% to $22.29. The investment…
Is Bear Stearns Worth More Than $90 A Share?
Joseph Lewis, one of the world’s richest men, has bought more shares in Bear Stearns (BSC), and now owns more than 9.5% of the company, according to Reuters. The questions is, is he smarter…