Why Wall St. Hates Ambac (ABK)
Ambac (ABK), the bond insurance company is down 19% today to a 52-week low of $30.10. The high for the period is $96.10. Competing firm MBIA (MBI) is already signalling big trouble. According to…
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 312Citi’s Chart Should Finally Break Chuck Prince’s Reign (C)
Citigroup was indicated lower earlier today on a downgrade to an "Underperform" rating out of CIBC World Markets. CIBC notes that Citi may need to sell assets to raise cash (ouch, some $30 Billion…
Cut Citi’s (C) Dividend
Citigroup’s capital levels are way down. Part of this comes from a drop in the value of its asset base and part from a string of acquisitions that the bank has made. A new…
Affiliated Computer Services: Another Private Equity Deal Bites The Dust (ACS)
Private equity firm Cerberus has terminated its acquisition offer to acquire Affiliated Computer Services Inc. (NYSE:ACS). This was a $6.2 Billion deal that valued Affiliated at $62 per share. Cerberus did not blame the…
Finally, Merrill Lynch Announced the Inevitable (MER)
Merrill Lynch (NYSE:MER) has finally announced a part of the inevitable. Stan O’Neal is retiring effective immediately, which we all know is a mutual resignation and firing after the worst brokerage quarter out there. …
Countrywide (CFC) Won’t Make Money In Q4
After Countrywide (CFC) reported its third quarter loss last week, the company said that it would make money in Q4 and next year. There is really no way for the firm’s management to know…
Merrill’s (MER) Write-Downs Could Get Bigger
Could Merrill Lynch (MER) post worse numbers in the fourth quarter than it had in the third? Goldman Sachs thinks so. The investment bank says MER could have to write down another $4.5 billion…
Bank Of America (BAC) Trashes Its Investment Bank: Heads Roll
According to The Wall Street Journal, Bank of America (BAC) will "pink slip" large numbers of people at its investment banking group. Gene Taylor, president of corporate and investment banking unit and a 38-veteran…
Greenspan Questions Huge Bail-Out Fund (C)(JPM)(BAC)
According to the FT, former Fed chief Alan Greenspan says that the $75 billion plus fund to buy the assets of troubled investment vehicles is a bad idea. The leaders in the push for…
Big Citigroup (C) Bail-Out Fund Already In Trouble
Several banks with troubled fixed income and mortgage securities are making the rounds to raise $80 billion to $100 billion to build a fund to buy some of this distressed debt. Citicorp (C) has…
Washington Mutual Earnings Slaughterhouse (WM)
Washington Mutual Inc. (NYSE:WM) posted earnings after today’s close, and as you’d expect there was a severe drop compared to 2006. The lender posted earnings per share of $0.23, down from a whopping $0.77…
Citi Woes Continue….Thanks To Mr. Prince (C, JPM)
Citigroup (NYSE:C) shares have spent most of the day in the tank after three straight down-days in the stock. In fact, todays intraday lows were actually 52-week lows. Conversely, JPMorgan Chase (NYSE:JPM) is seeing…
JP Morgan’s (JPM) No Where Quarter
JP Morgan (JPM) reported 2007 third-quarter net income of $3.4 billion, up from $3.3 billion in the third quarter of 2006. Earnings per share of $0.97 were up 5%, compared with $0.92 per share…
Earnings Preview: JPMorgan Chase (JPM)
DJIA component and financial giant JPMorgan Chase (NYSE:JPM) is set to report earnings Wednesday morning before the open. We have First Call estimates at $0.90 EPS & $16.6 Billion, but based upon the performance…
Wells Fargo’s (WFC) Modest Quarter
Wells Fargo reported Q3 revenue of $9.85 billion was up $919 million, or 10 percent, from a year ago. The bank also reported record diluted earnings per common share of $0.68 for third quarter…