Citigroup Inc. (NYSE: C) has finally issued a statement on the interruption of its Wachovia Corp. (NYSE: WB) buyout. Citi is saying that Wachovia’s agreement to a transaction with Wells Fargo (NYSE:…
Vikram Pandit has been the CEO of Citigroup (C) for ten months. The only thing he has done right is collect $216 million in compensation. Much of that was for the sale…
Wachovia Corp. (NYSE: WB) is now in play as Wells Fargo (NYSE: WFC) has come out with an alternative merger deal in a stock for stock merger offer for all of Wachovia…
These are some of the key upgrades from analysts we are focusing on this Tuesday morning: Abercrombie & Fitch (ANF) Raised to Outperform at FBR. Airgas (ARG) Raised to Outperform at Baird.…
According to Reuters, Congress is ready to vote on a $700 billion financial bailout package. Reuters reports that Belgian-Dutch group Fortis was nationalized Reuters reports that British mortgage lender Bradford & Bingley…
Two European financial firms fell apart during the last 24 hours. The U.K. government said that mortgage bank Bradford & Bingley is being nationalized after investors and lenders lost confidence in the…
Banks and investment banks who watched Bear Stearns, Washington Mutual, and Lehman go down in flames have learned a lesson. Bank of America (BAC) moved too fast to buy Merrill Lynch (MER).…
According to The Times of London, the Treasury is poised today to nationalize Bradford & Bingley, the troubled mortgage bank. The Times also reports that hedge funds and institutions could be forced…
Oppenheimer’s star banking analyst Meredith Whitney is out with another scathing note on major banks this morning despite the government bailout plan. She slashed estimates on Bank of America Corp. (NYSE: BAC),…
T. Boone Pickens can get out of the alternative energy business. Under new regulations, he is allowed to buy Citigroup (C) or Bank of America (BAC). The Fed has decided that banks…
According to Reuters, Morgan Stanley (MS) is in merger talks with several firms. Reuters says HSBC (HBC) may be a possible buyer for Morgan Stanley. Reuters reports that Washington Mutual (WM) is…
The latest rumor on Wall St. is that Washington Mutual (WM) will be auctioned off and has retained Goldman Sachs (GS) to handle the deal. According to The New York Times, Wells…
Wells Fargo’s (WFC) shares are up 8% on strong volume. The bank stock should be trading down along with Citigroup (C) and Wachovia (WB). Due to the perverse reasoning of traders, Well…
Short interest in a number of financial stocks moved up very sharply for the period ending August 29. Shares short in Washington Mutual (WM) rose 12% to 383 million. Short interest in…
Short sellers believe that they have seen the bottom for financial shares and exited the industry en masse. Shares sold short in Merrill Lynch (MER) fell 12.6 million to 42.3 million. Short…
