According to Reuters, JP Morgan (JPM) lost $1.5 billion in July. Reuters writes the UBS (UBS) posted a huge loss and will split itself into a wealth management operation and an investmen…
Shorts sellers suffered from a lack of conviction on the direction of financial stocks in the period that ended July 31. They were clear that betting against tech was no longer a…
Every month, Wall St. hopes that bank write-downs will slow or stop and every month matters seem to get worse. It looks like July will turn out to be no exception as…
Douglas A. McIntyre NY Attorney General Andrew Cuomo wants blood from the banks that marketed auction-rate securities but have not made settlements with him. In his mind, Wachovia (WB), Morgan Stanley (MS), and JP Morgan…
Former Bear Stearns CEO Alan Schwartz is leaving JPMorgan Chase (JPM) following the $10-per share deal that ended Bear’s 85 years as a stand-alone company. Schwartz joined in 1976, and climbed the…
Douglas A. McIntyre According to Reuters, GM (GM) is expected to post a huge loss. Reuters reports that oil company profits rose, but Exxon (XOM) missed its numbers. Reuters reported that stressed banks borrowed a…
Wall St. cheered what seemed to be withering results from Washington Mutual (WM) and Wachovia (WB). WaMu lost $3.3 billion and reserved $3.7 billion to handle loan losses. Wachovia lost $9 billion…
At the start of the year, many Wall St. analysts and much of the media give the impression that the current financial crisis would pull down all large US banks and brokerages.…
This morning we are seeing futures rise on the news from DJIA components being solid on the earnings front. There are some mixed reactions, but we saw solid earnings in a tough…
The financial services sector has gone from horrible to somewhat stabilizing and back to horrible and then looking even worse. When you think of an old mantra that "Failure isn’t an option"…
Douglas A. McIntyre According to Reuters, Robert Steel was named the new CEO of Wachovia (WB) and the bank said it would have a quarter loss of $2.6 to $2.8 billion. Reuters writes that the…
According to Reuters, large Yahoo! (YHOO) shareholder Legg Mason said Carl Icahn’s bid would have more support if he guaranteed he would not sell the company for less than $33. Reuters writes…
According to Reuters, Microsoft (MSFT) is willing to start buy-out talks with Yahoo! (YHOO) if the portal company will replace its board. Reuters writes that the CEO of JP Morgan (JPM) said…
For the past two months, all the news from Cheniere Energy (AMEX:LNG) has been bad. First, there was the triple whammy. Then there was an awful earnings report for Cheniere and its…
Citigroup’s (C) CFO says he see write-downs through the end of the year. The head of hedge fund Paulson & Co,says bank losses will hit $1.3 trillion. Write-downs at Lehman (LEH) and…