Dick Bove, vice president of equity research for teh financial sector at Rafferty Capital, discusses the banking sector following Bank of America's "extraordinary" trading results, and says this year should be "very good" for the industry.» Read More
April 17- Goldman Sachs Group Inc reported an 11 percent drop in first-quarter profit on Thursday as client activity remained constrained and fixed-income revenue shrank. The Wall Street bank said its net income fell to $1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013..
NEW YORK— Investment bank Goldman Sachs says its first-quarter earnings fell as fixed income trading slumped. The bank earned $1.9 billion in the quarter, down 11 percent from the same period a year earlier when it made $2.2 billion. Revenue totaled $9.3 billion, down 8 percent from a year earlier, when the bank generated revenue of $10.1 billion.
LONDON, April 17- Brent crude oil slipped towards $109 a barrel on Thursday, after hitting a six-week high in the previous session, as traders assessed whether rising tensions in Ukraine could disrupt supplies from Russia.
April 17- Goldman Sachs Group Inc reported an 11 percent drop in first-quarter profit as client activity remained constrained and fixed-income revenue shrank. The Wall Street bank said on Thursday its net income fell to $1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013..
April 17- Cereal maker Post Holdings Inc said it will buy egg and dairy producer and distributor Michael Foods Inc for $2.45 billion in its largest-ever deal.
RICHMOND, Va.— Philip Morris International Inc. said Thursday that its first-quarter profit dropped nearly 12 percent as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar.
NEW YORK— Investment bank Morgan Stanley says its first-quarter income rose 18 percent from a year ago, helped by its trading and merger and acquisitions advisory businesses. Morgan Stanley earned $1.4 billion, up from $1.2 billion in the same period a year ago. Morgan Stanley's stock rose $1.01, or 3.4 percent, to $30.80 in pre-market trading.
Citigroup will not webcast its annual meeting next week in St. Louis, in a move one analyst called "ridiculous."
April 17- Bain Capital LLC has raised $7.3 billion from investors and its dealmakers for its next flagship fund, people familiar with the matter said on Thursday, underscoring the favorable fundraising environment for established private equity firms.
NEW YORK— PepsiCo reported a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world. His comments seemed to address ongoing calls by activist investor Nelson Peltz of Trian Fund Management for PepsiCo to split up the two units.
NEW YORK— General Electric posted lower first-quarter net income than a year ago because last year's results included the sale of NBC Universal. GE said Thursday that it earned $3 billion on revenue of $34.18 billion in the year's first three months, down from $3.5 billion on revenue of $34.94 billion during the same period last year.
MOSCOW, April 17- President Vladimir Putin on Thursday said Russia had been forced to respond to NATO enlargement and that its annexation of Crimea, home to its Black Sea Fleet, was partly influenced by the Western military alliance's expansion into eastern Europe.
ST. LOUIS— Cereal maker Post Holdings Inc. is buying fellow packaged food maker Michael Foods Inc. in a $2.45 billion deal that will expand Post's range of products. Privately held Michael Foods makes a variety of egg, potato and dairy products.
BEIJING, April 17- Ford Motor Co's premium brand Lincoln may be late to China's luxury boom, but its top executives say the upscale car market still has plenty of steam left for growth to make its debut later this year worthwhile.
UnitedHealth Group's first-quarter net income slid 8 percent as fees and funding cuts from the health care overhaul helped dent the performance of the nation's largest health insurer. UnitedHealth said Thursday it earned $1.1 billion, or $1.10 per share, in the three months that ended March 31.
DOVER, Delaware— DuPont's agricultural sales suffered and its operating costs rose during extensive winter storms that dragged on first-quarter earnings, although volumes increased in the company's industrial segments and margins improved in almost every one of them.
EL SEGUNDO, Calif.— Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss. In addition, Mattel Inc. has been struggling with weakness in core brands like Barbie, which had a 14 percent drop in sales, and Fisher-Price, down 6 percent.
*ROE in 2013 was 6.6 percent across top European quoted banks. *Bank ROE level about 40 pct of wider market returns. LONDON, April 17- Europe's largest banks are generating a poor return on their capital, well below their post-crisis targets, as muted credit growth slows their recovery and progress on costs is swallowed by unexpectedly high loan losses.
RIZHAO, China, April 17- Chinese buyers may default on a further 1.2 million tonnes of soybeans worth about $900 million being shipped from the United States and South America, to avoid incurring huge losses in a depressed local market, the country's top soy buyer said.
LONDON, April 17- Brent crude steadied under $110 a barrel on Thursday, after hitting a six-week high in the previous session, as traders assessed the risk that rising tensions in Ukraine could disrupt supplies from Russia.