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Stocks are sending a mixed message this morning as oil cranks to a new high and earnings season gets underway. European stocks are mixed to firmer, and Asian markets were higher though Tokyo had a flat session.
Here are my thoughts this Monday morning: 1) Citigroup's earnings were about in line with their own drastically reduced guidance they gave a couple weeks ago. Fixed income was poor as expected, and consumer delinquency rates continue to uptick. International posted strong revenue growth (up 30%) Conference call at 8:30.
European stocks were seen edging lower on Monday, after rallying for nearly three weeks, but losses could be limited as buoyant crude oil prices are expected to lend support to energy shares.
By the end of the coming week, the corporate earnings picture will be clear and it may not necessarily be one the stock market likes.
Stocks rose on Friday following strong retail sales and renewed mergers and acquisitions activity. "It seems that people are buying the pullbacks," said Joe Ranieri of Canaccord Adams. "There's just too much value in large caps and growth is starting to chase small- and mid-caps, so look for any kind of pullbacks to be buying opportunities."
Now that the Federal Reserve has lowered the cost of borrowing, will regional banks such as U.S. Bancorp (USB) and PNC Bank (PNC) report an earnings boost thanks to the steeper yield curve?
Citigroup said it is combining its investment banking and alternative investments units into one division led by a former Morgan Stanley executive.
The Street is anxiously waiting to hear from Citigroup (C) Monday. What will the behemoth bank’s quarterly earnings reveal and what’s the trade ahead of the data?
Surprisingly positive retail sales data changed the course of stocks this morning as Wall Street once more put its faith in the resilience of the U.S. consumer. Stocks opened higher after futures pointed lower much of the morning.
Here are my thoughts this morning: 1) Producer Price Index is hot, above expectations, but core (ex-food and energy) below expectations, retail sales stronger than expected, so market has moved up on this because it watches core inflation and is happy retail sales are stronger than expected.
Citizen Bill Clinton just came back from Europe and he says, "It was expensive over there."I asked the former president if he were he still in the White House, would he be concerned about the weakening dollar, and he said he certainly would. "At this level, it's alright, but if it keeps falling it could become precarious," he said.
A loan from Citigroup would allow beleaguered British mortgage lender Northern Rock time to find a suitable investor, instead of nearly giving away its assets on a first come, first served basis, analysts said Monday.
It’s been decades since the Street has seen 3 CEO’s from big investment banks turnover in the same year. Could this be the year?
Stocks closed mixed on Monday as strength in tech stocks was overshadowed by investor concerns ahead of earnings season.
Markets are weak on a couple of concerns today. 1) Lower earnings estimates. The downward earnings revision from Citi, Washington Mutual and Merrill Lynch last week are really having an impact on Q3 earnings revisions. Seven or eight days ago, we were expecting 3.9% earnings growth for the whole S&P 500; today it is down to 0.7%, the lowest growth in five years, and it may still go negative.
JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst.
U.S. investment bank Citigroup is planning to help keep Northern Rock independent by arranging a consortium of bidders to bail it out, or by directly offering it a loan, according to conflicting weekend newspaper reports.
Stocks rallied on Friday, sending the S&P 500 index to a new closing record, as a solid employment report rekindled optimism about the outlook for economic growth and corporate profits. The Dow Jones Industrial Average, meanwhile, traded above its record close for much of the session but gave back some of those gains.
Is it time to get more bullish on the economy? That much awaited jobs number today certainly drove some of the recession scare out of the markets, but it hasn't really changed the picture for slowing growth so far.
Washington Mutual, one of the largest U.S. mortgage lenders, said Friday it expects a 75% drop in third-quarter net income due to adverse housing market and credit conditions.