Hints and tips:
...Kate DuguidThese earnings from banks? We saw Bank of America yesterday, but we also saw JPMorgan and Wells Fargo last week who reported better-than-expected earnings....
...Or look at the action of banks. This week JPMorgan Chase, Wells Fargo and Citi set aside a record $28bn for bad loans, more than expected....
...If you are looking to predict the shape of the US economic recovery — be it V, W, L or even K — don’t look at the markets....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...In the US, $9.5bn of credit charges — including loan loss provisions — pushed Wells Fargo to a $2.4bn loss, while profit fell more than 50 per cent at Citi, Bank of America and JPMorgan....
...What happens further down the P&L is largely a question of capital structure, but it appears most will be either loss-making or make only marginal PBT....
...With top-line beat flowing through the P&L, core op. profit was +8% vs cons and core EPS +12%. ¾ of the EBIT beat seems inventory related. Q: What were the most noteworthy areas in the results?...
...(BBG) News round-up Wells Fargo/Eastdil: private property (FT) Renault investors rush to sign up for carmaker’s annual showdown (FT) Wells Fargo CEO search drags on as two top candidates take a pass...
...“Consumer discretionary is a good way to play the health of the US economy, especially when you look overseas,” says Margie Patel, a fund manager at Wells Fargo Asset Management....
...(Financial Times) Sweden’s Hakon Invest is acquiring the 60 per cent of shares it doesn’t own in Nordic food retailer ICA AB for 20 billion Swedish kronor ($3.1 billion) from Royal Ahold N.V....
...Wells Fargo was down 0.1 per cent to $26.64 as the fourth-largest US bank by assets said it would cut about 3,800 jobs and close its consumer finance business....
...-10.21%) Wells Fargo 27.25 -4.65 (-14.58%) Wachovia 3.60 -1.46 (-28.85%) FTSE 100 seen opening 200 points lower....
...Citigroup fell 11.9 per cent to $17.75 The embattled bank was in talks over the weekend with Wells Fargo and Banco Santander as well as Citigroup. Wells Fargo fell 10.9 per cent at $33.25....
...The US should manage to avoid an L-shaped recession – and may even escape with a short V-shaped recession....
...by the International Monetary Fund; (c)suspension of grants and infrastructural development support to Zimbabwe by The World Bank; and (d)imposition of targeted travel bans against current Government...
...Rather than list all the single letter stocks, let’s just look at the ones that haven’t yet been taken (just in case you want one): G (was Gillette until recently), I, J, L, N, P U, V, W and Z....
...Given a lack of defaults, the instruments should perform fine if one can survive the P&L volatility of the tranches....
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