Today - Tuesday, April 21, 2015
- With continued concerns over Greece, the euro slid overnight on growing worries that a cash-strapped Greece may default on its debt and eventually exit the single currency.
- On Monday, Athens ordered public bodies such as state-owned companies and public pension funds to transfer their reserves to the central bank to help with cash squeezes and upcoming payments.
- Creditors are also starting to lose their hope that Greece will be able to present detailed plans that would satisfy eurozone finance ministers ahead of their meeting in Riga on Friday.
- The euro is -0.7% at $1.0667.
- ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
- Credit Suisse (NYSE:CS) reports a 23% rise in net income (1.05B Swiss francs) in the first quarter from the year-ago period, beating expectations of 1.03B francs, as its investment banking operations and stellar flows into equity markets boosted profit.
- "We delivered another quarter of strong and consistent performance," said CEO Brady Dougan, presenting his last set of results before Prudential boss Tidjane Thiam takes the helm in June.
- Return on equity for the period was 9.9%, up from 8% in the first three months of 2014.
- The U.S. Department of Justice is now pushing for five banks, including JPMorgan (NYSE:JPM), Barclays (NYSE:BCS), Citigroup (NYSE:C), RBS (NYSE:RBS) and UBS (NYSE:UBS), to reach a joint mega settlement to allegations they manipulated the foreign exchange markets.
- The deal would see some institutions pay about $1B each and is scheduled for mid-May, FT reports.
- Last November, the banks (except Barclays) agreed to pay $4.3B to authorities in the U.S., U.K. and Switzerland in the first settlements announced in the forex investigation, although the DOJ was not included on that ticket.
Monday, April 20, 2015
- Angie's List (NASDAQ:ANGI) is partnering with online small business lender OnDeck Capital (NYSE:ONDK) to offers loans up to $250K and lines of credit up to $20K to local service providers using its platform.
- The announcement comes ahead of Angie's Wednesday Q1 report. Shares rose 6.7% in regular trading amid a market rally, and are down 0.3% AH. OnDeck, which reports on May 4, was nearly flat today.
- Digital Realty Trust (NYSE:DLR) has brought in Michael Henry to be its first CIO, charged with identifying new opportunities (such as where to target new data centers or new clients) and increase customer engagement.
- It's part of a recent firming up of upper management. Henry will report to Bill Stein, who was named permanent CEO in November, and last week the company brought in Andrew Power as new CFO and Jarrett Appleby as its COO.
- Increasing data demands are leading to more server farms and smaller edge data centers, Stein told a Citi conference in March, and so Henry will be focusing on analytics to help the company get decision-making info faster. “IT is rapidly evolving from a cost center to a revenue-generator, and we view data as a strategic asset,” Henry said.
6:10 PM| Comment!
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5:04 PM| Comment!
- Q1 net income of $40.2M or $0.45 per share vs. $31.1M and $0.35 one year ago. Pre-tax pre-provision operating earnings of $54.5M up 22.9% from $44.4M.
- Net interest income of $103.1M up 13.6% Y/Y, with NIM of 4.35% down six basis points.
- Operating noninterest income of $5.7M vs. $5.5M a year ago. Operating noninterest expense of $54.2M vs. $51.9M. Efficiency ratio on a tax-equivalent basis of 46.7% improves from 50.9%.
- Conference call tomorrow at 12 ET
- Previously: Western Alliance beats by $0.02, misses on revenue (April 20)
- WAL -0.4% after hours
4:51 PM| Comment!
- Brookfield Asset Management (NYSE:BAM) files for the sale of 17.9M Class A Limited Voting shares for $56 each. In addition, current officers, directors, and shareholders will buy a total of 1.395M Class A shares directly.
- The underwriter greenshoe is for another 2.679M shares.
- The stock's lower by 3.5% after hours to $55.80.
- Source: Press Release
4:31 PM| Comment!
- Q1 earnings of $75.3M or $0.37 per share vs. $66.8M and $0.33 in Q4.
- Net interest income of $417M down from $430M, with NIM of 3.22% down three basis points and two fewer days in the quarter. NIM one year ago of 3.31%.
- NPL ratio of 0.99% vs. $0.81% in Q4, 0.95% a year ago.
- Noninterest income of $122M vs. $129M.
- Noninterest expense of $397M vs. $423M, thanks to a litigation settlement in Q4 and lower CCAR costs after the January submission.
- CET1 ratio of 11.81%. Tangible book value per share of $26.64 vs. $26.23 in Q4, $25.13 one year ago.
- Conference call at 5:30 ET
- Previously: Zions beats by $0.01, misses on revenue (April 20)
- ZION flat premarket
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