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Yesterday, 9:13 AM
- Gainers: DDD +15%. AG +14%. FSM +13%. TRIP +12%. MUX +11%. AUY +11%. SBGL +11%. GFI +10%. AGI +10%. LC +10%. GG +10%. CDE +9%. EGO +9%. KGC +9%. HMY +9%. IAG +9%. EXPE +8%. ABX +8%. NEM +8%. SLW +8%. SSRI 8%. AU 7%. AEM 7%. HL 7%. NG 7%. CSCO 6%. SKX 5%.
- Losers: FLO -18%. INCY -15%. SFL -13%. MYL -13%. BTU -13%. ZNGA -13%. SNOW -11%. IFF -10%. ELMD -9%. AVP -8%. CS -7%. BCS -7%. SUNE -6%. CIG -5%. TWTR -6%.
Dec. 14, 2015, 5:41 PM
Oct. 29, 2015, 9:50 AM
- Calling the numbers "slightly disappointing" at first glance, KBW - which rates the stock an Outperform - says the miss is mostly due to £175M in higher costs that weren't offset by lower impairments or higher other income.
- Jefferies - which rates the stock a Buy - calls the results "not strong," and missing on all items except for impairments. Investment banking performance was ok with a 9% revenue increase, but increased structural reform costs could results in cuts to consensus estimates.
- Citi - also rating the stock a Buy - agrees, and expects low, single-digit reductions in EPS estimates thanks to additional costs.
- BCS -5.5%
- Previously: Barclays reports Q3 results (Oct. 29)
Oct. 29, 2015, 9:13 AM| Oct. 29, 2015, 9:13 AM
Oct. 13, 2015, 10:18 AM
- "The process of appointing a new group chief executive officer has not yet concluded and Barclays (BCS -3.1%) will provide a further update once that is complete," says the bank, responding to numerous reports saying it's settled on former JPMorgan investment banker Jes Staley as its next CEO.
- Reaction in the financial markets to the floating of Staley has been less than stellar.
- Previously: FT: Jes Staley to be next Barclays chief (Oct. 12)
Oct. 13, 2015, 9:10 AM
- "Overall, while this removes one uncertainty regarding the future CEO we see it raising more uncertainties on the outlook which are likely to weigh on the shares," says Berenberg analyst James Chappell. "Sadly, having hoped Barclays (NYSE:BCS) might emerge as a long term winner in the sector, we fear it is returning to its bad old ways.”
- The issue is that Jes Staley is an investment banker. Is an investment banker (who one might infer is a fan of investment banking) being appointed as CEO to wind down the investment banking operation, or does his hiring signal a change in strategy for John McFarlane and the rest of the board.
- Barclays is lower by 2.9% in London action, and the ADRs are down 3.9% premarket.
- Previously: FT: Jes Staley to be next Barclays chief (Oct. 12)
Sep. 16, 2015, 5:36 PM
Aug. 26, 2015, 6:38 PM
- A federal judge has dismissed the "Flash Boys" suit filed against Barclays (BCS +2.4%), though he says he won't "wade into the larger public debate" about high-frequency trading, and plaintiffs could amend and refile.
- Providence, R.I., and other investors had filed suit last year against Barclays and a number of other high-finance players, alleging that they had siphoned billions by rigging the markets with HFT, as described in Michael Lewis' book Flash Boys: A Wall Street Revolt.
- Judge Jesse Furman said plaintiffs failed to show complaints were "legally sufficient." City of Providence lawyers say they are discussing the decision and haven't yet decided on an appeal.
- In April, three other class-action suits against stock exchanges that were inspired by the book were thrown out by another Southern District of New York judge.
Aug. 25, 2015, 2:05 PM
- Barclays (BCS +4%) and Lloyds (LYG +3.8%) are turning in strong days after the FTSE posted a 3.1% gain - the S&P is currently up 1.5% - and Investec upgraded both British banks to Buy. Barclays was upgraded from Sell, and Lloyds from Hold.
- Investec's Ian Gordon suggests the upgrades are valuation-driven, rather than motivated by any change in fundamentals. "[W]hile we now see reasonable upside for Barclays, we think RBS offers a stronger capital story, HSBC a higher dividend yield, and One Savings Bank vastly superior growth and returns.”
Jul. 8, 2015, 8:40 AM
- Unveiling the summer budget, U.K. Chancellor Osborne says the government will gradually phase out the bank levy over the next six years, replacing it with a new 8% surcharge on profits. The difference? The new charge applies only to U.K. assets, while the bank levy applied to global balance sheets.
- Osborne may have made the change in response to threats from banks to leave the U.K. because of the levy (which Osborne increased 50% in the last budget).
- The FTSE 350 banking index is higher by 1.6% following the news. Watching with interest: HSBC, RBS, Barclays (NYSE:BCS), Lloyds (NYSE:LYG), Standard Chartered (OTCPK:SCBFF).
May 20, 2015, 10:10 AM
- Those facing criminal charges from the DOJ are UBS (already reported, the stock is up 3.4% today), Barclays (BCS +2.5%), Citigroup (C -0.5%), JPMorgan (JPM -0.4%), and RBS (RBS +1.6%).
- Bank of America (BAC -0.4%) faces a $205M fine by the Fed, but no criminal charges. Fines by the Fed for the other banks range from $274M-$342M.
- There are fines from other regulators as well, with the total for all the banks summing to $5.8B. Barclays looks to be hit the hardest on that front, with total monetary penalties of $2.4B.
May 8, 2015, 9:16 AM| May 8, 2015, 9:16 AM | 4 Comments
Feb. 3, 2015, 2:52 PM
- "Barclays' (BCS +6.2%) non-core division looks to be mis-priced," says the Morgan Stanley team of Chris Manners and Fiona Simpson, upgrading the stock to Overweight from Equal Weight. The two say the bank's non-core unit has lower NPL exposures and lower risk weight density than peers, and thus a lower scope for losses than is being priced in.
- "Capital concerns should fade as non-core capital is released and legacy conduct issues are resolved. We think a ‘steady state’ 13% CET1 ratio is almost in sight, and forecast CET1 of 13.2% by Dec 2017."
- As for the core bank, the due say its has two strong businesses with clear growth opportunities. The investment bank, however, "is highly capital consumptive and delivering subpar returns, and we expect management to continue to strictly ration capital to the division."
Jan. 20, 2015, 9:16 AM
Nov. 27, 2014, 10:08 AM
- Upgrades Barclays (NYSE:BCS) to Buy from Neutral.
- Price target rises 10% to 300p (26% upside)
- BOE's “more benign” leverage ratio means BCS is less likely to need additional capital, and will be under less pressure to shrink low risk-weight positions.
- Barclays has the lowest leverage ratio of major U.K. lenders, and was considered most at risk from the BOE’s decision.
Nov. 26, 2014, 6:32 PM
Barclays PLC is a financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management. It operates in Europe, the Americas, Africa and Asia.
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