Market Currents

• Thursday, December 3, 2009

• 15:29 PM Bank of America's (BAC +0.6%) TARP repayment means that the government is closer to selling its 34% stake in Citigroup (C -1%) - and that PNC (PNC -6.2%) and Wells Fargo (WFC -3.2%) are next, say Deutsche Bank analysts. 2 Comments

• Tuesday, November 24, 2009

• 16:52 PM Berkadia - a partnership between Berkshire Hathaway (BRK.A) and Leucadia National (LUK) - wins court approval to buy the loan-servicing unit of bankrupt Capmark Financial Group for about $468M, beating an affiliate of PNC Financial Services (PNC). (previously) 1 Comment

• Saturday, November 14, 2009

• 15:41 PM PNC Financial Services' (PNC) senior vice chairman William Demchak rejected a 'feeler' from a Bank of America (BAC) CEO recruiter last week, voicing concerns the bank would be "blasted" for buying out his stake in PNC. Demchak also thinks BofA's situation is unfixable, given the government's heavy influence. 2 Comments

• Thursday, October 22, 2009

• 09:00 AM Premarket gainers: HTE +33%. SDXC +26%. JCG +13%. FFIV +11%. LOGI +8%. KOG +8%. PNC +6%. ALXN +6%. BQI +5%. CELG +4%. KMB +4%. STI +4%.
  Losers: TQNT -20%. NCR -11%. ERIC -8%. ADS -8%. TEX -7%. BG -6%. RFMD -5%. EQIX -4%. Comment!
• 06:58 AM PNC Financial Services (PNC): Q3 EPS of $1.00 beats by $0.69. Revenue of $4.05B (+144.7%) vs. $3.8B. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Thursday, July 23, 2009

• 07:05 AM PNC Financial Services Group (PNC): Q2 EPS of $0.14 vs. consensus of $0.45 (may not be comparable). Revenue of $4B (+95.5%) vs. $3.65B. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ALXN, BG, BLL, BMY, CBE, CELG, CLS, CME, DHR, DO, ECA, EMC, ESI, ESV, F, FITB, FLIR, GR, HBAN, HOT, HSY, IGT, JBLU, KMB, LCC, LLL, MMM, NCR, NEM, NIHD, NOC, NUE, NYT, OMC, ORI, OXY, PLD, PM, PNC, POT, R, RAI, RS, RTN, RX, SIAL, SPNC, T, TIN, TMO, TRA, UNP, UPS, WYE, XRX, ZMH Comment!

• Wednesday, June 17, 2009

• 15:07 PM With some $68B in TARP money being repaid today, roughly $129B remains outstanding. Many banks - including Wells Fargo (WFC) and [[PNC]], as well as smaller institutions - will need to improve results and raise more capital to get themselves unstuck. 1 Comment

• Wednesday, May 27, 2009

• 08:10 AM An accounting rule allowing JPMorgan (JPM) to transform bad loans it bought from WaMu into income is about to net the bank $29B. Wells Fargo (WFC), BoA (BAC) and PNC Financial (PNC) are poised to benefit from the same rule. 9 Comments

• Thursday, May 21, 2009

• 09:45 AM PNC (PNC) is 'not as bullish' about Q2 as loan demand and interest income stagnate. The bank, which earned $1.03/share in Q1, sees earnings of $0.30-0.80 in the current quarter. Shares -2.2%. 1 Comment

• Wednesday, May 20, 2009

• 09:52 AM Unlike some larger rivals, PNC (PNC) plans to take its time paying back TARP, looking at a repayment schedule sometime in the next couple of years. CEO Jim Rohr says rushing to issue stock and debt "would be punitive to shareholders." 3 Comments

• Thursday, May 7, 2009

• 17:43 PM Here's a bank by bank list of capital buffer shortfall, or lack thereof (source):
  American Express (AXP): $0
  Bank of America (BAC): $33.9B
  BB&T (BBT): $0
  Bank of New York Mellon (BK): $0
  Capital One (COF): $0
  Citigroup (C): $5.5B
  Fifth Third Bancorp (FITB): $1.1B
  GMAC: $11.5B
  Goldman Sachs (GS): $0
  JPMorgan (JPM): $0
  KeyCorp (KEY): $1.8B
  MetLife (MET): $0
  Morgan Stanley (MS): $1.8B
  PNC Financial (PNC): $0.6B
  Regions Financial (RF): $2.5B
  State Street (STT): $0
  SunTrust Banks (STI): $2.2B
  U.S. Bancorp (USB): $0
  Wells Fargo (WFC): $13.7B 4 Comments

• Tuesday, May 5, 2009

• 09:51 AM After replicating the government's stress tests, FBR's Paul Miller says 11 of the 12 (BAC, WFC, C, PNC, USB, COF, STI, RF, BBT, FITB, KEY) commercial banks being examined will have to raise additional equity, with JPMorgan (JPM) the only exception. Earlier, Miller said 14 of the 19 firms being tested would need to raise capital, and warned markets may be underestimating the sums needed. 3 Comments
• 09:13 AM S&P puts 23 regional and national banks on CreditWatch Negative, meaning a 50% chance their ratings will drop in the coming quarter. The group is seen as underperforming compared to peers. Here are the publicly-traded banks under watch: ASBC, AF, BBT, BAC, COF, C, CRBC, CMA, FITB, HBAC, KEY, MTB, PNC, RF, SUSQ, SNV, USB, WBS, WFC, WTNY, WL. Comment!

• Thursday, April 23, 2009

• 09:00 AM Premarket gainers: NUVA +18%. ACOR +18%. RCL +15%. PTV +14%. FITB +13%. JBLU +12%. CS +10%. HBAN +10%. SLM +10%. ETFC +10%. BCS +10%. FIG +9%. LVS +7%. HIG +7%. IFX +7%. LCC +7%. EBAY +7%. DAI +5%. PNC +5%. RF 5%. AAPL +5%. GM +5%. KEY +5%. SHY +5%. MGM +5%.
  Losers: VMW -16%. LOGI -11%. BG -9%. CIT -9%. TMO -8%. PKY -8%. TRH -5%. EMC -5%. 1 Comment