Market Currents

• Wednesday, December 9, 2009

• 14:42 PM UBS lowers price targets on three trust banks - Bank of New York Mellon (BK +1.2%), Northern Trust (NTRS -0.1%) and State Street (STT +0.2%) - expecting lackluster performance on a "sluggish" near-term outlook. Comment!

• Tuesday, December 1, 2009

• 08:09 AM State Street (STT) agrees to acquire Mourant International Finance Administration for an unspecifed cash payment. Headquartered in the Channel Islands with approximately $170B in AUM and 650 employees, MIFA is a provider of fund administration services, particularly for alternative investments, such as private equity, real estate and hedge funds. Comment!

• Tuesday, October 20, 2009

• 12:43 PM California sues State Street (STT -8.2%) for $200M, claiming "massive fraud" in overcharging pension funds by some $56M for executing currency trades. 1 Comment
• 10:15 AM State Street (STT) moves sharply lower after a mild earnings beat. Shares now -7.3% at $48.50. Comment!
• 07:31 AM State Street (STT): Q3 EPS of $1.05 beats by $0.01. Revenue of $2.24B (-19.3%) in-line. Shares -0.75% premarket. (PR) Comment!
• 00:05 AM Notable pre-market earnings: ALV, BK, BIIB, BLK, BTU, CAT, CMA, COH, DGX, DRH, DD, EAT, FRX, GAP, ITW, JEF, JRN, KO, LXK, LMT, MTB, PCP, PH, PFE, RF, SHW, STT, SVU, UAUA, UNH, UTX, WU Comment!

• Saturday, August 15, 2009

• 16:46 PM Legg Mason's (LM) Bill Miller boosts his stake in Bank of America (BAC), but trims holdings of JPMorgan (JPM), State Street (STT) and Wells Fargo (WFC). (13-F) 1 Comment

• Tuesday, August 11, 2009

• 07:31 AM State Street (STT) says it may not have set aside enough money to cover its legal costs for lawsuits and investigations connected to risky investments. State Street set aside $625M two years ago, and had $193M left in reserves at the end of June. Comment!

• Monday, August 10, 2009

• 13:14 PM State Street's (STT -2.2%) $625M legal fund - set aside in 2007 to settle claims over subprime mortgage losses - may run dry, the company said in a regulatory filing. The SEC has told State Street it might be sued over its management of fixed-income investments. Comment!

• Tuesday, July 21, 2009

• 09:00 AM Premarket gainers: JDAS +25%. INCY +18%. AKRX +12%. CAT +12%. CIT +7%. SPPI -7%. IP +7%. UAUA +6%. HEB +6%. CTIC +5%. JOYG +5%. YGE +5%. LVS +5%. JASO +5%. MGM +5%. AIB +5%. SOL +4%. WYNN +4%. DE +4%. MRK +4%. TSTR +4%. MON +4%. DOW +4%.
  Losers: RF -11%. LXK -11%. ZION -7%. AKS -5%. STT -4%. SAY -4%. Comment!
• 08:00 AM State Street (STT): Q2 EPS of $1.04 beats by $0.07. Revenue of $2.15B (-20.3%) vs. $2.16B. Shares -1.6% premarket. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: AKS, ALV, AMTD, BJS, BTU, CAL, CAT, CMA, DD, DGX, ELN, FCX, FRX, HCBK, JEF, KO, LMT, LUV, LXK, MRK, PCP, RF, SGP, SHW, STT, UAUA, UNH, UTX, WU Comment!

• Monday, June 29, 2009

• 08:41 AM State Street (STT) discloses "Wells" notice from SEC, informing the company it may face civil charges for violations of securities laws. (8-K) Premarket shares are -1.7%. Comment!

• Tuesday, June 16, 2009

• 13:39 PM Bove estimates Goldman Sachs (GS) will be hit with a $1.13/share charge for its TARP payback. State Street (STT) $0.45. JPMorgan (JPM) $0.39. Northern Trust (NTRS) $0.38. Bank of New York Mellon (BK) $0.20. BB&T (BBT) $0.15. And U.S. Bancorp (USB) $0.13. Comment!

• Tuesday, June 9, 2009

• 10:03 AM 10 of 19 large banks have been given the go-ahead to repay $68B in TARP loans, Treasury's Geithner says. JPMorgan (JPM) and Goldman Sachs (GS) appear to be among those approved, along with AXP, BNY, BBT, COF, STT, USB and NTRS. Bank of America (BAC) and Citigroup (C) likely not. 3 Comments
• 07:15 AM The Treasury has nine or ten banks on its list of those approved to repay TARP, and is expected to announce the names today. The list likely includes JPMorgan (JPM), Goldman Sachs (GS), AmEx (AXP), BNY Mellon (BK), Capital One (COF) and State Street (STT). Comment!