|Bid||510.01 x 1500000|
|Ask||546.53 x 1500000|
|Day's Range||508.65 - 512.30|
|52 Week Range||452.00 - 632.20|
|Beta (3Y Monthly)||-0.07|
|PE Ratio (TTM)||195.59|
|Forward Dividend & Yield||11.57 (2.24%)|
|1y Target Est||N/A|
Wall Street was roiled Friday by new signs that global economic growth is slowing. The Russell 2000 index of smaller company stocks fell more than the rest of the market as traders offloaded risker assets.
Financial stocks were broadly lower Friday, with the sector headed for a fourth-straight loss, as the benchmark 10-year Treasury yield dropped to a 15-month low in the wake of the Federal Reserve's downbeat economic outlook and disappointing eurozone data. The SPDR Financial Select Sector ETF shed 1.3%, with 67 of 68 components trading lower, and has not dropped 4.4% over the past four sessions. Among the ETF's most-active components, shares of Bank of America Corp. lost 1.4%, Citigroup Inc. gave up 2.4%, J.P. Morgan Chase & Co. slid 0.9% and Regions Financial Corp. slumped 3.1%. Lower long-term interest rates can hurt bank profits, as the spread between what the banks earn on longer-term assets, such as loans, and what they pay to fund the assets with shorter-term liabilities, narrow. The financial ETF has lost 7.1% over the past 12 months, while the Dow Jones Industrial Average has gained 7.9%.
An investor looks to have saved hundreds of thousands of dollars on Thursday by switching from one exchange-traded fund focused on junk bonds, to a cheaper ETF with a similar strategy. All told, the transactions took 21 seconds, and could reduce the trader’s investment bill by about $600,000. More than $350 million worth of shares in State Street Corp.’s SPDR Bloomberg Barclays High Yield Bond ETF, or JNK, hit the tape in two blocks at 12:46 p.m. in New York, data compiled by Bloomberg show.
Financial stocks fell Friday, and were the only sector of the S&P 500's 11 sectors to be losing ground, as Treasury yields extending declines amid growing concerns of a slowing economy. The SPDR Financial Select Sector ETF declined 0.4%, and has now lost 3.2% amid a 3-session losing streak. Among some of the financial ETF's most heavily weighted components, shares of J.P. Morgan Chase & Co. fell 1.8% to pace the Dow Jones Industrial Average's decliners, Bank of America Corp. shed 1.4%, Citigroup Inc. slid 1.0%, Goldman Sachs Group Inc. gave up 0.3% and Wells Fargo & Co. lost 1.2%. Meanwhile, the yield on the 10-year Treasury yield declined 1.4 basis points to a 14-month low of 2.451%, in the wake of the Federal Reserve's dovish message, in which the central bank cut its outlook for economic growth and inflation, as well as its projections for interest-rate hikes to none from two. Lower Treasury yields can hurt bank profits, as they narrow the spread between what banks earn on longer-term assets, like loans, that are funded by shorter-term liabilities.
Stocks finished Wednesday with a downward bias following Federal Reserve Chairman Jerome Powell’s well-polished presentation to headline-seeking journalists Wednesday afternoon.
Financials are in a funk. There is one name in the group that is setting up for a breakout, though, according to Todd Gordon of TradingAnalysis.com.
Brazilian power company Neoenergia SA has picked the investment banking units of JPMorgan Chase & Co, Bank of America Corp and Banco do Brasil SA to manage its initial public offering, three people familiar with the matter said on Wednesday. Other banks may still join the group managing the IPO, added one of the sources, who asked for anonymity to discuss the plans openly. Neoenergia, JPMorgan, Bank of America and Banco do Brasil declined to comment.
Shares of Bank of America, Goldman Sachs, JPMorgan Chase and other big banks are on fire. Here are several surprising reasons why.
(Removes extraneous word from second paragraph) By Kane Wu HONG KONG, March 20 (Reuters) - Bank of America Merrill Lynch Corp has appointed Mark Schwille and Tom Barsha as co-heads of its Asia Pacific ...
The group, which includes local bad debt buyer Assets Care & Reconstruction Enterprise, bought distressed loans of Jayaswal Neco Industries Ltd., with a face value of 47 billion rupees, said the people, asking not to be identified as they aren’t authorized to speak publicly. Lenders led by State Bank of India sold the debt, taking a haircut of 30 percent on the all-cash deal, the people said. As India battles with the worst non-performing loan ratio among the world’s major economies, foreign investors are vying for a piece of the $190 billion pile of soured and stressed debt.
The German bank felt the need to have its own asset reconstruction company to buy and reorganize non-performing credit as current Indian rules restrict overseas investors from buying soured loans directly from lenders in the country, the people said, asking not be identified as the information isn’t public. Bank of America Corp. is also considering setting up a similar unit, other people familiar with the matter said. More than 29 ARCs have been set up in India after parliament passed a law in 2002 to help banks clear their balance sheets by selling bad loans.
Hong Kong's securities watchdog has punished four of the world's largest investment banks for not doing their jobs properly when arranging stock offerings in the city. for their roles as sponsors underwriting new listings on the Hong Kong Stock Exchange. Specifically, it outlined a litany of faults concerning a lack of fact checking and due diligence in preparing the stock offerings of the logging company China Forestry Holdings in 2009 and chemicals manufacturer Tianhe Chemicals Group in 2014.
A federal judge in Manhattan on Thursday dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits ...
Hong Kong’s securities regulator has imposed its largest ever fine on a number of international investment banks for failing in their roles as sponsors for Chinese initial public offerings. The Securities and Futures Commission penalised UBS, Morgan Stanley, Bank of America Merrill Lynch and Standard Chartered a total of about HK$786.7m ($100m). It also suspended for one year the Hong Kong licence of UBS Securities to advise on corporate finance, following an 18-month sponsorship ban it proposed last year.
March 14 (Reuters) - Hong Kong Securities and Futures Commission : * HONG KONG SFC SAYS IT REPRIMANDS AND FINES MERRILL LYNCH FAR EAST LIMITED HK$128 MILLION ($16.31 million) FOR SPONSOR FAILURES Source ...
On the upside, fixed-asset investment accelerated and property investment jumped. Against the backdrop of slowing global demand and domestic weakness, the jump in joblessness comes just days after Premier Li Keqiang announced an “employment first” strategy as a key part of economic policy for the coming year.
As J.P. Morgan seeks to cover most of the U.S. population with branches by 2022, it is heightening a rivalry with the country's biggest banks.
Neil Barofsky, who oversaw the $700 billion bailout fund, says regulatory rollbacks will inevitably force the government to bail out more "too big to fail" firms in the next crisis.