67.98 -0.02 (-0.03%)
Pre-Market: 6:23AM EDT
|Bid||0.00 x 800|
|Ask||68.15 x 1800|
|Day's Range||66.50 - 68.25|
|52 Week Range||48.42 - 75.24|
|Beta (3Y Monthly)||1.86|
|PE Ratio (TTM)||9.89|
|Forward Dividend & Yield||1.80 (2.65%)|
|1y Target Est||N/A|
(Bloomberg Opinion) -- Earlier this month, my colleague Elisa Martinuzzi suggested that merging Deutsche Bank AG and UBS Group AG would, on paper at least, create a European banking champion. She concluded, though, that the regulatory obstacles to such a deal would probably be insurmountable. But there is a three-way combination that could create a regional lender with the heft to take on the U.S. banks without falling foul of national regulators.Jean Pierre Mustier has done much house-cleaning in his two years as chief executive officer of Italy's UniCredit SpA. So it’s not much of a stretch to posit that he might regard himself as the right leader to forge a European powerhouse. And while his current institution owns HypoVereinsbank in Germany, it still depends on Italy for almost half of its revenue.Mustier has already dallied with the idea of buying Commerzbank AG after talks between the German lender and Deutsche Bank broke down in April. Adding Commerzbank would increase his access to the small- and medium-sized German clients known as Mittelstand companies.With Deutsche Bank still in intensive care, the German authorities should welcome the opportunity to see its other problem child adopted by UniCredit for many of the same reasons as they championed the mooted domestic tie-up. But to build a true challenger to the growing U.S. dominance of European lending, Mustier would need to add a third geographic region to his stable – and here his nationality might be key to overcoming tribal objections.As a Frenchman running an Italian-German institution, Mustier would be well-placed to convince the authorities in Paris that Societe Generale SA would thrive under his stewardship.Adding SocGen’s expertise in derivatives would expand the range of balance-sheet tools that Mustier can offer to those Mittelstand companies and other customers in Europe. And the newly merged triumvirate – let’s call it UniComSoc, ignoring the Orwellian overtones – would be a true regional champion. In international bond underwriting, the trio would command a 6.3% market share based on the individual performance of the three banks in the first five months of this year. None of the trio is currently a top ten player; the merged group would rank behind only JPMorgan Chase & Co. with 7.2% of the market, and Citigroup Inc. with 6.9%.In European equity offerings, the merged firm would sneak into a top 10 dominated by U.S. and Swiss firms, again based on market share through May:But in European loans, a market worth almost 300 billion euros ($336 billion) so far this year, the combination would be a market-beating powerhouse with a share of almost 13 percent. Given European companies remain reliant on bank loans rather than the capital markets to satisfy the bulk of their funding needs, that’s the most important reservoir of capital and the one that European regulators would be keenest to see being provided by a leading domestic source.The futures market is now starting to anticipate a cut in borrowing costs from a European Central Bank whose ultra-low interest rates have already weighed heavily on bank profitability. The worsening economic outlook that’s seen European government bond yields drop to record lows this week should add a sense of urgency to the acknowledged need for cross-border banking mergers.If the combination of Deutsche Bank and Commerzbank turned out to be shooting for the moon, maybe Mustier should aim even higher to land among the stars.To contact the author of this story: Mark Gilbert at email@example.comTo contact the editor responsible for this story: Edward Evans at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Citigroup Inc NYSE:CView full report here! Summary * Perception of the company's creditworthiness is negative * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for C with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting C. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding C are favorable, with net inflows of $6.42 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator. C credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Citigroup's (C) restructuring and streamlining efforts, along with its strategic investments in core business, should bode well for the long term.
On one hand, such a global market offers enormous trading opportunities, but on the other, it is challenging to protect individual traders from any financial irregularities. Thus, regulations were introduced through an established framework that ensures that financial intermediaries, like forex brokers, comply with the necessary rules to offer loss protection and controlled risk exposure to individual traders. Learn more about the basics of forex market regulation in the U.S., as well as some of the popular forex brokers in the country.
Investing.com – The S&P; 500 made a subdued start the week Monday, as bank stocks stumbled on falling Treasury yields amid growing expectations that the Fed will cut rates.
What’s behind the scenes of high-frequency algorithmic trading (HFT)? Here's a detailed look at the breakneck world of algorithmic and high-frequency trading
(Bloomberg) -- Citigroup Inc. is combining its foreign-exchange and rates businesses into a single unit, two months after Paco Ybarra took over as head of the institutional-clients group.Itay Tuchman will continue to lead the currencies business, while Deirdre Dunn and Pedro Goldbaum will co-lead the rates businesses. All three will report to Carey Lathrop and Andy Morton, who co-lead the firm’s markets and securities services business, the two said in an internal memo.The two units already share technology and corporate-sales teams and have overlapping products. By combining them, Citigroup is hoping to improve clients’ experience with the bank and boost earnings, Morton and Lathrop said in the memo.It’s the first sweeping change announced under Ybarra, who took over in April when President Jamie Forese announced he would leave the firm this summer. Ybarra was head of markets and securities services before his promotion.Here are other changes announced in the memo:Citigroup is looking for someone to take over as head of its North American markets and securities services division, a position most recently held by Dunn.Nadir Mahmud, who led foreign exchange and local markets, will assist in the transition and then work on strategy for Europe, the Middle East and Africa.The firm’s Group of 10 and local-markets treasury units will also combine into a single unit, led by Andy Thursfield.Flavio Figueiredo will lead corporate sales for the combined rates and currencies entity.Brian McCappin will lead foreign-exchange and local-market investor sales.Lionel Durix will continue to lead rates and currencies structuring.To contact the reporters on this story: Jenny Surane in New York at firstname.lastname@example.org;Donal Griffin in London at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Abu Dhabi National Oil Co. and chemical producer OCI NV plan to combine their Middle East and North Africa crop-nutrient businesses, creating the region’s fertilizer producer to challenge U.S. and Russian exporters.OCI will merge its ammonia and urea assets in North Africa with Adnoc’s fertilizer complex in the United Arab Emirates, the companies said in a statement Monday. The combined company will have $1.74 billion in annual sales, according to the statement, which confirmed an earlier Bloomberg News report.Shares of OCI were down 2.9% at 12:27 p.m. Monday in Amsterdam, giving the company a market value of about 5 billion euros ($5.6 billion).A global ramp-up in fertilizer output has flooded the market with too much supply, prompting players to explore consolidation to improve economies of scale and global reach. A clampdown on tax inversions scuppered CF Industries Holdings Inc.’s plan to buy OCI’s fertilizer arm in 2016.The formation of the joint venture, which will be 58% owned by OCI, is expected to generate as much as $75 million in annual savings, the companies said. It will be headed by the Dutch firm’s chief executive officer, billionaire Nassef Sawiris.Broadening Economy“It looks like a sensible deal, which should generate commercial synergies and create a stronger export platform for nitrogen fertilizers,” Berenberg analyst Rikin Patel said by email.OCI assets may be valued at around $5 billion, as it deserves a multiple of about 10 times earnings due to its superior efficiency, Patel said. Its Middle East and North Africa business generated about $501 million of adjusted earnings before interest, taxes, depreciation and amortization last year, according to a company presentation.State-owned Adnoc has been expanding its downstream operations and bringing in partners for businesses including its pipeline network and refining unit. It has also listed its distribution unit and agreed in October to sell a 5% stake in its $11 billion drilling business to Baker Hughes. The moves come as the emirate of Abu Dhabi, home to about 6% of the world’s crude reserves, seeks to diversify an economy that’s dependent on oil. Adnoc Fertilizers was set up in 1980 to make urea for agricultural use. It sells its products to local and international markets, including the Indian subcontinent, the U.S., Latin America, Australia and Europe.Growth PotentialOCI owns a plant in Egypt with capacity to produce about 1.65 million metric tons of granular urea per year, according to its latest annual report. It also has a 60% stake in another Egyptian production complex that makes anhydrous ammonia, as well as a trading arm in the United Arab Emirates. OCI’s fertilizer venture in Algeria can produce about 1.6 million metric tons of gross anhydrous ammonia and 1.26 million metric tons of granular urea annually.“This platform has significant potential for future growth and value creation,” Sawiris said in the statement.OCI held talks earlier this year about a potential sale of its methanol assets to Saudi Basic Industries Corp. in a deal that could have valued the business at as much as $4 billion, Bloomberg News reported in March. The Dutch company’s largest shareholder is Sawiris, who is Egypt’s richest person with a fortune of about $6.8 billion, according to the Bloomberg Billionaires Index.The transaction with Adnoc is expected to close in the third quarter of 2019. JPMorgan Chase & Co. advised OCI on the deal, while Adnoc worked with Citigroup Inc.(Updates with analyst comment in sixth paragraph.)\--With assistance from Mahmoud Habboush.To contact the reporters on this story: Andrew Noël in London at email@example.com;Dinesh Nair in London at firstname.lastname@example.org;Aaron Kirchfeld in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, Andrew Noël, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- This week’s Federal Reserve decision will be the most consequential one yet under the leadership of Chair Jerome Powell.Sure, Fed officials will almost certainly leave interest rates unchanged, and they won’t do anything with the central bank’s balance sheet beyond what they have previously indicated. But the move in financial markets has been so swift, with traders so convinced that policy makers will lower interest rates imminently, that every change in their statement’s wording, every syllable uttered by Powell during his press conference, and any tweak in the “dot plot” will be scrutinized as much as ever. After all, vast sums of money (not to mention strategists’ reputations) are riding on a decidedly dovish shift.It truly seems as if bond traders have gone too far and are setting themselves up for disappointment. They have priced in a 92% chance of a quarter-point rate reduction in July and 2.75 cuts by the end of the year. Barclays Plc strategists would say that’s too conservative — they’re calling for a 50-basis-point cut next month and an additional 25 basis points in September in one of the more aggressive Wall Street forecasts. Basically, as Michael Purves at Weeden & Co. put it, markets are “almost taunting the Fed.”Make no mistake, Fed officials have a number of reasons for caution. While President Donald Trump tabled threatened tariffs on Mexico, a potentially drawn-out trade war with China looms large. U.S. inflation continues to fall short of the central bank’s stated 2% target, while the University of Michigan's gauge of expected price changes fell to an unprecedented low late last week. And the bedrock of this rate-hiking cycle — a seemingly unstoppable labor market — is showing early signs of slowing, with American companies adding just 75,000 workers in May, missing estimates for a 175,000 gain.All of this lines up with Powell’s pivot since the end of last year, from signaling further interest-rate increases and keeping the balance sheet runoff on “automatic pilot” to being patient and winding down the bank’s “quantitative tightening.” He and other policy makers have clearly indicated this is as far as they’ll go in tightening monetary policy this time around.That’s not the same thing as saying they’re ready to begin easing.The problem is, bond traders (and, admittedly, financial journalists) don’t care about that nuance. Conviction that the Fed is done hiking, by definition, means that the next move in interest rates will be lower, making it a matter of “when,” not “if.” After Powell said earlier this month that “as always, we will act as appropriate to sustain the expansion,” it was perceived as opening the door to cutting interest rates, even though he didn’t really say that. RBC Capital Markets had a brilliant report that noted the “weak” May jobs number was actually perfectly consistent with the Fed’s outlook. No matter; traders scurried to wager on easing sooner rather than later in the wake of the payrolls data. So here we are, with markets brazenly taunting the Fed. Will Powell dare to defy them?Unfortunately, recent history doesn’t provide a clear answer. In January, I wrote that the Fed was officially at the market’s mercy, given a decision that was seen as giving in to the late-2018 equities tantrum. Two-year Treasury yields fell about 12 basis points in the following 27 hours. In March, it was more of the same, with central bankers managing to beat traders’ lofty dovish expectations by shifting the dot plot to show zero interest-rate increases in 2019, compared with two in December. Again, two-year yields tumbled, ending the week 15 basis points lower than they were before the decision.Things went differently last month. After what looked like another bond rally in the making, Powell managed to entirely reverse it, and then some, by highlighting “transitory factors” keeping inflation subdued. “Our baseline view remains that with a strong job market and continued growth, inflation will return to 2% over time,” he said. Two-year yields climbed eight basis points in the next 27 hours, to 2.35%, a level that almost exactly aligns with the current effective fed funds rate. In other words, bond investors were more or less on board with the idea of a “patient” Fed holding rates where they are.Obviously, the outlook has changed since then, but not nearly to the extent that market pricing would indicate. As one example, Citigroup Inc.’s U.S. economic surprise index is at the same level it was on May 1, the day of the Fed’s most recent decision. The persistently negative reading is hardly a cause for celebration — it signals data have been worse than expected — but it could just as likely indicate that forecasters have to come to terms with the expansion turning 10 years old and serve as an early warning that the economy is rolling over. As RBC’s Tom Porcelli and Jacob Oubina noted, it’s all about the narrative.Given all that, which Powell will investors get? The one who gives them what they want and more, or the one who is willing to push back? I believe that deep down, Powell would strongly prefer to keep interest rates where they are and only begin easing when he and other officials observe clear and persistent signs of weakness. The U.S. economy is not at that point yet. It doesn’t help that Trump continues to pound the table for lower rates, in what has become a now-commonplace break from recent presidential history, while simultaneously trumpeting the “tremendous potential our Country has for GROWTH.”If I had to guess, the dot plot will turn flat, with the current 2.375% median fed funds rate extending through at least 2021. That’s the definition of patience. Then, Powell will reiterate in his press conference that the Fed stands ready to act as appropriate. In doing so, he preserves the option to lower interest rates as soon as July or September, without making any sort of explicit commitment. If that’s seen as insufficiently dovish, as some rates strategists suggest, then tough.Powell, at the helm of the world’s most influential central bank, can afford to be more deliberate than traders looking to get ahead of the next big move. At the same time, the cacophony of calls for rate cuts is tough to shut out. Should he capitulate entirely, he will be permanently viewed as a Fed chair who was broken by bond traders. To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
It is nearly 30 years since Rudiger Dornbusch and Sebastian Edwards published a seminal book, The Macroeconomics of Populism. Because of this disregard for basic economic logic, their policy experiments inevitably ended badly, with some combination of inflation, capital flight, recession and default. Salvador Allende’s Chile in the 1970s, or Alan García’s Peru in the 1980s, capture this story perfectly.
[Editor's note: This story was previously published in February 2019. It has since been updated and republished by InvestorPlace staff.]With the market up more than 20% since the late-December lows, the argument that stocks -- at least some stocks -- are back to being overvalued and overbought holds at least a little water. Others argue that the rebound rally has only just begun, and valuation isn't yet a problem.The truth is, as usual, somewhere in the middle of the two extremes.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFor a surprising number of names, however, it's a debate that's largely irrelevant. Some stocks are simply (still) too cheap to overlook, poised to make gains whether or not the broad market's tide helps out in the foreseeable future. For deeply undervalued equities in anything but a wildly bearish environment, the bigger risk is being on the sidelines rather than in a position. * 10 Stocks to Buy That Wall Street Expects to Soar for the Rest of 2019 To that end, here's a rundown of 10 of the market's best cheap stocks to buy right now. In some cases, the per-share price is just oddly low. In other cases, prices compared to earnings are well into single-digit territories. In most cases, both qualities apply. In no particular order …Source: NASA Blueshift via Flickr CBS Corporation (CBS)CBS Corporation (NYSE:CBS) may be down of late, but I still have confidence in CBS stock anyway. The television giant has improved in a big way where it needed to the most … streaming. By 2022, it should have 25 million streaming customers in tow.It's only a sign of the current paradigm shift in how video is delivered to consumers. It's also the reason we've seen a frenzy of M&A within the film and TV arena, the most notable of which is the Walt Disney (NYSE:DIS) acquisition of Twenty-First Century Fox (NASDAQ:FOXA). CBS has also jockeyed to acquire Viacom (NASDAQ:VIAB).With CBS stock priced at only 7.5 times this year's expected earnings though, the company would also make for a dirt-cheap entry or expansion into the entertainment industry. Air Lease (AL)Source: Karen Neoh via FlickrAir Lease (NYSE:AL) relies on at least a decent economy to drive demand for passenger jets, and recently, investors have seen what they think are too many red flags.Take a closer look at all the data, though, and matters aren't as dire as they may seem. While global economic growth may be running into a near-term headwind in the wake of plenty of political drama, in the bigger picture, airlines still desperately need new aircraft to satisfy demand.In November of last year, and for the 12 months ending then, enplanements and total miles flown once again reached record levels. Boeing (NYSE:BA) believes that between now and 2037, the world's airlines will take delivery of more than 42,000 new aircraft. * 7 First-Half IPO Stocks That Will Falter in 2019's Second Half Given that trend and outlook, Air Lease is undervalued at its forward P/E of just above 5.8. Micron Technology (MU)Source: Shutterstock Add Micron Technology (NASDAQ:MU) to a list of cheap stocks to buy before it's no longer cheap.It's not an easy idea for some investors to get behind. The ramp-up of computer memory production has created a price-cutting glut, and it took a toll on Micron's most recently-reported quarter's bottom line. The previous quarter's gross margins of 59% were further projected to slip to between 50% and 53%, versus estimates of 55%.This is a cycle investors have seen over and over again, however, with the same end result every time. That is, producers will curtail production, abating supply and restoring pricing power. Rivals Samsung Electronics (OTCMKTS:SSNLF) and SK Hynix, in fact, have already decided to slow their DRAM expansion plans, and Micron has vowed to cut capital expenditures by more than $1 billion this year.It could take a while for tempered production to restore DRAM prices, but trading at only 7.6 times this year's projected per-share profits, MU stock is worth the wait. It has been every time before. Citigroup (C)Source: Shutterstock Citigroup (NYSE:C), like most bank stocks, had a rough 2018, and though it has bounced this year, the 2019 rally to-date has been subpar. The stock is trading at a trailing P/E of 10, and a forward-looking earnings multiple of 8 … cheap even by current banking stock standards, which have been abnormally low.The reason for the mismatched price and forecasted earnings is understandable enough. That is, enough investors are convinced interest rates are going to become just a little too high against a backdrop of just a little too much economic weakness. The concern is largely manifested in the flattening yield curve, which is particularly problematic for banks. * The 7 Best Tech Stocks to Buy for the Second Half of 2019 As was the case with Air Lease though (and will be for several others below), the worry isn't fully merited. NCR Corporation (NCR)Source: Shutterstock You may know the company better as National Cash Register Corporation, even though it changed its name years ago to NCR Corporation (NYSE:NCR). The less-limiting moniker reflect the fact that point-of-sale devices are now much more than a means of completing a sale. Since then, the company has expanded into areas like ATM machines, self-service kiosks and full-blown inventory management platforms.It's certainly a move in the right direction, although it's arguable the market isn't giving the new NCR enough credit. Shares are priced at only 10 times this year's projected profits.That might have something to do with the fact that outfits like Square (NYSE:SQ) and Paypal (NASDAQ:PYPL) are encroaching in NCR's turf. It's a legitimate concern too. There's a huge subset of companies, however, that will prefer to do business with a long-established name like NCR. Timken (TKR)Source: Oleg Zaytsev via FlickrTimken (NYSE:TKR) is anything but a household name. The company makes ball bearings and industrial transmissions to supply mechanical power where it's needed in a manufacturing environment.It's anything but a riveting (pun fully intended) business. But, it's a business that's starting to grow in earnest again as America's industrial engine revs. After rolling over in 2015 as the nation started to fully transition to a service-oriented economy, the United States began making more goods again in 2016. It's never looked back. * 5 Great Dividend Stocks to Buy From the Tech Sector The paradigm shift has proven to be a boon for Timken, which has grown revenue at a double-digit pace since early 2017. Better still, the new revenue trend has set the stage for earnings growth this year that translates into a projected P/E of only 8.3. General Motors (GM)Source: Shutterstock There's no denying General Motors (NYSE:GM) ran into a headwind three years ago, when "peak auto" became a reality. Though a victim of its own rampant success -- subsequent comparisons have all looked lackluster -- investors tend to only care about how current results stack up against the recent past.Those investors, however, may be unfairly harsh with their treatment of GM stock and its peers. While it remains unclear when we'll see another automobile purchase growth cycle again, General Motors is still a solid cash cow, yielding 4.25% while it sports a dirt cheap trailing P/E of 5.7.Regardless, the carmaker continues to impress regardless of the stock's valuation. Nicolas Chahine commented, "the 2018 barrage of tariff headlines made GM stock a tough trade as it fell sharply off its January 2018 highs. This year so far it has been the total opposite. GM management clearly gave Wall Street reason to rejoice and buy the stock and investors ate it up. This morning, they backed up their claim…" Lumentum Holdings (LITE)Don't worry if Lumentum Holdings (NASDAQ:LITE) is an unfamiliar name -- most investors probably haven't heard of it. The company makes communications equipment and industrial lasers, and has a big presence in the fiber optic industry.There has never been a time when the world has needed such high-speed connectivity. As more and more wireless devices compete for a finite amount of radio frequency bandwidth, middlemen are looking for easier and faster ways to offload some of that traffic to physical infrastructure. Fiber optic lines are more than up to the task. * 3 Hot Trades for 3 Spicy IPO Stocks The market doesn't seem to see it yet, pricing LITE stock at a forward P/E of 9.7 despite this year's expected revenue growth of 28% and next year's 27%. As time passes though, Lumentum's role in the future of telecom will become clearer. Terex (TEX)Source: Shutterstock Name any piece of mobile machinery, and Terex (NYSE:TEX) probably makes it. From backhoes to cherry pickers to tracked conveyers to cranes, Terex has solutions for almost any industrial application.That diversity hasn't helped revenue in a while, with the top line peaking in 2014. The stock has been hit-and-miss since then … more misses than hits.The doubters may have overshot their pessimism though, sending TEX stock to a forward-looking P/E of 7.2 following what should be nearly 17% revenue growth for 2018. While sales growth is expected to slow this year, the company more often than not topped sales and earnings estimates in 2018. It may hold a few pleasant surprises in store this year. Capital One (COF)Source: Eric Hauser via Flickr (Modified)Last but not least, add credit card company Capital One Financial (NYSE:COF) to your list of cheap stocks to consider here.Like Citigroup, Air Lease and others, investors have been fearful that a slowing economy -- maybe even a shrinking one -- could work against Capital One. In fact, rising interest rates could hit Capital One particularly hard in that situation, as its target market of risky borrowers could be the first to underpay of stop payments altogether should the global economic condition sour. * 3 Hot Internet Stock Trades It's another case, however, where the doubters may have overshot. COF stock is now priced at only 7.5 times this year's expected profits, making it one of the cheapest stocks to own in the financial sector. The worst-case scenario is more than priced in.As of this writing, James Brumley held a long position in CBS Corporation. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Oversold Stocks to Run From * 7 Red-Hot E-Commerce Stocks to Consider * 4 Stocks Surging on Earnings Surprises Compare Brokers The post The 10 Best Cheap Stocks to Buy Right Now appeared first on InvestorPlace.
Russia’s central bank shifted solidly to monetary easing, saying its first interest rate cut in more than a year on Friday could be followed by two more in 2019, as inflation slows and growth sputters. The move makes Russia the latest emerging market to shift toward more dovish policy as escalating trade woes weigh on growth. The change in trajectory of interest rates in developed economies reduces the risk of persistent outflows from emerging markets, the Bank of Russia said in a statement.
Strong fundamentals, prospects and efforts to further expand revenues are expected to drive JPMorgan (JPM) in the quarters ahead.
Given the chances of a Fed rate cut early next month, State Street (STT) reduces revenue expectation for the second quarter of 2019.
Are you worried your parents didn’t teach you enough about money? You’re not alone. Nearly one in four adults in the U.S. -- 24%, according to the study -- say their parents didn’t give them any sort of financial education growing up, according to a new report.
South Africa's antitrust tribunal concluded on Wednesday that it has no powers to charge foreign banks being investigated in an exchange-rate rigging case unless they have a presence in the country. Partly on that basis, the tribunal sent the case back to the country's competition watchdog, giving it 40 days to clarify the charges it plans to bring. In a probe that has rumbled on since 2015, the Competition Commission has been seeking fines against 23 local and foreign banks that it alleges colluded to coordinate activities when giving quotes to customers buying or selling the rand and the dollar.
Citigroup's (C) lack of internal control measures, as stated by the Financial Services Agency, results in a ban on the company from availing some special auction participation entitlements.
(Bloomberg) -- Nintendo Co. fell the most in a month after delaying the release of Animal Crossing: New Horizons till next year, postponing a marquee holiday title that could have supported the launch of a cheaper Switch console.Its shares dropped as much as 2.8% in Tokyo, the most on an intraday basis since May 8. The game was pushed to March 2020, the company said in an online video Tuesday. Nintendo reaffirmed that another big 2019 title -- Luigi’s Mansion 3 -- is on schedule but failed to provide a release date. The 40-minute video, broadcast during the E3 game expo in Los Angeles this week, also highlighted support for the Switch from publishers and teased a sequel to mega-hit The Legend of Zelda: Breath of the Wild.Despite the delay, the Switch still sports an impressive lineup for 2019, an improvement from a year ago when a poor showing at E3 preceded a tough year for shareholders. Nintendo had been up 34% this year through Tuesday -- outpacing many of its rivals -- as new titles and expectations for additional hardware boost confidence that the company can navigate big changes in the industry.“Animal Crossing: New Horizons was originally slated for release in 2019. That it will now go on sale after the Christmas shopping season is mildly disappointing,” Citigroup Inc. analysts Minami Munakata and Yui Shoji said in a report. “Legend of Zelda: Breath of the Wild has an extremely strong reputation, particularly among hardcore gamers, so future developments related to the sequel bear watching.”In Tuesday’s video, Nintendo didn’t say when the sequel to Breath of the Wild could be released. It confirmed that a remake of an older Zelda title -- Link’s Awakening -- will launch Sept. 20. New third-party games included The Witcher 3: Wild Hunt, set for a 2019 release. The Switch-exclusive Astral Chain will also be released Aug. 30. No new games were shown for the 3DS or mobile platforms.“The 1H pipeline looks beefier to us than it did last year,” Morgan Stanley analysts Masahiro Ono and Yui Yasumoto said in a report. “The announcement of release dates for major titles, where Nintendo had so far only given a general timeframe, is a positive.”Still, another delay of a key title is a worry for investors after the company this year pushed back the releases of mobile game Mario Kart Tour and Switch exclusive Metroid Prime 4. That prompted a barrage of criticism as analysts questioned the company’s approach to software development.On the hardware front, Nintendo didn’t mention a new Switch, which Bloomberg News reported was likely to launch this month. Executives said in April that new hardware wouldn’t be shown at E3.The video-game industry is undergoing structural changes, as faster network speeds make it possible to play games via the cloud or internet, bypassing the need for consumers to own consoles. That’s opening the door to new entrants like Google and forcing longtime rivals Microsoft Corp. and Sony Corp. to explore collaboration even as both prepare to launch new hardware next year.Kyoto-based Nintendo has a spotty history with online play and was a decade behind rivals in releasing a paid subscription service. It didn’t make any cloud-related announcements on Tuesday and its experience with cloud gaming is limited to a partnership with Taiwanese startup Ubitus Inc., which began streaming a few games to Switch users in Japan last year. The service hasn’t taken off and executives haven’t said if they plan to expand it globally.(Updates with shares from the second paragraph.)\--With assistance from Ayaka Maki.To contact the reporters on this story: Yuji Nakamura in Tokyo at email@example.com;Christopher Palmeri in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Rob Golum, Nick TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.