|Bid||0.00 x 1200|
|Ask||0.00 x 900|
|Day's Range||62.92 - 64.31|
|52 Week Range||48.42 - 75.24|
|Beta (3Y Monthly)||1.71|
|PE Ratio (TTM)||9.56|
|Earnings Date||Apr 15, 2019|
|Forward Dividend & Yield||1.80 (2.80%)|
|1y Target Est||77.15|
All of its existing investors, includingNorwest Venture Partners, Aleph, Vintage Investment Partners and HillsvenCapital, also returned for the round
Futures fell 0.4 percent in New York, after climbing above $60 a barrel on Wednesday for the first time since November following a U.S. government data showed the biggest crude draw since July. “It’s a little bit of pull-back after what still amounts to a pretty sizable run in the past two weeks,” said Kyle Cooper, an analyst at Ion Energy Group in Houston. Crude has gained more than 30 percent in 2019 as output reductions by the Organization of Petroleum Exporting Countries and its partners, as well as supply disruptions in Venezuela and Iran, countered growing American shale production.
Sterling plunged as much 1.5 percent against the dollar Thursday as U.K. Prime Minister Theresa May gambled on getting her plan over the line with just over a week to go before the exit. Cable crumbled after the European Union told May that she can only have a short extension to delay Brexit if Parliament ratifies the divorce deal in a vote she wants to hold next week. The political turmoil shows no sign of easing despite the looming departure, with French President Emmanuel Macron saying if May’s plan fails to get Parliamentary approval again it would “guide everyone to a hard exit.” The pound could slump about 8 percent from current levels if the U.K. left the European Union without a deal, according to a Bloomberg survey.
Wall Street's banks may become the biggest victims of the Fed’s growing dovishness. Big bank stocks slumped the most in two months on Wednesday after Fed Chairman Jerome Powell left interest rates unchanged and signaled to keep it that way until at least the end of the year. The news comes at a time when bank stocks were making a strong rebound following last year’s miserable performance.
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.
Although it spent most of the day in the black, when push came to shove at the end of the day, the S&P 500 ended Wednesday in the red. It was the second straight day of modest losses, but underscored by rising bearish volume.Bank of America (NYSE:BAC) set the tone, if not the pace, falling 3.4% largely thanks to news that the Federal Reserve was dialing back its plans to raise interest rates this year. Lower interest rates general translate into modest bank profits. Rivals Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) booked oversized losses too, however.At the other end of the spectrum, Netflix (NASDAQ:NFLX) jumped 4.6% on bullish comments from RBC analyst Mark Mahaney. Mahaney cites, among other things, continued positive perceptions from its customers and the fact that new competition underscores the further legitimization of the alternative to traditional cable television.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNone of those tickers make for particularly great trading today, however. Rather, it's the stock charts of Marathon Oil (NYSE:MRO), Freeport-McMoRan (NYSE:FCX) and 3M (NYSE:MMM) of the most interest. Here's why. 3M (NYSE:MMM)It's not over the final hump just yet, but 3M stock is knocking on that door. And, it's doing so with the most bullish of backdrops. * 5 Cloud Stocks to Help Your Portfolio Fly If MMM can muster one more big thrust, it could set off a chain reaction of buying that may well reclaim much of what was lost in 2018. Click to Enlarge • The "final hump" is $211.80, where 3M stock peaked in December and again in February. It peeled back from the February effort, but is moving back within striking distance.• As of today, the purple 50-day moving average line is above the white 200-day moving average line. This so-called "golden cross" generally portends more bullishness.• It was the February setback and rebound that got the breakout effort renewed in perfect form. The gray 100-day and the 50-day moving average lines both acted as the support they needed to be … something neither had done in some time. Freeport-McMoRan (FCX)Back on Feb. 20, Freeport-McMoRan was highlighted as a breakout candidate. Shares had then-recently pushed through a couple of technical resistance levels, and were acting as if they were ready and willing to keep trucking.They didn't. After hitting their 200-day line that very day, the profit-takers came out of the woodwork. The bigger-picture bullish effort has been renewed though, exactly where and how it needed to. The next dance with the 200-day moving average line, plotted in white on both stock charts, could prove a bullish catalyst. Click to Enlarge • The reversal back into a bullish trend took shape right at the purple 50-day moving average line. This is precisely where one would want to see the bulls take a stand.• Although the volume is still below average, notice that the selling volume was waning on the way down, while the bullish volume has been building on the way up this week.• The white 200-day moving average line near $13.40 is still likely to act as resistance, but if it yields to the uptrend, there's little left that stands in the way. The next line in the sand is around $14.50, which lines up with the major peaks hit in the first half of last year. Marathon Oil (MRO)Finally, Marathon Oil is at an inflection point. Most oil and energy names are, prodded by rising oil and gas prices in an environment that suggests the slow uptrend is built to last. More than most other tickers from the energy sector though, MRO is well-positioned for a sizeable move higher. Click to Enlarge • The inflection point is $17.90, plotted with a white line on the daily chart. That level was a floor in October, but became a ceiling in November.• Like many other stocks, MRO is pushing up and off of support offered by the purple 50-day moving average line early this month.• Zooming out to the weekly chart of Marathon, we find that the December low is also a push up and off the same support line that has guided shares higher since 2016's bottom. Assuming the upper boundary of the range remains in play, MRO could rally back to at least $24 before hitting its ultimate resistance.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. 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 * 7 Invincible Stocks Leading The Bull Market Higher * 5 Dow Jones Stocks Coming to Life * 7 of the Best High-Yield Funds for 2019 and Beyond Compare Brokers The post 3 Big Stock Charts for Thursday: Freeport-McMoRan, 3M and Marathon Oil appeared first on InvestorPlace.
The Dow was flat by 9:42 AM ET (13:42 GMT), while the S&P; 500 gained 1 point, or 0.1%, and the tech-heavy Nasdaq composite rose 13 points, or 0.18%.
Morgan Stanley brought in the most revenue from commodities of any of the major investment banks in 2018, data from analytics firm Coalition showed on Thursday. The bank beat rival JPMorgan into second place and Citibank and Goldman Sachs into joint third in Coalition's ranking of the twelve largest global investment banks' commodities businesses. The score caps a rapid rise for Morgan Stanley, which in the 2017 rankings tied for first place with JPMorgan and before that had not been inside the top three since 2014, when it placed third.
Citigroup Inc plans to sell several tons of gold placed as collateral by Venezuela's central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month, sources said, a setback for President Nicolas Maduro's efforts to hold onto the country's fast-shrinking reserves. Maduro's government has since 2014 used financial operations known as gold swaps to use its international reserves to gain access to cash after a slump in oil revenues left it struggling to obtain hard currency. Under the terms of the 2015 deal with Citigroup's Citibank, Venezuela was due to repay $1.1 billion of the loan on March 11, according to four sources familiar with the situation.
After Venezuela’s Central Bank missed a March 11 deadline to buy back gold from Citigroup for nearly $1.1 billion as part of a financing agreement signed in 2015, the difference in price from when the gold was acquired to current levels will be deposited into an account, said the people, who asked not to be named speaking about a private transaction. The development represents another financial blow to the embattled Maduro regime.
Citigroup (C) is penalized with $25 million by the regulator for denying benefits to clients due to improper internal controls in its mortgage relationship pricing program.
Wall Street's main indexes were set to eke out gains at open on Wednesday, as investors cautiously waited for more clarity on the Federal Reserve's monetary policy outlook for the year, while trade worries still lingered. The U.S. central bank is largely expected to keep the fed funds rate steady and lower the number of hikes forecast for 2019 as it wraps up a two-day policy meeting, followed by a statement at 2 p.m. ET and a press conference by Fed Chairman Jerome Powell half an hour later.
The U.S. Office of the Comptroller of the Currency (OCC) said on Tuesday it had fined Citigroup $25 million (18.9 million pounds) for violating the Fair Housing Act by denying some borrowers preferential rates on the basis of their race, colour or other factors. In 2012, Citi implemented a programme that provided reduced pricing for mortgage borrowers that kept certain levels of assets with the bank, typically referred to as relationship pricing. The bank later identified some errors with the programme which resulted in some mortgage customers failing to receive the benefit for which they were eligible, the OCC said.
Citibank was fined $25 million by the Office of the Comptroller of the Currency for violating the Fair Housing Act. The regulator said Tuesday that the bank had "certain control weaknesses" in its Relationship Loan Pricing program which promised to provide a credit on closing costs or interest rate reductions to borrowers. But the bank did not provide some borrowers with either benefit, and those borrowers "were adversely affected on the basis of their race, color, national origin, or sex." The bank has initiated and mostly completed a plan to reimburse all customers who did not receive the benefit, the OCC said in a release. In addition, it will provide reimbursement to approximately 24,000 customers of approximately $24 million. Citi shares were up nearly 1% mid-afternoon.
In keeping with its commitment to provide seamless service to clients, regardless of the Brexit outcome, Citi is now offering its product and service suite from entities fully within the European Economic Area (EEA). “Since well before the Brexit vote in 2016, all our businesses have been focussed on making sure we can continue to serve our clients in the UK and EEA, irrespective of the political outcome,” said David Livingstone, Citi’s CEO for Europe, Middle East and Africa. For EEA clients and counterparties unable to conduct business through Citi’s UK entities post Brexit, Citi’s products and services are now additionally available through Citibank Europe plc and Citigroup Global Markets Europe AG.
Citigroup Inc NYSE:CView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is expanding 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, growth of ETFs holding C is favorable, with net inflows of $16.32 billion. This is among the highest net inflows seen over the last one-year and the rate of additional inflows appears to be increasing. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swap | NeutralThe current level displays a neutral 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 has received a formal mandate to advise Germany’s largest bank on the deal with its closest rival, the people said, asking not to be identified discussing private information. Deutsche Bank is also working with the law firm Freshfields, they said. Rothschild & Co. and Goldman Sachs Group Inc. are advising Commerzbank, Bloomberg reported on Monday after the two banks officially announced merger talks over the weekend.
The Federal Reserve rate hike in 2018 created a positive environment for investors in the financial sector and it has boosted financial stocks. The higher the interest rate, the wider the rate spread and the bigger the profit margin for banks and credit card companies.U.S. financials, especially Bank of America (NYSE: BAC) and Citigroup (NYSE:C), for the most part, started their rally in 2016, when rates were close to the bottom. Since then, they climbed higher.With the easy money already made and rate hikes slowing in 2019, investors may want to look outside of the U.S. and in the European markets for financial stocks to buy. Uncertainties from the Brexit vote are artificially capping the valuations of various British banks. Even after Citi and Bank of America reinstated their dividends, various European banks pay a dividend yield that is twice their levels.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 of the Best Stocks to Buy Under $10 There are five U.S. banks and two European banks investors should consider buying. JPMorgan (JPM)Source: Shutterstock JPMorgan (NYSE:JPM) is trading in between its low and high for the year at around $105. The stock is valued at 11.7 times earnings and has a dividend yield of 3%. The beauty of JPMorgan's business model is that its operating model positions the firm to outperform in any environment. It attributes the resilient business model to its customer focus at the franchise level, strong balance sheet and general discipline and cost controls.In 2018, thanks to record revenue of $111.5 billion and net income of $32.5 billion, JPMorgan earned $9 a share as return on average tangible common shareholders' equity rose to 17%. The firm stands out against its peers on these metrics. Revenue and the 10-year CAGR earnings-per-share growth is higher than that of Goldman Sachs (NYSE:GS), Bank of America, Citi and Wells Fargo (NYSE:WFC).Net interest income growth is a key baseline growth factor for JPMorgan's bottom line. In 2019, it expects net interest income from CIB markets to top $58 billion. This is up from $45 billion in 2015.Current Quarter Highlights: In its Q4 conference call, management said that the current Q1 period will benefit from the normal seasonal strength. It will also include a $500 million accounting write-off when it reports results on April 16. For 2019, as boring as it is, net interest income will go up over last year. Investors will have nothing to complain about as the bank strives to acquire new accounts while offering value, simplicity and compelling products to its customers. Lloyds Banking Group (LYG)Source: Via WikimediaSince falling to a yearly low at $2.43 at the start of the year, Lloyds Banking Group (NYSE:LYG) recently traded at $3.40. Lloyds reported strong full-year results on Feb. 20. It also announced a dividend increase and a $2 billion share buyback. Markets appreciated those kinds of shareholder-friendly moves. With the stock's uptrend in place, investors could start a position in the U.K. bank despite Brexit worries and still do well.Full-Year Highlights: Lloyds reported revenue falling 35.5%, but will still increase its dividend by 5% of 2017 levels. Its share buyback of £1.75 billion will represent a total capital return of up to £4 billion. Net income rose a modest 2%, while its net interest margin rose to 2.93%. The bank cut its costs, with its cost-to-income ratio coming in at 49.3%.Lloyds said its credit quality remained strong and saw no deterioration in credit risk. Its gross asset quality ratio is stable and comparable to both the 2016 and 2017 levels. * The 10 Best Stocks to Buy for the Bull Market's Anniversary Improving Operational Efficiency: Lloyds forecast strong underlying profits and a return on tangible equity of 14% to 15% in 2019. The resilient net interest margin of 2.9% this year complements the falling operating costs in the next two years. The bank's £8 billion costs in 2019 are a year ahead of its original target. And the cost-to-income ratio will still fall to the low 40's at the end of 2020. Citigroup (C)Source: Shutterstock Citigroup is at around $10 below its $75 52-week high. In the fourth quarter report posted on Jan. 14, the company highlighted its expense discipline while continuing its investments across the franchise. Shareholders may expect RoTCE to improve. Last year's RoTCE came in at 10.9%, above its 10.5% target.Fourth-Quarter Highlights: Citi reported revenue dipping by 2% to $17.1 billion. This dip was assisted by a 4% drop in operating expenses; EPS grew 26% to $1.61. The bank also reduced its average diluted shares by 8%.The bank forecast some headwinds in the first quarter. Equities and Fixed Income Markets revenue will fall in the high single digits. Slower corporate banking activity in the period hampered results. And a government shutdown may have weakened the business, especially mergers and acquisitions.Still, with the bank seeing expenses falling over last year's levels and no temporary government shutdowns ahead, Citi's business should be stable this year.Outlook: Mexico gave Citi's results a good lift in 2018. That momentum will continue this year. Asia is another area of strength. In the second half of this year, its branded card business will perform well due to earlier investments and promotional programs that converted average interest earnings balances.Overall, its discipline in driving higher efficiency will bring productivity benefits and savings that will add $500 - $600 million in savings for Citi in 2019. Savings will continue into 2020. With that level of expense management, Citi stock should perform well over the next two years. Wells Fargo (WFC)Source: Shutterstock Wells Fargo has a reputation problem to contend with that is hurting its stock price. Investors haven't forgotten about the credit card scandal. Add CEO Sloan's compensation package for the year and investors will wonder if the stock may perform well this year.In January, the company launched a marketing campaign to clean up its image. This followed a fourth-quarter report where revenue slipped 4.9% to $20.98 billion but GAAP EPS of $1.21 beat consensus estimates.2018 Highlights: Wells beefed up its risk management division by hiring a new Chief Risk Officer, Chief Compliance Officer, Head of Regulatory Relations and Chief Operational Risk Officer. It spent $1.8 billion in technology and bought cyber, data and risk management solutions.Wells Fargo reported a few weak numbers in Q4. Auto loans balances fell by $1 billion sequentially. As it focuses on higher quality auto loans, this portfolio should start growing by the middle of this year. Average deposits fell $42.7 billion, hurt by lower wholesale banking deposits and customers moving cash to higher rate alternatives.Cost Cuts: The bank cut expenses by $424 million (down 3%) from the third quarter, thanks to lower compensation levels. On a year-over-year basis, costs fell $3.5 billion as the company limited spending on advertising and promotion, travel and entertainment and outside professional services. * 7 Financial ETFs to Buy For 2019, the Fed's rate hike pause will not hurt Wells Fargo's loan growth and deposit growth. Loans grew in Q4 and have the momentum to continue doing so. That alone should give WFC stock some support at these levels. Banco Santander (SAN)Source: Mike Mozart via Flickr (Modified)Banco Santander S.A. (NYSE:SAN) is range-bound because the markets are waiting on the Brexit to play out. The British government approved a Brexit delay but rejected a second referendum. With the Brexit temporary off the table, investors are cautiously accumulating SAN stock. The stock's forward price-to-earnings rato 9.5X and the dividend yield of around 5.4% are compelling for value investors seeking income. And after the stock broke down in August 2018, $5 appears to be the resistance level for the stock.Banco Santander's Fourth-Quarter Results: In its Q4 report, the bank reported gross income of €12.5 billion while profits grew 34% to €2.02 billion. For the full-year 2018, revenue grew to €48.4 billion, up 9% from the previous year. Profits increased 18% Y/Y to €8.06 billion. Banco Santander benefited from customer revenue growth in Brazil, Spain, Mexico and the U.S.Like its U.S. counterparts, Santander is growing out its digital services. Customers using these services increased by 6.6 million, adding to its 32 million users. Nearly half of its customers now actively use digital services on a regular basis.Its loan portfolio is healthy. The NPL (non-performing loan) ratio is 3.73%. Its Openbank grew its mortgage balance by 373% after its first full year of mortgage sales.Europe made up 52% of Santander's profits, with the U.K. accounting for just 13%. The Americas (includes Brazil, Mexico, and the U.S.) comprised 48% of the profit total.Strong Three-Year Performance: Santander's 2015-2018 performance does not reflect in its share price, which fell in that time. Its customer count grew from 13.8 million to 19.9 million. EPS grew 11.2%, while RoTE rose to 11.7%, up from 10% in 2015. At this juncture, SAN stock is poised to break out above the $5. It still needs clearer, ECB-friendly policies to draw investors. The Brexit's resolution would also help persuade buyers to accumulate the stock. Visa (V)Source: Kārlis Dambrāns via FlickrCredit card transactions continue to make plenty of fee income for Visa (NYSE:V). As consumer spending, both online and offline, grows, Visa becomes more attractive to investors. Visa has three big lines of revenue: service fees, international revenue and transaction fees. Whenever markets selloff and take V stock down with it, those selling the stock forget how big Visa's business has become. The size of its transactions processing business and domestic business is big and both keep getting bigger.Challenges for Visa: Europe is a long-term opportunity for Visa's international market growth. In the near-term, it needs to adjust to the regulatory changes going on there. Fortunately, Visa adjusted its business in the last 12 months as it took a better understanding of Europe's diverse market to adjust its business accordingly. For example, card penetration is around 90% in places like Sweden but is in the low 30% range in the Southern and Eastern areas of Europe.2019 First-Quarter Highlights: Visa's payments volumes grew 7% in the Q1/2019 period, to $2.2 billion. Total transactions grew 11% YoY to 49.96 billion with a credit/debit mix of 34% and 66%, respectively. Revenue grew a solid 13% to 6.96 billion. * 7 Single-Digit P/E Stocks With Massive Upside Visa stock trades at a P/E of 33.4X as its shares closed at 52-week highs. Investors may want the stock to pull back before starting a position. Mastercard (MA)Source: Hakan Dahlstrom via Flickr (Modified)Like Visa, Mastercard (NYSE:MA) is trading at 52-week highs, and for a good reason. It has a moat in the transaction and payments business and leverages its relationship with over 30,000 banks worldwide. Its growth potential comes from advancing its real-time payment system, which would significantly increase its growth.Mastercard provides real-time payment systems but needs to increase its presence in the current marketplace. PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) command high valuations because investors know the real-time, electronic payment processing market is growing.Mastercard can build on its relationship with its over 30,000 banks whose customers need ACH real-time payments and cross-border transactions. As markets upgrade those real-time payment systems in the next decade, Mastercard is positioned in the major markets to play a big role in the modernized payment ecosystem.Now that MA stock is at yearly highs, there is no perfect time to pick an entry point. Value investors may shy away from this stock, but MA stock is valued below that of Square or PayPal stock.As of this writing, Chris Lau did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post 7 Financial Stocks to Invest In Today appeared first on InvestorPlace.
Goldman Sachs and Citi are helping Germany's two biggest lenders work on their potential $28 billion-plus merger, people close to the matter said on Monday. Deutsche Bank and Commerzbank confirmed on Sunday they are in tie-up talks following months of pressure from Berlin, which has pushed for a deal amid concerns about the health of Deutsche Bank. Commerzbank is working with Goldman Sachs and Rothschild, as well as with law firm Hengeler Mueller, people close to the matter said on Monday.