|Bid||114.51 x 900|
|Ask||114.52 x 1300|
|Day's Range||113.55 - 114.78|
|52 Week Range||91.11 - 119.24|
|Beta (3Y Monthly)||1.15|
|PE Ratio (TTM)||11.72|
|Earnings Date||Oct 15, 2019|
|Forward Dividend & Yield||3.60 (3.16%)|
|1y Target Est||119.88|
Rise in interest income and lower costs support Morgan Stanley's (MS) Q2 earnings. However, weak trading and investment banking performance is on the downside.
(Bloomberg) -- Oil stumbled amid signs of increased Russian crude output and continued nervousness over the global economy.Futures lost as much as 0.6% shortly after 9 a.m. in New York, shedding an earlier gain. Russian pipeline operator Transneft PJSC said it had resumed full flows from the country’s largest producer, Rosneft PJSC, after imposing restrictions. U.S. equities dropped on a spate of mixed corporate earnings reports.The market lost what momentum it had generated after Iran confirmed the seizure of a foreign oil tanker in the Persian Gulf earlier this week. Iran’s Revolutionary Guard said the OPEC member captured a foreign vessel on July 14 alleged to be smuggling 1 million liters of fuel in the Persian Gulf, according to state-run Press TV news channel.Oil has fallen this week as the specter of a renewed U.S-China trade conflict dents the demand outlook, while U.S. fuel stockpiles jumped. Still, the possibility of crude flows being disrupted from the Middle East remains in focus after Zarif said his country was capable of shutting crucial oil-shipping route the Strait of Hormuz, but is unwilling to do so.“It’s a small move considering how much prices have fallen this week,” said UBS Group AG analyst Giovanni Staunovo. “At least we know where the tanker is, in contrast to a few days ago.”West Texas Intermediate for August delivery fell 36 cents to $56.55 on the New York Mercantile Exchange as of 9:50 a.m. September Brent fell 26 cents to $63.40 on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.78 to WTI for the same month.In an interview with Bloomberg Wednesday, Iran’s Foreign Minister Javad Zarif said the U.S. “shot itself in the foot” by pulling out of the nuclear accord with his nation. As tensions in the region continue to escalate, CNN reported that the U.S. is preparing to send 500 troops to Saudi Arabia. The U.S. is also set to brief foreign diplomats on a plan to boost maritime security in the region this week, special representative for Iran Brian Hook, said Tuesday.Prices have been under pressure since U.S. gasoline stockpiles increased by 3.57 million barrels last week in data released Wednesday by the Energy Information Administration, the first rise in five weeks. The median estimate in the survey forecast a 2.4 million-barrel drop. Distillate inventories rose by 5.69 million barrels, while crude supplies fell by 3.12 million barrels.\--With assistance from Sharon Cho and James Thornhill.To contact the reporters on this story: Alex Longley in London at firstname.lastname@example.org;Alex Nussbaum in New York at email@example.comTo contact the editors responsible for this story: Alaric Nightingale at firstname.lastname@example.org, Mike Jeffers, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
SunTrust (STI) witnesses higher revenues in the second quarter of 2019. Yet, higher expenses and rise in provisions hurt results.
A year ago, PNC executives said they had no immediate plans to open the offices in Boston. Those plans have changed.
RESEARCH TRIANGLE PARK, N.C., July 18, 2019 -- JAGGAER, the world’s largest independent spend management company, is partnering with J.P. Morgan (NYSE: JPM) to deliver a.
T. Rowe Price’s Tom Huber expects that a Fed rate would help make “dividend stocks more attractive on a relative basis as investors are looking for yield.”
(Bloomberg) -- Oil traded near a two-week low as an increase in U.S. fuel stockpiles heightened fears that demand is waning in the world’s biggest crude consumer.Futures were up 0.2% in New York after dropping 1.5% on Wednesday. American gasoline and distillates inventories rose by a combined 9.25 million barrels last week, according to government data, well above expectations of analysts surveyed by Bloomberg. Crude supplies did fall more than forecast, driven in part by output halts in the Gulf of Mexico due to storm Barry.Oil has lost 5% this week as the specter of a renewed U.S-China trade conflict and stuttering American consumption dent the demand outlook. Still, the possibility of crude flows being disrupted from the Middle East remains after Iran’s Foreign Minister Mohammad Javad Zarif damped the prospect of the OPEC producer opening talks with the Trump administration. Washington “shot itself in the foot” by pulling out of the nuclear accord, he said.“Although the lows seen in June in the oil market are still far away the sentiment has firmly soured in the past few days,” PVM Oil Associates analyst Tamas Varga wrote in a report. “If you take the three main product categories – distillates, gasoline and ‘other products’- you will end up with a brutal combined build.”West Texas Intermediate for August delivery rose 10 cents to $56.88 on the New York Mercantile Exchange as of 10:35 a.m. in London, after its lowest close since July 2 on Wednesday. September Brent rose 23 cents to $63.89 a barrel on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.86 to WTI for the same month.U.S. gasoline stockpiles increased by 3.57 million barrels last week, rising for the first time in five weeks, according to Energy Information Administration data Wednesday. The median estimate in the survey forecast a 2.4 million-barrel drop. Distillate inventories rose by 5.69 million barrels, while crude supplies fell by 3.12 million barrels.Iran is capable of shutting the Strait of Hormuz -- a crucial choke-point for oil flows -- but doesn’t want to do it because the waterway and the Persian Gulf are its lifeline, Zarif said Wednesday in an interview with Bloomberg Television in New York.\--With assistance from James Thornhill.To contact the reporters on this story: Sharon Cho in Singapore at email@example.com;Alex Longley in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Serene Cheong at email@example.com, Christopher Sell, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A former managing director of JPMorgan Securities (Asia Pacific) has pleaded not guilty to charges of bribery related to the US bank's hiring programme in Asia known as "Sons and Daughters", the District Court in Wan Chai heard on Thursday.Catherine Leung Kar-cheung, a veteran banker who now runs her own venture capital company, appeared in court represented by barrister Charles Chan in front of District Court Judge Kwok Wai-kin.A pre-trial hearing date has been set for December 6 while an eight-day hearing will be held from February 25, 2020. Leung could face a maximum penalty of up to seven years in jail if convicted.The charges allege that in January 2010 Leung offered to hire Ang Ren-yi, the son of Kerry Logistics Network chairman Ang Keng-lam "in anticipation that Ang would return such favour by influencing Kerry Properties and/or Kerry Logistics to give business to JPMorgan Securities," senior public prosecutor Laura Ng wrote in a court document presented to the judge.JPMorgan Securities hired Ang Ren-yi as a permanent staff member in June 2010 at an annual salary of HK$545,000 (US$69,753) plus a housing benefit of HK$180,000. In 2011, his pay was adjusted to HK$640,000 per year until he resigned in October 2011."Notwithstanding the son's low grade point average and lack of financial or accounting background, the defendant pressed for a permanent post for the son in JPM (JPMorgan) or JPMS (JPMorgan Securities)," Ng said in the court document.Catherine Leung Kar-cheung attended proceedings at the District Court in Wan Chai. Photo: Fung Chang alt=Catherine Leung Kar-cheung attended proceedings at the District Court in Wan Chai. Photo: Fung ChangThe prosecutor said the hiring formed part of JPMorgan's "Sons and Daughters Program" or otherwise known as "Client Referral Program" which allows senior staff at or above the rank of executive director or managing director to refer candidates to take up junior posts at the bank in the role of analysts or associate while acting as their "sponsors".In an internal email to her colleagues, Leung wrote that JPMorgan Securities was "a strong contender" for the IPO of Kerry Logistics."The defendant expressly suggested to her colleagues that hiring the son would help them to secure the imminent business opportunity, i.e. the IPO of Kerry Logistics," Ng wrote.JPMorgan was not awarded any investment banking business related to the December 2013 listing of Kerry Logistics in Hong Kong. Kerry Logistics said none of its staff have accepted any advantages from JPMorgan Securities.Hong Kong's anti-graft body, Independent Commission Against Corruption, searched JPMorgan Securities' offices to collect evidence and found internal correspondence showing Leung was heavily involved in pitching the Kerry Logistics IPO deal.Leung is free to travel overseas for business under the terms of a HK$20,000 bail set by a Hong Kong court in May.Prosecutor Glen Kong said he would present 10 witnesses, but did not reveal their identities. He told the judge that the prosecutors office may apply to the court to allow Leung's case to be merged with another under investigation as most witnesses of the two cases are in common . He did not provide details on the related case.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
* Leung secured employment at JPM for Kerry Logistics' chairman's son - prosecution * Leung allegedly offered job to get business from Kerry Logistics * Trial to start on Feb. 25, 2020 (Updates with Kerry Logistics' statement) By Alun John and Felix Tam HONG KONG, July 18 (Reuters) - A former JPMorgan Asia investment banking vice-chair, Catherine Leung, pleaded not guilty to charges of bribery in a Hong Kong court on Thursday. Leung was charged in May by Hong Kong's Independent Commission Against Corruption with bribing the then chairman of a potential client, a logistics company, by employing his son at the U.S. investment bank.
(Bloomberg) -- Chinese video-game live-streaming platform DouYu International Holdings Ltd. ended flat in its trading debut after its $775 million U.S. initial public offering.Shares of the company, backed by Tencent Holdings Ltd., closed their first day of trading Wednesday at $11.50, the same price as when they were sold in its IPO on Tuesday.DouYu, which delayed its listing amid market jitters in May, sold 44.9 million American depository shares and its investors sold another 22.5 million. The shares, which which had been priced at the bottom of the marketed range, opened down 4.2% and never rose more than 0.4% on Wednesday.The offering, which valued DouYu at $3.73 billion, was the biggest cross-border listing from China since Tencent Music Entertainment Group raised $1.07 billion in its U.S. IPO in December.DouYu, one of China’s top two video-game live-streaming platforms, initially planned to start its IPO roadshow in May but postponed it following President Donald Trump’s threat to boost tariffs on China, people familiar with the matter said at the time. The Wuhan-based company had filed for its IPO on April 22, almost a year after its biggest competitor, Huya Inc., went public in the U.S.DouYu had net income of $2.7 million on revenue of $222 million in the first quarter, according to its filings with the U.S. Securities and Exchange Commission. That compared with a loss of about $23 million on revenue of $97 million during the same period last year.Existing investors that sold shares in the IPO included Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming, according to the company’s filings.Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and CMB International Capital Ltd. led the offering. The shares are trading on the Nasdaq Global Select Market under the symbol DOYU.(Updates with closing share price in second paragraph)\--With assistance from Crystal Tse.To contact the reporters on this story: Michael Hytha in San Francisco at firstname.lastname@example.org;Yueqi Yang in New York at email@example.comTo contact the editors responsible for this story: Polina Noskova at firstname.lastname@example.org, ;Liana Baker at email@example.com, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It's part of Chase Bank's plans to open six to eight branches in the Albany area over the next three years. This is the bank's first push in decades to establish retail branches in the Albany market.
(Bloomberg Opinion) -- If there were any doubts left about the strength of the U.S. consumer, Bank of America Corp.’s latest round of earnings should put those to rest.The bank on Wednesday announced a record second-quarter profit, with Chief Executive Officer Brian Moynihan crediting “solid consumer activity across the board, with spending by Bank of America consumers up 5% this quarter over the second quarter of last year.” He added that he sees a steadily growing economy, informed by observing trends among “the one-in-two American households we serve.”Revenue and net income both increased in Bank of America’s consumer business, while credit provisions were stable. That mirrors much of what the other big U.S. banks reported earlier this week: Citigroup Inc.’s consumer division had its best second quarter since 2013; JPMorgan Chase & Co.’s consumer and community banking unit reported a 22% year-over-year increase in net income; and Wells Fargo & Co. had sharply lower credit-loss provisions than analysts estimated. Long story short, Bank of America, with its wide footprint across the country, affirmed the health of the consumer.It would be hard to get the same takeaway from just listening to Federal Reserve Chair Jerome Powell, however. In a speech on Tuesday, the Fed chief mentioned U.S. consumers just once,(2) and even then, he appeared to play down their strength, which would seem surprising given that consumer spending makes up more than two-thirds of the American economy. But it has become abundantly clear since his congressional testimony last week that Powell is going to lean heavily on “trade tensions” and slowing global growth as reasons to justify interest-rate cuts and will go out of his way to add caveats when mentioning positive aspects of the economy.He didn’t disappoint on either front during his comments in France (emphasis mine):“Growth in consumer spending, which was soft in the first quarter, looks to have bounced back, but business fixed investment growth seems to have slowed notably. Moreover, the manufacturing sector has been weak since the beginning of the year, in part weighed down by the softer business spending, weaker growth in the global economy, and, as our business contacts tell us, concerns about trade tensions.”The Fed looms large in just about every aspect of today’s markets, given the central bank’s abrupt shift toward favoring interest-rate reductions starting later this month. And the difference in tone about consumers between the central bank and the biggest U.S. banks is especially notable because the Fed’s about-face on interest rates has caused Bank of America, Citigroup, JPMorgan and Wells Fargo to all miss on net interest margins relative to expectations. That trend has led the leaders of those banks to face some uncomfortable questions this earnings season about their outlooks.Bank of America’s Paul Donofrio adjusted expectations for net interest income on the lender’s analyst call on Wednesday. During the first-quarter call, he had said it could increase by 3% in 2019 compared with 2018. Now, he said the growth will be closer to 2% if interest rates remain stable, and just 1% if the Fed cuts rates twice before the end of the year as bond traders expect.It’s worth noting that Moynihan didn’t see the Fed capitulating to the market’s demands for lower interest rates. I was in attendance when he spoke to the Economic Club of New York on June 4, and at the end of a question-and-answer segment he said he didn’t think the central bank would cut rates this year. What were his reasons for that call? Among them: “We feel very good about the consumer.”What Moynihan, and anyone who thought similarly, couldn’t have predicted is just how locked in the Powell Fed would become to easing policy. Even stronger-than anticipated figures on retail sales, factory output and housing on Tuesday failed to budge the market-implied odds of a July rate cut, not to mention the outlook for the rest of the year. That’s because Fed officials haven’t even pretended to push back on that pricing.U.S. consumers may be as strong as ever, but if Powell is content with brushing that off, then the biggest U.S. banks will have no way to escape the Fed squeeze.(1) Excluding a reference to "consumer price inflation."To contact the author of this story: Brian Chappatta at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis 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.
Wall Street???s rally ended on Tuesday after President Donald Trump expressed his doubts about a near term solution to the lingering trade battle between the United States and China.
Modest loan growth, higher rates and prudent cost management aid BofA's (BAC) Q2 earnings. However, dismal trading and investment banking performance, and rise in provisions pose concerns.
Though loan growth and lower expenses support First Horizon's (FHN) second-quarter 2019 performance, higher provisions and lower deposits pose headwinds.
Investing.com - U.S. futures pointed to a flat opening bell on Wednesday after Bank of America failed to stem concerns about the outlook for the banking sector with its latest quarterly numbers.
Investing.com - Bank of America (NYSE:BAC) followed its Wall Street rivals in reporting a second quarter that showed strength in its consumer and business lending, offset by a decline in revenue at its investment bank that reflected the growing impact of trade disputes and slowing growth on financial markets.