Market News

T. Rowe Price (TROW)

T. Rowe Price Friday reported a profit of $132.4 million, or 50 cents a share, down from $152.4 million, or 56 cents a share, a year earlier. Net revenue decreased 10% to $498.1 million. During the quarter, assets under management increased 16% to $366.2 billion as of Sept. 30, including $218.4 billion in mutual funds.
Analysts polled by Thomson Reuters most recently forecast earnings of 46 cents on revenue of $496 million.

Oct 23 · 10:17:00 AM · Source: Company News Release
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

Bank of New York Mellon (BK)

The Bank of New York Mellon Corporation and The Federal Customs Service of the Russian Federation announced the settlement of the litigation filed by the Customs Service against The Bank in the Moscow City Arbitration.
Proceedings in the Moscow City Arbitration court have now been terminated and both parties have concurrently reached an out-of-court settlement agreement. Under this agreement, without admission of liability, The Bank shall pay $14 million as compensation. The claim, which sought $22.5 billion, was brought by the Federal Customs Service of the Russian Federation in the Moscow City Arbitrazh Court in May 2007.

Oct 22 · 11:07:00 AM · Source: Reuters
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Bank of America (BAC)

Bank of America announced that it has signed a definitive agreement to sell First Republic Bank to a number of investors, led by First Republic's existing management, and including investment funds managed by Colony Capital, LLC and General Atlantic LLC.
The transaction is expected to close in the second quarter of 2010. Terms were not disclosed.

Oct 22 · 10:59:00 AM · Source: http://www.reuters.com/finance/stocks/keyDevelopme
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Fifth Third Bancorp (FITB)

Fifth Third Bancorp Thursday posted a wider loss in the third quarter on rising real estate and construction loan losses and high credit costs. The Cincinnati company reported a loss of $97 million, or 20 cents per share, compared with $56 million, or 14 cents per share, a year ago.
Analysts surveyed by Thomson Reuters, on average, expected a loss of 17 cents per share.

Oct 22 · 10:54:00 AM · Source: News Release
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

Suntrust Banks (STI)

SunTrust Banks Inc. on Thursday posted a big third-quarter loss as it set aside more money to cover bad loans, but said the rate at which mortgages were slipping into delinquency slowed for the first time in a year. The bank reported a loss of $377.1 million, or 76 cents per share, compared with a year-ago profit of $304.4 million, or 87 cents per share. The latest quarter included charges of 16 cents per share related to the valuation of certain debt.
"Negative earnings could continue until 2010 and normalized earnings may take longer to realize than peers,'' Bank of America Merrill Lynch analyst Kenneth Usdin had reported in an Oct. 13 report

Oct 22 · 10:37:00 AM · Source: AP
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

PNC Bank (PNC)

PNC Financial Services Group said Thursday its profit grew sharply during the third quarter, even though it continues to see loan losses pile up. PNC said earnings available to common shareholders totaled $467 million, or $1.00 per share, in the three months ended Sept. 30. The bank also paid out $95 million in dividends on the $7.6 billion it received last fall as part of the government's Troubled Asset Relief Program. It earned $248 million, or 70 cents a share, a year ago.
Analysts polled by Thomson Reuters forecast earnings for the latest period of 31 cents per share. They typically exclude one-time items from their estimates.

Oct 22 · 9:52:00 AM · Source: AP
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

Piper Jaffray Companies (PJC)

Piper Jaffray Companies (NYSE: PJC) today announced net income of $9.3 million from continuing operations, or $0.47 per diluted common share, for the quarter ended Sept. 30, 2009, compared to a net loss from continuing operations of $27.5 million, or $1.75 per diluted common share, for the third quarter of 2008. In the second quarter of 2009, continuing operations generated net income of $11.6 million, or $0.59 per diluted common share. Third quarter 2009 net revenues from continuing operations were $119.7 million, compared to $73.5 million in the year-ago period, and $132.3 million for the second quarter of 2009.
The company's CEO said Piper Jaffray is "pleased with our third quarter results, our second consecutive quarter of solid performance. We have a balanced mix of businesses, and all of them contributed to our performance, the largest of which represented no more than a third of aggregate revenues,”

Oct 21 · 10:29:00 AM · Source: Business Wire
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

Wells Fargo (WFC)

Wells Fargo & Co.'s (WFC) third-quarter earnings surged 98% as results were boosted by the bank's acquisition of Wachovia, but credit-loss provisions and net charge-offs continued to rise. Wells Fargo, the third-largest U.S. bank by market capitalization, posted earnings of $3.24 billion, or 56 cents a share, up from $1.64 billion, or 49 cents a share, a year earlier. The company had 41% more shares outstanding in the most recent period amid the takeover. Revenue more than doubled to $22.5 billion.
Analysts polled by Thomson Reuters projected earnings of 37 cents on revenue of $21.64 billion.

Oct 21 · 10:26:00 AM · Source: Wall Street Journal
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter

Previous · Next