Market News

American Express (AXP)

American Express reported Q3 earnings of $0.53 on net income of $640 million versus $0.70 on net income of $815 in the year ago period.
“Our results showed further progress in navigating through the most difficult economic environment in decades,” said Kenneth I. Chenault, chairman and chief executive officer.

Oct 23 · 12:19:00 PM · Source: Press Release
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by Michael Oliveto

Wilmington Trust (WL)

Wilmington Trust reported a loss of $5.9 million, or $0.15 per diluted common share, for the third quarter of 2009 compared to a profit of $22.9 million, $0.22 per diluted common share in the third quarter of the prior year.
“The Corporate Client Services business recorded impressive revenue growth, the provision for loan losses declined, the net interest margin improved, and there were numerous other positive developments during the third quarter,” said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. “Unfortunately, recessionary pressures reduced the value of some of our investment securities and triggered accounting rules that require us to write them down.”

Oct 23 · 10:55:00 AM · Source: Press Release
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by Rich Pike

Hartford Financial Services (HIG)

The Hartford Financial Services Group, Inc. today introduced The Hartford’s Personal Retirement Manager, an innovative new way to combine long-term investment growth and guaranteed lifetime income potential in a single, user-friendly, tax-deferred retirement planning vehicle.

Oct 23 · 10:54:00 AM · Source: Company News Release
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by Larry Etter

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
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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
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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
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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
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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
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by Larry Etter

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