Market News

Bank of America (BAC)

Bank of America director Robert W. Scully bought 62,000 shares at an average price of $16.79 each on October 21. After the purchase, he owned 68,657 shares, up from 6,657 shares. His stake remains far less than 1% of the company's outstanding shares.
Scully, a former member of the chairman's office at Morgan Stanley, was appointed to the Bank of America board on August 21. The company requires independent directors to own a minimum of 10,000 shares by the end of their first five years of service.

Oct 27 · 11:44:00 AM · Source: Barron's
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by Michael Oliveto

Sl Green Realty Corporation (SLG)

S.L Green Realty today said that it posted a third quarter net loss attributable to common stockholders totaled $2.5 million, or $0.03 per share (diluted), compared to net income of $28.8 million, or $0.49 per share (diluted), for the same quarter in 2008.

Oct 26 · 7:52:00 PM · Source: Company News Release
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by Larry Etter

American Financial Group (AFG)

American Financial Group, Inc. today reported net earnings attributable to shareholders of $127 million ($1.09 per share) for the 2009 third quarter, compared to $21 million ($0.18 per share) reported for the 2008 third quarter.
The company increased its annual dividend 6% to $0.55 per share.

Oct 26 · 7:42:00 PM · Source: Company News Release
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by Larry Etter

Allied Capital Corp. (ALD)

Ares Capital Corporation and Allied Capital Corporation announced today that they have entered into a definitive agreement under which Ares Capital will acquire Allied Capital in an all stock transaction currently valued at $648 million, or approximately $3.47 per Allied Capital share. This represents a 27.3% premium to Allied Capital’s closing stock price on Friday, October 23, 2009. The Boards of Directors of both companies have each unanimously approved the transaction.

Oct 26 · 7:26:00 PM · Source: Company News Release · Related: Ares Capital Corporation
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by Larry Etter

Capital One (COF)

Capital One Financial reported Q3 earnings of $0.94 per share on net income of $425.6 million versus $1.00 per share on net income of $374 million in the year ago period.
"We've worked for years to position our company to be resilient, and our third quarter results demonstrate that resiliency in the midst of the most challenging economic cycle we've seen in generations," said Richard D. Fairbank, Capital One's Chairman and Chief Executive Officer. "We are successfully weathering the storm, but the storm is not over. Therefore, we will continue to take the decisive actions necessary to place our company in the best position to navigate the downturn and drive shareholder value over the cycle."

Oct 23 · 2:36:00 PM · Source: Press Release
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by Michael Oliveto

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

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