cs posts
FeedPosted Mar 4th 2010 11:40AM by Tom Johansmeyer (RSS feed)
Filed under: JPMorgan Chase (JPM), Goldman Sachs Group (GS), Morgan Stanley (MS), Merck and Co (MRK)

Thanks to a trillion dollars in credit losses write-downs on
mortgage-related securities in 2007 and 2008, financial companies around the world had a lot of capital to recapture. So, in the first half of 2009, they issued stock. More than half the new shares to come out worldwide in those six months were
issued by banks and brokers. All this stock, of course, translated to fees for investment banks. In a strange way, consequently, the financial industry healed itself.
According to Bloomberg, investment banking fees surged 13% in 2009, from $53.1 billion to $59.8 billion. This is still far short of the $86.9 billion record set in 2007, but it's at least a step in the right direction. Even with the surge of bank and broker shares issued in the first two quarters last year, total activity was still lower than in 2008.
Continue reading JPMorgan Leads in Year Bankers Make Money on Each Other
Posted Feb 21st 2010 3:10PM by Tom Johansmeyer (RSS feed)
Filed under: Internet, Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs Group (GS), Barclays plc ADS (BCS)
The financial crisis, employment market and social media explosion have converged, providing a new level of clarity into what is happening in the world around us. Where was ground zero for this financial catastrophe? Well, according to the LinkedIn blog, five companies have shown the most action: Barclays (BCS), Credit Suisse (CS), Citigroup (C), Bank of America (BAC) and JPMorgan Chase (JPM). Interestingly, Goldman Sachs (GS), among the biggest winners now that we're pulling out from the recession, didn't see as much play.
Continue reading Financial Crisis Didn't Push Bankers from Industry, LinkedIn Reports
Posted Feb 15th 2010 2:40PM by Tom Johansmeyer (RSS feed)
Filed under: Bad News, Goldman Sachs Group (GS)

The odds that you'll have a long, healthy life are better than ever ... and that creates a pretty hefty problem for
pension funds. They need to find new ways to meet their obligations in a turbulent market, and the risk that you'll hang on forever is approaching every day. So, unless we're able to pass legislation encouraging mass suicide among the Baby Boomers (it's a joke, people,
read Christopher Buckley's Boomsday to see how it shakes out), pension fund managers have a hefty dose of risk to offload -- fast. They're looking at the
insurance-linked securities market as a way to handle the problem.
All joking aside, pension funds and insurers are translating to total pension liabilities of $19 trillion in the U.S. and $3 trillion in the UK,
according to a Reuters report using data from International Financial Services London. And, an increase in longevity by one year could translate into a 3% jump in liabilities. Put simply, the IFSL's data means another $600 billion in the U.S. and $90 billion in the UK. Basically, everything we do to stick around longer (not that I'm discouraging it) leads to a higher and higher price tag.
Continue reading Pensions Consider Insurance Securitization Finance Because You Refuse to Die
Posted Feb 15th 2010 11:00AM by Tom Johansmeyer (RSS feed)
Filed under: Private Equity, Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs Group (GS), Amer Intl Group (AIG), Blackstone Group L.P (BX), Initial Public Offerings, Financial Crisis
JPMorgan Chase (JPM) wanted a piece of what could be the most interesting insurance IPO of the year, but it won't get a taste.
American International Group's (AIG) Asian life insurance unit, American International Association, is going to go public in Hong Kong for an estimated $10 billion, and JPMorgan isn't being allowed to play, insiders say, because of a sour relationship that stretches back to the September 2008 financial crisis. As a result, it will be the only major investment bank not being admitted to the party.
Continue reading AIG Skips JPMorgan for Asian IPO
Posted Feb 9th 2010 1:40PM by Tom Taulli (RSS feed)
Filed under: Earnings Reports, Management
UBS (UBS) was one of the hardest hit from the financial crisis, but the company is showing signs of stabilization. In the latest quarterly report, the firm posted profits of $1.3 billion. Actually, it was the first reported profit in a year.
Of course, the cost-cutting was a big help (roughly 16% of the workforce). But there was also a nice tax credit during the quarter.
The company's new CEO, Oswald Grübel, definitely understands how to turnaround financial institutions. After all, he had considerable success at Credit Suisse (CS).
Continue reading UBS in the Black, but Challenges Still Loom
Posted Nov 2nd 2009 12:40PM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Upgrades and Downgrades, Comcast Cl'A' (CMCSA), Research in Motion (RIMM), Yum Brands (YUM), Analyst Initiations
Analyst upgrades:
- Jefferies upgraded Biogen (NASDAQ: BIIB) to Buy from Hold based on valuation. The firm, which has a $50 target on the stock, believes Tysabri PML cases are reflected in shares.
- Deutsche Bank upgraded Nordstrom (NYSE: JWN) to Buy from Hold as it finds the valuation attractive and believes the company's sales are benefiting from stabilization in California and share gains. Deutsche raised its target on shares to $45 from $36.
- RBC Capital upgraded Yum! Brands (NYSE: YUM) to Outperform from Sector Perform and raised its target to $39 from $36 citing valuation and views it as a low risk option on a global economic recovery.
- Credit Suisse (NYSE: CS) was upgraded to Buy from Hold at Citigroup.
- Royal Caribbean (NYSE: RCL) was upgraded to Outperform from Market Perform at Wells Fargo.
- Alcatel-Lucent (NYSE: ALU) was upgraded to Hold from Sell at RBS.
Continue reading Analyst upgrades, downgrades and initiations: CMCSA, CS, JWN, RCL, RIMM, YUM ...
Posted Oct 24th 2009 2:20PM by Trey Thoelcke (RSS feed)
Filed under: Earnings Reports, Apple Inc (AAPL), Amazon.com (AMZN), McDonald's (MCD), 3M Corporation (MMM), Caterpillar (CAT), New York Times'A' (NYT), Bank of New York (BK), Hershey Co (HSY), Gannett Co (GCI), Morgan Stanley (MS), Kimberly-Clark (KMB), United Parcel'B' (UPS), Lockheed Martin (LMT), Broadcom Corp'A' (BRCM), SLM Corp (SLM)
Continue reading Earnings highlights: Amazon, Apple, Caterpillar, Hershey, McDonald's, UPS ...
Posted Sep 2nd 2009 8:30AM by Paul Foster (RSS feed)
Filed under: Options
Deutsche Bank (NYSE: DB) closed at $64.23. DB September option implied volatility is at 49, October is at 51; below its 26-week average of 66, according to Track Data, suggesting decreasing price movement.
Credit Suisse (NYSE: CS) closed at $47.94. CS October option implied volatility of 47 is below its 26-week average of 62 according to Track Data, suggesting decreasing price movement.
UBS AG (NYSE: UBS), Switzerland's biggest bank, closed at $17.02. UBS September option implied volatility is at 54, October is at 56; below its 26-week average of 70, according to Track Data, suggesting decreasing price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
Posted Jul 23rd 2009 11:00AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Analyst Upgrades and Downgrades, Analyst Initiations
Analyst upgrades:
- Citigroup upgraded Robert Half (NYSE: RHI) to Hold from Sell following the company's Q2 results, believing the worst may be behind the company. Citi raised its target on shares to $24 from $18.
- Goldman upgraded AnnTaylor (NYSE: ANN) to Buy from Neutral and raised its target to $13 from $6.50, citing improved merchandising and inventories.
- Baird upgraded TrueBlue (NYSE: TBI) to Outperform from Underperform and raised its target to $12 from $9, citing the better-than-expected Q2 report and guidance, strong balance sheet, and valuation.
- F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Underperform at BofA/Merrill.
- Credit Suisse (NYSE: CS) was upgraded to Buy from Hold at Deutsche Bank.
- Sanmina (NASDAQ: SANM) was upgraded to Neutral from Underperform at Credit Suisse.
Continue reading Analyst upgrades, downgrades and initiations: ANN, CS, MCO, NRG, RHT, TJX ...
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