bk posts
Posted Jun 30th 2009 12:30PM by Elizabeth Harrow
Filed under: Analyst reports, Bank of New York (BK), NASDAQ
The Bank of New York Mellon Corp. (NYSE: BK) has become a minority equity investor in International Derivatives Clearing Group (IDCG), the derivatives clearing unit that's a subsidiary of Nasdaq OMX Group (NASDAQ: NDAQ). Financial terms of the deal were not disclosed, nor was the size of the stake -- but it's definitely a symbiotic pact. IDCG will use securities servicing products provided by the bank, and Bank of New York Mellon's chief executive of broker-dealer services, Art Certosimo, will join IDCG's board.
"This strategic partnership with Nasdaq OMX provides our buy side and sell side clients with a flexible platform that meets their derivatives trading, clearing and servicing needs," stated Bank of New York Mellon President Gerald Hassell. Bob Greifeld, CEO of Nasdaq OMX, added that the partnership "lends support to President Obama's proposed reforms of the [over-the-counter] derivatives market."
Continue reading Bank of New York Mellon invests in Nasdaq derivatives unit
Posted May 20th 2009 9:40AM by Jim Cramer
Filed under: Hewlett-Packard (HPQ), Ford Motor (F), Market matters, Bank of America (BAC), Bank of New York (BK), Wells Fargo (WFC), Cramer on BloggingStocks, Financial Crisis
TheStreet.com's Jim Cramer says this deal is hugely important -- today is the last stand for the bears. Today is make or break for the short-sellers, the SKFers, the bears on banks. I cannot stress how important the
Bank of America (NYSE:
BAC) (
Cramer's Take) deal is. The syndicate desk placed this stock with great hands, restricting flippers to one-fifth of their orders and giving mutual funds only about a quarter of what they wanted. Plus, given the stealth selling that BAC did ahead of this, the company seems done for now -- maybe forever -- although it can't give back TARP funds. However, it should be able to do bond financing that will put it in a good position to do so. And with the velocity of sales picking up at the same time as the new housing starts go down -- stunning figures there -- it is possible that we could see a reversal of some of Bank of America's soured loans while we see what happens with a big lender begins to get a major share of what can be a lucrative mortgage market. We might look back at BAC at $10 and say, "That was our last good chance to buy it," as there are many, many analysts set to reiterate their buys this morning.
Continue reading Cramer on BloggingStocks: Bank of America is now the fulcrum
Posted May 12th 2009 9:30AM by Jim Cramer
Filed under: Market matters, Bank of New York (BK), BB and T (BBT), Goldman Sachs Group (GS), Morgan Stanley (MS), Dow Chemical (DOW), Las Vegas Sands (LVS), Wells Fargo (WFC), Cramer on BloggingStocks, Financial Crisis
TheStreet.com's Jim Cramer says we should closely monitor the situation as more banks raise capital with equity. What really did happen Friday? I keep thinking about this because, surely, if you saw how well the
Wells Fargo (NYSE:
WFC) (
Cramer's Take) and
Morgan Stanley (NYSE:
MS) (
Cramer's Take) deals behaved, didn't you, as a bank player, have to presume that there would be and will be more offerings?
If Wells Fargo went up 6, isn't it reasonable to presume that
Bank of New York Mellon (NYSE:
BK) (
Cramer's Take),
KeyCorp (NYSE:
KEY) (
Cramer's Take),
Capital One (NYSE:
COF) (
Cramer's Take),
BB&T (NYSE:
BBT) (
Cramer's Take) and no doubt all of the others, would do the same? Who wouldn't take advantage of this?
Fifth Third (NASDAQ:
FITB) (
Cramer's Take)?
Suntrust (NYSE:
STI) (
Cramer's Take)?
Why did they rally so much?
Continue reading Cramer on BloggingStocks: A bevy of bank offerings
Posted Apr 17th 2009 9:30AM by Jim Cramer
Filed under: General Motors (GM), Market matters, JPMorgan Chase (JPM), Bank of America (BAC), Bank of New York (BK), Centex Corp (CTX), Wells Fargo (WFC), Housing, Cramer on BloggingStocks
TheStreet.com's Jim Cramer says builders have stopped, and prices have fallen to affordable levels. Housing bottoms form when homebuilders finally stop building. They come when permits dry up. They come when foreclosures are so rife that they drive down the prices to affordable levels. Housing bottoms come when the homebuilders give up and merge. They come when mortgage rates go really low. They come when unemployment claims level out.
The bottom, well, is now. We are seeing a huge wave of buying of foreclosed homes in Northern and Southern California and in Florida. The numbers are too positive to think that these, the hardest-hit areas, aren't putting in long-term bottoms. Of course, where legacy housing is coming on, most notably in Florida and Las Vegas, where lenders like
Corus Bank (NASDAQ:
CORS) (
Cramer's Take) abetted ridiculous levels of condominium construction, or New York, where the economy was on fire courtesy the brokers and the lawyers and the foreign tourists taking advantage of a cheap dollar, you are not going to get a bottom for a year. In New York's case, the building continued right through the layoffs because of tax advantages that ran out inopportunely right at the top. It will most likely be a tough market for a while.
Continue reading Cramer on BloggingStocks: This is what a housing bottom looks like
Posted Mar 27th 2009 10:30AM by Jim Cramer
Filed under: Market matters, Citigroup Inc. (C), Bank of America (BAC), Bank of New York (BK), Amer Intl Group (AIG), duPont(E.I.)deNemours (DD), Stocks to Buy, Cramer on BloggingStocks, Financial Crisis
TheStreet.com's Jim Cramer says if we let some banks give it back, others may rush to do so unnecessarily. Breather day? Or does this monster ever breathe?
We are seeing stress levels coming down: the magic VIX going under 40?, money coming in, industrials bouncing -- I watch
International Paper (NYSE:
IP) (
Cramer's Take),
Du Pont (NYSE:
DD) (
Cramer's Take),
Packaging Corp. (NYSE:
PKG) (
Cramer's Take) and
Ingersoll Rand (NYSE:
IR) (
Cramer's Take) for true industrial bounces. We are seeing the rails and the fertilizers -- two 2008 sectors -- regaining life and lifetime moves in a session.
But it was and is and always will be about the banks, and no matter what we do it will come back to them. They are the reason we got in trouble, and they are the reason we got out of trouble.
Continue reading Cramer on BloggingStocks: Keep the TARP money until things get better
Posted Mar 6th 2009 4:20PM by Sheldon Liber
Filed under: International markets, Good news, Management, Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of New York (BK), Wells Fargo (WFC), Chasing Value, U.S. Bancorp (USB)

It is being reported today in the
Business Journal that the safest bank in the United States is
Wells Fargo & Company (NYSE:
WFC).
According to
Global Finance, which will publish its analysis, "World's 50 Safest Banks" in its April issue, international banks dominate the rankings, which show the effects of the sub-prime mortgage meltdown and credit crisis brought on by large Wall Street players. San Francisco-based Wells Fargo is the top-rated U.S. bank at No. 21. European banks now dominate the rankings, with only four U.S. banks among the listing.
Continue reading Chasing Value: The safest bank in the U.S. -- Wells Fargo
Posted Jan 21st 2009 9:30AM by Jim Cramer
Filed under: Market matters, Walt Disney (DIS), International Business Machines (IBM), AT and T (T), Caterpillar (CAT), Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC), Bank of New York (BK), Goldman Sachs Group (GS), Morgan Stanley (MS), Amer Intl Group (AIG), BP p.l.c. ADS (BP), Nucor Corp (NUE), Eaton Corp (ETN), Wells Fargo (WFC), Cramer on BloggingStocks, U.S. Bancorp (USB), Financial Crisis
TheStreet.com's Jim Cramer says they're too important to just let them go.
You never want to buck the financials. I have said over and over again that the group is too important to make let go. Can we really envision a world without
Citigroup (NYSE:
C) (
Cramer's Take) and
Bank of America (NYSE:
BAC) (
Cramer's Take) common stock? Can we envision a world where
PNC (NYSE:
PNC) (
Cramer's Take) and
Bank of New York (NYSE:
BK) (
Cramer's Take) and
State Street (NYSE:
STT) (
Cramer's Take) are no more? A world where
Wells Fargo (NYSE:
WFC) (
Cramer's Take) and
JPMorgan (NYSE:
JPM) (
Cramer's Take) don't make it?
It's funny when you put it that way, because we know that if those stocks weren't in the S&P 500, if we just took them out, we would be feeling like we should be buying, buying, and buying judging from the very nice pullbacks we have had to above the lows of October and November now that we are oversold.
Tons of charts, from
Forest Labs (NYSE:
FRX) (
Cramer's Take) to
AT&T (NYSE:
T) (
Cramer's Take), from
Disney (NYSE:
DIS) (
Cramer's Take) to
Eaton (NYSE:
ETN) (
Cramer's Take), all sorts of charts from all sorts of industries, charts like
Caterpillar (NYSE:
CAT) (
Cramer's Take) and
BP (NYSE:
BP) (
Cramer's Take) and
Nucor (NYSE:
NUE) (
Cramer's Take), if they hold here, will embolden people to come in. As will
IBM (NYSE:
IBM) (
Cramer's Take) on Wednesday.
Continue reading Cramer on BloggingStocks: Banks are vital to the market's psyche
Posted Jan 20th 2009 8:50AM by Paul Foster
Filed under: Bank of New York (BK)
State Street (NYSE: STT) is recently trading at $24.30 in pre-open trading, below its close of $36.35. STT reported Q4 EPS of 15 cents on net income of $65 million, compared to net income of $223 million, or 57 cents per share in Q4 2007. STT February option implied volatility is at 88, February is at 84; above its 26-week average of 73, according to Track Data, suggesting larger price movement.
Bank of New York (NYSE: BK) is recently trading at $21.39 in pre-open trading, below its close of $23.36. BK is expected to report Q4 EPS on January 22. BK February option implied volatility of 87 is above its 26-week average of 69, according to Track Data, suggesting larger price movement.
Northern Trust (NASDAQ: NTRS) is recently down $4.58 to $46.50 in pre-open trading. NTRS is expected to report Q4 EPS on January 21. NTRS option implied volatility of 99 is above its 26-week average of 71, according to Track Data, suggesting larger price movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
Posted Jan 18th 2009 12:30PM by Trey Thoelcke
Filed under: Earnings reports, Forecasts, Google (GOOG), Apple Inc (AAPL), General Electric (GE), International Business Machines (IBM), Advanced Micro Dev (AMD), Bank of New York (BK), Potash Corp. of Saskatchewan (POT), U.S. Bancorp (USB)
I think it's fair to say that there's much trepidation about the earnings season that picks up steam this week. And for better or worse, numbers from the big financials have begun to roll in. Last week we saw profit sink for JPMorgan Chase (NYSE: JPM) and significant losses from Bank of American Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and Deutsche Bank (NYSE: DB).
Analysts surveyed by Thomson Reuters expect Bank of New York Mellon Corp. (NYSE: BK) to be among those financials reporting fourth-quarter earnings growth this week. They anticipate that Bank of New York will post a profit of $0.70 per share, compared to $0.67 per share a year ago and $0.72 in the previous quarter. Revenue is expected come to $3.8 billion, about the same as it was a year ago. Bank of New York has fallen short of earnings estimates in two of the past five quarters, by as much as 11.1%. For the full year, analysts are looking for $2.78 per share (+5.8%) on $14.8 billion (+4.2%). The consensus recommendation of analysts is to buy BK, and the long-term EPS growth rate forecast is 10.7%. Shares are 48.7% lower than a year ago. Other financials expected to report quarterly earnings growth this week include SunTrust Banks Inc. (NYSE: STI) and M&T Bank Corp. (NYSE: MTB).
Continue reading The week in preview: Financials, techs lead off earnings crunch
Posted Dec 3rd 2008 12:30PM by Eric Buscemi
Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations
Analyst upgrades:
- Oppenheimer upgraded Genzyme (NASDAQ: GENZ) to Outperform from Perform on expectations that upcoming regulatory events, mainly approvals of Mozobil and 2,000L Myozyme, will serve as positive catalysts.
- Ladenburg analyst Dick Bove raised Bank of New York (NYSE: BK) to Buy from Neutral as he now believes the Russian lawsuit is turning in the bank's favor and is no longer a significant risk.
- Societe Generale upgraded UBS (NYSE: UBS) to Buy from Hold on valuation and the company's deal with the Swiss government.
- Bed Bath & Beyond (NASDAQ :BBBY) was upgraded to Market Perform from Underperform at Friedman Billings.
- RC2 Corp (NASDAQ: RCRC) was lifted at Wachovia to Outperform from Market Perform.
- Cintas (NASDAQ: CTAS) was upgraded to Hold from Sell at Citigroup.
Analyst downgrades:
Continue reading Analyst calls: GENZ, UBS, RIMM, BBBY, WYNN, RTP . . .
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