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Bank profits come directly out of your pocket

Posted Oct 26th 2009 3:40PM by Zac Bissonnette (RSS feed)
Filed under: JPMorgan Chase (JPM), Bank of America (BAC), Financial Crisis

The rally in the stock market and the return to profitability for some of the top banks has been hailed as a sign of a turnaround -- and proof that the interventionist financial policies of the past year worked.

But not so fast. In reality, a huge chunk of the profits banks are earnings can be directly attributed to their ability to borrow money at artificially low interest rates.

According to a report from the Center for Economic and Policy Research found that below market interest rates offered by The Federal Reserve accounted for 41% of JPMorgan's profits. At Bank of America, the number was 47%.

Continue reading Bank profits come directly out of your pocket

Analyst initiations 4-05-07: Under Armour, Ford Motor & Cephalon initiated today

Posted Apr 5th 2007 11:16AM by Kevin Shult (RSS feed)
Filed under: Before the Bell, Ford Motor (F), Allergan (AGN), Under Armour'A' (UA), Analyst Initiations

MOST NOTEWORTHY: Specialty pharmaceutical companies make up today's most noteworthy list:

The Bank of America initiated Shire plc (NASDAQ: SHPGY), Mentor Corp (NYSE: MNT), Alcon, Inc (NYSE: ACL) and Allergan, Inc (NYSE: AGN) with Buy ratings and initiated Cephalon, Inc (NASDAQ: CEPH), Forest Laboratories, Inc (NYSE: FRX), Sepracor Inc (NASDAQ: SEPR) with Neutral ratings. Bank of America's top pick is Shire plc as the firm expects the company to launch six products or product extensions by mid-2008, followed by Mentor Corp, as the conversion to silicone breast implants should drive a period of stronger-than-expected sales and earnings.

OTHER INITIATIONS:

Ford Motor Co (NYSE: F) was initiated at Buckingham with an Underperform rating and General Motors (GM) was started with a Neutral rating.

Nollenberger believes Under Armour, Inc (NYSE: UA), started with a Buy rating, is positioned to outperform the market based on the strength of its brand name and demand through the continued introduction of new products along with European growth.