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The U.S. Federal Reserve was forced to disclose its transactions during the financial meltdown. Some 23,000 transactions were published.
During the crisis, the Fed set up 10 different programs to funnel money to governments, banks, financial institutions, hedge funds and private corporations. One such program was called the Primary Dealer Credit Facility (PDCF). Under the program, dealers could pledge securities or bonds in exchange for Fed loans.
Continue reading Banks Flooded the Fed with Junk in Exchange for Loans
Analyst Upgrades
Continue reading Analyst Calls: AMZN, CAKE, CS, EMC, FCX, GR, HOT, K, MAR, TWC, UNP, USB ...
The Street is abuzz with news that Verizon (VZ) may be offering an Apple (AAPL) iPhone this summer. This move would be a huge boost for Verizon, as the iPhone is a must-have accessory for a good portion of cell-phone carriers.
The Wall Street Journal reported that an iPhone for Verizon's CDMA network is being developed. This could be as beneficial for Verizon as it was for AT&T (T). Reportedly, iPhone users have a dickens of a time dealing with AT&T's coverage (I have AT&T service, but for a regular-old cell phone and I have very few problems) and I am sure that you have seen the Verizon commercials with Luke Wilson touting the company's coverage.
Continue reading Credit Suisse Casts Doubt on Verizon iPhone Timeline
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.Continue reading JPMorgan Leads in Year Bankers Make Money on Each Other
For a long time, Erin Callan was considered one of the most powerful women on Wall Street.
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
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.Continue reading Pensions Consider Insurance Securitization Finance Because You Refuse to Die
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.
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
When it comes to snowplows and salt spreaders for light trucks, Douglas Dynamics has top-notch brands in the industry. They include Western, Fisher and Blizzard.
Now, Douglas has filed to go public. The estimated size of the offering is about $150 million.
Fast food giant McDonald's (MCD) is going to be reporting its fourth quarter numbers tomorrow, and analysts are expecting to see another strong quarter for the company.Early this morning, Credit Suisse took a trip down the restaurant sector, issuing an upgrade for McDonald's (MCD) and a downgrade for Burger King (BKC). The broker lifted MCD to outperform from neutral and upped its target price on the shares to $71 from $69. At the same time, the brokerage lowered BKC to neutral from outperform and cut its price target to $21 from $23. Continue reading McDonald's Is Upgraded to Outperform at Credit Suisse
Today's stock market was up more than it was not throughout the trading session, yet the feeling was more of an up-day after better than expected retail data and after more and more data points to a decent jobs figure for Friday's unemployment and non-farms payrolls data. Here were today's unofficial closing bell levels:
October seems to have been a good month for consumer spending. Unemployment is holding consumers back, but it isn't keeping wallets clamped shut.
A Bloomberg survey reveals that purchases grew 0.5% last month, based on the thoughts of 61 economists. The U.S. Department of Commerce is releasing its report on Wednesday. In advance of this news, Bloomberg's survey suggests that there are signs of slight improvement.
Continue reading The economy turns the corner? Consumer spending likely up slightly
Sprint Nextel (S) reported this morning that it paid off an outstanding loan worth $1 billion on its $4.5 billion revolving credit facility. As a result, the wireless company no longer has an outstanding balance on its revolving credit facility. At the end of the third quarter, Sprint had $5.9 billion on hand in cash, cash equivalents, and short-term investments, plus $1.6 billion in borrowing capacity under its revolving bank credit facility.
In other Sprint news this morning, Sprint shares were upped from "neutral" to "outperform" at Credit Suisse. Analyst Jonathan Chaplin set his price target at $6, asserting that the company will benefit from cost cutting, stronger sales of prepaid service, and improved customer retention trends. Sprint's stock settled Friday at $3.10, so Chaplin's price target implies expected upside of nearly 94%.
Continue reading Sprint Nextel scores upgrade, pays off $1B loan
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