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Banks Flooded the Fed with Junk in Exchange for Loans

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 Calls: AMZN, CAKE, CS, EMC, FCX, GR, HOT, K, MAR, TWC, UNP, USB ...

Analyst Upgrades

  • Union Pacific (UNP) and Polycom (PLCM) were upgraded to outperform from market perform at Wells Fargo.
  • Time Warner Cable (TWC) was upgraded to outperform from sector perform at RBC Capital.
  • Cheesecake Factory (CAKE) was upgraded to neutral from underweight at JPMorgan.
  • LaSalle Hotel (LHO) was upgraded to outperform from neutral at RW Baird.
  • Graco (GGG) was upgraded to buy from hold at BB&T.
  • Valley National (VLY) was upgraded to market perform from underperform at Keefe Bruyette.
  • Credit Suisse (CS) was upgraded to hold from sell at RBS.
  • U.S. Bancorp (USB) was upgraded to outperform from perform at Oppenheimer.
  • Penn National (PENN) and Riverbed (RVBD) were upgraded to buy from hold at Jefferies.
  • Goodrich (GR) was upgraded to outperform from neutral at Cowen.
  • Amazon.com (AMZN) upgraded to buy from average at Caris.

Continue reading Analyst Calls: AMZN, CAKE, CS, EMC, FCX, GR, HOT, K, MAR, TWC, UNP, USB ...

JPMorgan Leads in Year Bankers Make Money on Each Other

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

Financial Crisis Didn't Push Bankers from Industry, LinkedIn Reports

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

Pensions Consider Insurance Securitization Finance Because You Refuse to Die

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

AIG Skips JPMorgan for Asian IPO

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

UBS in the Black, but Challenges Still Loom

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

Douglas Dynamics Plows Ahead with an IPO

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.

Continue reading Douglas Dynamics Plows Ahead with an IPO

The economy turns the corner? Consumer spending likely up slightly

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

Analyst upgrades, downgrades and initiations: CMCSA, CS, JWN, RCL, RIMM, YUM ...

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 ...

Earnings highlights: Amazon, Apple, Caterpillar, Hershey, McDonald's, UPS ...

Here are some highlights from last week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Amazon, Apple, Caterpillar, Hershey, McDonald's, UPS ...

Accretive Health IPO: trying to clean up the healthcare mess

While the federal government plans to spend more on healthcare, the fact remains that the sector will continue to remain under cost pressures. It certainly doesn't help that the US economy continues to be mired in an economic morass.

But, Accretive Health has a solution: a system to manage revenue cycles for healthcare providers. In fact, because of the momentum of its business, the company plans to launch an IPO.

Continue reading Accretive Health IPO: trying to clean up the healthcare mess

Options Update: European money center's volatility low

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.

For Barclays, dealmaking saves the day

Banking crisis? Well, banks continue to post profits. Look at Barclays PLC (NYSE: BCS), which today reported a $3.15 billion profit for the first half of 2009.

Why the growth? Interestingly enough, Barclays got a big boost from its investment banking division (which is focused on mergers & acquisitions, public offerings and capital raises). Keep in mind that the company purchased the U.S. operations of Lehman Brothers.

And the strength is no fluke. Other major banks -- such as Goldman Sachs (NYSE: GS), Credit Suisse (NYSE: CS) and JPMorgan Chase (NYSE: JPM) -- also posted strong results with investment banking.

Continue reading For Barclays, dealmaking saves the day

Analyst upgrades, downgrades and initiations: AMGN, CS, DB, LEN, MET, SNI, X ...

Analyst upgrades:

  • Jefferies upgraded Autodesk (NASDAQ: ADSK) to Buy from Hold after the firm's channel checks indicated the company's business is stabilizing. Jefferies raised its target on shares to $27 from $20.
  • Citigroup upgraded Veeco (NASDAQ: VECO) to Buy from Hold on expectations LED order momentum will continue and cost discipline will help margin leverage. Citi raised its target on shares to $24 from $8.
  • Deutsche Bank upgraded Domtar (NYSE: UFS) to Buy from Hold on expectations earnings will improve meaningfully over the next year. The firm keeps a $24 price target on the stock.
  • Varian (NASDAQ: VARI) was upgraded to Equal Weight from Underweight at Barclays.
  • Air Products (NYSE: APD) was upgraded to Overweight from Neutral at JPMorgan.
  • U.S. Steel (NYSE: X) was upgraded to Buy from Neutral at Goldman.

Continue reading Analyst upgrades, downgrades and initiations: AMGN, CS, DB, LEN, MET, SNI, X ...

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Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 10, 2012: 09:00 PM

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