Category Archives: banking

I liked the Merrill Lynch earnings call this morning, and when I posted my take on it just after the markets opened, it seemed as though the bank’s stock would avoid much in the way of punishment for its enormous … Continue reading →

I wasn’t on the Merrill call this morning, but David Gaffen was, and it seems from his live-blog – and the Merrill share price – that John Thain just gave the market a masterclass in spinning negative announcements. Rember that … Continue reading →

Update: I got this one wrong: see the comments for all the gory detail. Big-bank stocks are riskier than small-bank stocks, which means they go up more than small banks do in up markets, and they go down more than … Continue reading →

I’ll leave the live-blogging of the Citi conference call (slides here) to David Gaffen and Floyd Norris. Norris has already made two excellent points: he’s wondering why Citi’s still paying a dividend at all, and he’s noted that US revenues … Continue reading →

Shares in Merrill Lynch are flat this morning: investors seem unconcerned about the news that the company will take a whopping $15 billion write-down in the fourth quarter. Last month, after Merrill got a $5.6 billion cash injection from Temasek … Continue reading →

In the WSJ report on Citi shoring up its capital base, we’re told that a dividend cut is now a real possibility: The board of Citigroup is expected to meet on Monday, a day before it reports earnings, and to … Continue reading →

On Friday, I noted that Bear Stearns was trading below its book value ($84.09 per share), and said that the "next milestone to fall" would take place if the share price dropped past $73.41, where the bank has a market … Continue reading →

This time last year, Bear Stearns was trading at a hundred and seventy something dollars per share. Today, it closed at seventy something dollars per share, well below its book value of $84. That’s all you need to know to … Continue reading →

Bear Stearns is being clobbered today, down more than 5% to just $79 per share. And it’s passed a major milestone, too. Here’s its fourth-quarter earnings report: Book value on November 30, 2007 was $84.09 per share, based on 136.2 … Continue reading →

Did Jimmy Cayne learn a lesson from Al Lord’s disastrous earnings call on Wednesday? Lord was largely responsible for a 20% fall in his company’s share price after he was overly aggressive with analysts. Yesterday, Cayne, who’s not exactly noted … Continue reading →

Here’s a handy cut-out-and-keep guide to SWF bank investments, in the wake of the latest speculation about Merrill Lynch selling a stake to Singapore’s Temasek. Date Bank Fund Country Size March 06 Standard Chartered Temasek Singapore $4 billion November 07 … Continue reading →

When it comes to earnings, Wall Street wants guidance. Here’s the cri de coeur from Societe Generale’s Bill Kavaler Cavalier, during the notorious conference call with Sallie Mae’s Al Lord yesterday: We’re trying to put together projections here, Al. We’re … Continue reading →