Wachovia shocked the markets today, in a bad way, posting a net loss of $8.86 billion, approximately $4.20 per share. This is a huge reversal of fortunes for the nation’s fourth largest bank, which in the same period last year earned $1.22 per share.
Wachovia reported $6.21 billion in write-downs and boosted its provision for loan losses by over [...]
Bank of America is the latest in a string of big banks to beat earnings estimates for the second quarter.
The company reported $3.41 billion in net income or 72 cents per share, representing a 41 percent drop in profits versus last year. Since analysts were expecting just 59 cents, the good news sent Bank of America shares up [...]
Last week the financials rebounded after a series of “it’s not as bad as we thought it was” earnings reports. The coming week will bring earnings from several banks, the largest of which include Bank of America and Wachovia.
Bank of America is expected to report larger earnings as compared to the same quarter last year. [...]
Citigroup, the last in a series of big investment banks to report earnings this week, posted better than expected earnings. The company reported a $2.5 billion loss due primarily to another $7.2 billion in write-downs.
On the other hand, Microsoft missed earnings expectations by a penny per share, reporting profits of $4.3 billion. This represents a 42 percent over [...]
JPMorgan reported that second quarter earnings were down 53 percent versus the same quarter last year.
The banking behemoth posted net income of $2 billion on $19.7 billion in revenue. Net income for the investment banking arm of the firm shrank to one-third of last year’s figure, coming in at $400 million.
The drop in net income was less than [...]
At a time when banking and mortgage stocks are synonymous with trouble, Wells Fargo provided investors with some much needed relief.
For the second quarter, revenues were up 16 percent, but profits were down approximately 22 percent. This was better than expected and even though the company has posted a third straight quarter of profit declines, [...]
Erin Callan, the recently terminated CFO of Lehman Brothers, will join the ranks of Credit Suisse.
Ms. Callan served as CFO for less than one year and her departure (or should I say, removal) from Lehman’s executive ranks came after the company posted a $2.8 billion loss.
I don’t think her tenure was long enough for her to be [...]
Shares of Wachovia opened 12 percent lower on news that an Oppenheimer analyst cut her rating on the bank from perform to underperform.
In her explanation, Meredith Whitney questioned the timing of Wachovia’s decision to cut its mortgage portfolio. She believes the company’s loan portfolio has been cut by $50 billion in the second quarter alone [...]
The price of toiletries has gradually risen since 2008 began and will rise again very soon.
Manufacturer Kimberly-Clark is planning to increase prices on items such as tissues, toilet paper, and diapers.
For Kimberly-Clark, sales in the recently ended quarter were up 11 percent, but the price of commodities has eaten away at their profits. The company has raised prices [...]
Belgian brewing company InBev announced that it will purchase Anheuser-Busch for $52 billion.
Anheuser-Busch is the North American brewing company responsible for making Budweiser AKA the King of Beers.
InBev has been courting Anheuser Busch for quite some time, but had to up the ante in order to gain the approval of its directors. In June, InBev offered Anheuser Busch shareholders [...]
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