LONDON -- Stock index futures at 7 a.m. EDT indicate that the Dow Jones Industrial Average (DJINDICES: ^DJI ) may open up by 0.32% this morning, while the S&P 500 (SNPINDEX: ^GSPC ) may open 0.33% higher.
Markets moved higher in Europe this morning as investors were reassured by the news that Italy's new government, led by Prime Minister Enrico Letta, has been sworn in. In a bond auction this morning, the Italian government sold 3 billion euros of 10-year bonds at an average yield of just 3.9%, the lowest level since October 2010. A Reuters survey of 76 economists found that a majority now expect the European Central Bank to cut interest rates later this week, which may provide a further boost to markets.
In the U.S., personal-income and consumer-spending reports are due at 8:30 a.m. EDT. Consensus forecasts indicate that personal income may have risen by 0.4% during March after gaining 1.1% in February, while consumer spending may have risen by 0.1% last month after gaining 0.7% during the previous month. Pending home sales, due at 10 a.m. EDT, are expected to have risen by 1% during March after falling 0.4% in February.
Hot Warren Buffett Companies To Own For 2015: China Citic Bank Corp Ltd (CHCJY)
CHINA CITIC BANK CORPORATION LIMITED is a commercial bank. The Bank operates its businesses primarily through retailing banking, including band card services, saving, personal loan, wealth management, credit card, banking services, private banking, financial services of traveling abroad and electronic banking services; corporate banking, including financial organization services, international business, investment banking, supply chain financing, account settlement, financing services for small enterprises, trading services, cash management, asset management, international settlement and trade financing, among others, as well as capital market business, including foreign exchange business, bond business, trading of financing and derivative products, financial service platform and financial solutions. Advisors' Opinion:- [By MARKETWATCH]
HONG KONG (MarketWatch) -- Hong Kong stocks opened lower Tuesday, after China's central bank reportedly drained 48 billion yuan ($7.9 billion) from the money market on Tuesday through bond-repurchase agreements. The Hang Seng Index (HK:HSI) moved lower by 0.3%. Banks retreated, as China Merchants Bank Co., (HK:3968) (CIHHF) declined 2.2%, Bank of Communications Co. (HK:3328) (BKFCF) fell 1.6%, China Minsheng Banking Corp. (HK:1988) (CMAKY) lost 1.4%, and China Citic Bank Corporation (HK:998) (CHCJY) dropped 1.2%. China's Dongfeng Motor Group Co. (HK:489) , currently in negotiations to buy a stake in PSA Peugeot Citroen, suspended trading of its H-shares in Hong Kong markets. The state-owned car maker didn't clarify the reason in the announcement. On Monday, the company said in a filing that its commercial-vehicle unit has been served with a request for arbitration by a Brazilian firm, which is seeking damages of approximately 1.67 billion Brazilian reals ($700 million) for Dongfeng's failure to establish a joint venture with the firm. On the mainland, the Shanghai Composite Index (CN:SHCOMP) gave up 0.5% to 2,125.54.
Top Bank Companies To Invest In Right Now: Morgan Stanley(MS)
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. It operates in three segments: Institutional Securities, Global Wealth Management Group, and Asset Management. The Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, and leveraged buyouts and takeover defenses, as well as shareholder relations, capital raising, corporate lending, and investments. This segment also engages in sales, trading, financing, and market-making activities, including equity trading, commodities, and interest rates, credit, and currencies, as well as financing services, such as prime brokerage, consolidated clearance, settlement, custody, financing, and portfolio reporting services. The Global Wealth Management Group segment provide s brokerage and investment advisory services covering various investment alternatives comprising equities, options, futures, foreign currencies, precious metals, fixed income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs; education savings programs, financial and wealth planning services, and annuity and insurance products; credit and other lending products; cash management services; retirement services; and trust and fiduciary services. The Asset Management segment offers products and services in equity, fixed income, and alternative investments, such as hedge funds, fund of funds, real estate, private equity, and infrastructure to institutional and retail clients through proprietary and third party distribution channels. This segment also involves in investment and merchant banking activities. The company was founded in 1935 and is headq uartered in New York.
Advisors' Opinion:- [By Amanda Alix]
Also, while the debt of healthy companies is less onerous, those on shakier ground will obviously carry more risk. Citigroup (NYSE: C ) has been active in originating collateralized debt obligations�backed by subprime auto loans, and Goldman Sachs (NYSE: GS ) has been selling the debt of companies with ratings of CCC -- or lower. Many of these loans were covenant lite, and according to analysts at Morgan Stanley (NYSE: MS ) �-- also a player in the CLO market -- sales of these instruments have been brisk.
- [By Ben Levisohn]
International Game Technology the Las Vegas-based slot machine maker, has hired Morgan Stanley (MS) to explore a sale as the gaming industry pursues consolidation to combat slow growth, people familiar with the matter said on Monday.
- [By Amanda Alix]
MBIA nearly fell into the abyss
Crippled by huge payouts and no cushion to fall back upon, MBIA has been limping along, hoping against hope that settlement monies from the likes of Bank of America would appear in time to save the company from seizure by the New York Department of Financial Services. Though other banks, such as Wells Fargo (NYSE: WFC ) and Morgan Stanley (NYSE: MS ) , have settled their respective suits regarding decomposing loans with the mortgage insurer, B of A steadfastly refused to ante up.
Top Bank Companies To Invest In Right Now: Chemung Financial Corp (CHMG)
Chemung Financial Corporation, incorporated on January 2, 1985, is a financial holding company. The Company was organized for the purpose of acquiring Chemung Canal Trust Company (the Bank). The Company provides a range of financial services, such as insurance products, mutual funds, and brokerage services. The subsidiaries of the Company include Chemung Canal trust Company and CFS Group, Inc. CFS Group, Inc. offers a range of financial services including mutual funds, full and discount brokerage services, annuity and other insurance products and tax preparation services. Chemung Canal Trust Company is a full-service community bank with full trust powers. The Company manages its operations through two primary business segments: core banking and wealth management group services. The core banking segment provides revenues by attracting deposits from the general public and using such funds to originate consumer, commercial, commercial real estate, and residential mortgage loans, primarily in the Company�� local markets and to invest in securities. The wealth management group services segment provides revenues by providing trust and investment advisory services to clients.
The Bank is a New York chartered commercial bank, which engages in full-service commercial and consumer banking and trust business. The Bank's services include accepting time, demand and savings deposits, including negotiable order of withdrawal (NOW) accounts, savings accounts, insured money market accounts, investment certificates, fixed-rate certificates of deposit and club accounts. The Bank's services also include making secured and unsecured commercial and consumer loans, financing commercial transactions (either directly or participating with regional industrial development and community lending corporations), and making commercial, residential and home equity mortgage loans, revolving credit loans with overdraft checking protection and small business loans. Additional services include renting safe deposit faciliti! es and the provision of networked automated teller facilities and an Internet banking product featuring bill payment services. Wealth management services provided by the Bank include services as executor and trustee under wills and agreements, and guardian, custodian, trustee and agent for pension, profit-sharing and other employee benefit trusts, as well as various investment, pension, estate planning and employee benefit administrative services.
Lending Activities
At December 31, 2011, 22.5% of the Corporation�� loans consist of commercial real estate loans to borrowers in the real estate, rental or leasing sector. The major portion of this sector comprises borrowers that rent, lease or otherwise allow the use of their own assets by others. The Bank�� loan portfolio includes commercial, financial and agricultural loans, commercial mortgages, residential mortgages, indirect consumer loans, and consumer loans. As of December 31, 2011, the total loan portfolio of the Bank was at $796,915,000.
Investment Activities
The Bank�� investment portfolio consists of obligations of the United States Government and the United States Government sponsored entities; mortgage-backed securities, residential; obligations of states and political subdivisions; corporate bonds and notes; SBA (small business administration ) loan pools; trust preferred securities, and corporate stocks. As of December 31, 2011, the investment portfolio of the Bank was at $289,182,000.
Sources of Funds
The Bank�� source of funds includes non-interest-bearing demand deposits, interest-bearing demand deposits, savings and insured money market deposits, and time deposits. As at December 31, 2011, the total deposits of the Bank was at $965,183,000.
Advisors' Opinion:- [By Doug Hughes]
Steve Halpern: Okay, today we��e going to walk through two specific investment ideas that you find attractive in the banking sector. The first is Chemung Financial (CHMG), a New York-based operation that happens to be one of the oldest banks in the country. Could you tell us a little more about that?
Top Bank Companies To Invest In Right Now: Nomura Holdings Inc (NRSCF)
Nomura Holdings, Inc. is engaged in the investment and financial services business with a focus on securities business. The Company's business operations include financing, asset management, securities trading and brokerage, underwriting and sale of securities, private placement of securities, own funds Investment activities, and other securities and finance-related activities. As of March 31, 2013, the Company owned 738 consolidated subsidiaries. Advisors' Opinion:- [By Daniel Inman]
Securities firms were in focus in Tokyo after Nomura Holdings (JP:8604) � (NRSCF) �and Daiwa Securities Group (JP:8601) � (DSECF) �reported second-quarter earnings. Daiwa rose 3.4% after reporting its net profit slid 38% on the previous quarter on decreased equity trading, which was above consensus expectations. Analysts say it already is factored into the price.
- [By WWW.MARKETWATCH.COM]
LOS ANGELES (MarketWatch) -- Japanese stocks have ended with losses in every session this week, and sure enough, the Nikkei Average (JP:NIK) was down 0.6% in early Friday trade, though off an opening 0.8% defecit, while the Topix carried a 0.7% loss. Overnight losses for the U.S. and further strength in the yen (with the dollar falling to 楼101.28 from 楼101.56 a day earlier) helped drag the market lower, as did results from Fast Retailing Co. (JP:9983) (FRCOF) , the shares of which hold the heaviest weighting on Nikkei Average. Fast Retailing said that while its Uniqlo brand was doing great business, weakness for its J Brand luxury demin label helped send September-May profit down 4% and prompted another cut to Fast's full-year outlook. Consequently, its shares traded 0.7% lower, though rivals Takashimaya Co. (JP:8233) and J. Front Retailing Co. (JP:3086) (JFROF) also saw losses of 0.6% and 0.5%, respectively. Among other decliners, Sony Corp. (JP:6758) (SNE) lost 0.7%, Toshiba Corp. (JP:6502) (TOSYY) fell 2.1%, Kawasaki Heavy Industries Ltd. (JP:7012) (KWHIY) fell 1.5%, Toyota Motor Corp. (JP:7203) (TM) and Nissan Motor Co. (JP:7201)
Top Bank Companies To Invest In Right Now: Bank Rakyat Indonesia Persero Tbk PT (BKRKY)
PT Bank Rakyat Indonesia (Persero) Tbk (the Bank) is an Indonesia-based financial institution. It is engaged in banking activities and its products and services include savings, loans, credits, treasury products and investment banking. It provides service to micro, small and middle enterprise (SME). Besides that, the Bank also engages in providing consumer finance as well as e-banking services which can be accessed by Internet, telephone, Short Message Service (SMS) and other e-channel service such as Cash Deposit Machine (CDM), Electronic Data Capture (EDC), and KiosK. The Bank's subsidiaries are PT Bank BRISyariah, PT Bank Agroniaga Tbk and BRIngin Remittance Co. Ltd. The Bank has an international branch in Cayman Islands and two representative offices in New York and Hong Kong. Advisors' Opinion:- [By Holly LaFon]
Bank Rakyat Indonesia (BKRKY) (Persero) Tbk PT, a leading commercial bank and microfinance lender in Indonesia, declined in the third quarter. Recent stock performance was largely attributable to a significant drop in the Indonesian Rupiah. While we believe the company's fundamentals and competitive position remain sound, the country suffered a larger than expected deterioration in its current account deficit, leading to a weaker currency and higher interest rates, which negatively impacted its local equity market. (Michael Kass)
Top Bank Companies To Invest In Right Now: JPMorgan Chase & Co (AMJ)
JPMorgan Chase & Co. (JPMorgan Chase), incorporated on October 28, 1968, is a financial holding company. The Company is a global financial services firm and a banking institution in the United States, with global operations. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. JPMorgan Chase�� principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national bank with the United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national bank that is the Company�� credit card-issuing bank. JPMorgan Chase�� non-bank subsidiary is J.P. Morgan Securities LLC (JPMorgan Securities), the Company�� the United States investment banking firm. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. One of the Company�� principal operating subsidiaries in the United Kingdom is J.P. Morgan Securities plc., a subsidiary of JPMorgan Chase Bank, N.A. JPMorgan Chase�� activities are organized into four business segments, as well as Corporate/Private Equity. The Company�� consumer business is the Consumer & Community Banking segment. The Company�� wholesale businesses consists of Corporate & Investment Bank, Commercial Banking, and Asset Management segments. Effective January 7, 2014, JPMorgan Chase & Co acquired an undisclosed minority stake in Chi-X Global Holdings LLC.
Consumer & Community Banking
Consumer & Community Banking (CCB) serves consumers and businesses through personal service at bank branches and through automated teller machines (ATMs), online mobile and telephone banking.CCB is organized into Consumer & Business banking, Mortgage Banking (including Mortgage Production and Servicing, and Real Estate Portfolios! ) and Card, Merchant Services & Auto (Card). Consumer & Business Banking offers deposit and investment products and services to consumers, and lending, deposit, and cash management and payment solutions to small businesses. Mortgage Banking includes mortgage origination and servicing activities, as well as portfolios comprised of residential mortgages and home equity loans, including the purchased credit impaired (PCI) portfolio acquired in the Washington Mutual transaction. Mortgage origination channels consists of Retail, Wholesale, Correspondent and Correspondent negotiated transactions. Retail includes Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Wholesale refers to third-party mortgage brokers loan application packages to the Company. The Company then underwrites and funds the loan. Correspondent includes Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm. Correspondent negotiated transactions include mid-to-large-sized mortgage lenders, banks and bank-owned mortgage companies sell servicing to the Firm on an as-originated basis (excluding sales of bulk servicing transactions). Card issues credit cards to consumers and small businesses, provides payment services to corporate and public sector clients through its commercial card products, offers payment processing services to merchants, and provides auto and student loan services.
Corporate & Investment Bank
The Corporate & Investment Bank (CIB) offers a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, government and municipal entities. Within Banking, the CIB offers a range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity ! and debt ! markets, as well as loan origination and syndication. The Company also provides Treasury Services, which includes transaction services, comprised primarily of cash management and liquidity solutions, and trade finance products. The Markets & Investor Services segment of the CIB is engaged in cash securities and derivative instruments, and also offers risk management solutions, prime brokerage, and research. Markets & Investor Services also includes the Securities Services business, which holds, values, clears and services securities, cash and alternative investments for investors and broker-dealers, and manages depositary receipt programs globally.
Commercial Banking
Commercial Banking (CB) provides industry knowledge, and service to the United States multinational clients, including corporations, municipalities, financial institutions and non-profit entities with annual revenue generally ranging from $20 million to $2 billion. CB provides financing to real estate investors and owners. CB also provides financial solutions, including lending, treasury services, investment banking and asset management to meet its clients��domestic and international financial needs. Commercial Banking is divided into four client segments: Middle Market Banking, Commercial Term Lending, Corporate Client Banking, and Real Estate Banking. Middle Market Banking covers corporate, municipal, financial institution and not-for-profit clients. Commercial Term Lending provides term financing to real estate investors/owners for multifamily properties, as well as financing office, retail and industrial properties. Real Estate Banking provides full-service banking to investors and developers of institutional-grade real estate properties. Lending and investment activity within the Community Development Banking and Chase Capital segments are included in other.
Asset Management
Asset Management (AM) clients include institutions, high-net-worth individuals and retail investors. AM offe! rs invest! ment management across all major asset classes including equities, fixed income, alternatives and money market funds. AM also offers multi-asset investment management, providing solutions to a broad range of clients��investment needs. For individual investors, AM also provides retirement products and services, brokerage and banking services including trust and estate, loans, mortgages and deposits. The majority of AM�� client assets are in actively managed portfolios. AM�� client segments consists of Private Banking, Institutional and Retail. Private Banking offers investment advice and wealth management services to high- and ultra-high-net-worth individuals, families, money managers, business owners and small corporations worldwide, including investment management, capital markets and risk management, tax and estate planning, banking, capital raising and specialty-wealth advisory services. Institutional brings comprehensive global investment services including asset management, pension analytics, asset-liability management and active risk-budgeting strategies to corporate and public institutions.
Advisors' Opinion:- [By Robert Rapier]
The biggest problem with the fund is that while it yields an attractive 7.5 percent annually based on the most recent quarterly distribution, the total expense ratio is presently an astronomical 4.4 percent. This is bound to be a drag on performance over the long run (although it still potentially offers an attractive short-term play). As a result, my preference for a long term investment in and IRA would be to own an exchange-traded note (ETN) based on one of the Alerian indices that I reviewed recently in Navigating the Universe of MLPs. There are several to choose from, including the JPMorgan Alerian MLP Index ETN (NYSE: AMJ), which presently yields 5 percent and has an expense ratio of 0.85 percent.
- [By Jon C. Ogg]
The ETFs and funds held up on Monday:
JPMorgan Alerian MLP Index ETN (NYSEArca: AMJ) was down only 0.3% at $46.86, versus a 52-week range of $42.18 to $49.31. Volume was 1.1 million shares versus an average of about 628,000. ALPS Alerian MLP ETF (NYSEArca: AMLP) closed down 0.45 at $17.57, versus a 52-week range of $16.75 to $18.36. This ETF traded more than 3.1 million shares, up from an average of about 2.85 million shares. The closed-end fund of Kayne Anderson MLP Investment Company (NYSE: KYN) even managed to rise by 0.26% to $38.70 against a 52-week range of $33.11 to $40.22. Its volume was also almost 300,000 shares versus an average volume of closer to 218,000 shares.It still seems more than interesting that the investment community did not pound the rest of the sector in sympathy with Boardwalk. This Boardwalk MLP still has a $3.1 billion market cap, even after getting cut almost in half. Usually investors try to tie in peers when one implosion is seen versus others. It seems as though they are trusting that negative natural gas exposure here is not going to spill over into the rest of the sector, and maybe not even spill over into the price of units in its more direct peers.
Top Bank Companies To Invest In Right Now: Calwest Bancorp (CALW)
CalWest Bancorp owns South County Bank, National Association. The Company is the holding company for South County Bank N.A. South County Bank operates in four divisions: business solutions, professional division, personal services and online banking. Business solutions are engaged in deposit services, cash management solutions and loan services. Professional division is engaged in physicians, dentists, veterinarians, attorneys and certified public accountants. Personal services include deposit services and loan services. Online banking includes personal login, cash management login, cash management demos and user resources.
Business solutions
Deposit services include analysis checking, unlimited checking, interest checking, money market savings, sweep accounts, zero balance accounting, payroll services and merchant card processing. Cash management services include eCorp online banking, remote deposit, electronic payments, positive pay, mobile banking, cash vault and armored transport. Its loan services include business lines of credit, commercial term loans, commercial real estate loans, equipment loans, SBA financing, construction loans and accounts receivable financing.
Professional division
Veterinarians provide deposit services, cash management services and lending services. Attorneys and certified public accountants also include deposit services, cash management services and lending services
Personal services
Deposit services include online banking, checking, saving, money market, certified deposit and retirement accounts. Its loan services include overdraft protection, home equity lines and vehicle financing.
Advisors' Opinion:- [By CRWE]
Today, CALW remains (0.00%) +0.000 at $.370 thus far (ref. google finance 10:58AM EDT July 24, 2013).
CalWest Bancorp previously reported the consolidated financial results for the six months ended June 30, 2013. Significant items for the period ending June 30, 2013 include:
Quarterly net income of $50,000, compared to the previous quarter profit of $12,000;
No additional loan loss provision required; resulting in the allowance for loan loss (ALL) ratio decreasing slightly from 6.20% to 5.95%;
Total assets were flat at $144 million, with new business offsetting run-off;
Non-performing loans reduced significantly in 2013 by 41% quarter-over-quarter; and are down $1.9 million from a year ago;
Non-interest bearing deposits maintained at 35% of total deposits, helping reduce the Bank�� cost-of-deposits to 0.40% from 0.48% a year ago;
The increase in Net Interest Income offset the reduction in Non-Interest Income as increased focus is placed on core earnings;
Non-interest expenses continue to improve, decreasing 2% quarter-over-quartee
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