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USB

U.S. Bancorp

$51.72

0.26 (0.51%)

, WFC

Wells Fargo

$55.95

-0.05 (-0.09%)

13:21
01/04/17
01/04
13:21
01/04/17
13:21

OCC says Q3 U.S. bank trading revenue up 20% over prior year

Trading revenue of U.S. commercial banks and savings associations fell to $6.4B in the third quarter of 2016 from $7B in the previous quarter, the Office of the Comptroller of the Currency, OCC, reported in its Quarterly Report on Bank Trading and Derivatives Activities. The OCC report showed trading revenue in the third quarter of 2016 decreased nearly 9 percent. The drop in third quarter trading revenue reflects a decline in combined interest rate and foreign exchange revenue. However, compared with the third quarter of 2015, trading revenue increased by $1.1B or nearly 20%. Trading results for the second and third quarter of 2016 were the second highest ever reported for each respective quarter since 2000. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

USB

U.S. Bancorp

$51.72

0.26 (0.51%)

WFC

Wells Fargo

$55.95

-0.05 (-0.09%)

MS

Morgan Stanley

$43.42

0.37 (0.86%)

BAC

Bank of America

$22.81

0.275 (1.22%)

GS

Goldman Sachs

$242.11

0.54 (0.22%)

C

Citi

$61.20

0.61 (1.01%)

JPM

JPMorgan

$86.83

0.075 (0.09%)

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USB U.S. Bancorp
$51.72

0.26 (0.51%)

12/05/16
BARD
12/05/16
NO CHANGE
BARD
Baird suggests booking banking stock gains at current levels
Baird is telling investors to book banking stock gains at current levels as the shares are already discounting significant fundamental improvement in 2017 and 2018. The firm has raised estimates on its banking coverage to reflect benefits from rate increases and sees slight upside if corporate tax rates are lowered, but they remain skeptical the economy can absorb significant Fed tightening without slowing.
12/01/16
SUSQ
12/01/16
DOWNGRADE
Target $53
SUSQ
Neutral
U.S. Bancorp downgraded to Neutral due to valuation at Susquehanna
As previously reported, Susquehanna downgraded U.S. Bancorp to Neutral from Positive and raised its price target to $53 from $51. Analyst Jack Micenko changed his view due to valuation and said most of the optimism around economic growth, higher rates, reduced regulation, and lower taxes is reflected in shares.
12/21/16
12/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Procter & Gamble (PG) downgraded to Hold from Buy at Stifel with analyst Astrachan citing "recent negative FX movement, moderate anticipated input cost inflation, and continued heightened geopolitical uncertainty." 2. JetBlue (JBLU) downgraded to Market Perform from Outperform at Raymond James with analyst Savanthi Syth saying shares will be range bound near-term due to RASM pressures from capacity growth new market expansion, and increased cost inflation. 3. Barrick Gold (ABX) downgraded to Hold from Buy at TD Securities analyst Greg Barnes saying shares have significantly outperformed in 2016 and sees fewer company-specific catalysts in 2017. 4. New York Community Bancorp (NYCB) and Astoria Financial (AF) were downgraded to Underperform at FBR Capital. 5. Goldman Sachs (GS) and U.S. Bancorp (USB) were downgraded to Neutral from Overweight at Atlantic Equities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/16
ATLE
12/21/16
DOWNGRADE
ATLE
Neutral
U.S. Bancorp downgraded to Neutral from Overweight at Atlantic Equities
WFC Wells Fargo
$55.95

-0.05 (-0.09%)

01/03/17
BARD
01/03/17
NO CHANGE
Target $58
BARD
Outperform
Wells Fargo a favorite bank to buy on weakness at Baird
Baird analyst David George believes the risk/reward for the banks is not attractive, as he thinks the increase in interest rates is already discounted into banking shares as investor sentiment is pervasively bullish, which has resulted in a poor setup for the banks heading into 2017. However, he would be a buyer of Wells Fargo on any weakness. George maintained his Outperform rating and $58 price target on Wells Fargo shares.
12/14/16
JPMS
12/14/16
NO CHANGE
JPMS
Neutral
JPMorgan views Wells Fargo's Resolution Plan failure as significant
The failure of Wells Fargo's Resolution Plan is a "significant" issue with the potential for "material" consequences if Wells does not pass the next submission in March 2017, JPMorgan analyst Vivek Juneja tells investors in a research note. This adds to other issues that surfaced this week for Wells, including Prudential Financial no longer distributing insurance policies through Wells and FINRA opening up a hotline for the bank's brokers who were fired to report issues related to improper termination, the analyst contends. Juneja believes the issues add to Wells' reputational challenges and will likely pressure earnings by increasing expenses. He keeps a Neutral rating on the shares.
12/12/16
OPCO
12/12/16
NO CHANGE
OPCO
Outperform
Opco says 'let the bet ride' on bank stocks, ups price targets
Oppenheimer analyst Chris Kotowski says that while "one cannot remain as bullish on the group as when the stocks were cheap," investors should "let the bet ride" on bank stocks. The analyst maintains a "somewhat overweight stance" on the space, but points out the shares are getting more fully valued. Kotowski's favorite names remain Bank of America (BAC), Citi (C), CIT Group (CIT) and Goldman Sachs (GS). He raised his price target for Bank of America to $25 from $19, for Citi to $72 from $65 and for Goldman to $252 from $228.
MS Morgan Stanley
$43.42

0.37 (0.86%)

12/06/16
UBSW
12/06/16
NO CHANGE
Target $48
UBSW
Buy
Morgan Stanley valuation driven by improving investor sentiment, says UBS
UBS analyst Brennan Hawken met with Morgan Stanley management, who revealed they have an alternative plan to deal with the DOL fiduciary rule delay. The firm said they intend to push forward with a flat revenue sharing program, which will apply to both transactional and fee-based assets, resulting in greater resiliency of the revenues and modest tailwinds. Hawken believes the potential for improving investor risk appetite should drive a higher valuation. Hawken reiterated his Buy rating and $48 price target on Morgan Stanley shares.
12/21/16
12/21/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Sunoco (SUN) upgraded to Outperform from Neutral at Credit Suisse with analyst John Edwards saying valuation is "underappreciated" and said a dividend cut is unlikely given options available for Sunoco and Energy Transfer Equity (ETE) to execute before reducing payouts. 2. BP (BP) and Statoil (STO) were upgraded to Buy from Neutral at UBS. 3. Citi (C) and Bank of America (BAC) were upgraded to Overweight from Neutral at Atlantic Equities while Morgan Stanley (MS) was upgraded to Neutral from Underweight. 4. Air Products (APD) upgraded to Buy from Neutral at Monness Crespi with the firm saying it thinks that Air Products will benefit from consolidation in the industry. It says that Air Products' balance sheet will enable it to "easily bid on and win new projects" and exploit divestitures in the sector. 5. Monster Beverage (MNST) upgraded to Buy from Hold at Jefferies with analyst Kevin Grundy calling the stock his top large cap growth pick in Consumer Products. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/16
ATLE
12/21/16
UPGRADE
ATLE
Neutral
Morgan Stanley upgraded to Neutral from Underweight at Atlantic Equities
BAC Bank of America
$22.81

0.275 (1.22%)

12/15/16
12/15/16
UPGRADE
Target $26

Outperform
Bank of America upgraded to Outperform at Raymond James
As previously reported, Raymond James analyst Michael Rose upgraded Bank of America to Outperform from Market Perform, saying he views the stock as a general proxy for the health of the economy, for which he sees "better days ahead" under the Trump administration. Rose set a $26 price target on BofA shares.
12/21/16
ATLE
12/21/16
UPGRADE
Target $25
ATLE
Overweight
Bank of America upgraded due rising rates, lower taxes at Atlantic Equities
As previously reported, Atlantic Equities upgraded Bank of America to Overweight from Neutral with a $25 price target. Analyst Christopher Wheeler said Bank of America will be a major beneficiary of rising rates, strong capital markets, and potentially lower tax rates.
12/21/16
ATLE
12/21/16
UPGRADE
ATLE
Overweight
Bank of America upgraded to Overweight from Neutral at Atlantic Equities
GS Goldman Sachs
$242.11

0.54 (0.22%)

12/21/16
ATLE
12/21/16
DOWNGRADE
ATLE
Neutral
Goldman Sachs downgraded to Neutral from Overweight at Atlantic Equities
12/21/16
12/21/16
DOWNGRADE
Target $240

Neutral
Goldman Sachs downgraded due to valuation at Atlantic Equities
As previously reported, Atlantic Equities downgraded Goldman Sachs to Neutral from Overweight. Analyst Christopher Wheeler said Goldman will be a major beneficiary of a better tone to capital markets post-election but said shares have rallied strongly through his $240 price target.
C Citi
$61.20

0.61 (1.01%)

12/21/16
ATLE
12/21/16
UPGRADE
ATLE
Overweight
Citi upgraded to Overweight from Neutral at Atlantic Equities
12/21/16
ATLE
12/21/16
UPGRADE
Target $70
ATLE
Overweight
Citi upgraded to Overweight on lower domestic taxes at Atlantic Equities
As previously reported, Atlantic Equities upgraded Citi to Overweight from Neutral with a $70 price target. Analyst Christopher Wheeler said Citi shares have lagged its peer group since the election due to lower relative domestic earnings but said the company will also benefit from lower domestic tax rates and expects shares to "catch up" in 2017.
JPM JPMorgan
$86.83

0.075 (0.09%)

11/11/16
RBCM
11/11/16
NO CHANGE
RBCM
Banks to benefit from higher interest rates, says RBC Capital
RBC Capital believes that the Fed is committed to raising interest rates, and it expects FOMC members' forecast to show they expect two rate increases to occur in 2017. The firm expects higher rates to boost banks' net interest margin, raising their profits. It identifies Bank of America (BAC), JPMorgan (JPM), Citizens Financial (CFG),M&T Bank (MTB), and Regions Financial (RF) as being among the banks most likely to benefit from short-term rate increases.
11/18/16
11/18/16
INITIATION
Target $65

Underweight
American Express initiated with an Underweight at Stephens
As previously reported, Stephens analyst started American Express (AXP) with an Underweight rating and $65 price target, citing rising rates, shrinking markets as American Express ramps up rewards to maintain share, and the risk to 2017 EPS guidance. The analyst expects competition from bank peers, such as JPMorgan (JPM) and Citi (C), to continue to pressure American Express' earnings.

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JUNO

Juno Therapeutics

$23.30

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UnitedHealth

$177.50

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VEC

Vectrus

$29.62

0.02 (0.07%)

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IMMY

Imprimis

$3.34

-0.06 (-1.76%)

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IRCP

IRSA Propiedades Comerciales

$43.58

-0.33 (-0.75%)

17:51
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DSKE

Daseke

$9.79

-0.11 (-1.11%)

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ECYT

Endocyte

$2.47

0.02 (0.82%)

, RNN

Rexahn

$4.04

0.09 (2.28%)

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ECYT

Endocyte

$2.47

0.02 (0.82%)

RNN

Rexahn

$4.04

0.09 (2.28%)

TGTX

TG Therapeutics

$12.05

0.15 (1.26%)

SGMO

Sangamo

$7.25

-0.55 (-7.05%)

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ECYT

Endocyte

$2.47

0.02 (0.82%)

17:33
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PEP

PepsiCo

$117.91

0.38 (0.32%)

17:30
05/26/17
05/26
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17:30
Periodicals
PepsiCo in talks to acquire Vita Coco owner All Market, Reuters reports »

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BCOV

Brightcove

$6.25

0.25 (4.17%)

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SHIP

Seanergy Marine

$0.69

0.001244 (0.18%)

17:19
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F

Ford

$10.93

0.07 (0.64%)

, DB

Deutsche Bank

$18.46

-0.39 (-2.07%)

17:10
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General news
S&P advances to end week at record as Fed signals no rush to normalize policy »

The S&P 500 (SPX)…

F

Ford

$10.93

0.07 (0.64%)

DB

Deutsche Bank

$18.46

-0.39 (-2.07%)

BBY

Best Buy

$58.97

-2.28 (-3.72%)

HPQ

HP Inc.

$18.47

0.1 (0.54%)

BX

Blackstone

$32.58

0.11 (0.34%)

NOK

Nokia

$6.38

-0.02 (-0.31%)

AAPL

Apple

$153.61

-0.26 (-0.17%)

GM

General Motors

$33.07

0.47 (1.44%)

HUN

Huntsman

$24.75

-0.11 (-0.44%)

BF.A

Brown-Forman, also tag with BFA, BFB

$52.49

-0.21 (-0.40%)

BF.B

Brown-Forman, also tag with BFA, BFB

$51.73

0.13 (0.25%)

STZ

Constellation Brands

$180.93

0.79 (0.44%)

LOW

Lowe's

$80.91

-0.42 (-0.52%)

TIF

Tiffany

$86.18

0.36 (0.42%)

SHLD

Sears

$7.78

-0.7 (-8.25%)

SIG

Signet Jewelers

$49.31

-0.99 (-1.97%)

COST

Costco

$177.86

3.13 (1.79%)

ANF

Abercrombie & Fitch

$13.22

-0.83 (-5.91%)

AEO

American Eagle

$11.50

0.08 (0.70%)

EXPR

Express

$7.85

0.03 (0.38%)

TTWO

Take-Two

$77.07

-1.46 (-1.86%)

AZO

AutoZone

$615.62

8.28 (1.36%)

DSW

DSW

$16.73

-0.06 (-0.36%)

INTU

Intuit

$138.56

0.2 (0.14%)

PBYI

Puma Biotechnology

$79.75

1.7 (2.18%)

CHS

Chico's

$9.37

-0.39 (-4.00%)

SPLS

Staples

$8.98

-0.08 (-0.88%)

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BGNE

BeiGene

$37.42

-0.04 (-0.11%)

17:07
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CGI

Celadon Group

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CRD

Crawford & Company Inc.

, CRDA

Crawford & Co.

$7.65

0.01 (0.13%)

17:05
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Hot Stocks
Crawford & Company COO Robinson to leave company »

Crawford & Company…

CRD

Crawford & Company Inc.

CRDA

Crawford & Co.

$7.65

0.01 (0.13%)

CRDB

Crawford & Company

$9.08

-0.02 (-0.22%)

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SEAS

SeaWorld

$18.08

-0.13 (-0.71%)

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DMRC

Digimarc

$36.10

2.45 (7.28%)

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IPCI

Intellipharmaceutics

$1.94

-0.01 (-0.51%)

17:01
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Breaking Syndicate news story on Intellipharmaceutics »

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  • 25

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GWR

Genesee & Wyoming

$66.47

0.91 (1.39%)

16:57
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Genesee & Wyoming CEO Hellmann named chairman of the board »

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PZG

Paramount Gold Nevada

$1.61

0.02 (1.26%)

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Breaking Syndicate news story on Paramount Gold Nevada »

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SGMO

Sangamo

$7.25

-0.55 (-7.05%)

16:53
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Breaking Syndicate news story on Sangamo »

Sangamo files $200M mixed…

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  • 06

    Jun

TGTX

TG Therapeutics

$12.05

0.15 (1.26%)

16:49
05/26/17
05/26
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16:49
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Breaking Syndicate news story on TG Therapeutics »

TG Therapeutics files…

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AVXL

Anavex

$5.88

-0.06 (-1.01%)

16:49
05/26/17
05/26
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16:49
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Breaking Syndicate news story on Anavex »

Anavex files to sell 5M…

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