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Periodicals
SBA loan processing system crashes for some time, Bloomberg says » 16:49
04/06/20
04/06
16:49
04/06/20
16:49
BAC

Bank of America

$21.34 /

+1.31 (+6.54%)

, C

Citi

$41.15 /

+3.67 (+9.79%)

, JPM

JPMorgan

$89.09 /

+5.01 (+5.96%)

, USB

U.S. Bancorp

$34.31 /

+3.1 (+9.93%)

, WFC

Wells Fargo

$28.54 /

+2.31 (+8.81%)

, GS

Goldman Sachs

$158.02 /

+10.95 (+7.45%)

, MS

Morgan Stanley

$37.01 /

+3.165 (+9.35%)

The Small Business…

The Small Business Administration's loan processing platform crashed, pausing for hours the ability of banks to process any loans for small business owners looking for relief from the impact of the COVID-19 pandemic, Bloomberg's Mark Niquette reports. Banking industry representatives and an administration official said that the E-Tran platform that lenders use to process loans under the new relief program was down for some time today, though an SBA spokesman said that the system was back up and running, Niquette says. 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

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Hot Stocks
Ally Financial says automotive loans have declined significantly » 11:31
04/06/20
04/06
11:31
04/06/20
11:31
ALLY

Ally Financial

$13.05 /

+1.07 (+8.93%)

Ally Financial disclosed…

Ally Financial disclosed earlier in a regulatory filing, "The response of governmental and nongovernmental authorities. Many of their actions have been directed toward curtailing household and business activity to contain COVID-19 while simultaneously deploying fiscal- and monetary-policy measures to partially mitigate the adverse effects on individual households and businesses. These actions are not always coordinated or consistent across jurisdictions but, in general, have been rapidly expanding in scope and intensity. For example, in many jurisdictions, governments have acted to temporarily close or restrict the operations of automotive dealers, and as a result, we have recently experienced a significant decline in our origination of consumer automotive loans and leases."

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Hot Stocks
Ally Financial sees 'significant' provision expense in Q1 for credit losses » 11:28
04/06/20
04/06
11:28
04/06/20
11:28
ALLY

Ally Financial

$13.05 /

+1.07 (+8.93%)

Ally Financial said…

Ally Financial said earlier today in a regulatory filing, "As further described in our 2019 10-K, because of CECL, our financial results may be negatively affected as soon as weak or deteriorating economic conditions are forecasted and alter our expectations for credit losses. In addition, due to the expansion of the time horizon over which we are required to estimate future credit losses under CECL, we may experience increased volatility in our future provisions for credit losses. As a result, factoring in COVID-19, we expect to incur a significant provision expense for credit losses in the first quarter of 2020 and may incur significant provision expense for credit losses in future periods as well."

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Earnings
Ally Financial withdraws 2020 outlook on COVID-19 uncertainty » 11:27
04/06/20
04/06
11:27
04/06/20
11:27
ALLY

Ally Financial

$13.14 /

+1.155 (+9.64%)

"Given our inability…

"Given our inability to estimate the impact of COVID-19 on our business and operations in 2020, we are withdrawing the Company's financial outlook for full-year 2020 that was issued on January 22, 2020," Ally Financial said earlier today in a regulatory filing. It added, "We are unable to estimate the impact of COVID-19 on our business and operations at this time. The pandemic could cause us to experience higher credit losses in our lending portfolio, impairment of our goodwill and other financial assets, further reduced demand for our products and services, and other negative impacts on our financial position, results of operations, and prospects. Sustained adverse effects may also prevent us from satisfying our minimum regulatory capital ratios and other supervisory requirements or result in downgrades in our credit ratings."

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Hot Stocks
Yellen would be in favor of asking banks to suspend dividends » 10:48
04/06/20
04/06
10:48
04/06/20
10:48
BAC

Bank of America

$20.92 /

+0.885 (+4.42%)

, C

Citi

$40.25 /

+2.77 (+7.39%)

, JPM

JPMorgan

$88.73 /

+4.65 (+5.53%)

, USB

U.S. Bancorp

$33.56 /

+2.35 (+7.53%)

, WFC

Wells Fargo

$27.90 /

+1.67 (+6.37%)

, GS

Goldman Sachs

$155.27 /

+8.2 (+5.58%)

, MS

Morgan Stanley

$36.00 /

+2.155 (+6.37%)

Former Federal Reserve…

Former Federal Reserve Chair Janet Yellen is speaking on CNBC. 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).

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Hot Stocks
Yellen says banking system 'much better capitalized' than in 2008 » 10:47
04/06/20
04/06
10:47
04/06/20
10:47
C

Citi

$40.32 /

+2.84 (+7.58%)

, BAC

Bank of America

$20.95 /

+0.92 (+4.59%)

, JPM

JPMorgan

$88.97 /

+4.89 (+5.82%)

, USB

U.S. Bancorp

$33.55 /

+2.34 (+7.50%)

, WFC

Wells Fargo

$27.92 /

+1.69 (+6.44%)

, GS

Goldman Sachs

$155.46 /

+8.39 (+5.70%)

, MS

Morgan Stanley

$36.05 /

+2.205 (+6.51%)

Former Federal Reserve…

Former Federal Reserve Chair Janet Yellen said on CNBC that the banking industry is "much better capitalized" now relative to the crisis in 2018. 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).

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Recommendations
Nomura Instinet sees opportunity in Semis amidst 'growing uncertainty' » 07:36
04/06/20
04/06
07:36
04/06/20
07:36
AMD

AMD

$42.56 /

-1.91 (-4.30%)

, AMAT

Applied Materials

$42.26 /

-0.95 (-2.20%)

, INTC

Intel

$54.20 /

-0.18 (-0.33%)

, QCOM

Qualcomm

$65.22 /

-2.94 (-4.31%)

, XLNX

Xilinx

$79.02 /

-0.11 (-0.14%)

, KLAC

KLA Corp.

$127.70 /

-4.91 (-3.70%)

While the ongoing…

While the ongoing COVID-19 pandemic is continuing to increase both supply and demand side risks in the chip industry, the stock movements are creating some investment opportunities in the Semiconductor space, Nomura Instinet analyst David Wong tells investors in a research note titled "Amidst Growing Uncertainty, We See Opportunity." The analyst, who upgraded Lam Research (LRCX) to Buy last week, maintains Buy ratings on AMD (AMD), Applied Materials (AMAT), Intel (INTC), Qualcomm (QCOM), Xilinx (XLNX) and KLA Corp. (KLAC).

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Recommendations
Wells Fargo sees information 'void' until banks report earnings next week » 06:59
04/06/20
04/06
06:59
04/06/20
06:59
BAC

Bank of America

$20.03 /

-0.535 (-2.60%)

, C

Citi

$37.48 /

-1.82 (-4.63%)

, CMA

Comerica

$27.37 /

-0.41 (-1.48%)

, FITB

Fifth Third

$13.44 /

-0.84 (-5.88%)

, GS

Goldman Sachs

$147.07 /

-2.87 (-1.91%)

, JPM

JPMorgan

$84.08 /

-1.57 (-1.83%)

, KEY

KeyCorp

$9.07 /

-0.41 (-4.32%)

, MS

Morgan Stanley

$33.85 /

-0.045 (-0.13%)

, PNC

PNC Financial

$85.18 /

-5.42 (-5.98%)

, TFC

Truist Financial

$27.20 /

-1.32 (-4.63%)

, USB

U.S. Bancorp

$31.21 /

-1.5 (-4.59%)

Wells Fargo analyst Mike…

Wells Fargo analyst Mike Mayo tells investors in a research note that there remains an information "void" until large-cap banks report their earnings next week, when he thinks they will meaningfully need to lower expectations. Mayo adds that bank credit losses should increase given worse than previously expected unemployment. He expects most reserve builds in 1H20 and the worst impact in Q2-Q3, but thinks banks will still grow book value, earn their dividend, and generate 10%+ returns in 2H21, implying decent stock upside. The analyst lowered his price target for Bank of America (BAC) to $30 from $32, for Citigroup (C) to $60 from $74, for Comerica (CMA) to $31 from $34, for Fifth Third (FITB) to $16 from $18, for Goldman (GS) to $198 from $210, for JPMorgan (JPM) to $115 from $125, for KeyCorp (KEY) to $11 from $12, for Morgan Stanley (MS) to $40 from $41, for PNC (PNC) to $106 from $114 and for Truist (TFC) to $35 from $40.

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Recommendations
Broker sector has plenty of fundamental challenges, says Wells Fargo » 06:39
04/06/20
04/06
06:39
04/06/20
06:39
ETFC

E-Trade

/

+

, IBKR

Interactive Brokers

$42.60 /

-1.69 (-3.82%)

, LPLA

LPL Financial

$48.71 /

-2.75 (-5.34%)

, RJF

Raymond James

$57.46 /

-2.38 (-3.98%)

, SF

Stifel Financial

$34.97 /

-3.71 (-9.59%)

, AMTD

TD Ameritrade

$34.85 /

-0.77 (-2.16%)

, SCHW

Charles Schwab

$33.61 /

-0.78 (-2.27%)

Wells Fargo analyst…

Wells Fargo analyst Christopher Harris says he is less constructive on Q1 broker results vs. his prior expectation as he factors in weaker equity markets, lower interest rates and higher credit costs among other factors. Group valuations appear attractive, Harris says, adding that he does not think that is reason enough to be positive on this group. The analyst keeps his ratings on the stocks, and lowers his price target for E-Trade (ETFC) to $35 from $45, for Interactive Brokers (IBKR) to $37 from $39, for LPL Financial (LPLA) to $54 from $72, for Raymond James (RJF) to $62 from $81, for Stifel (SF) to $38 from $56, for TD Ameritrade (AMTD) to $36 from $38 and for Charles Schwab (SCHW) to $33 from $38.

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Sunday
Periodicals
U.S. banks to defend dividend payments as pandemic crisis continues, FT reports » 14:08
04/05/20
04/05
14:08
04/05/20
14:08
BAC

Bank of America

$20.03 /

-0.535 (-2.60%)

, C

Citi

$37.48 /

-1.82 (-4.63%)

, JPM

JPMorgan

$84.08 /

-1.57 (-1.83%)

, USB

U.S. Bancorp

$31.21 /

-1.5 (-4.59%)

, WFC

Wells Fargo

$26.23 /

-0.98 (-3.60%)

, GS

Goldman Sachs

$147.07 /

-2.87 (-1.91%)

, MS

Morgan Stanley

$33.85 /

-0.045 (-0.13%)

America's biggest…

America's biggest banks will defend their plans to continue paying dividends in submissions to regulators on Monday, just days after Europe's regulators urged lenders to abandon shareholder payouts while they dealt with the coronavirus pandemic, Financial Times' Laura Noonan reports. U.S. banks' annual capital plans, due to be submitted to the Federal Reserve on Monday, are expected to include proposals to continue paying dividends, reinforcing comments from prominent bank chief executives in recent days, according to people familiar with the matter. 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

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