Goldman Sachs analyst William Tanona cut his Q3 EPS target for Merrill Lynch to $0.15, from $1.95 previously, and to $6.75 from $9.05 for the year, citing the possibility of a writedown of fixed-income assets as large as $4 billion resulting in a loss of $1.5B. Analysts were expecting Q3 and full-year EPS of $1.82 [...]
Sallie Mae announced Wednesday it was told by the group who was planning to buy the company that they will no longer go through with the $25.3 billion deal under the current terms. SLM said it sees no reason for the group, which includes J.C. Flowers, JP Morgan, and Bank of America, to back out [...]
Bear Stearns is in talks with outside investors to sell a 20% stake in the firm, according to the New York Times. The list of investors rumored to be involved includes Warren Buffet, Bank of America, Wachovia, and the Chinese companies Citic Group and China Construction Bank. Bear Stearns has been severely hit by the [...]
I have been looking at E*Trade (ETFC)
in recent days. This is exactly the kind of contrarian play that I
think value investors should be looking at within the financial
services sector. It falls into the category of being beaten down due to
mortgage market issues, but I do think there is a lot of long-term
value here, given that [...]
Financial companies from banks to brokerages to lenders to insurers have been battered by Wall Street. Active investors have not only fled, but many have pledged not to return until 2009.
Yet British-born billionaire investor Joseph Lewis and America’s second richest man, Warren Buffett, have a different idea; specifically, both Lewis and Buffett have shown more [...]
Global Payments (GPN) has been announcing a few deals here and there.
The stock has been gaining some ground, but the insiders are selling
consistently into the rise. Carl Williams President Worldwide Payments
Processing, James Kelly the COO, Suellyn Tornay EVP and Head Lawyer,
and Joseph Hyde CFO are all exercising and selling. These are all
senior people and should [...]
Moodys (MCO) made the requisite trip to Congress for the requisite
spanking and reprimands. Michael Kanef, Group Managing Director
testified in front of the US Senate Committee on Banking, Housing Urban
Affairs.
Moodys is saying that they cannot smell the
financial BS that issuers and interested parties can serve up. They are
also saying that unless people stop lying to [...]
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