Company Reports

RY 3Q18: Another US Driver as Canadians Stay Steady

08/31/2018

RY had a good quarter with US-based strength more in wealth management and capital markets. Remain Buy on stock, Sell on 3Y bond. Systemic risks Very Low and counterparty risk low.  RY RY RY RY RY RY RY RY


TD 3Q18: Strong US Power-Drives US Retail & Ameritrade’s Effect

08/30/2018

TD should change its name to American Dominion as the US powers its growth from acquisitions and loan and retail brokerage client trading activity. Credit costs creeping up, but contained in light of revenues growth. Go Buy on Stock and Bonds. Counterparty & Systemic risk levels Low to Very Low. TD TD TD TD TD TD TD TD


BMO 3Q18: Better Efficiency, Fueled by US Markets

08/29/2018

BMO showed rocket better results in its US unit as lending was strong and US tax reform helped. Capital markets was strong as well. Canada holding up nicely, though home mortgage slowing. Sell on Stock & Bonds. Counterparty and Systemic risks improve. BMO BMO BMO BMO BMO BMO BMO BMO


Recap SocGen 2Q18: Slower Structured Products, Equity Deriv Drag?

08/22/2018

SocGen continues to show good growth on the international finance side as French retail sluggish and Global Markets flatter due to equity volatility changes. Still Sell on Stock/Bonds. High regulatory risk, Medium counterparty risk. SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN SOCGEN


Recap BNP 2Q18: Derivatives Mystique, Banking Better

08/20/2018

BNP shows PTI growth in the International Finance division as the Domestic Markets are flat. There is Turkey exposures. Rows through the equity volatility waves of the 1H18 with equity derivatives revs rising. We discuss this conundrum. Sell on Stock and Bonds. BNP BNP BNP BNP BNP BNP BNAP BNP BNP


Recap Barclays 2Q18: Building Buoyancy

08/16/2018

Barclays showing more poise in its operating income development as it maintains cost control and takes advantage of equities surges and credit card strength in US. Move to Buy on Stock and maintain Buy on Bonds. BARC BARC BARC BARC BARC BARC BARC BARC BARC 


CS 2Q18: Hitting on More Banking Cylinders as Wealth Mgt Builds

08/01/2018

CS showed improvement on the i-banking front as advisory revenues kicked in. Trading lower as fixed income waned. Still, not a focus as global asset/weatlh mgt. and high margin capital markets the sweet spots. Move our equity view to Buy from Sell on better economic earnings.  CS CS CS CS CS CS CS CS CS CS


10Q-Tips: AXP 2Q18: New Format, Volume Focused

07/27/2018

AXP underwhelmed Street analysts, but Viola Risk thinks growth was good in light of the stiff competition for card users. Focuses on receivables growth to offset rising interest rate pressures. Still a Buy on Stock, Bonds too tight. Low counterparty/regulatory risk. AXP AXP AXP AXP AXP AXP AXP AXP AXP


DB 2Q18: Rebound-able to Resurrection?

07/26/2018

Deutsche Bank's new CEO is pitching the "reshaping the franchise" proposition as it still struggles with sluggish to falling business unit revenues. Still a huge economic earnings uphill battle. Continue Sell on Stock and key Bonds. Still Very High counterparty/systemic risk indicators.  DB DB DB DB DB DB DB DB DB DB


MS 2Q18: Riding High on its Transformation

07/18/2018

MS showed strong results as the transformation hits high gear. Prepared for new digital banking/advisory initiatives, though nothing specific. New leaders emerging to figure that out.  Buy on Stock and Intermediate Bonds. MS MS MS MS MS MS MS MS MS 


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