Company Reports

BAC 4Q17: Breaking Forward, Loans and NIM Leading

01/22/2018

BAC is back in the loan growth saddle again as it has demonstrated broader based dynamics. First time since the pre-credit crisis days, but on a much more wholesome basis. Buy Stock, Sell Debt that has tightened. Move to Low on Risk-Regulatory indicators. BAC BAC BAC BAC BAC BAC BAC


USB 4Q17: Rate Rise Lifts Banking Boat

01/22/2018

USB gets more buoyancy from the rising rates climate that lifted its NIM across higher loan growth. Fees were flattish on lower mtg. banking, but payments and inv. mgt were strong. Buy on Stock, Bonds at fair value. Counterparty & regulatory risk Low. USB USB USB USB USB USB USB


MS 4Q17: Mission Accomplished, Next Mission

01/18/2018

MS continues its renaissance as a more stable broker versus GS. Wealth mgt benefitting from streamlines and equity bull markets. Fixed income less  prone to slippage.  Equity business strong. Investment Mgt. still a work in process. Buy on Stock & Bonds. Developing lower counterparty and systemic risk profile. MS MS MS MS MS MS MS


GS 4Q17: Banking Stud, Trading Dud

01/17/2018

GS continues to wrestle with FICC funk, but banking & private equity investing keeps its economic margins robust. Leveraged lending is a major driver as it reinvents on consumer lending side too. Buy on Stock & Bonds. Medium counterparty & regulatory risk. GS GS GS GS GS GS GS


C 4Q17: Rocket Retail & Payouts!

01/16/2018

Citis back on road to core loan growth, but credit seasoning needs to be monitored. Still has the narrowest platform of big four banks. Buy on Stock, Buy on shorter-dated bonds. Counterparty & regulatory risk at medium levels. Citi Citi Citi Citi Citi Citi Citi


WFC 4Q17: Not as Well-Oiled, Fargo-ing Costs

01/15/2018

Wells still not well-loved by analysts as it kitchen sinks litigation charges against tax benefits from new tax law. Core is not cruising so Wells "Fargo-ing" via extreme cost cutting. Still Buy on debt stack and equity. Low counterparty & regulatory risk. wfc wfc wfc wfc wfc wfc wfc wfc 


PNC 4Q17: Strong Core & ALM Positives Help NII

01/15/2018

PNC looks strong versus Wells Fargo as core loans rise across commercial & consumer. Its better ALM sensitivity an advantage to NII growth. Buy on Stock, Sell on Bonds. Counterparty & regulatory risk low. PNC PNC PNC PNC PNC PNC PNC


JPM 4Q17: Trumps Tax, Core Cruising

01/12/2018

JPMorgan plowed through the tax blizzard and focused on core growth drivers in loans, deposit margins and capital markets top status. See stock growth in 2018 with select bond buys as spreads have tightened. Systemic risk at all-time lows due to equity market rally. JPM JPM JPM JPM JPM JPM JPM JPM JPM


BMO 4Q17: Canada Stronger Than US, Weak Cap Mkts

12/07/2017

BMO enjoyed strength in Canada off back of strong commercial lending and good home mortgage growth. US results more moderate as capital markets and wealth mgt. weaker. Sell Stock, Buy bonds. 


TD 4Q17: Specious Strength, US Cards & Autos Weaker

11/30/2017

TD looks good on the surface, but are credit concerns mounting in autol loans and cards? As a reference,we review our recent conference comments on rising losses in US auto loans and cards. TD TD TD TD TD TD TD


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