Company Reports

BARC 3Q17: Barked Up Tree As Street Has Fits


Barclays having a hard time getting its restructuring/repositioning plan across to Street as the consensus loses patience. Barclays doing the best it can, but its a competitive global banking landscape. Sell Stock, Buy Bonds. Barclays Barclays Barclays Barclays Barclays Barclays

DB 3Q17: What Else Can It Say? Radical Restructuring Required


DB trying to perform, but the gravity of its configuration situation holds it back. A radical restructuring and merger is required to possibly make it a German banking champion. Sell capital structure. DB DB DB DB DB DB

COF 3Q17: Card Creep Crawls, But Caution Continues


COF is the card cat with more than 9-lives as it shows a better linked quarter on card loss metrics, but still remains a concern. Auto losses continue to elevate. Sell the Stock, Buy the Bonds. COF COF COF COF COF COF

DFS 3Q17: EPS Misses as Economic Earnings Rise


DFS misses estimates but sees attractive growth across revenues, margins, card revs and non-card revs. Card losses up, but in-line with card peers. Buy Stock, Sell Bonds on tight spreads. DFS DFS DFS DFS DFS DFS

US Big Regionals 3Q17: BB&T, SunTrust, Regions


The Southern based lending banks posted adj. EPS in-line with consensus. BB&T strongest at generating high margin loan growth and higher NII. SunTrust & Regions are weaker at loan generation and translating into NII growth. But higher Fed rates helping the NIMs. RF RF RF RF RF RF STI STI STI STI STI STI BBT BBT BBT BBT BBT BBT

Big US Regionals 3Q17: US Bancorp & PNC Financial


USB & PNC have among the best loan drivers of the regional bank group. Combined with improving NIMs, their results were strong. Fee side a little less so. Capital returns drive stock as well. USB USB USB USB USB PNC PNC PNC PNC PNC

MS 3Q17: Transformed, Less Reinvention Risk than GS


MS has transitioned to the lead pure broker role model as GS is seeking its new lending mission. Smith Barney purchase has been a magical revenues driver for MS as it has been streamlined. Buy Stock & Bonds. MS MS MS MS MS MS

GS 3Q17: Declares War on Itself, Can it Win?


GS did it again as it beat the street, but still disappointed. New Marshall Plan for revenues renewal is a big wish list that only a Goldman Sachs can accomplish.  Buy Stock and Buy Bonds. GS GS GS GS GS

WFC 3Q17: 4 O’clock Scandals Shadow


WFC still can't shave away the sales practice scandal and continues to deal with residual effects. But core strategic, balance sheet, income statement foundations run deep. Strong Buys on Stock & Bonds. 

BAC 3Q17: Back in the Game after All These Years?


BAC has turned it around on the performance side as it now is in command of its growth drivers. Good progress across consumer, wealth management and C&I lending. Buy Stock, Sell 10Y bonds on tighter spreads. 

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