Company Reports

HSBC 2Q17: New Earnings Format & Tearsheet


HSBC heralded in a turnaround quarter as its global reshuffling actions start to pay off. Nice league table standings and AUM, NII & fee growth. Buy stock, Sell bonds. HSBC HSBC HSBC HSBC HSBC

Barclays 2Q17: New Earnings Format & Tearsheet


Barclays is trying to float higher in the global banking quick-sand porage as it trys to differentiate its global, regional & UK offerings across wholesale & consumer businesses. Still has the ESHLA anchor around its capital neck. Strong Sell stock, Sell debt. Barclays Barclays Barclays Barclays Barclays

BNP 2Q17: New Earnings Format & Tearsheet


BNP is the king of the Euro bank earners, but has a small market cap & low economic earnings stats. And then there is the huge systemic capital risk shortfall that leads the region. Why? Buy Stock & Bonds. BNP BNP BNP BNP BNP BNP

COF 10Q-Tips: Increases Credit Loss Guidance


COF 2Q17 10Q guides toward higher loss content in credit cards & the troubling auto loan book. Remain Sell on Stock & Bonds. COF COF COF COF COF 

DB 2Q17: New Earnings Format & Tearsheet


DB or not to DB, that is the confusion? Whether tis nobler in the mind to suffer the slings & arrows of outrageous equity rights offering fortune. Or to take arms against a sea of operating earnngs troubles. Strong Sell Stock & Bonds. DB DB DB DB DB DB 

USB 2Q17: New Earnings Format & Tearsheet


USB has been the steadiest regional bank performer for the last 20 years. Still, it may have to boost its capital markets activities to get into the big leagues so that economic earnings are reignited. Buy Stock, Sell Debt. USB USB USB USB USB

KEY 2Q17: New Earnings Format & Tearsheet


KEY still up to its old M&A tricks as it slices-n-dices its upstate NY's expense base and counts it as synergistic earnings. Really, it destroyed ~$4B of economic book value showing the weak core franchise. Sell Stock & Bonds. KEY KEY KEY KEY KEY

COF 2Q17: New Earnings Format & Tearsheet


COF keeps tip-toeing through credit minefields as its large below prime auto & cards have yet to crack. This card cat has more than 9-lives and should be able to squeeze by. Still we are Sell on Stack, debt & equity. COF COF COF COF COF COF 

AXP 10Q-Tips: Less Co-brand, More Revolving & Class-Actions Risk


AmEx is adapting to the competitive super-prime card landscape with more rewards, but also going down-market to prime revolvers and business cards. So, latent credit risk rising. Buy on Stock, Sell on 5Y sr. debt, but 10Y sr a Buy. AXP AXP AXP AXP amex amex amex amex

GS 2Q17: New Earnings Format & Tearsheet


GS got creamed in FICC trading, but hit pay-dirt in private equity gains. Question is whether it can reinvent its platform to create more operating leverage via electronification. We say yes. Buy Stock & Bonds. GS GS GS GS GS

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