Company Reports

SYF 10Q-Tips: Synchrony Asynch To Subprime Borrower Behavior?


SYF showed the normalization effect in the card business. We break down the difference in trends between big card prime/superprime players and the specialty finance subprime ones. SYF SYF SYF SYF SYF

UBS 3Q17: U-nleashed B-etter S-ustainability


UBS had a good quarter as its global wealth mgt. strategy performs well. Still, it is a competitive landscape with most of the global asset gatherers engaged. Buy Stock, Sell 10Y Bond on spread tighteness. 

SAN 3Q17: Skating Through a Sketchy Spain


SAN hurdles the Popular deal and takes on Catalonia without a hitch. Diversified across old Spanish empire gives it some resiliency. Still, Stock Sell  as economic margin weakens, But Bond Buy on relative value. santander santander santander santander santander

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

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