Company Reports

MS 2Q17: New Earnings Format & Tearsheet


MS has been on a roll the last 2Qs as it has overtaken its arch-nemesis GS. Question is whether this is the new normal in rankings or just some temporary lift. Buy Stock, Sell 10Y senior debt. MS MS MS MS MS MS MS MS morgan stanley morgan stanley morgan stanley morgan stanley

Citi 2Q17: New Earnings Format & Tearsheet


Citi continues to make turnaround progress and the CCAR big gift on shareholder payouts should continue to drive stock. Bonds look attractive too against the huge tightening in bank sector. 

BAC 2Q17: New Earnings Format & Tearsheet


BAC sees more progress across consumer, wealth mgt. and banking & trading. Still NII nipped by higher rates as swaps book and MBS concentrations weigh. Buy Stock, Sell 10Y Sr. BAC BAC BAC BAC

PNC 2Q17: New Earnings Format & Tearsheet


PNC has the best risk-return combination of the major regional banks, with more upside in the stock than the debt. PNC PNC PNC PNC PNC PNC PNC PNC

JPMorgan 2Q17: New Earnings Format & Tearsheet


New JPMorgan earnings note and tearsheet format for the entire Stakeholder Stack. JPM posted record results as it deals well with DC grid-lock on regulatory reform, and low volatility in capital markets. Auto loans and credit card charge-offs still contained. Buy on Stock, Sell on 10Y benchmark debt. JPM JPM JPM JPM JPM JPM JPM

WFC 2Q17: New Earnings Format & Tearsheet


WFC still operationally reacting to sales practice scandal as it announces an expense intitiative that will save $2 billion per year by 2018. Auto loans tightened credit standards, but growth slowed in 2Q. Still a Strong Buy on debt & equity stack given strong valuaiton signals. WFC WFC WFC WFC WFC

Card Player Banks 1Q17: AmEx, Capital One, Discover, Synchrony


​The card player banks/fincos are starting to feel the credit costs again in their big card books. Still, some have weathered well in other cycles, while others are more newly minted. Buy Stock in AmEx, COF, Discover; Sell Synchrony. Mixed bag on bonds and risk-reg relatively tame. COF COF COF DFS DFS DFS AXP AXP AXP SYF SYF SYF DFS

CS 1Q17: Credit Schizoid? Need a New C-Suite & Board, And Now!


​Credit Suisse needs alot of therapy and maybe a board-level/ C-suite lobotomy to bilge-pump out its misguided strategies and corporate culture. Sell across the capital stack even with rights offering that is not enough. Risk-reg among most dangerous in the world. CS CS CS CS

US Big Regionals 1Q17: BB&T, SunTrust Banks, Regions Financial


​The big southern regional banks saw modest to little loan growth though margins and NII improved with higher rates & steeper yield curves. STI has weakest CET1, but has most takeover appeal with its huge Florida deposits base. BBT BBT BBT STI STI STI Suntrust Suntrust Suntrust Regions Regions Regions RF RF RF

US Big Regionals 1Q17: KeyCorp, Citizens Fin. Fin., Comerica


​Key, Citizens Fin. & Comerica round out the big regional bank group that posted with these banks in various stages of recovery from acquisitions, spin-outs, and energy loans. Stock Buys on Key, Citizens. Bond Buy on Comerica. Not much risk-reg concerns.

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