U.S. bank stocks are flying high, and this week's earnings could give investors more reason to be optimistic about the sector.
JPMorgan Chase & Co reported a greater-than-expected 47 percent increase in quarterly earnings and struck an upbeat tone that lifted the shares of major U.S. banks reporting next week.
An improving global economy, solid corporate earnings and even easing fears about euro zone debt have been more than enough to rationalise the rising hunger for riskier assets now prevalent on financial markets.
JPMorgan Chase & Co reported a 47 percent increase in quarterly earnings, and said loan demand and trading profit could grow this year, boosting investor optimism that revenue for major banks will recover.
U.S. bank stocks rose as a broker upgrade and a successful bond sale by debt-ridden Portugal added to a mood of optimism.
U.S. bank stocks rose as a broker upgrade and a successful bond sale by debt-ridden Portugal added to a mood of optimism.
Morgan Stanley said it would spin off its proprietary trading unit as an independent firm by the end of 2012.
JPMorgan Chase and Morgan Stanley received approval from Chinese regulators to form joint ventures with domestic firms, which would allow them to participate in underwriting Chinese stock and bond offerings.
Politicians now prefer to appoint JPMorgan executives to highly-visible positions rather than risk public outrage by choosing their Goldman Sachs counterparts.
U.S. stock index futures edged down on Friday, as caution prevailed ahead of the release of U.S. non-farm payroll figures, with futures for the S&P 500, the Dow Jones and the Nasdaq down 0.1 to 0.2 percent by 4:42 a.m. ET.
Chinese securities regulators on Friday approved the joint ventures of J.P. Morgan Chase & Co and Morgan Stanley , bringing the banks a step closer toward operating securities businesses in China that they, and other banks, have long sought.
Shares of grocery retailer SuperValu (NYSE: SVU) have plunged almost 25 percent since mid-October amidst an increasingly difficult environment for food retailers.
LinkedIn, the network service for professionals is planning to go public and discussing about a possible IPO, sources informed Reuters.
Morgan Stanley advised investors to cut holdings in Supervalu Inc and Safeway Inc as rising food costs threaten to dent results, sending shares of two down 6.8 and 3.4 percent, respectively.
Morgan Stanley has named Jim Rosenthal, the bank's head of technology, as chief operating officer, according to an internal memo obtained by Reuters. A company spokeswoman confirmed the memo's accuracy.
Goldman Sachs was the top global mergers and acquisitions adviser last year, retaking the position from rival Morgan Stanley, which derailed its multiyear grip on the ranking in 2009.
(Corrects beginning of third paragraph to read Apart from 2009... not 2010, as earlier sent)
Many investment banks and commodity analysts have taken a highly bullish stance on crude oil prices for 2011, based largely on economic recovery in the U.S., continued money-printing by the Federal Reserve (thereby, weakening U.S. dollar) and persistent high demand from the emerging markets, particularly China and India.
The race to the top of the global mergers and acquisitions league table looks set to end with Goldman Sachs retaking the honours from the rival which derailed its nine-year grip on the ranking last year.
At present respective growth rates, the average Chinese person will be wealthier than the average American in 27 years, according to Ed Lazear, a Stanford University economics professor.
Groupon, the social buying website which recently rejected a $6- billion takeover offer from Google (Nasdaq: GOOG) has attracted the interest of some large institutional investors and is seeking to go public by the end of next year, according to a report in the New York Times.
Shares of BJ's Wholesale Club (NYSE: BJ) are surging this morning after the New York Post reported that a private equity firm may launch a hostile bid for the warehouse retailer.
