Financial
(UTR) Unitrin – Earnings Estimates Are Rising
Unitrin, Inc. (UTR) is expected to generate long-term EPS growth of 20%, while offering a dividend yield of 3.7%. Company Description Unitrin provides property and casualty insurance, life and health insurance, and consumer finance services for individuals, families, and small...
18Mar2010 | vitalstocks | 0 comments | Continued(BAC) Bank of America Sued by Pension Fund
On Wednesday, Bank of America Corp. (BAC), also known as BofA, was reportedly sued by the Dutch Pension Fund, ABP, for withholding information to shareholders regarding the quarterly losses of Merrill Lynch when it was being voted for a merger in December 2008. APG Algemene Pensioen...
18Mar2010 | vitalstocks | 0 comments | Continued(NDAQ) Nasdaq OMX Incorporated Acquires Nord Pool ASA
In an attempt to strengthen its power and carbon derivatives offering, on Wednesday, Nasdaq OMX Inc. (NDAQ) announced the acquisition of Nordic power bourse, Nord Pool ASA. Although the terms and value of the deal remains undisclosed, the transaction awaits regulatory approvals. In...
18Mar2010 | vitalstocks | 0 comments | Continued(C) Citigroup Subsidiary Files For $252 Million IPO
In an effort to shed its non-core operations, Citigroup Inc.’s (C) wholly-owned subsidiary and life-insurance unit, Primerica Inc., has filed for an initial public offering (IPO) of 18 million shares. The offering, which is expected to be priced in the range of $12 to $14 per...
18Mar2010 | vitalstocks | 0 comments | Continued(MMC) Marsh & McLennan Companies Unit Acquires Thomas Rutherfoord
In an attempt to grow its insurance business nationally, Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh & McLennan Companies Inc. (MMC) announced the acquisition of Thomas Rutherfoord, Inc., one of the highly-regarded brokerage firms in the...
18Mar2010 | vitalstocks | 0 comments | Continued(TROW) T. Rowe Price Group to Buy a Stake in China’s Largest Fund Management Firm
Investment firm T. Rowe Price Group Inc. (TROW) is in advanced talks to buy a stake in Asset Management Co. (“China AMC”) from its holding company Citic Securities. Citic Securities, which is aggressively seeking licenses for margin trading and short selling, has orders...
18Mar2010 | vitalstocks | 0 comments | Continued(RNR) RenaissanceRe Holdings Gets Positive Ratings Comments From A.M. Best
On Tuesday, rating action taken by rating agency A.M. Best Co. on RenRe North America Holdings Inc.’s recently issued $250 million fixed rate 5.75% senior unsecured notes due 2020 looks positive for the issuer. The notes are fully and unconditionally guaranteed by RenaissanceRe...
18Mar2010 | vitalstocks | 0 comments | Continued(FNM) Federal Reserve Stays On Hold With Interest Rates – In-Depth
As expected, the Federal Reserve left the federal funds rate unchanged at its meeting today. Below, we present statements from the current meeting along with statements from the late January meeting, with my commentary and interpretation (translation?) interspersed on a paragraph...
18Mar2010 | vitalstocks | 0 comments | Continued(CIT) CIT Group Posts Earnings Loss on Higher Costs
On Tuesday, CIT Group Inc. (CIT) reported a net income of $3.2 billion, including the reorganization benefit under the post-bankruptcy accounting known as Fresh Start Accounting (FSA). Excluding special accounting procedures and other items related to its reorganization, its...
18Mar2010 | vitalstocks | 0 comments | Continued(RF) Regions Financial Has Debt Rating Lowered by Standard and Poor’s
In yet another sign of dwindling confidence about the company’s performance, Standard and Poor’s (S&P) on Friday lowered the ratings of Regions Financial Corp. (RF) to “BBB-” from “BBB.” Regions, a regional bank, has a high percentage of commercial mortgage...
18Mar2010 | vitalstocks | 0 comments | Continued(UBS) UBS AG Pays Executives $51.8 Million
Bailed out Swiss bank UBS AG (UBS), which suffered a loss for a third consecutive year, has paid out $51.8 million in compensation to executive board members for 2009. After repaying the $5.6 billion funds it received in 2008, the bank is now free to set its own compensation...
18Mar2010 | vitalstocks | 0 comments | Continued(CMA) Regional Bank Comerica Repays TARP Fund
Regional bank Comerica Inc. (CMA) said on Wednesday that it has repaid the entire $2.25 billion of bailout money it received from the government for its participation in the Troubled Asset Relief Program (TARP) at the height of the credit crisis. In addition to the principal...
18Mar2010 | vitalstocks | 0 comments | Continued($AIG) American International Group Holds Back $21 Million in Bonuses
American International Group Inc. (AIG) will hold back $21 million in retention bonuses to its former employees, according to a Wall Street Journal report. The company, which will pay out $46 million today in retention bonuses to about 70 employees, both former and current, has...
17Mar2010 | vitalstocks | 0 comments | Continued(HIG) Hartford Financial Services Group to Repay TARP Money
In order to repay the entire $3.4 billion of bailout money it received from the government for its participation in the Troubled Asset Relief Program (TARP) at the height of the credit crisis, Hartford Financial Services Group Inc. (HIG) said on Tuesday that it will raise $3.05...
17Mar2010 | vitalstocks | 0 comments | Continued(MRH) Montpelier Re Holdings Predicts Initial Chile Earthquake Losses
Yesterday, Montpelier Re Holdings Ltd. (MRH) announced its preliminary loss estimates from the 8.8 magnitude earthquake in Chile, European Windstorm Xynthia and the Australian hailstorms. Montpelier expects to incur pre-tax net losses of $75 million to $100 million from the earthquake...
17Mar2010 | vitalstocks | 0 comments | Continued(DVN) Energy Information Administration Reports Gas Prices Drop on Supply – Weather
The federal government’s Energy Information Administration (EIA) reported an in-line decline in natural gas supplies. Stockpiles held in underground storage in the lower 48 states fell by 111 billion cubic feet (Bcf) for the week ended Mar. 5, 2010. The inventory decline was...
16Mar2010 | vitalstocks | 0 comments | Continued(AXS) AXIS Capital Holdings Predicts Preliminary Losses
Yesterday, AXIS Capital Holdings Ltd. (AXS) provided its preliminary loss estimates from the earthquake in Chile and the European Windstorm Xynthia. AXIS Capital announced that it expects to incur net losses between $60 million and $125 million for the earthquake. The 8.8 magnitude...
16Mar2010 | vitalstocks | 0 comments | Continued(TCBI) Texas Capital Bancshares Warrents Sold by U.S. Treasury for $6.6 Million
The Treasury announced on Friday that it has received net proceeds of $6.6 million from the sale of warrants it had obtained as part of its investment in Texas Capital Bancshares Inc. (TCBI) through the Troubled Asset Relief Program (TARP) during the height of the financial crisis....
16Mar2010 | vitalstocks | 0 comments | Continued(JPM) U.S. Bank Failures Climb to 30 in 2010
Although the economy is showing signs of a gradual recovery, tumbling home prices, soaring loan defaults and rising unemployment continue to take their toll on small banks. As a result, U.S. regulators on Friday shuttered three more banks in New York, Florida, and Louisiana....
16Mar2010 | vitalstocks | 0 comments | Continued($C) U.S. Treasury Reports That New Loans Fall at TARP Banks
The U.S. Treasury said on Monday that new loans at nine major banks, which received significant government aid through the Troubled Asset Relief Program (TARP) during the height of the financial crisis and have not repaid yet, tumbled in Jan 2010. In its monthly survey of lending...
16Mar2010 | vitalstocks | 0 comments | Continued($BAC) Bank of America Eyes Expansion in China
According to a Wall Street Journal report, Bank of America Corporation (BAC) is looking to expand its operations in China. Currently, the bank has some investment banking and lending operations in the country. BofA also owns a minority stake in China Construction Bank. According...
16Mar2010 | vitalstocks | 0 comments | Continued(AIG) American International Group Raises $452 Million from Transatlantic Holdings Sale
Yesterday, American International Group Inc. (AIG) announced that it has raised $452 million from its stake sale in the reinsurance company Transatlantic Holdings Inc. (TRH). AIG closed the secondary public offering of 8,466,693 shares of Transatlantic common stock owned by American...
16Mar2010 | vitalstocks | 0 comments | Continued(HBAN) Huntington Bancshares Reaffirms 2010 Earnings Guidance
In a regulatory filing with the Securities and Exchange Commission yesterday, Huntington Bancshares Inc. (HBAN) reaffirmed its 2010 guidance. As announced concurrent with the fourth-quarter earnings release on Jan 22, 2010, Huntington expects to return to a profitable quarterly...
12Mar2010 | vitalstocks | 0 comments | Continued(PCL) Timberland Stocks: Why It’s Time to Knock on Wood for Profits
If you’re not following the money into timberland stocks, you should. Here’s why… Timberland has outperformed the S&P 500 since 1910. In recent history, timber has outperformed the market significantly. Since 1987, the NCREIF Timberland Index climbed by an average...
12Mar2010 | InvestmentU | 0 comments | Continued(BK) Bank of New York Mellon Acquires Germany’s BHF Asset Servicing GmbH
As part of its initiative to expand its global market share, Bank of New York Mellon Corp. (BK) is acquiring Germany’s BHF Asset Servicing GmbH for $343 million. The deal, which is expected to close in the third quarter of 2010, will make BNY Mellon the second largest organization...
12Mar2010 | vitalstocks | 0 comments | Continued(WFC) Wells Fargo Stock Analyst Raises Price Target
On Tuesday, we raised the target price of Wells Fargo & Company (WFC) to $30.00 from $29.00 after the company posted strong fourth-quarter results, paving the way for an optimistic 2010 ahead. The company’s fourth-quarter earnings came in significantly ahead of the...
12Mar2010 | vitalstocks | 0 comments | Continued(WFSL) U.S. Treasury Sells Washington Federal Warrants
The Treasury announced Wednesday that it has received net proceeds of $15.4 million from the sale of warrants it obtained as part of its investment in Washington Federal Inc. (WFSL) through the Troubled Asset Relief Program (TARP) during the height of the financial crisis. In...
12Mar2010 | vitalstocks | 0 comments | Continued(NDAQ) Nasdaq OMX Group Adds Newedge Clearing
As reported by the Reuters on Wednesday, Nasdaq OMX Group Inc.’s (NDAQ) majority-owned International Derivatives Clearing Group (IDCG) has added Newedge USA, LLC, the world’s largest multi-asset brokerage and clearing firm, for offering a central counterparty clearing of...
12Mar2010 | vitalstocks | 0 comments | Continued(C) Obama to Nominate Yellen to Be Federal Reserve Vice Chairman
Bloomberg is reporting today that Janet Yellen is President Obama’s pick to succeed Donald Kohn as vice chairman of the Federal Reserve. Yellen is currently the President of the San Francisco Fed, the largest of the 12 Federal Reserve Districts, both geographically and economically. Yellen...
12Mar2010 | vitalstocks | 0 comments | Continued(RNR) RenaissanceRe Holdings Debt Ratings Affirmed by A.M. Best
On Thursday, rating agency A.M. Best Co. affirmed the issuer credit rating (ICR) of “a-” and all debt ratings of RenaissanceRe Holdings Ltd. (RNR), reflecting the company’s superior risk-based capitalization level and historically excellent underwriting track record. The...
12Mar2010 | vitalstocks | 0 comments | Continued