Financials
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News and Views
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Macro/Technicals
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Active Names
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Earnings
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Sector News, M&A, Capital Raises
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Top Events/Earnings Calendar
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News and Views
Financials quietly followed Goldman Monday as they announced they lost money in 10 trading days in Q2, which came off more as a PR stunt than anything. Insurance names 0.68%, after a solid weak of earning beats last week. Financial services finished up 0.57% as credit cards were the hot group today behind the Barrons article. Puerto Rican banks continue to underperform their US counterparts, namely DRL, which we’ve seen some heavy selling, long and short. Mortgage Insurers will be jumping higher again after MBI’s qtr.
August FOMC Rate Decision at 2:15pm
Macro/Technicals
XLF: +0.09 ; +0.61%KIE : +0.56 ; +1.47%
KRE : +0.35; +1.48%
C : +0.02 ; +0.49%
BAC : -0.07 ; -0.50%
JPM : -0.62 ; -1.53%
GS : +0.10 ; +0.06%
WFC : +0.45 ; +1.62%
Leaders: GRNB+9.28%,RCRC+6.30%,PNFP+5.90%,NGPC+4.87%,MGI+4.55%,TWGP+4.55%,UBSI+4.02%,ADS+4.01%,TRST+3.76%,WFR+3.71%,WTNY+3.66%,MBI+3.61%,V+3.60
Laggards: DRL-16.67%,HMPR-5.08%, MGI-4.55%,CPF-4.475,CBKN-4.41%,MCBC-2.72%,BPOP-2.61%
Active Names
Big Banks - BAC, C, WFC, JPM, GS, MS, FITB, STT, USB, HBAN, HCBK, PBCT, FHN, RF, BBT
Mid/SmallcapBanks/S&L- FBP, WAL, EWBC, GSBC, HMPR, IBKC, PRWT, RBPAA, WBCO,NYB,DCOM,SBIB,CVBF,GAIN,LKFN,TFSL,IBCP,BRKL
Brokers KCG, SCHW, AMTD, ETFCD
Asset Managers/Inv co’s- BX, FIG, GLG, GROW, JNS, LAZ, MF, LM,KFN
Insurance- GNW, HIG, MET, ALL, TRV
CreditCards- AXP, COF, MA, V, DFS
Specialty Finance/Mort Insurers- ACAS, ABK, MBI, MTG, RDN
Earnings
SF Stifel Financial reports Q2 EPS $0.69 ex-items vs Reuters $0.68 ($46.86)- Company reports net revenues of $328.0M vs Reuters $308.8M. Excludes merger-related costs. Earnings conference call reminder: 8/10/2010 at 08:30 ET. 888.676.3684 pw:92229766
MBI : MBIA reports Q2 EPS $6.32 vs year-ago $4.30 ($9.19)Earnings conference call reminder: 8/10/2010 at 08:00 ET. 877.694.4769 pw:89814633
SMHG Sanders Morris Harris reports Q2 EPS from cont ops $0.06 vs Reuters $0.09 -- 1 estimate ($5.43)- Earnings conference call reminder: 8/10/2010 at 10:00 ET. 800.447.0521 pw:27642476
KCAP Kohlberg Capital reports Q2 net investment income per share of ($0.25)--10Q ($5.25)- Earnings conference call reminder: 8/10/2010 at 16:30 ET. 877.710.0209
GLAD Gladstone reports Q3 net increase in asset sales from operations per share of ($0.08)--10Q ($11.99)- Company also reports total investment income of $8M vs year ago $10.6M. Earnings conference call reminder: 8/10/2010 at 08:30 ET. 877.407.8031
AGM Federal Agricultural Mortgage reports Q2 EPS $0.17 -- 10Q ($16.24)- Earnings conference call reminder: 8/10/2010 at 11:00 ET. 800.860.2442
UVE Universal Insurance Holdings reports Q2 EPS $0.27 vs year-ago $0.19 ($4.21)- Company reports revenues of $55.9M vs year-ago $47.6M.
Sector News, M&A, Capital Raises
CVBF CVB Financial discloses subpoena in 10Q filing ($10.30)- On July 26, 2010, the company received a subpoena from the Los Angeles office of the SEC. The subpoena and the SEC’s corresponding investigation are non-public, which means that the information provided to the SEC will not be publicized. The company is required to publicly disclose the fact that it received a subpoena from the SEC. The subpoena requests information regarding CVBF's loan underwriting guidelines, its allowance for credit losses and its allowance for loan loss calculation methodology, its methodology for grading loans and the process for making provisions for loan losses, and its provision for credit losses. In addition, the subpoena requests information regarding presentations it has given or conferences it has attended with analysts, brokers, investors or prospective investors.
PZN Pzena Investment Management reports $14B total AUM as of 31-Jul vs year-ago $11.6B ($7.08)
ACAP American Physicians Capital holder GAMCO discloses 5.3% stake in 13D filing ($41.21)
BEN Franklin Resources reports July AUM $602.9B ($104.24)- Up from $570.5B in June.
NFBK Northfield Bancorp to commence stock offering ($12.47)- Northfield-Delaware is offering for sale the 56.6% ownership interest in the company currently owned by Northfield Bancorp, MHC, which is equivalent to between $263.5M and $356.5M, or between 26,350,000 and 35,650,000 shares of common stock at $10.00 per share. Northfield-Delaware may increase the number of shares that it sells in the offering, without notice to persons who have subscribed for shares, by up to 15%, to $410.0M or 40,997,500 shares at $10.00 per share, as a result of market demand, regulatory considerations or changes in financial markets. The number of shares to be sold in the offering is based on an independent appraisal of the estimated pro forma market value of Northfield-Delaware as of 16-Jul-10. At the conclusion of the conversion and offering, the existing shares of common stock held by the public stockholders of the company will be exchanged for between 1.0693 and 1.4467 shares of Northfield-Delaware, subject to a 15% increase to 1.6637 shares, based on the independent appraisal. The completion of the conversion and offering is subject to, among other things, selling a minimum of 26,350,000 shares in the offering, the receipt of all necessary final regulatory approvals, the receipt of the approval of the members of Northfield Bancorp, MHC (depositors of record of Northfield Bank) as of 30-Jul-10, and the receipt of the approval of the stockholders of record of the company as of 30-Jul-10. After the completion of the conversion and offering, Northfield-Delaware will be 100% owned by public stockholders, and the company and Northfield Bancorp, MHC will each cease to exist.
CCBP Comm Bancorp to be acquired by F.N.B Corp (FNB) ($25.80)- The acquisition of the Clarks Summit-headquartered bank will provide F.N.B. Corporation with $642M in total assets, including $577M in total deposits and $465M in loans in 15 bank branches across five counties in Northeastern Pennsylvania.
HALL Hallmark Financial Services to acquire State Auto National Insurance Company ($9.88)- HALL announced the execution of an agreement for its wholly-owned subsidiary, Hallmark Insurance company, to acquire State Auto National Insurance company from State Auto Financial Corporation. State Auto National is an Ohio domiciled insurance company which annually writes approximately $37M in non-standard personal automobile policies through independent agents in 21 states.
BAC SEC investigating who knew what about Pyxis when at Merrill Lynch - NYT ($13.91)- The article says that the vehicle and others like it helped Merrill hide risks that it was very well aware of. The article says that the question of disclosure is squarely in focus in light of Citi (C)'s agreeing to pay $75M for misleading investors about its exposure to CDOs. A former Merrill employee says Pyxis sometimes made circular investments, using money from CDOs that Pyxis was investing in to invest back into Pyxis. It's not clear that regulations were broken; banks do not need to disclose risks that they believe themselves to be fully hedged against. Nonetheless, analysts -- who are presumably impartial, though they have the benefit of three years of hindsight -- express surprise that Merrill chose not to say anything at first in 2007.
o Freddie seeks $1.8bn from US Treasury- FT
§ The magnitude of the problems facing the US mortgage market came into stark relief on Monday as Freddie Mac, the home loan group, said it needed an additional $1.8bn from the taxpayer
§ The latest request brings the amount of federal aid spent to rescue the company and its sibling, Fannie Mae, to $148.3bn since the financial crisis began
· Fed watch stories:
o Fed ponders more easing as economy stumbles- Reuters
§ With U.S. interest rates already effectively at zero percent, the central bank is out of easy policy options. Top Fed officials argue, however, they can do more to fight renewed economic weakness, including reinvesting proceeds from maturing mortgage bonds back into that market
o If Fed Decides to Ease, Will Others Follow?- CNBC
§ "If the (European Central Bank) and (Bank of England) follow the Fed's lead, any move on QE could be dollar positive," he said. "Even if the Fed spooks the market the dollar could gain on a flight to safety."
o Fed Efforts to Spur Growth May Move Markets More Than Economy- BBG
§ Federal Reserve policy makers meeting today may find the market reaction to any announcement of steps to spur growth will be bigger than the impact on the economy
KKR Kohlberg Kravis Roberts withdraws registration for $500M common unit IPO citing market conditions ($9.89)
Recall the company had originally filed on 10-May.
Top Events/Earnings Calendar
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