Some recent high-profile stock offerings on the New York Stock Exchange and Nasdaq:
NYSE:
Pandora Media, $234 million, June 15.
LinkedIn Corp., $353 million, May 19.
HCA Holdings Inc., $4.3 billion, March 10.
Kinder Morgan, $3.3 billion, Feb. 11.
Nielsen Holdings, $1.9 billion, Jan. 26.
Nasdaq:
Zynga Inc., $1 billion, Dec. 16.
Jive Software, Inc., $161 million, Dec. 13.
Groupon, Inc., $700 million, Nov. 4.
Dunkin’ Brands Group, Inc., $422 million, July 27.
Yandex NV, $1.3 billion, May 24.
Some recent high-profile stock offerings on the New York Stock Exchange and Nasdaq:
NYSE:
Pandora Media, $234 million, June 15.
LinkedIn Corp., $353 million, May 19.
HCA Holdings Inc., $4.3 billion, March 10.
Kinder Morgan, $3.3 billion, Feb. 11.
Nielsen Holdings, $1.9 billion, Jan. 26.
Nasdaq:
Zynga Inc., $1 billion, Dec. 16.
Jive Software, Inc., $161 million, Dec. 13.
Groupon, Inc., $700 million, Nov. 4.
Dunkin’ Brands Group, Inc., $422 million, July 27.
Yandex NV, $1.3 billion, May 24.
From The Atlantic Wire:
The lead story in The New York Times Monday concerns U.S. surveillance drones, operated not by the Pentagon or the CIA, but by the State Department, that are patrolling the skies over Iraq even after our combat troops have gone home. In the story, Iraqi officials complain that the drones are an affront to their new nation’s sovereignty.
The State Department drones do not carry weapons, but are used as sky high lookouts over the massive U.S. embassy and other consulates. The fact that they can’t shoot missiles is a distinction that is lost on most Iraqis, given the growing American reputation for striking from the sky without warning.
NEW YORK – Wall Street futures are rising a day after the U.S. Federal Reserve pledged to keep interest rates low until late 2014 to nurture the nation’s stubbornly slow economic recovery.
Dow Jones industrial futures are up 52 points to 12,740. The broader S&P 500 futures are up 5 points to 1,325. And the Nasdaq composite is up 3 points to 2,463.
The Fed cut rates to near zero in December 2008 during the financial crisis, and has held them there ever since.
Caterpillar’s stellar fourth-quarters earnings report may also buoy investors. Its stock rose 3 percent in premarket trading.
European markets rose as Italy saw lower borrowing rates at a bond auction and talks resumed in Greece on a debt relief deal. Asian markets were mixed, with Japan’s Nikkei falling.
A risk-averse environment and lower trading levels resulted in mediocre results for U.S. trust banks. The largest of them all, Bank of New York Mellon (NYSE: BK – News), recorded a 26% fall in fourth-quarter profits on account of lower fee revenues.
Weak economic conditions have definitely taken their toll as the demand for custody banks has dropped, and investment opportunities have been dismal because of historically low interest rates. However, there were reasons to smile as well.
The quarter that was
BNY Mellon’s revenues for the quarter dropped 6% as fee revenue fell, reflecting lower volumes and depositary receipt revenues as well as higher money market fee waivers. Investment services fees fell 8% from the year-ago period, with investment management and performance fees falling 9% from last year.
Although net income tumbled 26% to $505 million, the results include a $107 million restructuring charge that dragged earnings per share down $0.06. Excluding that one-time item, the company earned $0.48, which was a tad less than last year’s $0.54. So, the bank didn’t do quite as badly as the headlines might suggest. In fact, there are two things that I liked about the quarter.
A couple of positives
BNY Mellon’s asset management services seem to be making a return. Assets under management rose to $1.26 trillion, increasing 8% from the year-ago period and 5% sequentially. Similarly, assets under custody and administration rose 3% to $25.8 trillion compared with the same period last year, showing signs of new businesses flowing in. Although the flat asset-management fees are disappointing, the rise in AUC and AUM is definitely a plus and will help BNY Mellon improve its performance going forward.
The bank tried to counter the bleak top line growth by cutting costs. The restructuring may help the company save almost $700 million before taxes by 2015.
A hiccup, though…
One downer is the foreign-exchange-related lawsuit against BNY Mellon. But the latest is that BNY Mellon and the Justice Department have come to a partial settlement whereby the bank will furnish details of the way it derives currency exchange rates for its customers. This should provide some relief to investors, some of which claimed the bank had been ripping them off by giving them unfavorable rates.
A sturdy balance sheet and initiatives to improve efficiency and profitability are definitely two green flags for me and make BNY Mellon a stock to take note of. To stay up to date on all the top news and analysis on BNY Mellon, simply click here and add the stock to your own personalized Watchlist.
Fool contributor Shubh Datta doesn’t own any shares in the companies listed above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
NEW YORK – Bank of America is back to basics — slimmed down, stripped of its swagger and no longer the biggest bank in the country. And investors, after pummeling the company for two years, finally like what they see.
The stock jumped 2.4 percent Thursday after Bank of America reported that it made $2 billion from October through December, reversing a $1.2 billion loss from a year earlier. The stock is up 25 percent this year.
Almost none of the profit came from improvements in Bank of America’s basic businesses. In fact, it lost money in the fourth quarter in real estate and investment banking.
But the bank raised $2.9 billion by selling its stake in China Construction Bank and $2.4 billion more by selling debt and issuing common stock to replace its higher-cost preferred stock, which paid out annual dividends as high as 8 percent.
“We enter 2012 stronger and more efficient after two years of simplifying and streamlining our company,” CEO Brian Moynihan said.
The cash has strengthened Bank of America’s balance sheet, a key factor as it undergoes a Federal Reserve “stress test” and tries to meet international regulatory standards that demand banks hold more cash against risky loans.
“It would be a big step if Bank of America can prove to the Street it doesn’t need to raise additional capital,” said Shannon Stemm, a banking analyst at Edward Jones, a financial advice company.
After the stock dropped 63 percent drop in 2010 and 2011, Bank of America is eager to start over. But it won’t be easy.
Paying $4 billion for Countrywide Financial Corp., the nation’s largest subprime mortgage lender, in 2008 seemed like a bargain but has cost Bank of America tens of billions in mortgage losses, fines and litigation.
“The biggest problem with Bank of America is that you never know what litigation expense lurks around the corner,” Stemm said.
The bank has also been forced to buy billions of dollars’ worth of mortgages from the government-sponsored mortgage financing companies Fannie Mae and Freddie Mac.
In 2011, the bank lost about $14 billion just on legal settlements tied to mortgages issued in years past. On Thursday, the bank said it put aside an additional $1.5 billion in the fourth quarter for future litigation, most of it tied to mortgages.
In addition to the legal costs, the Federal Reserve last year refused to let Bank of America increase its stock dividend, citing uncertainty about the depth of its mortgage problems.
It was the only denial issued to any of the four largest U.S. banks by the Fed, which is closely monitoring how the largest banks use their cash since the bailouts of 2008.
This year, Bank of America hasn’t asked the Fed to raise its dividend.
As the U.S. economy slowly comes back, investors are betting Bank of America is poised to capture some of that growth. But that won’t be easy, either.
Loans to people and businesses aren’t as profitable as they were before the financial crisis. Not only are interest rates at historic lows, but regulators have limited the fees banks can collect for overdrafts and late credit card payments. The government has also reduced the fees banks can ollect from stores on debit-card transactions.
Bank of America knows something about debit card fees. Last fall, it caused a public uproar when it announced it would charge customers $5 a month to use debit cards. The bank quickly backed off.
Bank of America serves about half of American households, and its results showed that housing continues remains a concern in the economy. The bank’s real estate business lost $1.5 billion after a 74 percent decline in new home loans. The bank lost some market share and closed a division that helped third-party home lenders.
But Americans seemed to be getting their financial houses in order by paying off more debt on time.
Bank of America, one of the largest credit card issuers, said customers who paid bills a month late declined for the 11th consecutive quarter. New credit card accounts also grew 53 percent, and the division posted a profit of $1 billion.
Bank of America’s investment banking business reported a loss of $433 million due to lower investment banking fees and lower sales and trading driven by the rocky stock and bond markets in the last three months of the year.
The bank’s quarterly earnings came to 15 cents per share, which was less than the 22 cents expected by analysts surveyed by FactSet, a provider of financial data. The earnings were in line with other estimates.
The bank reported fourth quarter revenue rose 11 percent to $25.1 billion from last year. For the year, the bank made $1.4 billion. It lost $2.2 billion in 2010.
NEW YORK – Bank of New York Mellon Corp.’s fourth-quarter net income fell 26 percent, hurt by restructuring charges and a decline revenue stemming from less client activity and a seasonal slowdown in one of its businesses.
The results missed Wall Street expectations, and its shares fell almost 4 percent in midday trading.
The nation’s sixth-largest bank reported on Wednesday that its net income fell to $505 million, or 42 cents per share, for the period ended Dec. 31. That’s down from $679 million, or 54 cents per share, a year earlier.
Restructuring charges totaled 6 cents per share in the quarter. Taking out those charges, earnings were 48 cents per share.
Analysts expected earnings of 54 cents per share, according to a FactSet survey.
Revenue fell 6 percent to $3.54 billion from $3.75 billion, missing Wall Street’s estimate of $3.75 billion.
Bank of New York Mellon’s stock dropped 83 cents, or 3.9 percent, to $20.44 in midday trading.
Chairman, President and CEO Gerald Hassell said in a statement that the revenue decline was due to lower-than-normal levels of client activity caused by uncertain market conditions and the seasonality of its depositary receipts business.
Bank of New York Mellon earns fees from services such as banking, stock lending and investment record-keeping for institutions such as pension funds, as well as corporations and wealthy individuals.
Fee revenue fell to $2.77 billion from $2.97 billion, while investment services fees dropped 8 percent to $1.6 billion because of lower volumes, higher money market fee waivers and seasonally lower depositary receipts revenue.
Foreign exchange and trading revenue slipped in the quarter, as did investment management and performance fees.
Net interest revenue rose to $780 million from $775 million in the third quarter due to growth in client deposits placed with central banks.
Provision for credit losses was $23 million mostly because of a broker-dealer customer that filed for bankruptcy.
Assets under custody and administration rose 3 percent to $25.8 trillion thanks to new business. Assets that the Bank of New York Mellon manages, excluding securities lending assets, climbed 8 percent to $1.26 trillion.
For the full year, the New York trust bank’s net income was basically flat at $2.52 billion. Per share earnings were down slightly to $2.03 per share from $2.05 per share in the previous year.
Annual revenue increased 6.1 percent to $14.73 billion from $13.88 billion.
Bank of New York Mellon also declared a quarterly dividend of 13 cents per share. The dividend will be paid on Feb. 7 to shareholders of record on Jan. 30.
NEW YORK, Jan. 14, 2012 /NEWS.GNOM.ES/ — As Israel and the Palestinian Authority complete their third round of exploratory talks in Amman, Jordan, Christians for Fair Witness on the Middle East (“Fair Witness”) urges the leadership of both parties to take the bold and courageous steps necessary to return to direct peace talks and negotiate a final status agreement. On the Israeli side this would include freezing settlement construction on the West Bank.
“We have said this before and we will say it again: the status quo should not be allowed to continue,” said Rev. Thomas A Prinz, pastor of Holy Trinity Lutheran Church, Leesburg, Virginia and Fair Witness Executive Committee member. “Therefore we believe Israeli Prime Minister Netanyahu should refrain from continued settlement building. We also believe Palestinian President Abbas should drop his demand for pre-conditions and engage in direct peace talks as the Quartet has proposed. This is the only way a final status agreement will be reached.”
“Both the Palestinian and Israeli leadership must summon historic wisdom and courage and abandon the ‘no win’ pattern of intractability which is preventing their people from achieving peace,” according to Msgr. Dennis Mikulanis, pastor of San Rafael Parish, San Diego, California and Fair Witness Executive Committee member. Msgr. Mikulanis added that “it is a classic ‘Catch 22′ scenario: Israeli settlement building continues to create facts on the ground while the Palestinian Authority refuses to engage in direct negotiations without a settlement freeze. The problem with settlements will be resolved when there is a mutually agreed upon border. And that cannot happen until the parties sit down and negotiate in good faith.”
“Bringing a message of peace and goodwill to all people, we strongly urge the Israeli and Palestinian leadership not to squander another chance at peace making,” says Sr. Ruth Lautt, O.P., Esq., Fair Witness National Director.
SOURCE Christians for Fair Witness on the Middle East
NEW YORK, Jan. 14, 2012 /NEWS.GNOM.ES/ – Women rule and countdown specials rock! VH1 is combining the two together for a week paying homage to the women who made their mark in the music industry. “100 Greatest Women in Music” will honor female artists who have thrived in the music industry from 1990 to present day. The list will honor female artists in a range of genres including pop, R & B, rap, country and rock. The 5-night, 1-hour special “100 Greatest Women in Music” premieres Monday, February 13th at 10 PM/9c and concludes Friday, February 17th.
It’s time to recognize the women who changed music history with the premiere of VH1′s “100 Greatest Women in Music.” Covering the past 20 years of music, VH1 premieres its exclusive ’100 Greatest’ countdown special solely dedicated to female music artists.
VH1 explores which music icons have staying power after some 20 years in the music business and which newcomers belong on the same list with some of music’s biggest names. Will the “Number One” title go to timeless icons including Madonna, Janet Jackson and Whitney Houston, or will it go to today’s record-breaking newcomers including Lady Gaga, Katy Perry and Rihanna?
Industry experts, pop culture commentators and music artists including Tori Amos, Gloria Estefan and Macy Gray will offer their views on who made the list and how the artists ranked. Let the debate begin!
VH1′s “100 Greatest Women in Music” is executive produced by Jeff Olde, Shelly Tatro and Karla Hidalgo for VH1.
For additional information on VH1 follow @VH1 on Twitter or “Like” VH1 on Facebook, and visit VH1.com for all the latest in music and celebrity news.
VH1 connects viewers to the music, artists and pop culture that matter to them most with TV series, specials, live events, exclusive online content and public affairs initiatives. VH1 is available in 99 million households in the U.S. VH1 also has an array of digital channels and services including VH1Classic, VH1 Soul, VH1 Mobile, VH1Games and extensive broadband video on VH1.com. Connect with VH1 at VH1.com.
CONTACT:
Michael Barrett
212-654-3060
Michael.Barrett@logostaff.com
SOURCE VH1
NEW YORK, Jan. 13, 2012 /NEWS.GNOM.ES/ – G’DAY USA, the biggest annual celebration of all things Australian, is launching this week around the country. Qantas Airways — Australia‘s premier airline — is kicking off the festivities by offering travelers huge savings with their “Destination Australia” fare sale offering departures starting from $549* each way, based on round trip purchase, in International Economy on select flights between Los Angeles and Australian cities, with the option to include a stop in New Zealand at no additional charge.
These special fares, which must be booked by January 23, 2012, are valid on flights departing Los Angeles (LAX) for Sydney (SYD), Brisbane (BNE) and Melbourne (MEL) for outbound travel between April 15 – June 8, 2012 or between July 15 – September 21, 2012.
Rates per person are as follows:
“As a founding sponsor of G’DAY USA, Qantas seeks to introduce Americans to the spectacular landscapes, fascinating culture and friendly people of Australia. We think Americans should make it a New Year’s Resolution to visit Australia in 2012, so we are thrilled to kick off the year with this amazing deal. Our extensive network means travelers have abundant options to build the itinerary that appeals to their personal interests to ensure the ultimate vacation experience,” said Mr. Wally Mariani, Qantas Senior Executive Vice President for the Americas.
To book the G’Day USA travel deals, visit www.qantas.com, call 1.800.227.4691 or contact your preferred travel agent.
*Prices include fuel surcharges of $500 from the US. US and foreign taxes, fees, including the September 11th Security Fee of up to $10, are an additional $140 to $210 depending upon itinerary. Hearing impaired persons may dial 711 (Nat’l Relay Service) to contact Qantas at 1-800-227-4691. Visit www.qantas.com for more details.
**Reservations made by phone incur an additional $30 charge.
About Qantas Airways
Qantas is the only airline offering A380 service from the U.S. on select non-stop flights from Los Angeles to Sydney and to Melbourne. The Qantas A380 features aircraft interiors designed by internationally renowned industrial designer and Qantas Creative Director Marc Newson. Providing over 40 flights per week from the U.S., Qantas offers more than 30 nonstop flights from Los Angeles (to Sydney, Melbourne, Brisbane and Auckland), five from Dallas/Fort Worth to Sydney, a daily direct service from JFK and three from Honolulu to Sydney. A leader in in-flight entertainment, all Qantas mainland departures feature on demand video and audio selections for movies, TV programs, radio and games in all classes.
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Media Enquiries: |
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Ty Bentsen (The Brandman Agency) |
T: 323.522.6337 |
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Jami Gordon-Smith (The Brandman Agency) |
T: 212.683.2442 |
SOURCE Qantas Airways
