Richard Bove
Richard Bove
couple factors last months pointing strength
Not only are long-term factors pointing to considerable strength, but short-term developments in the last couple of months have been positive.
equity fixed income market mixed strong
In general, this should be a mixed quarter. Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.
equity fixed income market mixed strong
In general, this should be a mixed quarter, ... Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along.
core
It's not an international bank. It doesn't have an international reputation. It's not a core business.
accounts advisory banks checking city companies competition dealing difficult financial lack offer pricing regional trade universal worry york
It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services.
america bank cost doubling handling individual lower scale size
You have to have scale in this business. By doubling the size of their credit-card business, Bank of America will lower their cost of handling each individual account.
debt difficult oriented rose stocks throughout
It would have been difficult for Goldman not to do well. Goldman is more oriented to equities than debt, and stocks rose throughout the period.
derivative difficulty earnings event
This event highlights, once again, the difficulty in determining earnings for derivative transactions.
change coming company people pushed upset
People got all upset because they don't like to see people they know getting pushed out, and they don't know the new people coming in, ... But this company has been underperforming for some time. Significant change is needed.
companies growth next percent piles sitting work
Some firms are projecting 30 percent M&A growth next year, after 36 percent this year. Companies are still sitting on piles of cash, and they'll get to work after the new year.
basically businesses company core depending earnings flat nature quarter weak
These brokerages are going to say about the quarter that just ended, 'It never happened,' because basically all of the core businesses you look at were flat or down somewhat, ... Depending on the company and the nature of its earnings base, earnings will be weak to very weak.
banks cycle
But that cycle is over. The banks are going to get squeezed.
home major run
PNC has a major home run here. I don't see a downside.
business cycle lending money ninety percent primary retail
Ninety percent of a retail bank's primary business is lending money on residential real estate, and that cycle is over.