Richard Bove
Richard Bove
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.
amount buying coming impact liquid shares stock
It's a significant amount of stock coming to market. But it's a pretty liquid stock and they've been buying back shares over time. We don't think the impact will be that significant over the long run.
competition exchange fewer five gone increase individual last number percent seeing shares stock trading volume york
If you look at volume on the New York Stock Exchange and the Nasdaq over the last five years, there's been no real increase in the number of shares traded. In addition, proprietary trading has gone from 19 percent to 52 percent of that total. So you're seeing more competition for fewer individual trades.
auto bank exposed ford industry latest layoffs problems stocks today
I wouldn't own any bank stocks in the Midwest. They're exposed to the problems of the auto industry and the Ford layoffs today are just the latest example.
averaged bank country curve earnings increase percent rapid stocks yield
From 1965 to 1982, the yield curve in this country was inverted 47 percent of the time, yet bank earnings averaged a more rapid increase than non-bank earnings. Bank stocks also outperformed the S&P 500, on average, over that period.
accustomed avoid banks earnings happen loan local losses plan prices stock
Midwestern banks are accustomed to shifts in the local economies. They plan for it. However, they do not avoid it. They get hurt. Their loan losses rise. Their earnings tumble and their stock prices are impacted. It will happen again.
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.
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.
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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.
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.