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Comerica Q2 Net Profit Declines, But Tops Estimates
(RTTNews) - Comerica, Inc. (CMA), a financial services company, reported Friday that net income attributable to common shares for the second quarter decreased to $200 million or $1.49 per share from $266 million or $2.01 per share in the prior-year quarter.
Excluding items, adjusted earnings for the latest quarter were $1.53 per share. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income declined to $533 million from $621 million and total noninterest income decreased to $291 million from $303 million last year. Analysts' expected revenues of $813.47 million for the quarter.
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Moody's Cuts Signature Bank's Rating To Junk
Moody's Investors Service has downgraded the ratings of the collapsed Signature Bank to junk, and will withdraw its ratings for business reasons. The rating agency also put the following six banks under review before deciding on downgrading them - First Republic Bank, Zions Bancorp., Western Alliance Bancorp, Comerica Inc, UMB Financial Corp and Intrust Financial Corp.
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China Shares May Test Support At 3,700 Points On Wednesday
The China stock market on Tuesday snapped the two-day winning streak in which it had gained more than 60 points or 1.7 percent. The Shanghai Composite Index now sits just beneath the 3,730-point plateau and it's likely to open under water again on Wednesday.
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Lower Open Called For Taiwan Stock Market
The Taiwan stock market on Tuesday ended the two-day winning streak in which it had picked up almost 250 points or 1 percent. The Taiwan Stock Exchange now sits just above the 24,350-point plateau and it may be stuck in neutral in again on Wednesday.
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Japan Has Y117.550 Billion Trade Deficit In July
Japan posted a merchandise trade deficit of 117.550 billion yen in July, the Ministry of Finance said on Wednesday.
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Renewed Consolidation Likely For Singapore Shares
The Singapore stock market on Tuesday ended the three-day slide in which it had dropped more than 80 points or 1.9 percent. The Straits Times Index now sits just above the 4,215-point plateau although it figures to head south again on Wednesday.
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Japan Core Machinery Orders Climb 3.0% In June
The value of core machinery orders in Japan was up a seasonally adjusted 3.0 percent on month in June, the Cabinet Office said on Wednesday - coming in at 941.2 billion yen.
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Rally May Stall For Malaysia Stock Market
The Malaysia stock market has moved higher in two straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,590-point plateau although it may run out of steam on Wednesday.
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Japan Shares May Extend Tuesday's Losses
The Japan stock market on Tuesday ended the two-day winning streak in which it had surged more than 1,120 points or 2.8 percent. The Nikkei 225 now sits just beneath the 43,550-point plateau and the losses may accelerate on Wednesday.
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