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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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U.S. Trade Deficit Spikes To Record High In March As Import Surge
The U.S. trade deficit spiked by much more than expected in the month of March, according to a report released by the Commerce Department on Tuesday. The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
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Eurozone Private Sector Growth Eases On Weaker Demand
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Bay Street Likely To Open On Mixed Note
Canadian shares may be weighed down on Tuesday by U.S. President Donald Trump's announcement on Monday that he is likely to announce pharmaceutical tariffs soon. The Federal Reserve's monetary policy announcement, due on Wednesday, is also in focus.
However, higher crude oil and metal prices could trigger some buying in energy and materials space.
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FTSE 100 Down Slightly As Stocks Turn In Mixed Performance
U.K. stocks are turning in a mixed performance in cautious trade on Tuesday with traders back to trading after a long weekend. Investors are awaiting the monetary policy announcements from the Federal Reserve and the Bank of England, due on Wednesday and Thursday, respectively.
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Yen Rises Amid Risk-off Mood
The Japanese yen strengthened against other major currencies in the European on Tuesday, as European stocks traded lower as investors assessed the latest batch of earnings and awaited upcoming Fed and BoE meetings.
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