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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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940 days ago
Canadian Market Down Sharply; Materials Stocks Tumble
The Canadian market is down sharply in negative territory Thursday afternoon, hurt by losses in materials, consumer discretionary and industrials sectors.
Geopolitical tensions, and concerns about the impact of the US government shutdown render the mood bearish. Also, investors are looking ahead to the reporting season.
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38 minutes ago
Swiss Market Settles Modestly Lower
The Switzerland market spent much of the day's trading session on Thursday as investors refrained from making significant moves amid a lack of positive catalysts.
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1h 21min ago
European Stocks Close Broadly Lower Amid Political Uncertainty And Lack Of Key Data
Most of the markets across Europe ended on a weak note on Thursday, weighed down by concerns about the political situation in France, and a lack of significant data. Bank stocks were under pressure.
However, expectations of more interest rate cuts by the Federal Reserve limited markets' downside a bit.
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1h 37min ago
ECB Minutes Reveal Confident But Cautious Stance Amid High Uncertainty
The European Central Bank policymakers felt no immediate pressure to adjust interest rates in September as risks to both inflation and growth were seen as balanced and the high uncertainty linked to trade policies also justified the stance as this would give more time to assess the real impact of tariffs on the economy, minutes of the September policy session showed on Thursday.
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1h 44min ago
Bay Street Likely To Open Flat
Canadian stocks look headed for a somewhat flat start Thursday morning, tracking the trend in European markets, and commodity prices.
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6h 20min ago
Philippine Central Bank Cuts Rate Unexpectedly
The Philippines' central bank unexpectedly reduced its key interest rates by 25 basis points on Thursday, for the fourth time this year and signaled further reduction to support economic growth. The Monetary Board of the Bangko Sentral ng Pilipinas, headed by Governor Eli Remolona, decided to reduce the policy rate by 25 basis points to 4.75 percent. The bank was expected to hold the rate at 5.0
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6h 34min ago
PepsiCo Q3 Results Top Market, Confirms FY25 View; Names Walmart's Steve Schmitt CFO
PepsiCo, Inc. on Thursday reported lower profit in its third quarter, while core earnings per share and top line beat market estimates. Further, the firm maintained its fiscal 2025 outlook. Separately, the food and beverage giant announced that it has appointed Walmart Inc.'s Steve Schmitt as Executive Vice President and Chief Financial Officer...
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6h 56min ago
