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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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The U.S. dollar remained broadly resilient during the week ended December 19 amidst a mixed update from the labor market and soft inflation readings from the U.S.
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Higher Canadian and U.S. index futures and firm commodity prices point to a positive start on Bay Street Monday morning.
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Major European Markets Largely Subdued In Thin Trading
The major European markets were subdued on Monday amid thin volumes with investors somewhat reluctant to make big moves ahead of upcoming Christmas holidays.
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FTSE 100 Slips Nearly 0.5%; Mining Stocks Move Up
U.K.'s benchmark index FTSE 100 slipped Monday morning, although gains in the mining sector limited its downside. Shares from utilities and healthcare sectors were under pressure.
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CAC 40 Down Nearly 0.5% In Cautious Trade
French stocks were largely subdued on Monday with traders seemingly staying away on the sidelines ahead of the upcoming Christmas holidays.
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Asian Stocks Track Wall Street Higher
Asian markets closed with strong gains on Monday, buoyed by Wall Street's tech-led rally on Friday.
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DAX Down Marginally Amid Lackluster Trade
German stocks turned in a mixed performance amid thin volumes Monday morning with investors largely refraining from making big moves ahead of upcoming Christmas holidays.
Easing concerns about AI spending and tech valuation, and optimism about Fed interest rate cuts next year aided sentiment, while geopolitical concerns and tensions in Venezuela and negotiations in Ukraine rendered the mood a bit
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