Jeg har de sidste måneder talt noget om Amerikansk housing recovery. Igår var der endnu gode tegn i tallene for nybyggeri og der er ihvertfald ved at danne sig en konsensus om at vi har lagt en solid bund der peger hen imod 2% vækst i US.
Men da dette er et aktiesite, så skal man jo have nogle virksomhedsplay og mit har foreløbigt været centreret omkring bankerne, særligt Bank of America. Den er steget 70% i år, og jeg har taget flere positioner mellem 8 og 9.
De kom med regnskab igår og det var en blandet landhandel, men de mødte i store træk markedets forventninger. Kursen skete der heller ikke så meget med.
Der er 2 modsatrettede effekter (indtil videre) i BAC. Den ene er opkøbet af Countrywide (US svar på realkredit danmark) og det andet var opkøbet (måske politisk motiveret) af Merril Lynch.
Merril Lynch har nogle krav hængende over hovedet 1,9 mia dollar i dette kvartal som var det som tynger dette kvartalsregnskab. Det var sådan set ventet.
På alle nøgletal ift. Basel 3 forbedre BACs dog sit regnskab hvert kvartal. Det er betryggende.
BAC er en imponerende organisation og er global 2-5 indenfor næsten alle finansielle discipliner.
Så jeg sad med andre ord og kiggede på Countrywide tallene og det er her jeg kommer i tvivl ihvertfald på den korte bane (2-3 kvartaler)
Selvom nonperforming loans viser forbedring hele tiden, advarer de om at der kan kommer ekstra nedskrivninger på 6 mia USD. Så det vil nok tynge regnskaberne en periode endnu.
Så nu kigger jeg istedet på den korte bane på Wells, Morgan Stanley og JP Morgan.
Men beholder BAC. Iøvrigt udbetaler de udbytte hvert kvartal.
Her er deres egne ord for kvartalet.
CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 17, 2012-- Bank of America Corporation today reported net income of $340 million, or $0.00 per diluted share, for the third quarter of 2012, compared to $6.2 billion, or $0.56 per diluted share, in the third quarter of 2011.
As previously reported, the third quarter of 2012 was negatively impacted by $1.9 billion of debit valuation adjustments (DVA) and fair Value option (FVO) adjustments related to the improvement in the company's credit spreads, $1.6 billion for total litigation expense, including a charge for the previously announced settlement of the Merrill Lynch class action litigation, and a charge of $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a negative $0.28 per share.
The year-ago quarter included $6.2 billion in positive DVA and FVO adjustments, $0.6 billion in total litigation expense and $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a positive $0.27 per share in the third quarter of 2011. In addition, the year-ago quarter included, among other significant items, a $3.6 billion pretax gain on the sale of a portion of the company's investment in China Construction Bank (CCB), partially offset by $2.2 billion of net losses related to equity and strategic investments other than CCB.
Relative to the year-ago quarter, the results for the third quarter of 2012 were driven by improved credit quality across most major portfolios, increased sales and trading revenue (excluding impact of DVA), higher mortgage banking income and increased investment banking income.
"We are doing more business with our customers and clients: Deposits are up; mortgage originations are up; we surpassed 11 million in mobile customers; small business lending is up 27 percent year over year; loans to our commercial clients rose for the seventh consecutive quarter; and our corporate clients made us the second-ranked global investment banking firm," said Brian Moynihan, chief executive officer. "Our strategy is taking hold even as we work through a challenging economy and continue to clean up legacy issues."
"Our focus on strengthening the balance sheet continued this quarter," said Chief Financial Officer Bruce Thompson. "We ended the quarter with record Tier 1 common capital ratio of 11.41 percent and an estimated Basel 3 Tier 1 common capital ratio of 8.97 percent, up from 7.95 percent as of the second quarter of 20121. With these gains, we have turned our attention to driving core earnings."
Men da dette er et aktiesite, så skal man jo have nogle virksomhedsplay og mit har foreløbigt været centreret omkring bankerne, særligt Bank of America. Den er steget 70% i år, og jeg har taget flere positioner mellem 8 og 9.
De kom med regnskab igår og det var en blandet landhandel, men de mødte i store træk markedets forventninger. Kursen skete der heller ikke så meget med.
Der er 2 modsatrettede effekter (indtil videre) i BAC. Den ene er opkøbet af Countrywide (US svar på realkredit danmark) og det andet var opkøbet (måske politisk motiveret) af Merril Lynch.
Merril Lynch har nogle krav hængende over hovedet 1,9 mia dollar i dette kvartal som var det som tynger dette kvartalsregnskab. Det var sådan set ventet.
På alle nøgletal ift. Basel 3 forbedre BACs dog sit regnskab hvert kvartal. Det er betryggende.
BAC er en imponerende organisation og er global 2-5 indenfor næsten alle finansielle discipliner.
Så jeg sad med andre ord og kiggede på Countrywide tallene og det er her jeg kommer i tvivl ihvertfald på den korte bane (2-3 kvartaler)
Selvom nonperforming loans viser forbedring hele tiden, advarer de om at der kan kommer ekstra nedskrivninger på 6 mia USD. Så det vil nok tynge regnskaberne en periode endnu.
Så nu kigger jeg istedet på den korte bane på Wells, Morgan Stanley og JP Morgan.
Men beholder BAC. Iøvrigt udbetaler de udbytte hvert kvartal.
Her er deres egne ord for kvartalet.
CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 17, 2012-- Bank of America Corporation today reported net income of $340 million, or $0.00 per diluted share, for the third quarter of 2012, compared to $6.2 billion, or $0.56 per diluted share, in the third quarter of 2011.
As previously reported, the third quarter of 2012 was negatively impacted by $1.9 billion of debit valuation adjustments (DVA) and fair Value option (FVO) adjustments related to the improvement in the company's credit spreads, $1.6 billion for total litigation expense, including a charge for the previously announced settlement of the Merrill Lynch class action litigation, and a charge of $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a negative $0.28 per share.
The year-ago quarter included $6.2 billion in positive DVA and FVO adjustments, $0.6 billion in total litigation expense and $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a positive $0.27 per share in the third quarter of 2011. In addition, the year-ago quarter included, among other significant items, a $3.6 billion pretax gain on the sale of a portion of the company's investment in China Construction Bank (CCB), partially offset by $2.2 billion of net losses related to equity and strategic investments other than CCB.
Relative to the year-ago quarter, the results for the third quarter of 2012 were driven by improved credit quality across most major portfolios, increased sales and trading revenue (excluding impact of DVA), higher mortgage banking income and increased investment banking income.
"We are doing more business with our customers and clients: Deposits are up; mortgage originations are up; we surpassed 11 million in mobile customers; small business lending is up 27 percent year over year; loans to our commercial clients rose for the seventh consecutive quarter; and our corporate clients made us the second-ranked global investment banking firm," said Brian Moynihan, chief executive officer. "Our strategy is taking hold even as we work through a challenging economy and continue to clean up legacy issues."
"Our focus on strengthening the balance sheet continued this quarter," said Chief Financial Officer Bruce Thompson. "We ended the quarter with record Tier 1 common capital ratio of 11.41 percent and an estimated Basel 3 Tier 1 common capital ratio of 8.97 percent, up from 7.95 percent as of the second quarter of 20121. With these gains, we have turned our attention to driving core earnings."
18/10 2012 20:41 Kristensen 3
61558 Tak for en kort og hurtigt gennemgang, aka.
Har tidligere kigget lidt på BAC, uden at have sat mig voldsomt ind i den. Kortet ned konkluderer jeg ud fra dit skriv, at der på den lange bane er et stort potentiale, men at man på kortere sig når ikke går glip af den helt store gevinst, da der fortsat hersker en del usikkerhed på boligmarkedet.
Lige som dig har jeg af en eller anden årsag et godt øje til JPM, som du også nævner, og det seneste kvartalsregnskab, bekræftede jo at det gik godt. De tjente 1,40 dollar eksklusive ekstraordinære poster i kvartalet, mod analytikernes forventninger på 1,20 dollar pr. Aktie og 1,03 dollar pr. Aktie i forhold til samme periode sidste år.
Har tidligere kigget lidt på BAC, uden at have sat mig voldsomt ind i den. Kortet ned konkluderer jeg ud fra dit skriv, at der på den lange bane er et stort potentiale, men at man på kortere sig når ikke går glip af den helt store gevinst, da der fortsat hersker en del usikkerhed på boligmarkedet.
Lige som dig har jeg af en eller anden årsag et godt øje til JPM, som du også nævner, og det seneste kvartalsregnskab, bekræftede jo at det gik godt. De tjente 1,40 dollar eksklusive ekstraordinære poster i kvartalet, mod analytikernes forventninger på 1,20 dollar pr. Aktie og 1,03 dollar pr. Aktie i forhold til samme periode sidste år.
22/11 2012 23:57 Martin NYSE 062525 Hvis man ser på det tekniske aspekt, så vil jeg mene det ser rigtigt attraktivt ud at gå ind nu. Du har stærk support ved 9.39, fibs, EMA bullish.
Hvad mener i?
Hvad mener i?
