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What to Watch in the Week Ahead and on Monday, April 22
Reuters · 15h ago
UPDATE 4-AmEx surpasses profit estimate; small-business strategy in focus
American Express's first-quarter profit jumps 31% to $2.44 billion. U.S. Consumer spending jumps, SME growth 'soft' - AmEx. AmEx's U.s. Consumers spent 8% higher than last year, while international spending climbed 14%. Company to refocus on U. S. Small business customers. Company maintains 2024 revenue and profit forecast.
Reuters · 23h ago
Discover Financial's profit falls on higher loan loss provisions
Discover Financial's profit falls on higher loan loss provisions. The lender set aside more in rainy-day funds to cover for potential credit losses. U.S. Banks have increased their provisions for losses from bad loans as interest rates rise. Discover agreed to be acquired by Capital One Financial in a $35.3 billion deal.
Reuters · 2d ago
BUZZ-PREVIEW: Discover Financial gains ahead of quarterly report
Shares in credit card company Discover Financial Services DFS.N up 1.5% on Wednesday ahead of quarterly report due after market close. Wall Street sees co, which agreed to be bought by Capital One COF.N, reporting up 8.6% y/y. Warren Buffett-backed U.S. Bank Capital One unveiled plans in Feb for $35.3 billion acquisition.
Reuters · 2d ago
CAPITAL ONE FINANCIAL CORP <COF.N>: BMO RAISES TARGET PRICE TO $135 FROM $125
Reuters · 04/10 11:16
CAPITAL ONE FINANCIAL CORP <COF.N>: TD COWEN RAISES TARGET PRICE TO $150 FROM $144
Reuters · 04/10 10:25
BUZZ-Ally Financial gains after BofA upgrades to "buy"
Ally Financial stock up 1.3% after BofA Global Research upgrades consumer lending firm to "buy" from "" Bof a hikes PT by $4 to $46, implying 19% upside to stock's last close. Ally Financial's shares up 12% YTD.
Reuters · 04/09 17:35
U.S. RESEARCH ROUNDUP-CME Group, Danimer Scientific, Intercontinental Exchange
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. CME Group, Danimer Scientific, Intercontinental Exchange among companies with new targets. American Eagle Outfitters, American Express among those with targets raised. Analysts also raise target prices on American Express, Alcoa and other companies.
Reuters · 04/09 07:12
CAPITAL ONE FINANCIAL CORP <COF.N>: JEFFERIES RAISES TARGET PRICE TO $145 FROM $135
Reuters · 04/09 05:37
CAPITAL ONE FINANCIAL CORP <COF.N>: KBW RAISES TARGET PRICE TO $175 FROM $159
Reuters · 04/08 06:17
BUZZ-US banks gain after jobless claims data boosts dovish hopes
Shares of U.S. Banks gain as jobless claims data increases hopes of a rate cut by the Federal Reserve. Initial claims for state unemployment benefits rose to a seasonally adjusted 221,000 for the week ended March 30. Banks are scheduled to kick off their earnings season this week.
Reuters · 04/04 15:20
U.S. RESEARCH ROUNDUP-Ally Financial, GE Vernova, Navient
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. Ally Financial, GE Vernova, Navient and Navient are among the companies. Analysts cut ratings and target prices on several companies on Wednesday. Some analysts raised their targets for the companies, others cut them.
Reuters · 04/03 07:28
CAPITAL ONE FINANCIAL CORP <COF.N>: JP MORGAN RAISES TARGET PRICE TO $152 FROM $134
Reuters · 04/03 04:38
BREAKINGVIEWS-Odd Washington deal creates anti-M&A synergy
Senators on opposite ends of the political spectrum are joining forces to stop stock swaps from being tax-free. Jeffrey Goldfarb says the proposal builds on the movement against corporate concentration. Senators want to stop corporate mergers structured as stock swaps being exempt from tax. The proposal probably wouldn't generate much revenue, he says.
Reuters · 03/28 15:27
UPDATE 1-Discover Financial says CEO Michael Rhodes will step down
Discover Financial Services says CEO Michael Rhodes will step down effective April 1, 2024. Rhodes will serve as an advisor to the interim CEO J. Michael Shepherd. Rhodes accepted a job offer at another financial institution, the company says. Ally Financial appoints Rhodes as its CEO.
Reuters · 03/27 20:20
MOVES-Santander Bank names former Goldman exec as US retail banking head
Swati Bhatia most recently led Goldman's direct-to-consumer Marcus business. She is expected to focus on building capabilities, simplifying processes and lowering costs at the bank. Santander Bank appoints former Goldman Sachs exec as head of retail banking in the United States.
Reuters · 03/27 15:00
US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard
US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard by Visa and Mastercard. The antitrust settlement announced on Tuesday is one of the largest in U.S. History. Wall Street analysts expect banks to absorb a large part of the revenue loss.
Reuters · 03/27 12:27
Walmart can end Capital One credit card partnership early, US judge rules
Walmart can end Capital One credit card partnership early, US judge rules. Walmart accused Capital One of being too slow to post many transactions to cardholders' accounts. The world's largest retailer accused the bank of failing to meet customer service standards. Capital One said it disagreed with the decision and is evaluating its right to appeal.
Reuters · 03/26 18:55
EXCLUSIVE-Capital One tells regulators Discover deal will boost competition and stability, sources say
Capital One tells regulators Discover deal will boost competition and stability, sources say. The bank's $35.3 billion merger with Discover Financial will harm credit card competition, people say. Bank says deal will be good for financial stability. The deal will create the biggest U.S. Credit card issuer. The Justice Department is reviewing the deal.
Reuters · 03/21 20:15
Two US senators planning bill against tax-free corporate mergers, WSJ reports
Two US senators planning bill against tax-free corporate mergers, WSJ reports. Under the bill shareholders who receive stock in a deal would owe capital-gains taxes immediately. Raising tax on corporations and billionaires has been a part of the Biden administration's agenda. The senators plan to introduce the legislation on Thursday.
Reuters · 03/21 12:29
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About COF-PRG
Capital One Financial Corporation is a diversified financial services holding company. The Company, along with its subsidiaries, offers a range of financial products and services to consumers, small businesses and commercial clients through digital channels, branches, cafes and other distribution channels. The Company's segments include Credit Card, Consumer Banking and Commercial Banking. The Credit Card segment consists of its domestic consumer and small business card lending, and the international card lending businesses in Canada and the United Kingdom. The Consumer Banking segment consists of its deposit gathering activities for consumers and small businesses and national auto lending. The Commercial Banking consists of its lending, deposit gathering, capital markets and treasury management services to commercial real estate, and commercial and industrial customers.