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ANALYSIS-US consumers on lower incomes face loan stress while banks pull back
US consumers on lower incomes face loan stress while banks pull back. Bank of America's charge-offs rose to $1.5 billion in first quarter from $807 million a year earlier. Household finances for those earning less than $45,000 are deteriorating. Banks are becoming more cautious about lending to consumers on higher incomes.
Reuters · 1d ago
What to Watch in the Week Ahead and on Monday, April 22
Tesla chief Elon Musk is expected to meet with India's Prime Minister Narendra Modi and announce plans to invest in and build a factory in the country. The week will see many major U.S companies release their financial report cards. Microsoft's revenue expected to have grown 15% as AI investments drive gains in the tech industry. A raft of economic data coming this week will be watched by the Federal Reserve policymakers.
Reuters · 3d 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 · 4d 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 · 5d 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 · 5d 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
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