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  • Forexpro: ...
    So what about $STT, where I spent so many happy and prosperous (generally) years? It got its clock cleaned after observing during the call that sophisticated institutional investors - the bank's core clientele - can read a Bloomberg screen, and dema ...
  • scottrades: Some Earnings to be aware of for next week: $TSLA $SCHW $BAC $NFLX $JNJ $GS $MTB $STT $TSM $ASML $LMT $MS $UAL $AXP $RAD $T $BK $PLD $GNTY $IBM $USB $NOK $PG $ERIC $ISRG $NDAQ $BKR $ABT $ALK $SLB $ALLY $MBWM $WAL $FCX $BX $JBHT $UNP $CBSH $DHI $PM $ELV $AA $TFC $LRCX $KEY $FITB $CFG $SYF $NUE $TRV
  • champ: $NUE $ALB $ETSY $BK....upgrades this morning....Watch for Entries....
  • champ: $BK at $47.60 ...was upgraded by $GS, with a price target at $59, this morning and $GS has a large book of customers, so an upgrade right before they report their earnings on 1/13....that is a Big-deal.....so I'm looking for this #Pre-earnings move to continue........
  • champ: $BK....under the Radar type of stocks can work.....a little more #Safely and thats means #Slowly....
  • mharps: $BK gapped up have a timey bit
  • joelsg1: @champ $BK $GS #Pre-earnings Yessir, breakout Day 3 though, Wolfe top pick for '23 $60 target. In small, waiting for pb or acceleration to add.
  • Forexpro: ...
    It can be challenging. Custody in the U.S. is an oligopoly, but the oligopolists (the other major players are $BK and $JPM, with $NTRS and $C smaller in scale) compete ferociously for every mandate. Margins for the core business are consequently raz ...
  • joelsg1: @Forexpro $SPY $STT $BK $JPM $NTRS $C Wow, amazing info and insight, thank you heartily. I hope the Kid appreciates the time, effort and wisdom imparted, I certainly do. P.S. he does, and appreciates your generosity. Their fledgling West Coast operation is trying to ramp at a difficult time, but at least no shortage of parking, as I understand. He’s attracted interest from some others, like $SIVB, so he has a tough decision this month, better informed by you. Thanks again for your kind reply.
  • Forexpro: Re: $BK Hi, Friends, The trust banks are sometimes neglected, but $BK and $STT are both up 5+ percent, $NTRS 4 percent, on the back of $BK's results. If I'm not mistaken, $STT reports tomorrow, $NTRS on Wednesday. Be it noted that $BK has made it back to the 50 percent retracement of the Sept 15 45.01 high to Oct 13 36.22 low. Oct 13 wasn't all that long ago, but moves end at some point, generally speaking. Anyway, no position apart from a daughter employed at $BK but interested in the sector where I spent a goodly chunk of my career, albeit at $STT. Hope your day is off to an excellent start; all the best!
  • scottrades: Reminder about some #Earnings for the week: $TSLA $BAC $NFLX $SCHW $GS $JNJ $BK $T $UAL $VZ $LMT $SNAP $AAL $GNTY $SI $NOK $NUE $ASML $PG $IBM $HAS $AXP $ALLY $ACI $ABT $ISRG $BKR $BX $LRCX $FCX $NDAQ $AA $SLB $DOW $MRTN $STT $SBNY $JBHT $PLD $TRV $MNSB $ERIC $PM $ALK
  • champ: ...
    Then on Monday 10/17.....$BAC will be reporting their earnings....and this bank will be in play off of the other banks, that reported on Friday....plus $BK and $SCHW will also be reporting their earnings.
    ..............I have NP's...in any of these ...
  • heavyMTL: $BK announced its intention to restart buybacks, it's been in a consolidation for a long time, what would be a good entry?
  • Forexpro: ...
    On the bank earnings front $C appears to have done better than expected. That's a poor, beaten-down stock, so it perhaps deserves a break. $WFC took a larger than expected earnings reserve and is off slightly as I type. The Death Star ($BLK) appears ...
  • sierramp: @Forexpro $C $WFC $BLK $BK $MS $JPM $BAC $GS $STT Thank you for your morning perspective and for the laugh!
  • Forexpro: Re: $BK

    Hi, Friends,

    Nice chart, huh? Looks like a potentially decent short to me if it can manage to crawl back to 46. It took a downgrade from $JPM this morning, which seems sort of gratuitous at this point. For this one, and for $STT and $NTRS, ...
  • Forexpro: Re: $BK, Custodial Banks

    Hi, Friends,

    I'm torn, because when I was at $STT, $BK was The Great Satan, although we were a league above when it came to FX; $BK hired our castoffs. On the other hand, they regularly underpriced us for custody mandates, ...
  • Forexpro: ...
    Custody per se is basically a breakeven game, as $BK, $JPM and to a somewhat lesser extent $NTRS compete fiercely for every new mandate. In addition to a steep short end of the curve, getting customers to do FX, securities lending, etc. is key. In m ...
  • heavyMTL: Thoughts on $BK? falling knife? Fundamentals seem great
  • jpoko13: @heavyMTL $BK I'd get my foot out of the way
  • scottrades: Some Earnings for the coming week. $GS $BAC $NFLX $SCHW $MS $SI $PNC $ASML $UNH $BK $AAL $PG $AA $TFC $MBWM $SBNY $FMBI $FAST $GNTY $ONB $FBK $SLB $ISRG $BKR $UAL $USB $ALLY $STT $UNP $PLD $PRGS $JBHT $KMI $TRV $CSX $CFG $CMA $KEY $FITB $CNXC $RF $IBKR $HBAN $OFG
  • champ: ...
    ...$BK $GS $ONB $PACW $PNC $SI $TFC $FULT $PNFP $UCBI....plus both of these brokers $SCHW and $IBKR....NP's.
    ...$BAC is on Wednesday, along with others, I'm holding a swing position....
    .....then $AA...is after the close on #Wednesday....this nice ...
  • Bridget: $BK flagging at the highs. Breakout trigger above $60.50 to blue skies. Stop below $58
  • dcolten: @Bridget $BK Thanks. Always appreciate your picks
  • scottrades: Some #earnings for the week.. $TSLA $NFLX $JNJ $CLF $SNAP $VZ $ASML $T $INTC $HAL $ERIC $NUE $UAL $PG $STT $LRCX $STLD $AAL $SI $ACI $FCX $WGO $ABT $CROX $ISRG $PM $LUV $PHG $AXP $CMG $NEE $KSU $MAN $ALLY $BX $NDAQ $VLO $LVS $BK $SYF $SAM $IBM $ANTM $DHR $AN
  • scottto_2: #InsideBarList - My OCD kicked in hard on this one - Thanks Sir @Aragorn - $AAL $AAOI $AAPL $ABC $ABT $ABUS $ACAD $ADI $ADS $AEM $AES $AFL $AGCO $AGIO $AIG $AKAM $AKTX $ALE $ALGT $AMCX $AMN $AMP $AMT $AMZN $AN $ANET $ANGI $ANTM $AON $APA $APD $APRN $ ...
  • scottrades: Some #Earnings to be aware of this coming week: $JPM $GS $PEP $BAC $DAL $WFC $GSM $C $UNH $BLK $AOUT $FAST $PNC $MS $AA $CAG $ANGO $ERIC $OGI $USB $ALV $FRC $CTAS $ASPU $KSU $BK $SCHW $SLP $TFC $FHN $HOMB $SAND $STT $EXFO $THTX $WABC $WAFD $WNS $MRTN $VLRS $PBCT $INFY $SCR
  • Pokersmith: @scottrades $JPM $GS $PEP $BAC $DAL $WFC $GSM $C $UNH $BLK $AOUT $FAST $PNC $MS $AA $CAG $ANGO $ERIC $OGI $USB $ALV $FRC $CTAS $ASPU $KSU $BK $SCHW $SLP $TFC $FHN $HOMB $SAND $STT $EXFO $THTX $WABC $WAFD $WNS $MRTN $VLRS $PBCT $INFY $SCR #Earnings Thx Scott, copy that
  • kbrowe: @scottrades $APHA $TSM $JPM $WFC $BAC $GS $RAD $BBBY $C $BLK $DAL $PEP $MS $OGI $LOVE $UNH $AA $FAST $INFY $ALLY $PNC $USB $SLP $JBHT $FRC $TFC $SEAC $BK $STT $HOMB $LAKE $PPG $KSU $WABC $CFG $SJR $MRTN $KRUS $KLXE $EH $CNTG $BYRN $WAFD $WIT #Earnings Thanks for providing this.
  • scottrades: Some #Earnings to be aware of this coming week. $APHA $TSM $JPM $WFC $BAC $GS $RAD $BBBY $C $BLK $DAL $PEP $MS $OGI $LOVE $UNH $AA $FAST $INFY $ALLY $PNC $USB $SLP $JBHT $FRC $TFC $SEAC $BK $STT $HOMB $LAKE $PPG $KSU $WABC $CFG $SJR $MRTN $KRUS $KLXE $EH $CNTG $BYRN $WAFD $WIT
  • Forexpro: @lostsheep $STT Thanks, Lostsheep, Rival $BK is also off to a strong start. Cheers! P.S. E-minis through yesterday's 3853.25 low, touching 3850.
  • Forexpro: ...
    So, what's the business model? Custodial banking is scalable, and investment in heavy computing iron is substantial, and ongoing. The industry has just enough competitors to keep prices depressed for the core custodial functions ($BK, $NTRS, $JPM in ...
  • Forexpro: ...
    Or, in the case of $C, what she's doing. Sorry, Jim, you're wrong. We're talking about $WFC. We are not discussing a proven water walker in Charlie Scharf. Yes, he worked for Jamie Dimon once upon a time, but he wasn't a world-beater at his several ...
  • scottrades: Some #Earnings to be aware of this week. $NFLX $BAC $FCEL $GS $PG $INTC $SCHW $UNH $MS $HAL $FAST $CMA $STT $ASML $UAL $ONB $IBM $TFC $JBHT $MBWM $CTXS $USB $UNP $ALLY $TRV $BK $AA $LOGI $SLB $ZION $CFG $KEY $FBC $ISRG $IBKR $FHN $BKR $KMI $NTRS $DFS $CSX $EDU $HOMB
  • Forexpro: Re: $BK, $STT Hi, Friends, According to SeekingAlpha.com, these two custodial-cum-asset management outfits garnered an upgrade (to "Buy") from Brian Bedell at Deutsche. Bedell also hiked $SCHW to "Buy". Evidently there are those who care more than I do, as $BK is up around 1.3 percent pre-open, $STT around 1.7 percent. All the best!
  • Forexpro: ...
    So, I'm surprised by the recent price action, and presume that there will be news out at some point to validate the move. If the stock can close above 66.21, in my methodology it's back into an uptrend. By the bye, when I joined back in 1997, I was ...
  • grcjr: @Forexpro $STT $SSgA $BK - every so often I'll do a comparison chart with $BAC, $JPM, $GS, $MS, WFC, $C, and $STT ... multiple time frames. $STT was clearly the winner recently. Cheers. ... I'm closing up. Thanks for your posts. Be well.
  • Forexpro: ...
    Anyway, Deutsche and HSBC were prominently named; in the U.S. $JPM and $BK were toward the top of the list. With futures getting smacked around generally, all of the banks are getting spanked pre-open, but some more than others. Speaking of which, a ...
  • DAN: @Forexpro $JPM $BK Awesome note, Forexpro. Thank you!!! Dan
  • indigo1948: @Forexpro $WFC $BK -good morning. Difficult environment to see morale improve. Been in that environment and it’s gets significantly worse before the better component. Have a family member in this situation with Deutsche Bank in SF- every week is another “week of grace” in his locale. All the best.
  • Forexpro: ...
    The WSJ has a sizable article on $WFC this morning. The gist is that CEO Scharf is, not surprisingly, about to embark on making his new outfit more like his former abode ($BK). The latter is notorious around the Street for having a penny-pinching, d ...
  • debeers: @Forexpro $WFC $BK - i had to get some info from $WFC last week and the folks there are scared silly and, as a result, they are walking around like zombies. Something about the phrase, "dirty linoleum floor" doesn't seem to equate with "prosperous welcoming bank." The folks at $JPM in contrast, were suited up and their faces were cracking from smiling so much. When a customer walks in a bank, ambience is everything.
  • champ: ...
    ...Wednesday....will be $GS, $BK, $PNC.....
    ...Thursday....will be $BAC, $MS, $SCHW, $SBNY, after is $FFIN and $WAL.....
    ...Friday....will be $AALY, $CFG, $FHN, $RF, $STT.....
    However the bottom line is, all investors and traders will know more or ...
  • Forexpro: Re: $BK

    LOL, Friends,

    Today's WSJ reports that a whistleblower at $BK was awarded $50 mio by the SEC for services rendered. What services could possibly be worth $50 mio, you ask? Easy, help the SEC to fine $BK $715 mio (paid several years ago) for ...
  • Forexpro: ...
    My former colleagues at State Street Global Markets do a monthly equity market update which purports to be prescriptive as well as descriptive. The firm actually does very little equity business apart from transitions, although transition management ...
  • Brice: @Forexpro $BK $JPM $NTRS $STT Thanks for sharing this valuable information, as always!
  • Forexpro: @Brice $BK $JPM $NTRS $STT You're very welcome, Brice. Hope you're well, and thriving; cheers!
  • mulligan: @Forexpro $BK $JPM $NTRS $STT Great summary, thanks for sharing.
  • Forexpro: @mulligan $BK $JPM $NTRS $STT You're Very Welcome, Mulligan, Good hunting today!
  • Forexpro: ...
    It appears that what has been good for the $BK goose has also been working for the $STT gander. As in the case of $BK, I'm mildly surprised to see $STT handily beat expectations. As I type, the bid of 63.00 is 7.7 percent above yesterday's regular s ...
  • Forexpro: @Forexpro $STT $BK Hi, Friends, $BK is happily chugging away to the upside, but $STT, despite its pre-opening heroics and generally strong financial stocks, is just barely treading water on the day. Yes, the earnings report offered a solid beat, but if that outcome is primarily due to FX, how confident are we that the performance can be repeated during the current quarter, and beyond? Yeah, me neither. The Street is treating the stellar FX number as a one-off, and I presume that senior insiders, who are cleared to sell today once the call is out of the way, will be doing so. Although I have no position - and I actually care more about $BK, as I have a daughter gainfully employed there - I was still rooting for $STT to move higher. Auld lang syne. Here's hoping that your day is going well; all the best!
  • Forexpro: Re: $BK

    Good Morning, Friends,

    Well, waddya know? A bank beat estimates. A sort-of bank, actually; $BK does little or no retail banking and commercial lending. The key businesses (as for $STT, as for $NTRS) are custodial services for institutional ...
  • Forexpro: ...
    You'll note that the attached chart of $STT's most direct competitor, $BK, has a very similar look. In the case of $STT, I'd demand exemplary behavior, and would be out on a break below 49.25. Although the state of my family's prosperity was for man ...
  • issues: @Forexpro $STT $BK Very helpful. Thank you Dr Forexpro! You are the best!!
  • Forexpro: Re: $BK, $ICE

    Hi, Friends,

    I'm not on the firm's distribution list, but according to SeekingAlpha, $GS' financial services analyst is out recommending $BK and $ICE this morning, while counseling avoidance of several purer play asset management firm ...
  • Forexpro: Re: Markets Hi, Friends, I enjoyed watching Dan in action this morning, but I've been pretty quiet today. I was paying close attention to $INFO earlier, but it seems inclined to want to hold above 80 following a fairly steep drop by the dawn's early light. $GLD, not surprisingly, is doing well as a contra play, and $MSFT and $PYPL have been green throughout. $ADBE has also been on the plus side for most of the day. More recently, $BK, which has been battered since it reported earnings, has made an effort to turn around. If it can get back above 47.50 I'll be impressed, although probably not sufficiently to get long. The previous low prior to the current southerly move was 47.91, so the gap to be filled isn't all that substantial. Here's hoping that everyone is hanging on to their dough; all the best!
  • Forexpro: Re: $BK

    Good Morning, Friends,

    Sort of scratching my head; I pay attention to $BK because it was my alma mater's ($STT) most direct competitor (although we were always miles ahead of them in FX) and because my eldest labors for her daily crust ther ...
  • CraigReynolds: @Forexpro $BK $STT Nice and informational post from a Pro. Thanks, sir.
  • Forexpro: Re: $BK

    Hi, Friends,

    And speaking of banks, including custody banks, here's the most jarring juxtaposition I saw yesterday. First, take a look at this earnings flash from Dow Jones Newswires, carried on ToS:

    "Bank of New York Mellon Beats Ear ...
  • Forexpro: ...
    Not, typically, a big mover pre-market, but $STT is doing reasonably well following its report. Who knows? Perhaps it will hold. It's possible that the firm is taking market share from $BK (the other major players in the space are $NTRS and $JPM), a ...
  • champ: ...
    ......30-more companies will be reporting earnings tomorrow. The big market movers could be the banks again and $BAC, is the main one and the others are $USB $PNC $FHN $CBSH $CMA $BK $ALLY, these 8-banks will be moving the markets before the open, ...
  • champ: $WFC @ $50.75, this is now a buy and hold investment position, watch for #Entry.....because of their new CEO, he comes in with a wealth of banking experience and he is very well known....he was the CEO at $BK and also $V, plus he also held executive positions at $JPM and $C. A new CEO can really turn a company around, just like what happened at $CMG. All investors now have a real #positive-reason to take a new investment position. Institutions and all the other larger players will also be taking new positions and others will now be adding to their current positions...they pay a dividend of 4.17%. Larger players are in this stock, like Warren Buffett and others, they will probably be adding now. ........Investment positions, are all about what is going to happen...and this stock now has a floor under it, @ around $50.00.
  • Forexpro: ...
    As others have mentioned, $BK is sending its CEO (Charles Scharf), who has gone the unrestricted free agent route, to $WFC without even a third round draft pick in compensation. I presume that a desperate $WFC is prepared to shower him with even lar ...
  • champ: @Forexpro $BK $WFC --- A lot of positive news on this new CEO, this morning. Nice post.
  • Forexpro: @champ $BK $WFC Thanks, Champ, I hope that this finds you feeling and doing well. All the best!
  • Forexpro: ...
    Be it noted that $NTRS isn't a retail bank; it competes against the much larger $BK and $STT in the asset servicing space, and it has an enviable private wealth management practice. When I lived outside Chicago many years ago, a fair percentage of m ...
  • Forexpro: ...
    I sold my restricted stock in $STT as soon as it became unrestricted some years ago. The company can still be a money machine, but it absolutely needs a steeper short end of the yield curve, as the business model revolves around Net Interest Margin. ...
  • indigo1948: @Forexpro $STT $UBS $BK $NTRS -good morning. I believe you have said $STT was your former employer if memory serves me correctly. Has their overall management team remained since your time with them?
  • Forexpro: @indigo1948 $STT $UBS $BK $NTRS Hi, Indigo1948, My time there is now a decade ago - time flies - and while some faces remain (Tony Bisegna, a capable guy who ran the forward desk, is now global head of FX), most are gone. Jay Hooley, a friend who was CEO for a decade, retired last year, and has been replaced by a Fidelity guy, Ron O'Hanley. I don't know Mr. O'Hanley, nor have I received much feedback on his tenure, to date. I'm sure that he's smart enough to grasp the business model. :-) Here's hoping that you're well, and thriving; all the best!
  • Forexpro: ...
    Just mulling it over. My eldest was complaining last night that the bank stock ($BK) in which she is paid, to a considerable extent, hasn't been going in the right direction for some time now. She'll likely have more, come January. As we used to say ...
  • debeers: @Forexpro $BK $STT $NTRS $BX $BLK -Thanks for your, as always, insightful response. I am a Stevie girl. I always picture the Schwarzman eagle swooping down from the sky devouring clueless and unsuspecting prey.
  • Forexpro: Re: Banks, Yield Curve HI, Friends, Even the poor, beleaguered trust banks ($BK, $STT, $NTRS) are up by an appreciable amount on the day, but you'll note that the yield curve continues to be extremely unfriendly. The attached chart approximates the 10 year yield versus the 2 year. Only approximates, as it is based on futures rather than cash prices; I can't chart the latter intraday. Still, the trend remains pretty visibly "flatter", which is not the ideal environment for those looking to borrow short and lend long. We do get non-farm payrolls on Friday, although one number isn't likely to provide much relief even if it proves to be what the market decides is the "right" number. Hope your day is going well; all the best!
  • Forexpro: @debeers $BK $STT $NTRS

    Sorry, Lady DeBeers,

    I've been out and about, and missed your query. Now, is your interest in Blackstone/$BX/private equity, which is Steve Schwarzman's domain, or "The Death Star", aka BlackRock/$BLK/real money a ...
  • debeers: @Forexpro $BK $STT $NTRS -Forexpro---do you have an opinion on Blackstone. I figure that when things change, Fink will have already anticipated it. I decided that he can worry about my financial exposure. Thanks, Forex!
  • Forexpro: Re: $BK, $STT, $NTRS Hi, Friends, $BK is having a very rough session following earnings, and to an even greater extent, following the call. The opinion offered by management is that poor yield curve structure is (a) chiefly to blame for the bank's travails and (b) likely to persist for several quarters. The stock was overbought near term, but that appears to be getting corrected. It is possible that $STT and/or $NTRS (both down c. 3.5 percent as I type), which have core business models that are similar to $BK's, have managed their respective balance sheets more adroitly. We'll find out on Apr 23, when both report. At the moment, I'm hoping that my eldest, who works in wealth management for $BK, hasn't been stuffing her 401(k) with company stock. Here's hoping that your day is going well; all the best!
  • Forexpro: @champ $TNX $JPM $C Thanks, Champ, Although the level of the 10-year note, as an isolated piece of datum, doesn't matter so much as does the shape of the long end of the curve versus the short, since those levels represent, respectively (and very roughly) where banks can lend versus what it costs them to borrow. it's all about Net Interest Revenue, especially for the trust banks ($BK, $NTRS, $STT). At the moment, there is some steepening going on, although the absolute level is still no great shakes. At least it isn't flattening, at the moment. I've attached a chart of 10 year vs 2 year T-note futures, as I can't chart the cash market intraday. Here's hoping that all is well with you; cheers!
  • DAN: ...
    champ $C $JPM $GS $BAC $MS $SCHW $CMA $BK $NFLX $IBM $CSX $UAL
    08:47 PM 04/14/2019#Trading-idea's, a lot of ways to make money, when the markets are climbing the "Wall of Worry". For now, I'm currently in the markets...with 34 positi ...
  • champ: ...
    ......On Tuesday, it will be ER reports by $BAC, $CMA, $BK and then $NFLX, $IBM, $CSX $UAL...after the close, these are the one's that I'm watching. There are only 24, ER reports on Tuesday.
  • champ: $XLF...Financials...Banks stocks are now being held back...because Maxine Waters, the chairwomen of the House Financial Services Committee, has the CEO's of $JPM, $BAC $GS $MS $STT $BK ...will be in front of her on Wednesday, 9:00 ET, that will be fun, if they have it on live. $JPM's CEO, James Dimon, will have a lot to say to her...I can't wait.
  • Forexpro: ...
    I've attached a StockCharts comparison chart of some of the larger names going back to the beginning of what proved to be a pretty rough 4Q18. Of the bunch, $BK came out best, but $BK is a very different animal. Of the remainder, $BAC wasn't great, ...
  • Lou: @Forexpro $BAC $WFC $BK - thanks Kevin - I appreciate the thoughtful analysis and comments. I'm still sitting on my hands, holding my $BAC but continue to do nothing new.
  • Forexpro: ...
    I'm assuming that all of the big indexers have large positions in both, although $BLK is generally less, well, passive about getting involved in corporate governance than are its peers. Mr. Fink wants to be able to hold his head up at Davos. I can ...
  • Forexpro: Re: $BK

    Hi, Friends,

    This custody bank and agglomeration of investment management firms was $STT's bitter rival during my time at the latter firm. Whereas $STT, mostly willy-nilly, ended up as a force on the passive management/ETF side, active mana ...
  • Forexpro: ...
    Be it noted that these data actually reflects the decisions of those controlling substantially more in the way of assets than even the $31 trn or so under custody at State Street. Most larger funds have more than one custodian, but they will, typica ...
  • Forexpro: ...
    The people in HR at $STT must be tireless, as along with earnings, the company announced another 1,500 of what we used to refer to as "cost synergies", i.e. "layoffs". Management has changed, but the inability to think beyond cut ...
  • Forexpro: Re: $BK

    Hi, Friends,

    This custodial bank, $STT's largest rival and the employer of my eldest, put up what look like fairly mediocre numbers for the quarter. Custody agreements are generally priced based on asset valuations, so a quarter in which $S ...
  • Forexpro: ...
    Well, not the way outgoing CEO Jay Hooley (for whom I have a lot of respect) would have wanted to, well, go out, I expect. In fact, none of the more or less pure play custodial banks ($BK and $NTRS, in addition to $STT) have covered themselves with ...
  • Forexpro: ...
    $STT's business model revolves around sweeping the cash thrown off by $34 trillion of assets under custody, paying the overnight rate, and lending out to, say, the three month area (sometimes more, sometimes less, depending on the precise shape of t ...
  • grcjr: @Forexpro $STT $SPY $GLD $BK $JPM $NTRS Thanks for all your in depth posts. Have a great weekend.
  • Forexpro: Re: $BK, $STT Good Morning, Friends, "Too big to fail" custodial bank $BK's earnings appear at first glance to have come in on the light side. The divvie was increased to 0.28 from 0.24. The stock is getting beaten up to some extent pre-market. Truth to tell, I only care about $BK because a daughter is employed there. I care more about rival $STT, where I spent some of my own formative years. The 20-period correlation between $BK and $STT is high (0.98) and $BK has, of late, tended to outperform. The business mix is a bit different, but the core at both firms is the custodial services unit, with net interest revenue a key metric. $STT may be somewhat farther along in revamping IT, a major expense for both outfits. $STT reports tomorrow prior to the open. Best of luck today!
  • Forexpro: Re: "Too Big to Fail" Banks Hi, Friends, Here's a picture of the performance of the bulge bracket banks and former I-banks since the close of business in 2017. There has been some modest regulatory relief for the trust banks, and $BK (although not $STT) has performed moderately well, beating out the $SPY year to date. That's it, though; an uncooperative yield curve, among other factors, is keeping a lid on these names. Hope your day is going well; all the best!
  • Forexpro: @Forexpro $BK $STT $SPY Hi, Friends, Speaking of the yield curve, here is a portrait of "2s-10s" as of yesterday's close. Pretty ugly if you're a bank, and traditionally ugly if you're an economy, although given all of the Fed's gyrations, the import may in fact be different this time. Guess we'll see. All the best!
  • Forexpro: Re: $MS on Banks Hi, Friends, Originally from $MS, as related by Bloomberg, and summarized by SeekingAlpha: "Large-cap bank stocks have struggled despite earnings beats, says Betsy Graseck, with the flattening yield curve and credit deterioration among investor concerns. Positive catalysts abound though, says Graseck - eased regulation, digitization, and reflation, among them. "Her favorites: BNY Mellon ($BK), Discover Financial ($DFS), JPMorgan ($JPM), and SunTrust ($STI). "Covering mid-caps, Ken Zerbe is more positive on SVB Financial ($SIVB), Associated Bancorp ($ASB), Webster Financial ($WBS), and Bank of the Ozarks ($OZRK), and more negative on New York Community ($NYCB), Bank of Hawaii ($BOH), and People's United ($PBCT) following Q1 results." All the best!
  • debeers: @Forexpro $NTRS $JPM $C $BK $STT -Thanks so much, Forexpro
  • Forexpro: @debeers $NTRS $JPM $C $BK $STT You're Always Welcome, Lady DeBeers, By the bye, we're getting a decent pullback in the E-minis, and liquidity isn't what it was earlier. The contract is staggering higher from the 2652.75 low, and for all I know may just go racing back to the upside. It got pretty close to the 61.8 percent level (2652.25) however, suggesting that we may have already seen the session high. That "rule" hasn't been strictly observed by the obstreperous Ms. Market in recent days, though, so we'll have to see. I missed a long entry by a tick; not for the first time, but it's always annoying. Here's hoping that your day is green, and free of annoyances; all the best!
  • Forexpro: ...
    Here's hoping that all is going well, apart from the Sox getting no-hit by the A's, of all clubs. Of the three banks that are generally considered custody banks (although it's a big business for $JPM, $C still tries, and closely held Brown Brothers ...
  • debeers: @Forexpro $NTRS $JPM $C $BK $STT/$BA and $EL -Your brilliance is only eclipsed by your unfailing kindness! I think the custodies and wealth managers benefit the most from proposed changes in financial regs but i am in no rush. Actually i cut $$$ in a ...
  • Forexpro: Re: $STT Hi, Friends, Well, there's still plenty of money under custody ($33.3 trn) and management ($2.73 trn), but the headline number of $1.62/share was depressingly close to published expectations ($1.59). Revenue was also remarkably close, $3.02 bn vs consensus expectations of $3 bn. Mildly disappointing relative to the more newsworthy beat yesterday by the Great Satan ($BK). The stock hasn't traded, as yet (121 shares, according to ToS). The recent pattern amongst the big banks has been for considerably larger beats than this to be sold, but I'm constantly surprised. All the best!
  • Forexpro: Re: $STT Hi, Friends, Most banks are managing to remain green due to the Pavlovian response to a steepening (finally!) yield curve, but $STT is getting hammered by a surprisingly weak earnings report. Surprising to me, anyway. The people in the C-suite and at EVP level are now free to sell restricted stock, and I'm sure that they're looking to preserve profits. :) People at the SVP level, who won't be cleared until Monday, if things are being done the way they were during my time, will be going insane with frustration at not being able to bail. I'm not a buyer; $BK seems to be executing better, and although there are trophies for second place, they're typically a lot smaller. All the best!
  • Forexpro: Re: $BK Hi, Friends, This was once a hated rival, but with my elder daughter employed there, I sorta have to root for them, even though I'll always be a State Street guy. Sadly, she's likely still too junior to have much if any restricted stock. Still, it's easier for banks to be nice to employees when earnings are growing, and the stock price is rising. Speaking of $STT, its earnings report will be out pre-open tomorrow. I'm assuming that the same forces that have been working for $BK will be operative for $STT. The chart patterns are very similar. Still, they compete head to head in many markets, so one's gain may be the other's loss. We'll see. All the best! P.S. Consumed by curiosity, I checked; the rolling 20-period correlation of $BK and $STT is 0.95. Kinda tight.
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Stock Price $57.62
Change 1.21%
Volume 2,789,870

Bank of New York Mellon Corporation is a financial services company. Through its subsidiaries it provides trust and custody activities, investment management services, banking services and securities-related activities.

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