South Africa’s government bonds rallied, sending the yield below 8 percent for the first time in three years, and the rand and stocks gained as the budget convinced most investors the country is doing enough to stave off another credit-rating downgrade.
With Moody’s Investors Service poised to lower the country’s local-currency credit rating to junk, investors were looking for evidence the government is willing and able to curb debt and trim the budget deficit under the leadership of newly elected President Cyril Ramaphosa.
They got it: debt is projected to stabilize sooner and at a lower level than previously forecast, while the fiscal shortfall is seen narrowing over the next three years, the National Treasury said in its budget review.
Read More: Ramaphosa Takes Tax Gamble as South Africa Targets Debt
#lazy-img-324185886:before{padding-top:56.25%;}“The market feels that the budget will be good enough to stave off a downgrade by Moody’s,” said Gordon Kerr, a fixed-income analyst at Rand Merchant Bank in Johannesburg.
Top Bank Stocks To Buy For 2019: Ampco-Pittsburgh Corporation(AP)
Advisors' Opinion:- [By ]
Wellington, New Zealand (AP) -- New Zealand plans to slaughter about 150,000 cows as it tries to eradicate a strain of disease-causing bacteria from the national herd.
- [By ]
The 2018 Infiniti Q50, a luxury sedan that has a significant discount going into Memorial Day weekend. Though it's not as polished as some rivals, the Q50 is stylish and desirable all the same. (Photo: AP)
- [By ]
New York (AP) -- Tom Petty died last year because of an accidental drug overdose that his family said occurred on the same day he found out his hip was broken after performing dozens of shows with a less serious injury.
Top Bank Stocks To Buy For 2019: Canadian Imperial Bank of Commerce(CM)
Advisors' Opinion:- [By Garrett Baldwin]
We're about to reveal a little wealth secret that could unlock the trade of a lifetime. Money Morning Special Situation Strategist Tim Melvin takes you inside what could easily be a 10-bagger for investors in the weeks ahead. Read more right here.
The Top Stock Market Stories for Tuesday The Euro has plunged to its lowest point against the U.S. dollar in 2018 thanks to political problems in Europe. The breakdown of power in Italy has raised new concerns about the nation's ability to repay its debts, as the spread between German and Italian bonds has widened. Market instability has also spread to Spain where the nation's parliament is preparing to vote on whether to oust Prime Minister Mariano Rajoy and his party. Oil prices slid one news that OPEC and Russia will consider hikes in production during a meeting in Vienna, Austria on June 22nd. The news accompanied reports that U.S. production is expected to rise throughout the summer. The price of WTI oil sat at $67.20 per barrel. The Brent crude oil price recovered this morning, adding 1% to hit $76.12. Canadian banks are under pressure this morning over a major breach by cyber criminals. The Bank of Montreal (NYSE: BMO) and the Canadian Imperial Bank of Commerce (NYSE: CM) – the two largest banking institutions in the country – announced that roughly 90,000 customers' data may have been stolen. This would be the first major cybersecurity event to happen in Canada involving financial firms. Three Stocks to Watch Today: CRM, SBUX, MOMO com (NYSE: CRM) will lead a busy day of earnings reports on Wall Street. The cloud computing giant is set to report fiscal first quarter 2019 numbers after the bell on Tuesday. The average analyst projection calls for a 46% jump in EPS of $0.46 on top of a 23% gain in revenue to $2.94 billion. Starbucks' Corporation (Nasdaq: SBUX) will temporarily close about 8,000 locations on Tuesday to train roughly 175,000 employees on racial bias. The training sessions were - [By Logan Wallace]
Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) – Analysts at Desjardins reduced their Q2 2018 earnings per share estimates for Canadian Imperial Bank of Commerce in a research report issued to clients and investors on Wednesday, May 2nd. Desjardins analyst D. Young now forecasts that the company will post earnings of $2.85 per share for the quarter, down from their prior estimate of $2.86.
- [By Motley Fool Staff]
Canadian Imperial Bank of Commerce (NYSE:CM)Q2 2018 Earnings Conference CallMay 23, 2018, 8:00 a.m. ET
Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:Operator
- [By Stephan Byrd]
Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Stephan Byrd]
Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Wednesday, May 23rd, Zacks reports. Stockholders of record on Thursday, June 28th will be paid a dividend of 1.036 per share by the bank on Friday, July 27th. This represents a $4.14 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Wednesday, June 27th.
- [By Lisa Levin] Companies Reporting Before The Bell Target Corporation (NYSE: TGT) is estimated to report quarterly earnings at $1.38 per share on revenue of $16.50 billion. Ralph Lauren Corporation (NYSE: RL) is expected to report quarterly earnings at $0.83 per share on revenue of $1.48 billion. Lowe's Companies, Inc. (NYSE: LOW) is projected to report quarterly earnings at $1.25 per share on revenue of $17.63 billion. Tiffany & Co. (NYSE: TIF) is estimated to report quarterly earnings at $0.83 per share on revenue of $957.49 million. Canadian Imperial Bank of Commerce (NYSE: CM) is expected to report quarterly earnings at $2.23 per share on revenue of $3.40 billion. Citi Trends, Inc. (NASDAQ: CTRN) is projected to report quarterly earnings at $0.9 per share on revenue of $210.70 million. Qiwi plc (NASDAQ: QIWI) is expected to report quarterly earnings at $0.25 per share on revenue of $60.19 million. iClick Interactive Asia Group Limited (NASDAQ: ICLK) is projected to report quarterly loss at $0.06 per share on revenue of $34.87 million.
Top Bank Stocks To Buy For 2019: First Commonwealth Financial Corporation(FCF)
Advisors' Opinion:- [By Ethan Ryder]
First Commonwealth Financial (NYSE:FCF) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a report released on Monday.
- [By Logan Wallace]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Logan Wallace]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Joseph Griffin]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Joseph Griffin]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
- [By Joseph Griffin]
Get a free copy of the Zacks research report on First Commonwealth Financial (FCF)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Top Bank Stocks To Buy For 2019: Wells Fargo & Company(WFC)
Advisors' Opinion:- [By Matthew Frankel, CFP]
Wells Fargo (NYSE:WFC) experienced massive system failures beginning midday on Thursday, which left many of its customers unable to access their bank accounts. The bank's data centers and other internal systems were out as well, according to reports by bank employees. The cause wasn't a data breach -- rather, the outages were a result of a shutdown at one of the bank's facilities.
- [By Matthew Frankel, CFP]
Wells Fargo (NYSE:WFC) has been rocked by a series of scandals and penalties in recent years, and its recent results have been disappointing, to say the least. In the second quarter, for example, the bank revealed that its deposit base and loan portfolio both contracted, while most other banks experienced impressive growth.
- [By Paul Ausick]
Buffett also stuck by his long-term commitment to Wells Fargo & Co. (NYSE: WFC) which now amounts to about 10% of the bank’s outstanding stock. He almost seemed to excuse the fake account scandal with a comment that what happened at Wells Fargo could have happened to any bank. The scandal was the result of heavy corporate pressure on branch managers to increase sales. As a result, said Buffett, “Wells Fargo is a company that proved the efficacy of incentives and it’s just that they had the wrong incentives.”
- [By ]
Buffett's investment in banking is even more interesting that the overall over-weighting appears. Berkshire cut its position in Wells Fargo & Company (NYSE: WFC) to come in under 10% ownership last quarter but still holds $24.7 billion in shares, it's second-largest holding. At the industry-level, Berkshire added to its banking position with 3.7 million shares of US Bancorp (NYSE: USB) and 1.4 million shares of Bank of New York Mellon (NYSE: BK).
- [By Matthew Frankel]
It's been an eventful week in the financial markets. Wells Fargo's (NYSE:WFC) scandals are in the headlines (again), the two largest investment banks reported excellent earnings, and there's another data breach consumers should know about.
- [By Matthew Frankel, Neha Chamaria, and Matthew DiLallo]
Despite the excellent results, Bank of America still trades at a relatively low valuation of just 1.25 times book value. For comparison, JPMorgan Chase (NYSE: JPM) trades for more than 1.6 times book and even scandal-plagued Wells Fargo (NYSE: WFC)trades for a multiple of more than 1.5. In short, Bank of America has evolved into one of the best-in-breed banks, but still trades like a work in progress.
Top Bank Stocks To Buy For 2019: HSBC Holdings PLC (HSBA)
Advisors' Opinion:- [By Max Byerly]
HSBC Holdings plc (LON:HSBA) has received an average recommendation of “Hold” from the sixteen analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is GBX 768.33 ($9.80).
- [By Max Byerly]
Credit Suisse Group set a GBX 720 ($9.32) price target on HSBC (LON:HSBA) in a research report sent to investors on Tuesday morning. The firm currently has a neutral rating on the financial services provider’s stock.
- [By Max Byerly]
HSBC (LON:HSBA) was upgraded by equities research analysts at Credit Suisse Group to a “neutral” rating in a research report issued to clients and investors on Thursday. The firm presently has a GBX 720 ($9.38) target price on the financial services provider’s stock, up from their previous target price of GBX 680 ($8.86). Credit Suisse Group’s price target suggests a potential upside of 5.82% from the company’s previous close.
- [By Stephan Byrd]
Morgan Stanley set a GBX 855 ($10.91) price target on HSBC (LON:HSBA) in a research note issued to investors on Tuesday. The brokerage currently has a buy rating on the financial services provider’s stock.
- [By Joseph Griffin]
HSBC (LON:HSBA) had its target price lowered by equities research analysts at Shore Capital from GBX 721 ($9.60) to GBX 625 ($8.32) in a report issued on Tuesday. The brokerage presently has a “sell” rating on the financial services provider’s stock. Shore Capital’s price objective indicates a potential downside of 14.71% from the company’s previous close.
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