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Seven Potential Short Candidates In Finance

Tue, 27 Oct 2009 13:55:00 GMT

The advent of High Frequency Trading (HFT) makes me believe that financial services sector stocks rank high in the list of stocks shorted regularly and that too in high volumes.[More...]

Seven Potential Short Candidates In Finance

Tue, 27 Oct 2009 13:55:00 GMT

The advent of High Frequency Trading (HFT) makes me believe that financial services sector stocks rank high in the list of stocks shorted regularly and that too in high volumes.[More...]

Indian Budget Disappoints Market

Mon, 06 Jul 2009 19:28:07 GMT

The Indian market reacted with disappointment to the budget presented this morning by the new Finance Minister, due to lack of any new liberalization measures and the ballooning budget deficit. The Bombay Sensitive Index plunged 870 points, or almost 6%, as the high hopes for major pro-market structural reform in pensions, insurance and retail sectors were not met. Markets were expecting that there would be a roadmap for bringing down the fiscal deficit, as also details of disinvestment and deregulation of oil prices. The budget seeks to boost government spending that would increase the fiscal deficit to 6.8% of GDP. The country's fiscal deficit has been soaring since the government enacted three fiscal stimulus packages of tax cuts and spending, on top of deep spending on fuel subsidies, government pay hikes and farmer loan and employment programs. Last year, the deficit was 6.2% of GDP, and the year before that it was 2.7% of GDP. Rising deficits[More...]

Indian Economy Will Grow Fastest

Tue, 23 Jun 2009 19:18:36 GMT

India to Be the Fastest-Growing Economy in 2010 The World Bank has projected (in its Global Development Finance Report) that the Indian economy will grow at 8% in 2010, which would make it the fastest-growing economy in the world for the first time, surpassing China, which is projected to grow at 7.7% rate. Please read Dirk Van Dijk's blog? for the World Bank's forecast on the global economy. For the current year, the Indian economy is projected to grow at 5.1%, revised up from an earlier projection of 4%. It may be added that India has consistently outperformed World Bank's forecasts in the past. The slow pace of reforms in critical areas had affected India's growth in the past years. However, the re-elected Government has promised to bring[More...]

This Time, It's Global

Mon, 22 Jun 2009 20:54:44 GMT

This morning the World Bank reminded us that the recession is a world-wide affair, and that the U.S. is probably gaining share of the world's economy despite our economic problems. In other words, while it might be bad here, lots of places have it far worse. Overall, the world's economy is expected to contract by 2.9% -- a sharply lower forecast than the 1.7% drop it was looking for in March. The OECD high-income countries are expected to see a 4.2% decline. The primary cause of the world-wide slump is a 9.7% decline in world trade. For the U.S., the worst of the decline for the year was probably seen in the first quarter, down 5.7%. Assuming a 4.0% decline in the second quarter, a 2.0% drop in the third quarter and a flat 0.0% quarter in the fourth quarter (a somewhat more bearish outlook than the consensus), the U.S. would match the overall drop in the world. The big rebound in the stock market we have[More...]

Market Report For Friday: Apr 17, 2009

Fri, 17 Apr 2009 13:00:45 GMT

(7:11am ET) There was plenty of economic data released in the US during the day; however the equity market sidetracked until 2pm ET, when with prices at modest losing levels on the week until that point, suddenly, and for no discernable reason, there was a rally that left the indexes with small gains through Thursday. Perhaps traders were anticipating a positive quarterly report from Google (GOOG +2.4% on +151% of average daily trading volume)? After the close, the company did not disappoint, beating both revenue and EPS estimates. The company posted net income of $1.42 billion ($5.16/share), up +8% from the $1.31 billion ($4.84/share) recorded during the same period a year ago. Revenue for 1Q2009 increased +10% to $4.07 billion, from $3.7 billion, excluding traffic acquisition costs. On average, analysts had expected earnings per share of $4.93 and revenue of $4.08 billion, according to Yahoo Finance. For the first[More...]

Daily Report For Thursday, Apr 16, 2009

Thu, 16 Apr 2009 13:36:24 GMT

(8:25am ET) The main focus of traders today will be the 1Q2009 earnings report from JP Morgan (JPM), and the close scrutiny of the data and hype that will follow. After hitting a low of $14.93 in early March, JPM has rallied +118.1% to yesterday’s close of $32.56. There was a high of $34.15 on Tuesday. http://tinyurl.com/da6dcv JP Morgan reported Q1 net income of $2.14 billion, or $0.40/share, down -10% from a year earlier, but beat analysts' expectations. Revenue increased +48% to $25.03 billion. WSJ reported that CEO Jamie Dimon said the firm extended about $150 billion in new credit to consumer and corporate customers during the quarter. With a last hour rally spurred by the real estate investment trusts (REITS) ($DJR +8.7%) and Banks ($BKX +5.1%) in the Financial sector (XLF +4.8%), the US equity[More...]

Daily Report For Tuesday, Apr 14, 2009

Tue, 14 Apr 2009 14:18:59 GMT

(9:30am ET) Stocks in NY sank at the open following various negative reports from TV talking heads, though trade volume was weak on the Easter Monday. After the close, Goldman Sachs surprised with unusually positive revenue and earnings. Today, President Obama will be making a speech on the state of the economy. Traders are confused. Yesterday was pretty much a lost day in the market. Very little of consequence happened. By the close, the DJIA’s small loss (-25.57 -0.32% to 8057.81) offset the small gain in the S&P (+2.17 +0.25% to 858.73), while the NASDAQ (+0.77 +0.05% to 1653.31) was flat. The Toronto Composite (+98.50 +1.07% to 9285.6) and the Toronto Venture Board (+11.89 +1.23% to 980.86) were stronger as the metal miners and goldminers enjoyed a good day. Except for Japan’s Nikkei 225 index (-0.92% to 8842.7), prices today were strong in the major international equity markets: Australia (+2.22% to[More...]

Daily Report For Tuesday: Apr 7, 2009

Tue, 07 Apr 2009 13:31:58 GMT

(8:05am ET) Stocks closed Monday's session in NY lower on a lightly-traded day, but much higher Week over Week. Through Friday, the major market indexes saw their largest four-week gains in seventy-six years. Now the market is preparing for 1Q2009 earnings season, which gets underway today with Alcoa (AA). On Monday, the DJIA (-41.74 -0.52% to 7975.85), S&P (-7.02 -0.83% to 835.48), and NASDAQ (-15.16 -0.93% to 1606.71) could not make headway against concerns the major banks may be preparing to release negative quarterly reports. The Toronto Composite (-49.59 -0.55% to 9016.17), and Venture Board (-12.42 -1.27% to 963.17) were also down on the day, but higher Week over Week. In international equity markets today, the closing prices showed losses except for Shanghai China (+0.80% to 2439.2): Australia -1.30% to 3648.5; Hong Kong -0.46% to 14929.0; India -1.80% to 10534.9; and Japan -0.28% to 8832.9. At 7:30am ET,[More...]

Daily Report For Wednesday, Apr 1, 2009

Wed, 01 Apr 2009 14:53:00 GMT

(8:07am ET) In his absence, Bill has asked the CTAB traders fill in for him today and maybe tomorrow as well. Bill was having connectivity and other related computer issues early Tuesday morning. Perhaps the Conficker worm virus programmed to be unleashed April 1, began slithering through the Bahamas a little ahead of schedule. The final trading day of the month opened higher, with aggressive traders nimbly positioning themselves for further short gains, after a late afternoon bounce Monday, anticipating large money managers to “mark up” equities boosting their quarter end returns. This strategy paid off nicely as the S&P future rose to 807, nearly 4% off Monday’s late afternoon low of 776. However, traders expecting prices to close near the highs were disappointed, as stocks peaked near 3pm eastern, giving up a significant portion of the day’s gains. The DJIA finished up 86.9 (+1.15%) closing at 7608.92,[More...]

Bank of America, Lowe's, MGM Mirage are big movers

Mon, 18 May 2009 21:53:00 GMT

NEW YORK - Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market:
A prominent banking equity analyst added the bank to a list of top stock picks, saying operating profit should make up for loan losses.
Pacific Ethanol Inc., down 25 cents at 32 cents

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Pakistan Fires Official Who Confirmed Mumbai Gunman's Identity

Thu, 08 Jan 2009 02:52:00 GMT

ISLAMABAD, Pakistan _ The Pakistani government on Wednesday abruptly fired its national security adviser after he confirmed that the surviving gunman captured in the Mumbai attacks is a Pakistani, a key piece of evidence contained in a dossier amassed by India on alleged Pakistani complicity in the three-day assault.
Retired Army Gen. Mehmood Ali Durrani's confirmation of the surviving assailant's nationality, the first by a senior Pakistani official, followed weeks of denials by Islamabad that any of the terrorists were Pakistani.
Durrani's ouster suggests that a struggle is raging in the Pakistan government over responding to the Indian dossier and material gathered by the U.S. that blames the November attacks on a Pakistan-based Islamic militant group with ties to a Pakistani intelligence agency.

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Moody's Affirms Icici Bank's Ratings

Thu, 06 Nov 2008 18:48:00 GMT

Moody's Investors Service today affirmed all existing ratings of ICICI Bank Ltd with their stable outlook.
"Moody's view that ICICI Bank's BCA should be aligned to the same level as rated peers, takes into account the challenges faced by it in maintaining its strong earnings profile, its good asset quality as well as its capacity to refinance its foreign currency funding needs in the currently difficult global markets," said Nondas Nicolaides, lead analyst at Moody's for the bank.
Results for the first half ending September 2008 indicate that the bank's net income has been negatively affected at both bank and group level, due to the widening of spreads on its international investments and due to high interest rates locally.

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Credit Chatter Snares India's ICICI Bank

Fri, 17 Oct 2008 14:53:00 GMT

Even before the whispers started in early October, the stock price of ICICI Bank (IBN), second in size only to the State Bank of India (SBI.BO) and the country's biggest private-sector bank, was already down 56% from the start of the year.
Then rumors about ICICI's health started circulating by anonymous e-mails and text messages.
On Oct. 12, ICICI filed a complaint with the police in Mumbai and the southern Indian city of Coimbatore, requesting their help in rounding up the culprits behind the campaign driving down its stock.

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Are You Protected From a Meltdown?

Sun, 12 Oct 2008 16:53:00 GMT

Oct. 12--What has happened to Icesave?
While the government in Reykjavik declared that all Icelandic savers" cash was safe, no such guarantees were given to more than 200,000 UK savers who have a combined £4 billion on deposit.
This is despite Icesave being signed up to the Icelandic savings compensation scheme which, in theory, means UK savers should be able to recoup the first £16,000 of their savings under the "passporting" rules.

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World Financial Crisis: India's Hurting, Too

Thu, 09 Oct 2008 14:51:00 GMT

For the first time in five years, the central bank cut the cash reserve ratio -- the amount of funds that banks have to keep with the Reserve Bank of India -- by 50 basis points, to 8.5%, on Oct. 6.
The same evening, the Securities & Exchange Commission of India eased some restrictions on foreign portfolio investors -- such as registering in India before buying shares and limits on offshore derivatives -- it had imposed in 2007.
And finance minister Palaniappan Chidambaram made yet another television appearance that day to say that India was safe from the global turmoil, and "the only fear is fear itself."

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ICICI Bank Performance Review -- Quarter Ended September 30, 2009

Fri, 30 Oct 2009 13:47:00 GMT

Profit after tax increased by 18% sequentially, to Rs. 1,040 crore (US$ 216 million) for the quarter ended September 30, 2009 (Q2-2010) from Rs. 878 crore (US$ 183 million) for the quarter ended June 30, 2009 (Q1-2010).
Profit after tax for the quarter ended September 30, 2008 (Q2-2009) was Rs. 1,014 crore (US$ 211 million).
Summary Profit and Loss Statement (as per unconsolidated Indian GAAP accounts) Rs. crore FY 2009 Q1-2009 Q2-2009 H1-2009 Q1-2010 Q2-2010 H1-2010 Net interest income 8,367 2,090 2,148 4,238 1,985 2,036 4,021 Non-interest income 7,603 1,538 1,877 3,415 2,090 1,824 3,914 - Fee income 6,524 1,958 1,876 3,834 1,319 1,387 2,706 - Lease and other income 636 174 154 328 57 140 197 - Treasury income 443 (594 ) (153 ) (747 ) 714 297 1,011 Less: Operating expense 6,306 1,634 1,543 3,177 1,467 1,358 2,825 Direct market agent (DMA)(1 )expense 529 228 145 373 27 21 48 Lease depreciation 210 52 52 104 52 46 98 Operating profit 8,925 1,714 2,285 3,999 2,529 2,435 4,964 Less: Provisions 3,808 792 924 1,716 1,324 1,071 2,395 Profit before tax 5,117 922 1,361 2,283 1,205 1,364 2,569 Less: Tax 1,359 194 347 541 327 324 651 Profit after tax 3,758 728 1,014 1,742 878 1,040 1,918

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The India Fund, Inc. Announces Earnings For The Six Months Ended June 30, 2009

Fri, 07 Aug 2009 22:47:00 GMT

The India Fund, Inc. (NYSE: IFN; the "Fund"), a closed-end management investment company that seeks long-term capital appreciation by investing primarily in equity securities of Indian companies, today announced unaudited results for the six months ended June 30, 2009.
Net investment loss was $4,007,287.
On June 30, 2009, total net assets of the Fund were $1,003,130,137, and the net asset value ("NAV") per share was $26.07 based on 38,478,622 shares outstanding.

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ICICI Bank Performance Review -- Quarter Ended June 30, 2009

Sat, 25 Jul 2009 11:46:00 GMT

Profit before tax increased 31% to Rs. 1,205 crore (US$ 252 million) for the quarter ended June 30, 2009 (Q1-2010) from Rs. 922 crore (US$ 192 million) for the quarter ended June 30, 2008 (Q1-2009).
Profit after tax increased 21% to Rs. 878 crore (US$ 183 million) for Q1-2010 from Rs. 728 crore (US$ 152 million) for Q1-2009.
Summary Profit and Loss Statement (as per unconsolidated Indian GAAP accounts) Rs. crore Q1-2009 Q1-2010 FY2009 Net interest income 2,090 1,985 8,367 Non-interest income 1,538 2,090 7,603 - Fee income 1,958 1,319 6,524 - Lease and other income 174 57 636 - Treasury income (594 ) 714 443 Less: Operating expense 1,634 1,467 6,306 Direct market agent (DMA)(1 )expense 228 27 529 Lease depreciation 52 52 210 Operating profit 1,714 2,529 8,925 Less: Provisions 792 1,324 3,808 Profit before tax 922 1,205 5,117 Less: Tax 194 327 1,359 Profit after tax 728 878 3,758

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ICICI Bank Performance Review – Quarter ended June 30, 2009

Sat, 25 Jul 2009 11:16:00 GMT

The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited unconsolidated accounts and the unaudited consolidated accounts of the Bank for the quarter ended June 30, 2009.[More...]

Free Growth Strategy Report on IBN, PCU, ADI and FCL By MaybachFinancial.Com

Fri, 12 Jun 2009 12:15:00 GMT

Shareholders of ICICI Bank Ltd. (NYSE: IBN), Southern Copper Corp. (NYSE: PCU), Analog Devices Inc. (NYSE: ADI) and Foundation Coal Holdings Inc. (NYSE: FCL) looking to get the most up-to-date research on their investment needs are encouraged to sign up for our free growth strategy report.
Tired of losing money, or feeling like you aren't in the loop when it comes to the money you have in IBN, PCU, ADI or FCL, then sign up now and get your investments back on track.
Paste this link into your browser and start learning like the pro's do.

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ICICI Bank to Issue Visa Debit Cards in the U.S.

Tue, 12 May 2009 13:48:00 GMT

ICICI Bank Limited (NYSE: IBN), India's second-largest Bank and India's largest credit card issuer, and Visa Inc. (NYSE: V) have announced a strategic relationship that will enable ICICI's New York Branch to issue Visa Debit cards in the U.S., extending the convenience and worldwide acceptance of Visa Debit cards to the bank's increasingly global customer base.
The Global Indian Account service addresses the banking needs of Indians moving overseas who require access to local banking facilities in the United States.
Mr. G V S Ramesh, Head of ICICI Bank's US Branch, said, "We chose Visa as our strategic partner in the U.S. for exactly the same reason we work closely with Visa in India -- they have an unmatched suite of payment products that allows our customers to pay securely and conveniently for every type of purchase.

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ICICI Bank Performance Review -- Year Ended March 31, 2009

Sat, 25 Apr 2009 13:47:00 GMT

Profit before tax for the year ended March 31, 2009 (FY2009) was Rs. 5,117 crore (US$ 1,009 million), compared to Rs. 5,056 crore (US$ 997 million) for the year ended March 31, 2008 (FY2008).
Profit after tax for FY2009 was Rs. 3,758 crore (US$ 741 million) compared to Rs. 4,158 crore (US$ 820 million) for FY2008 due to the higher effective tax rate on account of lower proportion of income taxable as dividends and capital gains.
Profit before tax for the quarter ended March 31, 2009 (Q4-2009) was Rs. 1,071 crore (US$ 211 million) compared to Rs. 1,343 crore (US$ 265 million) for the quarter ended March 31, 2008 (Q4-2008), primarily due to lower level of fee income at Rs. 1,343 crore (US$ US$ 265 million) in Q4-2009 compared to Rs. 1,928 crore (US$ 380 million) in Q4-2008, partly offset by lower operating expenses and higher net interest income.

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Allpoint(Tm) Network Signs India's Largest Private Sector Bank; ICICI Bank Joins Allpoint to Increase Cardholder Convenience and Attract New Deposits

Mon, 06 Apr 2009 13:47:00 GMT

BETHESDA, Md., April 6, 2009 (GLOBE NEWSWIRE) -- In March 2008, ICICI Bank Ltd., India's second largest Bank, opened its first United States branch in New York City.
Since that opening, ICICI Bank has joined the Allpoint ATM network consisting of 37,000 surcharge-free ATMs across the United States and the United Kingdom to offer more convenience to customers located outside of India.
"Allpoint is proud to be the network of choice for ICICI as they expand outside of India," said Ben Psillas, President of Allpoint Network.

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ICICI Bank Performance Review – Quarter ended December 31, 2008

Sat, 24 Jan 2009 11:44:00 GMT

The Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai today, approved the audited accounts of the Bank for the quarter ended December 31, 2008 (Q3-2009).[More...]

BridgewaterEquity.Com Free Fundamental Sector &Amp; Market Research on JBL, IBN, ALU and DRI

Fri, 19 Dec 2008 15:13:00 GMT

BridgewaterEquity.com inspires to bring the best from the internet under one roof, providing you with a one click option to view what the market, researchers and financial pundits worldwide have to say about any particular large cap stocks in any given financial environment.
Once you sign up as a free member you will have free unlimited access to all our reports, research tools and more.
We have recently begun in-depth analysis of the following equities & their respective sectors:

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