Citigroup (NYSE:C), which last week ousted Chief Executive Officer Vikram Pandit due to management missteps, has begun to stage a comeback in corporate-bond underwriting as it assists overseas companies borrow in the U.S. Citigroup, who was the top underwriter of bond sales globally in the decade prior to the 2008 financial crisis, managed 6.1 percent of sales during the year through yesterday, which is a rise from 5.7 percent in 2011, according to data that has been put together by Bloomberg, excluding self-led deals. The New York-based lender rose to second in rankings from fourth last year, closing in on JPMorgan Chase & Co. (JPM) and relegating Bank of America Corp. (BAC) to third.
Wells Fargo & Company (NYSE:WFC) announced a quarterly common stock dividend of $0.22 per share. The dividend is payable on December 1, 2012, to stockholders of record as of November 9, 2012. Wells Fargo has about 5.3 billion outstanding shares. Additionally, the Wells Fargo board of directors raised the company’s authority to repurchase common stock by 200 million more shares.
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Pfizer, Inc. (NYSE:PFE): A federal judge refused Pfizer’s request to halt the beginning of the first product-liability trial around its smoking-cessation drug, Chantix. Pfizer stated that the delay was necessary due to the fact that some new clinical data had been revealed. Based in New York, Pfizer faces over 2.600 lawsuits in federal court involving accusations concerning the smoking cessation drug, Chantix. Apparently, the drug caused some users to commit suicide or go through other mental health problems. The drug maker was not able to warn users about the risks, and these safety issues have had a significant adverse effect on the sales growth.
Boston Scientific (NYSE:BSX) announced its quarterly earnings for Q3 2012, reporting a steeper sales decline than predicted. The company gained $1.73 billion in sales, which is a 5 percent decline (on a constant currency basis) from last year as it still faces challenges primarily in interventional cardiologyand cardiac rhythm management (NYSE:CRM) businesses. The stronger U.S. dollar also accounted for 2 percent of the sales drop as gross margins showed improvement after the cost-cutting efforts. Boston Scientific posted a loss as a result of a one-time $0.81 billion goodwill impairment relating to its U.S. CRM reporting unit.
Don’t Miss: Citigroup Stays Strong After CEO Shake Up.