Financial Biz Cheat Sheet: Jefferies Raises Quick Capital, Wells Fargo Talks Dividend
NYSE Euronext (NYSE:NYX) reported its third quarter earnings per share beat analysts expectations by $0.01. Its $704 million net revenue increased 18 percent, year over year. This represents its highest net revenue generation since 2008’s third quarter. Dig Deeper: NYSE Euronext Earnings Cheat Sheet: Consecutive Profit Quarter Streak Stays Intact.
MF Global’s (NYSE:MF) collapse may come with the “Goldman Sachs (NYSE:GS) myth” that the firm produces the best risk takers. With Goldman alum Jon Corzine at MF’s helm, he was hardwired to take risks and may have driven the firm into the ground from his Goldman experiences. Corzine had been quoted as saying about risk: “You can’t achieve the kinds of returns we want just by buying on the bid and selling on the offer.”
Wells Fargo & Co. (NYSE:WFC) wants to increase its dividend and continue buying back its shares as part of a capital plan to be submitted to the Federal Reserve next year, according to bank’s Chief Financial Officer Tim Sloan. A recommendation has been determined but the bank reported record quarterly earnings in 2011 and it feels it has a “good story” to tell.
The big banks (NYSEARCA:KBE) had the best intentions to curtail consumer backlash when it cancelled the proposed debit card fees; however, some of them may still see an exodus of customers. According to a new Harris Interactive poll, Bank of America Corporation (NYSE:BAC) could lose 9 percent of its accounts, with Wells Fargo & Co. (WFC ) and JPMorgan Chase & Co. (NYSE:JPM) also in danger of losing many customers.
Credit Unions are the bright spot from this debacle: they have added 650,000 customers since the end of September.
Leucadia National Corporation (NYSE:LUK) bought an additional 1 million shares of Jefferies Group Inc. (NYSE:JEF) at $11.84. The transaction gave Leucadia about a 2 percent increased stake in the company.
Investing Insights: The Growing Need for Precious Metals as Insurance.