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- Merrill Analyst: Six Reasons to Like Toronto-Dominion Bank
- FP Trading Desk submits: While deteriorating economic conditions are weighing heavily on the beaten-up financial sector, some names are marking down their portfolios aggressively and building the reserves needed to offset future write-offs. This should make them positive outliers in terms of credit quality. One of those companies is...
- External links 2008-10-17
- Desjardins Securities Analyst: Expect Poor Results From Canadian Lifecos
- FP Trading Desk submits: Investors can expect “awful” results from Canadian life insurance companies across the board after Sun Life Inc. SLF led the pack and this week announced its first loss since going public, according to Michael Goldberg of Desjardins Securities.The analyst said that on top of heavy...
- External links 2008-10-23
- Canaccord Capital May Need to Cut Dividend
- FP Trading Desk submits: Loads of cash and very little debt, yet Canaccord Capital Inc. (CCDF.PK), which announced early Thursday it will cut roughly 10% of its workforce, may need to cut its dividend. That's the picture being painted by TD Newcrest analyst Doug Young in a new research...
- External links 2008-10-31
- Great-West Lifeco: Dividend Track Record Threatened
- FP Trading Desk submits: Serious uncertainties about its credit exposure and the prospects for Boston-based money manager Putnam Investments in a weak economy have prompted Desjardins Securities to downgrade Great-West Lifeco Inc. (GWLOF.PK). These issues may pose the biggest threat to the 15-year track record of dividend growth at...
- External links 2008-10-31
- TMX to Face Competition from Alpha Startup
- FP Trading Desk submits: GMP analyst Steve Boland kept his "buy" recommendation on TMX Group (TMXGF.PK) but shaved C$1 off his share price target after the Toronto Stock Exchange owner posted third-quarter earnings in line with expectations.In a note Mr. Boland commended the company for maintaining it revenues despite...
- External links 2008-11-02
- Decline at Bank of Nova Scotia
- FP Trading Desk submits: Bank of Nova Scotia BNS revealed that the earnings contribution from its Mexican operations will be C$74-million in the fourth quarter as rising credit provisions more than offset the revenue growth driven by higher assets and deposits, improving margins and solid non-interest revenue growth. This...
- External links 2008-11-04
- Desjardins Securities Analyst: Banks Face Challenges, But Still a Safe Haven
- FP Trading Desk submits: The outlook for Canadian banks is bad, says Desjardins Securities analyst Michael Goldberg, but it's even worse for other sectors of the country's economy and investors would be wise to add a bank stock or more to their portfolios. The analyst said in a note...
- External links 2008-11-07
- RBC Capital Analyst: Low Probability Canadian Banks Will Encounter Solvency Issues
- FP Trading Desk submits: A challenging economic environment that makes valuations not overly cheap on a historical basis, the expectations for continued pressure on profitability as a result of the slowing economy, challenging credit and funding markets, and earnings estimates that look like they need to be lowered by...
- External links 2008-11-12
- G-20 Regulatory Reforms Will Adversely Affect Canadian Banks - Desjardins Securities Analyst
- FP Trading Desk submits: Canadian banks are expected to be less affected than their global peers by the regulatory reforms that emerged from the G-20 leaders meeting in Washington over the weekend. Elements of the action plan include a call for weaknesses in accounting and disclosure of off-balance...
- External links 2008-11-17
- Possible Bailout Breakdown for Detroit's Big Three
- FP Trading Desk submits: Executives with Ford Motor Co. F, General Motors Corp. GM and Chrysler LLC marched into the U.S. Senate banking committee Tuesday to launch their biggest selling job in decades. Their message: Help us survive the worst financial crisis in a quarter century or the U.S....
- External links 2008-11-20
- TD Bank Remains Safest Bet among Canadian Banks - Dundee Analyst
- FP Trading Desk submits: Toronto-Dominion Bank TD may be taking a C$500-million charge in the fourth quarter, but it remains the safest bet among Canadian banks heading into the credit storm, Dundee Securities analyst John Aiken said. He does not think TD’s announcement on Thursday will be the last...
- External links 2008-11-20
- Toronto-Dominion Shocks and Disappoints
- FP Trading Desk submits: Shock and disappointment is the mood on the Street one day after Toronto-Dominion Bank TD announced it will report weaker-than-expected fourth quarter earnings next month. TD said adjusted earnings per share will be C79¢ in the quarter compared with C$1.44 this time last year, due...
- External links 2008-11-21
- Brookfield Cash Flows Freely - Desjardins
- FP Trading Desk submits: Brookfield Asset Management Inc. BAM reported third quarter results earlier this month, but analysts have been poring over the company’s more detailed quarterly report, released earlier this week. Michael Goldberg at Desjardins Securities was particularly interested in determining funds from operations (FFO) excluding gains and...
- External links 2008-11-21
- UBS Analyst: Citigroup Likely to Issue Common Equity By 2010
- FP Trading Desk submits: The government-backed rescue of Citigroup Inc. C won the praise of analysts and investors on Monday, sending its shares up more than 55%, but it also brought into focus the likelihood of the bank potentially issuing more common equity. There is little doubt that Citigroup...
- External links 2008-11-25
- Analysts Praise TD's Equity Issue, Call It a New Standard
- FP Trading Desk submits: TD Bank’s TD announcement that it will issue common equity to enhance its capital position is a “pragmatic move,” says Credit Suisse analyst James Bantis, given the current market conditions. By entering into an agreement with a syndicate of underwriters to issue 30.4 million common...
- External links 2008-11-25
- Bank of Montreal Unlikely to Cut Dividends - For Now
- FP Trading Desk submits: Bank of Montreal BMO says its dividend is safe for now, but the Street isn't 100% sure that investors can count on the current payout down the road. Following Bank of Montreal's fourth quarter results, RBC Capital Markets analyst Andre-Phillipe Hardy wrote in a note...
- External links 2008-11-27
- Upcoming Quarters Don't Look Good for CIBC - Dundee Securities
- FP Trading Desk submits: CIBC was downgraded to a “sell” by Dundee Securities analyst John Aiken after the bank reported its quarterly results Thursday morning. While he does not believe CIBC will need to raise more common equity in the near term, the bank “may not be deploying capital...
- External links 2008-12-04
- BCE Troubles Help TD Bank - RBC Capital
- FP Trading Desk submits: On November 21, RBC Capital Markets analyst Andre-Philippe Hardy reduced his rating on Toronto-Dominion Bank TD to “underperform.” He’s been restricted on the stock since Nov. 24, when TD raised C$1.2-billion through a share offering but the analyst reinstated that rating on Friday. However, he...
- External links 2008-12-07
- TMX Group Has Plenty of Cash to Continue With Buybacks
- FP Trading Desk submits: Stephen Boland, analyst with GMP Securities, has taken a quick look at TMX Group Inc.'s (TMXGF.PK) buy back activity and predicts the company will repurchase on average 1 million shares per quarter going forward. He said TMX will likely use cash from operations, – $54.3-million...
- External links 2008-12-10
- Restructuring of Canada's Asset Backed Commercial Paper Will Succeed - RBC
- FP Trading Desk submits: Despite rising turmoil in the credit markets, an RBC Capital Markets analyst has reiterated his belief that the proposed restructuring of Canada's seized-up asset backed commercial paper market will succeed. In a note to clients this morning, Andre-Philippe Hardy said the restructuring of C$32-billion of...
- External links 2008-12-10
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