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Goldman Finds Tax Reform Will Greatly Benefit The Big Banks

It’s not just the ultra rich, as well as a dazed and confused Bob Corker who is set to reap a $1+ million windfall from the passage of a tax bill which he opposed until just days ago, who will benefit from the passage of tax reform: according to Goldman Sachs among the biggest beneficiaries […]


Citi Tumbles After CFO Warns Of $20 Billion Charge If Senate Tax Bill Passes

Citi stock tumbled, closing at session lows after the bank’s CFO John Gerspach  confirmed that the trading woes plaguing other banks would impact it as well, previewing Q4 trading as down “in the high teens.” The percentage decline in trading revenue from a year earlier is largely driven by the bank’s fixed-income unit, Gerspach said […]


Is Tax Reform A Done Deal? This Is What Wall Street Thinks

Following the backing of Sen. John McCain on the GOP tax reform bill, markets have surged to new all time highs as tax-sensitive banks lead the way, with Bloomberg reporting that odds for the tax bill's passage may increase to "near-certainty" if the Senate can finish its version in the days ahead, citing Evercore ISI.  […]


Amazon Soars On Report Of “Unbelievable” Online Sales As Channel Checks Show Store Traffic Down 1%

While bricks and mortar retailers and malls may have decided to put their aggressive discounts on hold for the time being, seemingly content with their market share (losses), online retailers – and one in particular – continue to make staggering gains. Preliminary reports for Black Friday and Thanksgiving sales point to a promising start to […]


Yield Curve Collapses; High Yield Credit Gets Mauled: Banks Rally

Content originally published at iBankCoin.com What? We’re not supposed to see BAC higher on a day when spreads are collapsing, but we are nonetheless. US yield curve now 64 bps, the flattest in over a decade. Inversion is still a long way off, right? Not really – it has flattened 64 bps in less than […]


So Why Did Capital One “Suddenly” Exit Mortgage Lending??

Last week, Capital One Financial (COF) announced that is was formally withdrawing from the residential mortgage loan market.  Some observers mistook this announcement for news, thinking that COF had actually been engaged in residential lending in a serious way.  Housing Wire, for example, reported that COF had “suddenly” exited the mortgage and home equity business. […]


The Cost Of Delusion – Asset Prices & Monetary Policy In An Irrational World

Authord by Chris Whalen via The Institutional Risk Analyst, Almost as soon as it started, the excitement surrounding earnings for financials in Q3 2017 dissipated like air leaving a balloon. Source: HedgeEye Results for the largest banks – including JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) – all universally disappointed, even based upon the […]


Q3 Earnings Season Begins This Week: Here Are The 3 Things Goldman Clients Are Focusing On

It's that time in the quarter again: 3Q earnings season begins this week with Wall Street consensus expecting S&P 500 EPS growth of just 5% (3% ex-Energy), a sharp drop from the last two quarters (Q1 was+14% and Q2 +11%). According to Goldman's Davis Kostin, "solid economic activity coupled with a weak USD will support […]


Three Reasons Why Retail Sales Are About To Disappoint Bigly

On Friday the Department of Commerce will report August retail sales, a material report which all else equal, may influence whether the Fed proceeds with its plans to unveil balance sheet tapering in its upcoming FOMC meeting. However, as we discussed last week, the report, together with virtually all other high frequency economic reports, will […]


“From Nukes To Terrorism”: Battered Investors Flee Risk For Safety Of Bonds And Gold

The global risk-off mood accelerated overnight on Trump “stability concerns”, coupled with fallout from the Spain terrorist attack and lingering North Korea tensions, even if the VIX is off its latest highs, trading just above 15. Investors fled into German and U.S. Treasury bonds and bought gold for the third day in a row, as […]


Hedge Funds’ Love Affair With FAANG Fizzles: Full 13-F Breakdown

One quarter after virtually every hedge fund loaded up on one or more of the six most influential tech stocks in the U.S stock market, Facebook, Apple, Amazon, Netflix and Google – a handful of stocks roughly responsible for half the market’s YTD gains – the love affair with FAANG continued, albeit far less passionately, […]