Bank of Montreal (BMO) is scheduled to report fourth quarter results on Nov 24. After posting 3 earnings surprises in a row, fourth quarter estimates are trending higher by a penny in the last week, rising to 90 cents.

Bank of Montreal, which provides personal, commercial and corporate banking services in North America, reported record revenues in the third quarter. The company saw strong growth in its personal and commercial banking segment. P&C Canada saw net income rise 13% compared with a year ago. Commercial banking saw revenue grow 17%.

Like other banks, Bank of Montreal also saw big gains from its trading segment, which saw net income rise 30% from the year ago period. Corporate banking also improved.

Weakness was still evident in the P&C U.S. segment where revenues fell 0.5% from a year ago. While there was improvement due to gains on the sale of mortgages,

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KeyCorp’s (KEY) third quarter loss from continuing operations of 50 cents per share was substantially worse than the Zacks Consensus Estimated loss of 39 cents. This compares unfavorably to a net loss from continuing operations of 2 cents in the prior-year quarter. Results were primarily hurt by an increase in the provision for loan losses, write-downs of certain real estate-related investments, higher costs associated with other real estate-owned (OREO) assets and the write-off of certain intangibles. The downside also resulted from a 6.2% sequential increase in loan loss reserve to $2.5 billion, representing 4.00% of period-end loans and 108.5% of non-performing loans. Provisions for loan losses from continuing operations reached $733 million, compared to $336 million in the prior-year quarter. It exceeded net loan charge-offs by $146 million as KeyCorp continued to add to its reserves. Tax-equivalent net interest income increased 4.2% sequentially to $599 ...

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Wednesday October 14, 2009

DrStockPick.com Stock Report!

PFE, PWRM, CSRH, MRK, CVAT, WFC, AQNM, WMT

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PFE, Pfizer Inc.

PFE engages in the discovery, development, manufacture, and marketing of prescription medicines for humans and animals worldwide.

PFE’s s $68 billion purchase of Wyeth will close Thursday after antitrust regulators in the U.S. and Canada cleared the deal.

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PWRM, Power 3 Medical Products Inc, PWRM.OB

Power3 Medical Products, Inc. is a leading bio-medical company engaged in the commercialization of neurodegenerative disease and cancer biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3’s patent-pending technologies are being used to develop screening

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Bank of Montreal (...

Bank of America Corp. (BAC) will almost double its stake in state-owned banking giant China Construction Bank Corp., and will control nearly 20% of China’s second-largest bank when the deal is finalized. The official announcement yesterday (Monday) ends months of speculation that the Charlotte, N.C.-based BofA would dump part of its three-year-old investment the Beijing-based bank to offset the effects of the global financial crisis. In an article on Saturday, Money Morning reported that the deal was close, though noting that the actual timing was unknown. Bank of America plans to be “a long-term and significant strategic investor in CCB,” the U.S. lender said in a statement. The shares to be acquired to carry a restriction, however: They can’t be sold before Aug. 29, 2011, unless the China bank provides special permission. According to Caijing– the influential China ...

Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2.46 yuan), or 1.2 times the Beijing-based lender’s book value, China’s Caijing magazine reported last Friday, citing unidentified sources.

No timetable or total dollar value for the deal was given. The magazine report was picked up by the Reuters wire service, and by other U.S. media outlets, such as Forbes.com.

To smooth the way for the share purchase by Bank of America, Central Huijin Investment Co. Ltd. - the investment arm of the People’s Bank of China that’s run by the Ministry of Finance - has asked China Construction Bank to audit its third quarter results using international accounting standards.

Caijing, an influential Chinese-language business-news publication, said it did not know how many shares that Bank of America intended to buy.

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