Financial Sector Review: Volcker Rule Repercussions, Facebook IPO Update

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Capital City Bank Group (NASDAQ:CCBG): The provision for loan losses for Q4 was $7.6M compared to $3.7M in Q3 and $3.8M for 4Q10. Net charge-offs for Q4 totaled $6.2M, or 1.50% of average loans, compared to $5.1M, or 1.22%, in Q3, and $6.1M, or 1.35%, in 4Q10.

The shares closed at $9.02, down $0.61, or 6.33%, on the day. Its market capitalization is $154.75 million.

Legg Mason, Inc. (NYSE:LM) reported Q3 revenue $627.0M vs. consensus $655.70M.

The shares closed at $26.02, down $1.3, or 4.76%, on the day. Its market capitalization is $3.64 billion.

Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), J.P. Morgan Chase & Co (NYSE:JPM), Wells Fargo & Company (NYSE:WFC): The European Commission will tell Treasury Secretary Timothy Geithner that the so-called “Volcker rule,” which would restrict U.S. banks from making bets with their own capital, could increase funding costs for the region’s governments and worsen its crisis, according to an interview with Michel Barnier, the European commissioner for the internal market, reported The Wall Street Journal.

BAC shares closed at $7.29, down $0.01, or 0.14%, on the day. Its market capitalization is $76.81 billion.

C shares closed at $30.87, up $0.49, or 1.61%, on the day. Its market capitalization is $90.26 billion.

JPM shares closed at $37.21, down $0.28, or 0.75%, on the day. Its market capitalization is $140.38 billion.

WFC shares closed at $29.60, up $0.55, or 1.89%, on the day. Its market capitalization is $155.77 billion.

Goldman Sachs Group, Inc. (NYSE:GS): Facebook could file initial public offering documents as early as Wednesday and is close to picking Morgan Stanley (NYSE:MS) as its lead underwriter, the Wall Street Journal reports, citing people familiar with the matter. The IPO is likely to have two or more active managers, with Goldman Sachs (NYSE:GS) expected to play a prominent role in the deal, the Journal adds. Facebook is looking at a valuation of $75B-$100B, the paper said, citing a source.

The shares closed at $111.77, up $3.21, or 2.96%, on the day. Its market capitalization is $55.03 billion.

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