Financial Biz Cheat Sheet: SunTrust Tanks, Home Loans Smack These Mortgage Lenders
Last year’s Nasdaq (NASDAQ:NDAQ) cyber attacks appear to be more serious than the exchange had initially said in February. New information shows that hackers installed software and spied on the board directors of publicly-held companies. The exchange said they did not have evidence the hackers accessed client data; however, it is uncertain what information had been taken. The investigation continues.
SunTrust Banks, Inc (NYSE:STI) reported a third quarter earnings per share of $0.39 per share vs. $0.33 per share in the second quarter of 2011; year over year, earnings was $0.17 per share. Revenues for the quarter was $2.19 billion as compared to $2.24 billion from the same time period last year. This beats estimates by $0.03 on earnings per share and revenue by $70 million.
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MGIC Investment Co. (NYSE:MTG) saw a larger-than-expected $165 million ($-0.82 earnings per share) third quarter loss. This compares to a $51 million loss (-$0.26) from the same time period a year ago. The company also reported a 12 percent revenue loss to $337 million with declining net premiums.
Since 2007, the five largest U.S. mortgage lenders have seen nearly $69 million in expenses from sinking home loans. This isn’t over yet and the number could rise to $120 billion. Bank of America (NYSE:BAC) has$40.3 billion in expenses with JPMorgan Chase & Co. (NYSE:JPM) at $17.6 billion.
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Capital One’s (NYSE:COF) stock jumped after the company beat estimates for its third quarter earnings per share and revenue. It also saw an uptick in net interest margin to 7.39 percent from 7.21 percent in the previous quarter. In a conference call today, the company said it’s on track with its ING Direct (NYSE:ING) acquisition for either late 2011 or early 2012 and in the second quarter of 2012, a completed purchase of the HSBC credit card business.
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