JPMorgan Chase & Co.: Update to credit analysis following change in ou...

Our credit view of this issuer reflects its bolstered capital ratios in anticipation of regulatory changes, offset by its large absolute size of the bank's capital markets activities.

Moody's Ratings affirms JPMorgan Chase Bank, N.A.'s prime jumbo origin...

Moody's Ratings (Moody's) has affirmed JPMorgan Chase Bank, N.A.'s (Chase) prime jumbo residential mortgage originator assessment at Above Average. Chase's Home Lending operation is headquartered in Columbus, Ohio. The company originates and purchases prime jumbo residential mortgage loans through...

PYPL US (BUY, TP: $100, +25%) PayPal - Pillar Two tax / EPS risk for F...

We spoke to PayPal today for a broader Q3 wrap but specifically also to focus on Pillar Two, given this tax angle is the current topic du jour (and following Mastercard’s guide last week) and given market whispers that 10% of PayPal EPS could be at risk from FY 25. Such extreme estimates seem a stretch.

Money 20/20 USA - Key takeaways

While still recovering from the whirlwind of information we’re taking an initial crack at summarizing some of the key takeaways from attending the annual Money 20/20 USA jamboree in Las Vegas last week. While the subject of many discussions was quite predictable—did anybody mention AI?— insight came from conversations around ROI considerations for AI, Open banking/finance use cases and compliance, Real-time payments and the ever-present issue of Fraud.

PYPL US (BUY, TP: $100, +25%) Healthy Q3 beat; sneak preview for FY 25...

PayPal reported solid Q3s, coming in ahead of expectations: 4% at transaction margin $ and 11% at non-GAAP EPS. FY guidance for 2024 was lifted, and consensus will move up, although less so for Q4 once higher higher investment costs are factored in.

Bank of America Corporation: Q3 earnings decline, but headwinds from r...

Although Bank of America’s earnings were down 12% from a year ago they were unchanged from Q2, suggesting its earnings trajectory may have reached an inflection point.

5 Things to Know in Investing this Week - The Rising Price of Commodit...

PYPL US (BUY, TP: $100, +28%) PayPal - Everywhere CAC/LTV modeling, A...

We are pushing up our mid-term TM$ estimates on PayPal. Whilst remaining very constructive on Fastlane as a key product driver (see Faster Lane, bigger destination, Aug 20th), we are incorporating stronger debit adoption into estimates, modelling in more detail the direct and flywheel effects of PayPal Everywhere (and indirectly Venmo) and looking in more detail at how CAC/LTV can make sense (push back has been on the 5% cash back incentive and the merit/effectiveness of reward schemes).

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Virtus Investment Partners Inc - Company Profile and SWOT Analysis

Summary Virtus Investment Partners Inc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Virtus Investment Partners Inc (Virtus) is an asset management and related solutions provider. Its asset management solutions contain mutual funds, closed-ended funds, variable insurance ...

PYPL US (BUY, TP: $85, +24%) ADYEN (BUY, TP: EUR1,700) SQ US (Neutral,...

We continue our series of Deep dives into Payments (see previous: Unified Commerce, and Rise of the Merchants) with a look at Real Time Payment (RTP) developments. Adoption has been rapid on a global basis, notably at the consumer level in markets like Brazil, though is a significant laggard in the US. Momentum here is, however, slowly building through FedNow (launched only in 2023) with banks/FIs stalling, but with consumer demand we think high and with a Visa/Mastercard interchange settlement ...

PYPL US (BUY, TP: $85, +25%) PayPal Everywhere? Well, almost there..

PayPal at the end of last week presented “PayPal Everywhere”, with “new rich rewards and in-store access” which, according to the release, will “...transform PayPal into a single solution for every type of customer everywhere they shop”. A quick read of the headline might suggest that PayPal is (finally) becoming available for in-store payments. Perhaps even somehow already taking advantage of Apple’s recently announced opening up of access to the NFC chip (and “Secure Element”) for 3rd parties,...

Bank of America Corp: 1 director

A director at Bank of America Corp sold/sold after exercising options 92,000 shares at 39.805USD and the significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direct...

Ocwen Financial Corporation - Mergers & Acquisitions (M&A), Partnershi...

Summary Marketline's Ocwen Financial Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Ocwen Financial Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Allia...

PYPL (BUY, TP: $85 ($80), +25%) PayPal - Faster lane, bigger destinat...

With Fastlane a key driver of our positive view on the stock we update our thinking for latest commentary and aspirations here following Q2s (see note here) noting that being processor agnostic changes the way we’re looking at things (not bad, potentially better). We also run through Apple’s key news regarding access to its NFC chip (and “Secure Element”) for 3rd parties in multiple geographies from August 14th – the start of a journey which should allow PayPal to plug the hole in-store/anywhere...

JPMorgan Chase & Co.: Update to credit analysis

Our credit view of JPM reflects a business mix that performs well through the cycle resulting in robust earnings and capital generation and healthy liquidity as well as a complex profile.

Alphabet Inc.: Google loses US antitrust case over search dominance, a...

While the ruling is credit negative as it may alter Alphabet's business model and profitability, its scale, exceptionally strong credit metrics, and robust liquidity mitigate this risk.

PYPL US (Buy, TP: $80, +25%) PayPal Q2 24 - Beat and raise; Fastlane ...

PayPal reported very strong Q2s, with Transaction margin $ 7% ahead of expectations, and growing 8% y/y, in turn driving a 21% non-GAAP EPS beat. All key guidance indicators for FY 24 are lifted. TM % growth is supported by a return to growth in Unbranded, a solid performance from Branded and from Venmo and ~3pp of growth from interest income.

Cloud revenues re-accelerating, capex beat, EVs & auto semis weak, mem...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 31 names we followed last week

Capital One Financial Corporation - Mergers & Acquisitions (M&A), Part...

Summary Marketline's Capital One Financial Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Capital One Financial Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partners...