CIT Group; MGIC; Continental Air; JPMorgan Chase
Cit Group,a commercial lender facing about $6.2 billion in debt repayments by the end of the year,
posted its fifth straight quarterly loss ($2.07 billion) after losing money on the sale of its mortgage businesses. CIT stock has plunged 87% in the last year.
MGIC on sales +16%, posted its fourth straight unprofitable quarter (-$97.9 million).
The mortgage insurers claims costs soared to $688.1 vs $235.2 million. The number of delinquent loans it insures rose 59% over 12 months.
MGIC raised about $840 million in March selling stock and convertible debt to bolster capital after a record fourth-quarter net loss of $1.47 billion.
Continental Air, #4 U.S. carrier, posted a Q2 loss of $3 million on sales +9%,
as fare increases failed to keep pace with rising jet- fuel costs which rose 66% from a year earlier to $1.36 billion.
US. carriers have said they will ground at least 481 jets and eliminate almost 22,000 jobs, with most of the cuts starting in September.
JPMorgan Chase, the largest U.S. bank by market value, had a better than expected report.
Profit fell 53% as the acquisition of Bear Stearns resulted in a $540 million loss.
Revenue -3%; ROI 6% vs 14%; revenues at investment banking -6% consumer banking -23%; credit card profit -67%.
CFO Michael Cavanagh said: mortgages had deteriorated with higher late payments and losses.
CEO Dimon said: The problems extended to the bank's so-called prime mortgages, given to customers with the best credit quality.
The Nattering One muses.. Crude fell again, so what? its still $130. So a 53% decline in profit is cheered as good news?
Today another triple digit "chump jump" much like yesterdays media spun head fake on terrible news from airlines and Wells Fargo.
posted its fifth straight quarterly loss ($2.07 billion) after losing money on the sale of its mortgage businesses. CIT stock has plunged 87% in the last year.
MGIC on sales +16%, posted its fourth straight unprofitable quarter (-$97.9 million).
The mortgage insurers claims costs soared to $688.1 vs $235.2 million. The number of delinquent loans it insures rose 59% over 12 months.
MGIC raised about $840 million in March selling stock and convertible debt to bolster capital after a record fourth-quarter net loss of $1.47 billion.
Continental Air, #4 U.S. carrier, posted a Q2 loss of $3 million on sales +9%,
as fare increases failed to keep pace with rising jet- fuel costs which rose 66% from a year earlier to $1.36 billion.
US. carriers have said they will ground at least 481 jets and eliminate almost 22,000 jobs, with most of the cuts starting in September.
JPMorgan Chase, the largest U.S. bank by market value, had a better than expected report.
Profit fell 53% as the acquisition of Bear Stearns resulted in a $540 million loss.
Revenue -3%; ROI 6% vs 14%; revenues at investment banking -6% consumer banking -23%; credit card profit -67%.
CFO Michael Cavanagh said: mortgages had deteriorated with higher late payments and losses.
CEO Dimon said: The problems extended to the bank's so-called prime mortgages, given to customers with the best credit quality.
The Nattering One muses.. Crude fell again, so what? its still $130. So a 53% decline in profit is cheered as good news?
Today another triple digit "chump jump" much like yesterdays media spun head fake on terrible news from airlines and Wells Fargo.
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