Comerica Q2 Net Profit Declines, But Tops Estimates
(RTTNews) - Comerica, Inc. (CMA), a financial services company, reported Friday that net income attributable to common shares for the second quarter decreased to $200 million or $1.49 per share from $266 million or $2.01 per share in the prior-year quarter.
Excluding items, adjusted earnings for the latest quarter were $1.53 per share. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income declined to $533 million from $621 million and total noninterest income decreased to $291 million from $303 million last year. Analysts' expected revenues of $813.47 million for the quarter.
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Moody's Cuts Signature Bank's Rating To Junk
Moody's Investors Service has downgraded the ratings of the collapsed Signature Bank to junk, and will withdraw its ratings for business reasons. The rating agency also put the following six banks under review before deciding on downgrading them - First Republic Bank, Zions Bancorp., Western Alliance Bancorp, Comerica Inc, UMB Financial Corp and Intrust Financial Corp.
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Yen Falls As Traders Doubt On BoJ Rate Hike
The Japanese yen weakened against major currencies in the Asian session on Friday, as investors continued to have doubts about whether the Bank of Japan (BoJ) would likely raise interest rates once more.
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Yen Falls Against Majors
The Japanese yen weakened against major currencies in the Asian session on Friday.
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Macy's To Close 66 Stores Under 'Bold New Chapter' Strategy
Department store chain Macy's Inc. is closing 66 Macy's non-go-forward store locations in 2025, as part of its strategic plan, called "A Bold New Chapter", aiming to return to sustainable, profitable sales growth. The move comes after the Omni-channel fashion retailer, which owns Macy's, Bloomingdale's and Bluemercury brands, slashed its fiscal 2024 adjusted earnings guidance in early December.
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European Economic News Preview: France Industrial Output, Consumer Spending Due
Industrial production and consumer spending from France and retail sales from Italy are due on Friday, headlining a light day for the European economic news. At 1.45 am ET, the State Secretariat for Economic Affairs releases Swiss unemployment data for December. The jobless rate is forecast to rise to 2.7 percent from 2.6 percent in the previous month.
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European Shares Set For Muted Start Before US Jobs Data
European stocks may drift lower at open on Friday as investors brace for the all-important U.S. jobs report later in the day.
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Sensex, Nifty Follow Global Peers Lower; IT Stocks Surge
Indian shares opened lower on Friday, mirroring weak cues from global markets amid Trump's tariff threats and expectations of fewer interest-rate cuts by the U.S. Federal Reserve in 2025.
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Asian Markets Mixed Amid Cautious Trades
Asian stock markets are trading mixed on Friday, following the mixed cues from European markets and lack of cues from Wall Street overnight as they were closed, as traders are cautious ahead of the release of the closely watched US monthly jobs later in the day, which will potentially provide additional clarity about the strength of the labor market and the outlook for interest rate cuts.
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