| Synovus Reports Earnings per Share of $0.43 for Third Quarter 2007
Synovus reports diluted earnings per share of $0.43 for the third quarter 2007 compared to $0.47 for the third quarter of 2006. Net income was $142.1 million for the quarter compared to $154.1 million for the same period last year. The third quarter of 2007 results include $5.6 million (net of income taxes and minority interest) in expenses related to the intended distribution of Synovus' ownership interest in TSYS to Synovus' shareholders in a spin-off transaction. Excluding these expenses, diluted earnings per share for the quarter was $0.45, down 5.1% from the same period a year ago, while net income was $147.7 million, down 4.1% compared to the same period a year ago. Return on average assets for the quarter was 1.70% and return on average equity was 14.02% compared to 2.00% and 17.63%, respectively, in the same period last year.
John Keeley Buys ITC Holdings Corp., Tennant Company, Broadridge Financial Solutions Inc., Sells OMNI Energy Services ...
Spin-off Guru John Keeley has seen his asset under management soaring. Not a surpise, as he has delivered great performances over the past years. John Keeley likes to buy small cap stocks in special situations like spin-off, merger/acquisition etc. These are his buys and sells during the third quarter. John Keeley buys ITC Holdings Corp., Tennant Company, Broadridge Financial Solutions Inc., WABCO HOLDINGS, AZZ Inc., Titan International Inc., First Niagara Financial Group Inc., Sensient Technologies Corp., Kaman Corp., Telefonos de Mexico S.A. de C.V., QUALCOMM Inc., Exxon Mobil Corp., Marathon Oil Corp., SPIRIT AEROSYSTEMS H, Petroleo Brasileiro S.A.Petrobras, General Electric Company, Abbott Laboratories, MGM MIRAGE, Research in Motion Ltd., ULTRASHORT QQQ PROSHARES, EMC Corp., Petrochina Company Ltd., Entergy Corp., Discover Financial Services, Hercules Inc., Devon Energy Corp., BT Group plc, Terra Industries Inc., GREAT LAKES DREDGE & DOCK CORPORATION, Oracle Corp., Wachovia Corp., Varian Semiconductor Equipment Associate, Duke Energy Corp., AllianceBernstein Holding L.P.
FTSE still weak
Weakness in financial stocks weighed heavily on the FTSE 100 index, so that by lunchtime it was sporting a loss of 65.6 points at 6,656.0. Mid-cap stocks were also out of favour, and the FTSE250 index was 43 points lower at 11,623. Trading volume was below average at �964m, with most investors looking to Wall Street for some inspiration later today. .
Crombie needs a rethink if he's to resolve bid battle
THE odd thing about the scrap for Resolution between Standard Life and Pearl Group is that we have two companies taking shots at each other who only a few weeks ago were in talks about mounting a joint offer. Whatever caused them to go their separate ways, it is a bit rich for Pearl boss Hugh Osmond to be questioning Standard Life's decision to mount a bid in conjunction with Swiss Re. Or is this a case of Osmond hitting back after being left at the altar? .
Hey, Guv, can you spare us £30 billion quid?
Should tens of billions of pounds of public money be diverted from health, education, defence and other social services to underwrite the profits of hedge funds, protect the jobs of international bankers and subsidise stockbrokers' bonuses? This is effectively what "government sources" suggested two months ago when they criticised the Bank of England for failing to offer a line of credit to support a takeover of Northern Rock by Lloyds TSB. At the time, the suggestion that bankers were more deserving of public subsidies than coalminers or car workers seemed so preposterous, especially from a Labour Government, that nobody paid much attention to the whispering campaign about the Northern Rock bail-out. It was assumed that government spin-doctors were trying to deflect blame to any available scapegoat.
FTSE lacks conviction
Leading shares have failed to hold onto early gains in London. By lunchtime, the FTSE100 index was up 20.7 points at 6,482.1, having been 50.7 points higher at one stage. Mid-cap stocks also lack conviction, and the FTSE250 index is up just 10 points at 11,324. Trading volume is weak at �701m. .
Flock mentality challenging financial services
UK financial services are changing beyond recognition, with the balance of power tilting towards the consumer, according to the head of a price comparison service. Paul Pester, newly appointed chief executive of Moneyfacts.co.uk, told delegates at the site's annual conference that it was worrying that some financial services firms seemed to treat recent consumer revolts against charges and mis-selling as a "PR issue" that would blow over. "We've moved from a world in which the consumer was a minnow, nipping at the fins of a big predatory fish, to where the minnow is replaced by a flock or herd or swarm that's wielding immense pressure," said Pester. His speech comes amid consumer revolts on current account and credit card charges, which are costing the industry billions, and signs that a new mis-selling scandal is emerging on debt insurance.
Tweedy Browne Buys Norfolk Southern Corp., Burlington Northern Santa Fe Corp., Saga Communications Inc., Sells Lloyds ...
Tweedy Browne is an old-fashioned value investing firm. They manage the funds with an investment team which consists of five experienced managing partners. Their Global Value Fund finished the third quarter down 0.64%, but was up 9.96% year-to date through 9/30. These are their recent buys and sells. Tweedy Browne owns 73 stocks with a total value of $2.6 billion. Tweedy Browne buys Norfolk Southern Corp., Burlington Northern Santa Fe Corp., Saga Communications Inc., Trustmark Corp., sells Lloyds TSB Group plc, Citizens Communications Company Series B, Korea Electric Power Corp. during the 3-months ended 09/30/2007, according to the most recent filings of his investment company, Tweedy Browne CO LLC. Tweedy Browne owns 73 stocks with a total value of $2.6 billion. These are the details of the buys and sells.
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