Bank of America, Citi, JPMorgan, Wells, RBS Stks Future Up Before the Bell
U.S. stock futures edged higher Monday morning. As investors start taking toll of the first half ending tomorrow, today many will focus on the sentencing of Bernard Madoff for his multi-billion dollar Ponzi scheme. Investors will also gear up for several key economic reading coming later in this shortened holiday week.
Bank of America (BAC, $12.86, +$0.11, 0.86%) rose to 0.86 percent to $12.86 in pre-market trading session, and last week on Friday BofA closed on 3.24 percent higher to $12.75. Sotheby’s said on Friday, documents filed with federal regulators that it amended its credit agreement with Bank of America Securities. The revised agreement also increases the interest rate charged on outstanding borrowings and boosts fees on undrawn amounts under the agreement. It also reduces total borrowing capacity from $250 million to $150 million.
Citigroup (C, $3.03, +$0.00, 0.00%) share are flat and don’t have any changes in shares price in pre-market trading session, and last week on Friday Citigroup closed without any changes on $3.03. Production at BP may reach 3.949 million barrels of oil equivalent a day in the second quarter, Citigroup said. Shell’s output may drop to 2.956 million barrels a day in the period, it said.
JPMorgan Chase & Co. (JPM, $34.67, +$0.22, 0.64%) rose to 0.64 percent to $34.67 in pre-market trading session and last week on Friday JPM shares closed on 0.91% higher to $34.45. JPMorgan Chase (JPM) has snapped up market share for its investment banking unit and, amid the financial crisis, its large balance sheet may put it in a position to threaten Wall Street’s dominant investment bank, Goldman Sachs Group.
Wells Fargo & Company (WFC, $24.15, $+0.28, 1.17%) rose 1.17 percent to $24.15 in pre-market trading session, and last week on Friday Wells gained 0.29 percent and closed on $23.87. A U.S. regulator has fined Wells Fargo & Co’s brokerage unit $1.4 million for “widespread deficiencies” in its delivery of required information about investments to its customers. Laura Schulte, a longtime Wells Fargo banker, is settling into her new office at the former Wachovia headquarters uptown. As president of community banking for the company’s eastern region, she’s responsible for all the company’s retail banking operations on the East Coast. The 14-state territory is home to 2,814 bank branches and 4,633 ATMs.
Royal Bank of Scotland Group plc (RBS, $13.10, +$0.32, 2.50%) rose 2.50 percent to $13.10 in pre-market trading session, and last week on Friday RBS gained 4.84 percent and closed on $13.04.
