Word: kelton
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...thousands of workers and a 60% drop in its stock price - news that the government would step in propelled its shares, which rose 58% from Friday's close. "Equity investors were panicked about the company's viability," says David Trone, who follows Citi at the investment bank Fox-Pitt Kelton. "This takes away the remote possibility that the company could find itself in bankruptcy." (See the top 10 financial-crisis buzzwords...
...worth of troubled assets from Citi's $2 trillion balance sheet. The bank, though, has roughly another trillion dollars in assets that aren't on its balance sheet but kept in entities somewhat removed from the company. These assets could be problematic if the economy grows worse. Fox-Pitt Kelton's Trone also points out what's not included in the government backing: $129 billion in nonresidential consumer loans like credit cards, auto loans and small-business, student and personal lines; $150 billion of consumer loans overseas; and Citi's corporate-loan portfolio. Put simply, there's room for more...
...wary of people who take their freedom too far. "I get hit on a lot," reports Jennifer Kelton, frequent flyer and founder of BadOnlineDates.com, "especially by married men. I have so many CEOs' business cards, and almost all of them were [from men] wearing a wedding band. It's really quite sad." For the record, Kelton says, she's never taken any of them up on their offer...
...high as 24.9% on a standard card. The big banks are hardly standing still. Barclays, for example, invested $468 million last year to improve its website; Smile, in contrast, will spend no more than $5.8 million to upgrade its system. And Jon Kirk, a banking analyst at Fox-Pitt Kelton, says some traditional banks automatically offer lower rates - mainly on mortgages - to customers they consider vulnerable to the allure of pure plays, such as young marrieds with high mortgage payments, hoping they'll stay put. If the stand-alones are to challenge the giants, Kirk says, "they need to constantly...
Another option is to look for free research from firms whose investment-banking operations are relatively small and whose reputation for integrity is relatively strong. These include Keefe Bruyette Woods for banking stocks, Leerink Swan for biotech, Soundview for tech, Fox Pitt Kelton for financial services and Green Street Advisors for real estate. Prudential Securities is moving to join this group by cutting its investment-banking staff and putting more emphasis on unbiased research. Stock calls from these firms are more reliable than from the biggest brokerages, but they still must be vetted for conflicts and used in concert with...