Companies in the S&P 500 bought back a record $806 billion of their own shares last year. But the tactic - used by CEOs to juice their stock prices - may become less common as more companies confront the need to pay down debt, Bank of America analysts warn in a new note.
Stephen Schwarzman, founder and CEO of the giant U.S. private-equity firm Blackstone, was already one of the world's richest men. But after an announcement that the partnership will convert to a stock corporation sparked the biggest one-day rally in its publicly traded units, Schwarzman is immediately $573 million richer on paper.
The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
Morgan Stanley stock is pressing higher after beating earnings and revenue estimates. This is the key level to hold now.
Morgan Stanley says first-quarter profit falls 9% from a year earlier as revenue tumbles in the New York-based investment bank's trading business. But the results still exceed the expectations of Wall Street analysts.
Jim Cramer weighs in on bank earnings and what they mean after a slew of bank earnings, including Bank of America's earnings.
Bank of America's first-quarter revenue didn't grow from a year earlier, but the bank led by CEO Brian Moynihan cut costs by 4%, helping to push earnings per share to 70 cents. That level beat analysts' average estimate of 66 cents.
Shares of Goldman Sachs are falling Monday after reporting earnings. All hope is not yet lost, though.
Citigroup posts better-than-expected results for the first quarter as a cut in the U.S. bank's effective corporate tax rate helps to offset a fall in stock-trading revenue.
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