July 19, 2011 |
NEW YORK - Wells Fargo & Co. on Tuesday said that its second-quarter profit rose 30 percent, as the number of uncollected loans and credit card bills dropped sharply, enabling the bank to release a big chunk of the money set aside to cover bad lending. Its shares rose more than 2 percent in premarket trading. The San Francisco bank said net income for the three months ended June 30 rose to $3.73 billion, or 70 cents per share, compared with $2.88 billion, or 55 cents per share, in the year-ago quarter.
May 24, 2011
As part of a push to hire 1,000 small-business bankers across the nation, Bank of America said today that it had hired 11 lenders in Southeastern Pennsylvania and six in South Jersey, based at branches in Camden, Burlington, Ocean, and Atlantic Counties. Last June, Bank of America had 102 branches with $7.7 billion in deposits, for a 6 percent market share, in the eight-county Philadelphia area. -Harold Brubaker
February 27, 2011 |
In the 29 months since the financial meltdown of September 2008, the Federal Housing Administration has been insuring an ever-larger share of the nation's new mortgages. Recent figures place the number at one in three. The FHA's share of the mortgage market "waxed, waned, and waxed again" with the nation's economic health between 2000 and 2009, according to a recent study by the Federal Reserve Bank of Philadelphia. In 2000, for example, the FHA's market share stood at 10.53 percent.
February 24, 2011 |
A first-quarter profit surprised luxury home builder Toll Bros., as well as the analysts predicting another loss, but the black ink is largely the result of a tax gain and not a buying frenzy. "The market is still tough; the home buyer is still wary," chief executive officer Douglas Yearley said Wednesday in a statement. "So far, the market is not generating the positive momentum that creates urgency among buyers. " Net income for the three months ended Jan. 31 was $3.4 million, or 2 cents a share, compared with a loss of $40.8 million, or 25 cents a share, a year earlier, Toll reported.
January 23, 2011 |
Another venerable video store bit the dust in my neighborhood recently, announcing it would close by the end of this month. I'd call it "Chestnut Hill's beloved TLA Video," but apparently my neighbors and I didn't love it quite enough. Or maybe we just loved the price or convenience of mail-order DVDs, online streaming, and video on demand from Comcast or Verizon even more. It's more than a coincidence that TLA is closing at the same time that Comcast plans to close on its takeover of NBC Universal, the $30 billion deal that won approval last week after a painstaking, yearlong review by the Federal Communications Commission and the Justice Department.
October 21, 2010 |
HERSHEY, Pa. - The Hershey Co.'s third-quarter net income rose 9 percent, helped by strong sales of candy, mints and gum, and it raised its earnings outlook. The maker of Reese's peanut butter cups and Twizzlers said its net income for the three months ended Oct. 3 totaled $182.9 million, or 79 cents per share. That's up from $168.5 million, or 73 cents per share. Revenue rose 4 percent to $1.55 billion, from $1.48 billion last year. Analysts polled by Thomson Reuters predicted net income of 79 cents per share on revenue of $1.56 billion.
October 1, 2010
Cherry Hill-based Subaru of America Inc. today said its September sales of 21,432 vehicles represents a 47 percent increase over September 2009. The results reflect a near doubling of sales of the Subaru Outback sport utility wagon. Year-to-date sales of 193,614 units, compared to 158,421 units sold by this time in 2009, represents a 22-percent gain, the company said. Subaru has about 2 percent of the U.S. market share. Subaru of America is a wholly owned subsidiary of Fuji Heavy Industries Ltd. of Japan.
September 16, 2010
I feel compelled to set the record straight regarding your article on Citadel Federal Credit Union, which also mentioned our institution ("Credit unions growing far faster than banks in region," Sunday). Admittedly, credit unions' market share has indeed surged. However, their success is not due necessarily to their friendlier service, but instead is enabled by their ability to operate without the burden of taxation (at the federal or state level). In other words, the government (you and I)
September 5, 2010
Andres Oppenheimer is a Latin America correspondent for the Miami Herald Here's something that should be sounding alarm bells in Washington: Latin American countries - which have long been big buyers of U.S. goods - are increasingly making a larger chunk of their purchases from other parts of the world. While U.S. exports to the region are growing, their percentage of Latin America's imports is shrinking. To put it in economists' jargon, U.S. exports are losing market share in Latin America.
July 22, 2010 |
PITTSBURGH - Regional bank PNC Financial Services Group Inc. said today that its second-quarter net income rose twelvefold on higher revenue, lower expenses and better credit quality. Net income jumped to $786 million, or $1.47 a share, during the quarter, from $65 million, or 14 cents per share, in the year-ago period. Excluding certain integration costs, net income was $1.60 a share. On average, analysts polled by Thomson Reuters expected net income of $1.28 per share. PNC has a 10.1 percent market share in the eight-county Philadelphia area, with $12.86 billion in deposits and 147 branches, based on deposits as of June 2009, the latest date available.