(BankingNews.gr) The Greek banks argue that they know - in 1 to 1.5 billion. Nee

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Greek local press are reporting according to article below that Greek Banks Capital Needs from ECB Stress Tests will be €1.5bil max then given that banks use Cocos & Hybrids worths 100bps of RWAs...suggests that equity issuance from greek banks maybe zeroto €500 max...I heard mkt is pricing €8bil bank recaps need...maybe not a game changer in this market...but if true for greek banks, should be even better for other european banks...could be a +ve catalyst for European Banks...maybe not enough to invers trend but worth mentioning it


The Greek banks argue that they know - in 1 to 1.5 billion. Needs capital to the ECB stress tests

Bankers said the capital needs will not exceed the 1 to 1.5 billion. Euros in stress tests
(Upd) The Greek banks argue, informally, that they know the results of the stress tests and capital needs arise that 1 to 1.5 billion. Euros.
The banks will receive another update on Friday, October 22 and October 26, will be announced by the ECB.
If confirmed, the latest estimates of bankers for 1 to 1.5 billion. Capital needs (lower than 2-3 billion. Ultimate risk capital charge as we have mentioned bankingnews.gr) then the issue of capital banks will be manageable.
However be higher capital requirements would still manageable.
The 1 to 1.5 billion. Euros creates a softer image than the original estimates and confirm the previous administration's insistence Provopoulos implement stress tests with strict criteria.
However, a factor that must be evaluated is whether the ECB include state the ultimate developments in Greece, which showed how fragile the situation is.
Competent sources said, however, that "if you look at the behavior of bank shares will draw their own conclusions about which banks will not have a problem and what should have little problem in stress tests».
The Eurobank may realize a small capital increase.
Piraeus may not need a capital increase is marginal.
The Alpha bank also has good performance in stress tests
H National will need recapitalization.
However all information is presented, involving the risk of error because it is information - not estimates and final figures.

>>> US Gapping down

Gapping down
Briefing note: With the S&P Futures down nearly 1% in the pre-market, many stocks are gapping lower that are not listed.

In reaction to disappointing earnings/guidance: NFLX -25%, EXTR -22.9%, BHI -11.7%, ZHNE -6.3%, MAT -4.4%, EBAY -3.3%, BX -2.9%, DAL -2.7%, GS -2.4%, PM -1.8%, BBT -1.6%, KMI -1.5%, BAX -1.5%, AXP -1.4%, FCS -0.7%, UNH -0.5%

M&A news: SHPG -1.3% (AbbVie's (ABBV) Board recommends stockholders vote against Shire transaction)

Select financial related names showing weakness: DB -5.3%, ING -5.1%, SAN -4.8%, CS -4.5%, BCS -3.9%, C -2.2%, JPM -1.9%, WFC -1.7%, BAC -1.5%

Select energy stocks trading lower: STO -6.1%, HAL -5.2%, RDS.A -4.3%, TOT -3.8%, BP -2.8%

Select EU related names showing early weakness: ALU -5.7%, UBS -4.6%, MT -4.4%, DEG -4.4%, ORAN -4.3%, ASML -4.2%, PHG -4.1%, SAP -3.6%, YY -3.3%, VOD -3.2%, NVS -2.2%

Select Momentum names of interest: GPRO -5.2%, TSLA -4.2%, TWTR -3.1%, FB -2.3%, AAPL -1.7%

Other news: INSY -8.8% (receives DEA approval to produce pharmaceutical Cannabidiol; provides update on status of cannabinoid program ), ESPR -8.6% (prices 4.25 mln shares of common stock at $20.00 per share), TTPH -6.2% ( announces proposed public offering of common stock), GWPH -6.1% (cont weakness), SHLD -4.9% (announces commencement of rights offering), JKS -4.5% (signs 200 MW PV project development agreement with Government of Shicheng County in Jiangxi Province), RIG -4.4% (provided fleet status report: total value of new contracts since the September 22, 2014 update is ~$610 mln), AEG -3.9% (announces agreement to sell its Canadian Life Insurance Business for CAD$600 mln; expected to result in a book loss of ~CAD$1.2 bln), MHR -3.7% (closes on the previously announced definitive agreement to sell certain non-core assets), CSUN -3.6% (announces CFO Mr. Yongfei Chen's resignation and appoints Mr. Shiliang Guo as acting CFO), AMZN -3% (following EBAY results), BHP -2.2% (trading in symp with RIO)

Analyst comments: CGG -8.4% (downgraded to Reduce from Neutral at Nomura), SDRL -4.5% (downgraded to Reduce from Neutral at Nomura), AKAM -3.5% (downgraded to Market Perform from Outperform at Wells Fargo), RIO -3.2% (downgraded to Market Perform at Cowen ), DIS -1.8% (downgraded to Neutral from Buy at Guggenheim).

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Marriot Vacations beats by $0.01, misses on revs; guides FY14 EPS in-line

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  • Adjusted EBITDA totaled $54 mln, an increase of $4 mln, or 8%, y/y
Co issues in-line guidance for FY14, sees EPS of $2.67-2.84 from prior range of $2.64-2.82, excluding non-recurring items, vs. $2.77 Capital IQ Consensus Estimate; contract sales growth expected to +1-3%; adjusted EBITDA of $190-200 mln.

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: HCA +4.9%, UMPQ +3.5%, BGG +2.4%, HNI +2.3%, TSM +1.8%, URI +1.7%, NTCT +1.3%, KMP +0.8%

Select Ebola related names showing strength: CMRX +6%, SRPT +2.3%, LAKE +0.6%

Select metals/mining stocks trading higher: AU +1.9%, GG +1.1%, GG +1.1%, IAG +0.8%, IAG +0.8%, PAAS +0.6%, ABX +0.5%

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Analyst comments: SBGL +5.5% (upgraded to Neutral from Sell at UBS), BMRN +0.2% (initiated with a Buy at Sun Trust Rbsn Humphrey)

>>> Goldman Sachs beats by $1.36, beats on revs --> GS -2.05%

Goldman Sachs beats by $1.36, beats on revs

Reports Q3 (Sep) earnings of $4.57 per share, $1.36 better than the Capital IQ Consensus Estimate of $3.21; revenues rose 24.8% year/year to $8.39 bln vs the $7.8 bln consensus.
  • Net revenues in Investment Banking were $1.46 billion for the third quarter of 2014, 26% higher than the third quarter of 2013 and 18% lower than the second quarter of 2014.
    • Net revenues in Financial Advisory were $594 million, 40% higher than the third quarter of 2013, reflecting an increase in industry-wide completed mergers and acquisitions.
    • Net revenues in Underwriting were $870 million, 17% higher than the third quarter of 2013, due to significantly higher net revenues in equity underwriting, principally from initial public offerings. This increase was partially offset by slightly lower net revenues in debt underwriting.
  • Net revenues in Institutional Client Services were $3.77 billion for the third quarter of 2014, 32% higher than the third quarter of 2013 and 2% lower than the second quarter of 2014.
  • Net revenues in Fixed Income, Currency and Commodities Client Execution were $2.17 billion, including a gain of $157 million related to the extinguishment of certain of the firm's junior subordinated debt, and were 74% higher than a challenging third quarter of 2013.
    • During the quarter, Fixed Income, Currency and Commodities Client Execution continued to operate in an environment characterized by generally low levels of activity, although during the latter part of the quarter, market-making conditions were generally more favorable. Commissions and fees were slightly higher compared with the third quarter of 2013.
    • During the quarter, Equities operated in an environment characterized by continued low volatility levels and generally lower market volumes in the United States and Europe compared with the second quarter of 2014.
  • Net revenues in Investing & Lending were $1.69 billion for the third quarter of 2014, 15% higher than the third quarter of 2013 and 18% lower than the second quarter of 2014. Net revenues in Investment Management were $1.46 billion for the third quarter of 2014, 20% higher than the third quarter of 2013 and essentially unchanged compared with the second quarter of 2014.
  • The ratio of compensation and benefits to net revenues for the first nine months of 2014 was 40.0%, compared with 43.0% for the first half of 2014 and 41.0% for the first nine months of 2013.
Capital
  • Book value per common share was $161.38 and tangible book value per common share was $151.70
  • On October 15, 2014, the Board of Directors of The Goldman Sachs Group, Inc. increased the firm's quarterly dividend to $0.60 per common share from $0.55 per common share.
  • The firm's Common Equity Tier 1 ratio was 11.8%

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