Option chain shows key data for Credit Agricole's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Credit Agricole.

Credit Agricole (OTC:CRARY) Stock, Option Chain

CREDIT AGRICOLE SA

Credit Agricole S.A. is majority-owned by a group of 39 mutually owned, regional French banks, and together, they form the Credit Agricole Group, the largest cooperative bank globally. Credit Agricole S.A. houses all of Credit Agricole Group's activities, excluding the core French retail and commercial banking operations and including corporate and investment banking, its insurance operations, its international operations, notably in Italy, LCL, a separately branded French retail bank, and Credit Agricole S.A.'s majority interest in individually listed asset manager Amundi. Credit Agricole S.A. also acts as the central bank for the group.

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COTY

CRARY

Beauty and fragrance company Coty Inc (NYSE: COTY) has disclosed its plans to initiate a global offering of 33 million of its Class A common stock.

Beauty And Fragrance Company Coty Expands Footprint With Global Stock Offering, Paris Listing

Large Cap

Penny Stocks

Asset Sales

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STNDF

Royal Bank of Canada (NYSE: RY) announced the sale completion of its Investor Services&#39; operations in Europe and Malaysia to CACEIS, the subsidiary of Credit Agricole SA (OTC: CRARY) (OTC: 

Royal Bank Of Canada Sells RBC Investor Services&#39; European And Malaysian Operations

Short Ideas

Trading Ideas

On Wednesday, shares of Credit Agricole Sa (OTC: CRARY) experienced volatile short activity. After the activity, the stock price went down -0.17% to $5.76.

The overall sentiment for CRARY has been Bullish.

Short Volatility Alert: Credit Agricole Sa

CREDIT AGRICOLE UNSP/ADR by Credit Agricole SA

Credit Agricole SA

Beauty and fragrance company&nbsp;Coty Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/coty#NYSE">COTY</a>) has disclosed its plans to initiate a global offering of 33 million of its Class A common stock.
This move comes under an effective shelf registration statement that has already been filed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/09/b34880320/coty-inc-launches-global-offering-of-class-a-common-stock-and-listing-on-the-professional-segment-" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">with the U.S. Securities and Exchange Commission.</a>
With this new stock offering, the company aims to cater to the U.S. public and investors in select overseas territories on a private placement basis.&nbsp;
Coty is extending its offering beyond the U.S., specifically targeting the European Economic Area&#39;s qualified investors.
Also, the company aims to get its Class A common stock listed on Euronext Paris&#39; professional segment.
If successful, investors can then choose to buy Coty shares either in Euros, if listed on Euronext Paris, or in U.S. Dollars for those on the New York Stock Exchange.&nbsp;
Coty intends to use the raised capital primarily to decrease its outstanding debt. The company has also earmarked portions of the proceeds for corporate ventures, including strategic business investments, working capital enhancements, and capital expenditures.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33909930/coty-renews-license-agreement-with-adidas" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Coty Renews License Agreement With Adidas</a>
Price Action: COTY shares closed lower by 0.67% at $11.79 on Monday.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Royal Bank of Canada&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ry#NYSE">RY</a>) announced the sale completion of its Investor Services&#39; operations in Europe and Malaysia to CACEIS, the subsidiary of&nbsp;Credit Agricole SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/crary#OTC">CRARY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crarf#OTC">CRARF</a>) and&nbsp;Santander UK PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/stndf#OTC">STNDF</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/n33092806/caceis-and-royal-bank-of-canada-complete-acquisition-of-rbc-investor-services-operations-in-europe" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">for an undisclosed term.</a>
The deal excludes RBC Investor Services&#39; Canadian operations, combining two asset-servicing solid European operations.
&quot;We are incredibly proud of the business we have built in Europe and pleased that both clients and employees of our business will benefit from being part of what is expected to become one of the largest asset servicing providers in Europe. We believe the complementary services, combined scale and joint expertise of RBC&#39;s Investor Services&#39; European business and CACEIS will bring more opportunity for employees and greater value for clients,&quot; said Francis Jackson, CEO of RBC Investor Services.&nbsp;
In May, RY reported a Q2 FY23 adjusted net income of C$3.8 billion, down 13% Y/Y, and adjusted EPS&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32571134/royal-bank-of-canada-q2-profits-tumble-13-on-huge-provision-for-credit-losses" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">declined by 11% Y/Y to C$2.65</a>.
Price Action: RY shares closed higher by 0.79% at $95.51 on Friday.

Royal Bank Of Canada Sells RBC Investor Services' European And Malaysian Operations

CACEIS Completes Acquisition Of Royal Bank of Canada Investor Services' Operations In Europe And Malaysia

On Wednesday, shares of Credit Agricole Sa (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crary#OTC">CRARY</a>) experienced volatile short activity. After the activity, the stock price went down -0.17% to $5.76.
The overall sentiment for CRARY has been Bullish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Strong Sell.
The volatility alert was produced on the prior trading date, 6/28/2023 with a volatility change of +186.43%. The current volatility indicator stands at 13.123.
Overview: 
The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: 
Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

&nbsp;
<h2>Upgrades</h2>
<ul>
<li>For Emergent BioSolutions Inc (NYSE:<a class="ticker" href="/stock/EBS#NYSE">EBS</a>), Chardan Capital upgraded the previous rating of Neutral to Buy. Emergent BioSolutions earned $3.67 in the fourth quarter, compared to $1.57 in the year-ago quarter. At the moment, the stock has a 52-week-high of $137.61 and a 52-week-low of $46.37. Emergent BioSolutions closed at $93.65 at the end of the last trading period.</li>
<li>According to Raymond James, the prior rating for Xencor Inc (NASDAQ:<a class="ticker" href="/stock/XNCR#NASDAQ">XNCR</a>) was changed from Market Perform to Outperform. In the fourth quarter, Xencor showed an EPS of $0.24, compared to $0.47 from the year-ago quarter. At the moment, the stock has a 52-week-high of $55.33 and a 52-week-low of $19.35. Xencor closed at $48.35 at the end of the last trading period.</li>
<li>For Bank of Montreal (NYSE:<a class="ticker" href="/stock/BMO#NYSE">BMO</a>), Credit Suisse upgraded the previous rating of Neutral to Outperform. Bank of Montreal earned $2.35 in the first quarter, compared to $1.86 in the year-ago quarter. The current stock performance of Bank of Montreal shows a 52-week-high of $83.79 and a 52-week-low of $38.31. Moreover, at the end of the last trading period, the closing price was at $83.44.</li>
<li>Deutsche Bank upgraded the previous rating for McAfee Corp (NASDAQ:<a class="ticker" href="/stock/MCFE#NASDAQ">MCFE</a>) from Hold to Buy. McAfee earned $0.38 in the fourth quarter. At the moment, the stock has a 52-week-high of $22.14 and a 52-week-low of $14.80. McAfee closed at $19.45 at the end of the last trading period.</li>
<li>According to HSBC, the prior rating for Greencore Group PLC (OTC:<a class="ticker" href="/stock/GNCGY#OTC">GNCGY</a>) was changed from Hold to Buy. The stock has a 52-week-high of $8.35 and a 52-week-low of $4.71. At the end of the last trading period, Greencore Group closed at $7.59.</li>
<li>For Tomra Systems ASA (OTC:<a class="ticker" href="/stock/TMRAY#OTC">TMRAY</a>), Kepler Cheuvreux upgraded the previous rating of Hold to Buy. The stock has a 52-week-high of $49.05 and a 52-week-low of $20.84. At the end of the last trading period, Tomra Systems closed at $44.27.</li>
<li>According to Barclays, the prior rating for BNP Paribas (OTC:<a class="ticker" href="/stock/BNPQY#OTC">BNPQY</a>) was changed from Underweight to Equal-Weight. At the moment, the stock has a 52-week-high of $27.85 and a 52-week-low of $13.18. BNP Paribas closed at $30.15 at the end of the last trading period.</li>
<li>JP Morgan upgraded the previous rating for Credit Agricole SA (OTC:<a class="ticker" href="/stock/CRARY#OTC">CRARY</a>) from Neutral to Overweight. The stock has a 52-week-high of $6.64 and a 52-week-low of $3.15. At the end of the last trading period, Credit Agricole closed at $6.85.</li>
<li>According to JP Morgan, the prior rating for Enagas SA (OTC:<a class="ticker" href="/stock/ENGGY#OTC">ENGGY</a>) was changed from Underweight to Neutral. The current stock performance of Enagas shows a 52-week-high of $13.20 and a 52-week-low of $9.41. Moreover, at the end of the last trading period, the closing price was at $10.60.</li>
<li>According to KeyBanc, the prior rating for BigCommerce Holdings Inc (NASDAQ:<a class="ticker" href="/stock/BIGC#NASDAQ">BIGC</a>) was changed from Sector Weight to Overweight. In the fourth quarter, BigCommerce Holdings earned $0.12. The stock has a 52-week-high of $162.50 and a 52-week-low of $53.19. At the end of the last trading period, BigCommerce Holdings closed at $63.33.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
&nbsp;
<h2>Downgrades</h2>
<ul>
<li>For Cooper Tire &amp; Rubber Co (NYSE:<a class="ticker" href="/stock/CTB#NYSE">CTB</a>), Standpoint Research downgraded the previous rating of Buy to Sell. For the fourth quarter, Cooper Tire &amp; Rubber had an EPS of $0.75, compared to year-ago quarter EPS of $1.02. At the moment, the stock has a 52-week-high of $58.19 and a 52-week-low of $13.82. Cooper Tire &amp; Rubber closed at $57.92 at the end of the last trading period.</li>
<li>According to Berenberg, the prior rating for Kosmos Energy Ltd (NYSE:<a class="ticker" href="/stock/KOS#NYSE">KOS</a>) was changed from Buy to Hold. In the fourth quarter, Kosmos Energy showed an EPS of $0.12, compared to $0.09 from the year-ago quarter. The stock has a 52-week-high of $5.23 and a 52-week-low of $0.50. At the end of the last trading period, Kosmos Energy closed at $2.99.</li>
<li>According to Piper Sandler, the prior rating for Webster Financial Corp (NYSE:<a class="ticker" href="/stock/WBS#NYSE">WBS</a>) was changed from Overweight to Neutral. Webster Financial earned $0.99 in the fourth quarter, compared to $0.96 in the year-ago quarter. The current stock performance of Webster Financial shows a 52-week-high of $55.41 and a 52-week-low of $18.16. Moreover, at the end of the last trading period, the closing price was at $55.24.</li>
<li>For United Utilities Group PLC (OTC:<a class="ticker" href="/stock/UUGRY#OTC">UUGRY</a>), Morgan Stanley downgraded the previous rating of Overweight to Equal-Weight. At the moment, the stock has a 52-week-high of $26.30 and a 52-week-low of $17.28. United Utilities Group closed at $25.95 at the end of the last trading period.</li>
<li>For Natixis SA (OTC:<a class="ticker" href="/stock/NTXFF#OTC">NTXFF</a>), Barclays downgraded the previous rating of Overweight to Equal-Weight. The current stock performance of Natixis shows a 52-week-high of $4.15 and a 52-week-low of $2.05. Moreover, at the end of the last trading period, the closing price was at $4.60.</li>
<li>Deutsche Bank downgraded the previous rating for InterContinental Hotels Group PLC (NYSE:<a class="ticker" href="/stock/IHG#NYSE">IHG</a>) from Buy to Hold. In the second quarter, InterContinental Hotels earned $0.89. The stock has a 52-week-high of $75.20 and a 52-week-low of $25.39. At the end of the last trading period, InterContinental Hotels closed at $73.94.</li>
<li>For Systemax Inc (NYSE:<a class="ticker" href="/stock/SYX#NYSE">SYX</a>), William Blair downgraded the previous rating of Outperform to Market Perform. In the fourth quarter, Systemax showed an EPS of $0.42, compared to $0.30 from the year-ago quarter. At the moment, the stock has a 52-week-high of $45.35 and a 52-week-low of $14.00. Systemax closed at $44.58 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
&nbsp;
<h2>Initiations</h2>
<ul>
<li>Morgan Stanley initiated coverage on Synaptics Inc (NASDAQ:<a class="ticker" href="/stock/SYNA#NASDAQ">SYNA</a>) with an Overweight rating. The price target for Synaptics is set to $173.00. In the second quarter, Synaptics showed an EPS of $2.30, compared to $2.04 from the year-ago quarter. The stock has a 52-week-high of $137.28 and a 52-week-low of $44.41. At the end of the last trading period, Synaptics closed at $130.12.</li>
<li>Small Cap Consumer Research initiated coverage on Boomer Holdings Inc (OTC:<a class="ticker" href="/stock/BOMH#OTC">BOMH</a>) with a Buy rating. The price target for Boomer Holdings is set to $1.50. The stock has a 52-week-high of $5.01 and a 52-week-low of $0.34. At the end of the last trading period, Boomer Holdings closed at $0.60.</li>
<li>For NEL ASA (OTC:<a class="ticker" href="/stock/NLLSF#OTC">NLLSF</a>), JP Morgan initiated coverage, by setting the current rating at Neutral. The stock has a 52-week-high of $3.30 and a 52-week-low of $0.78. At the end of the last trading period, NEL closed at $3.04.</li>
<li>JP Morgan initiated coverage on ITM Power PLC (OTC:<a class="ticker" href="/stock/ITMPF#OTC">ITMPF</a>) with an Overweight rating. The stock has a 52-week-high of $7.25 and a 52-week-low of $1.13. At the end of the last trading period, ITM Power closed at $7.15.</li>
<li>For Gamesys Group PLC (OTC:<a class="ticker" href="/stock/JKPTF#OTC">JKPTF</a>), Jefferies initiated coverage, by setting the current rating at Buy. The current stock performance of Gamesys Group shows a 52-week-high of $17.07 and a 52-week-low of $9.47. Moreover, at the end of the last trading period, the closing price was at $18.95.</li>
<li>With an Outperform rating, SVB Leerink initiated coverage on LENSAR Inc (NASDAQ:<a class="ticker" href="/stock/LNSR#NASDAQ">LNSR</a>). The price target seems to have been set at $20.00 for LENSAR. In the third quarter, LENSAR showed an EPS of $0.64, compared to $5.44 from the year-ago quarter. The stock has a 52-week-high of $12.71 and a 52-week-low of $3.16. At the end of the last trading period, LENSAR closed at $9.50.</li>
<li>Jefferies initiated coverage on 888 Holdings PLC (OTC:<a class="ticker" href="/stock/EIHDF#OTC">EIHDF</a>) with a Buy rating. The current stock performance of 888 Holdings shows a 52-week-high of $4.09 and a 52-week-low of $1.04. Moreover, at the end of the last trading period, the closing price was at $4.08.</li>
<li>With an Outperform rating, William Blair initiated coverage on Taysha Gene Therapies Inc (NASDAQ:<a class="ticker" href="/stock/TSHA#NASDAQ">TSHA</a>). The price target seems to have been set at $46.00 for Taysha Gene Therapies. Interestingly, in the third quarter, Taysha Gene Therapies&#39;s EPS was $1.28. The current stock performance of Taysha Gene Therapies shows a 52-week-high of $33.35 and a 52-week-low of $18.16. Moreover, at the end of the last trading period, the closing price was at $26.66.</li>
<li>With an Outperform rating, William Blair initiated coverage on Generation Bio Co (NASDAQ:<a class="ticker" href="/stock/GBIO#NASDAQ">GBIO</a>). The price target seems to have been set at $45.00 for Generation Bio. In the third quarter, Generation Bio showed an EPS of $0.46, compared to $3.31 from the year-ago quarter. The current stock performance of Generation Bio shows a 52-week-high of $55.72 and a 52-week-low of $18.80. Moreover, at the end of the last trading period, the closing price was at $34.48.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

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Benzinga's Top Ratings Upgrades, Downgrades For February 24, 2021

JP Morgan analyst Delphine Lee upgrades Credit Agricole (OTC:<a class="ticker" href="/stock/CRARY#OTC">CRARY</a>) from Neutral to Overweight.

JP Morgan Upgrades Credit Agricole to Overweight

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Stocks That Hit 52-Week Highs On Friday

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Stocks That Hit 52-Week Highs On Thursday

Alphabet Inc (NASDAQ: <a class="ticker" href="/stock/googl#NASDAQ">GOOGL</a>) (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>) was on the receiving end of the <a href="http://europa.eu/rapid/press-release_IP-17-1784_en.htm">European Union's </a> wrath, as the latter <a href="https://www.benzinga.com/news/17/06/9658568/the-very-difficult-math-and-logic-behind-eus-2-">fined</a> the search giant a whopping 2.42 billion euros on the pretext of violation of anti-trust rules.
This of course has precedence, so how does this fine stack up against EU's previous regulatory clamp downs? 
<h3>1. Truck Producers Taken To Task</h3>
The EU fined truck makers, including MAN, Volvo, Daimler AG (ADR) (OTC: <a class="ticker" href="/stock/ddaiy#OTC">DDAIY</a>), Iveco and DAF, in 2016 for colluding on truck prices for 17 years. The collective fine ran to a total of 2.93 billion euros, with Daimler alone asked to pay 1.008 billion euros.
<h3>2. Intel's CPU Hegemony</h3>
 Intel Corporation (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>) was asked to pay up 1.06 billion euros in 2009 after being found abusing its market dominance in CPUs between 2002 and 2007. In blatant case of anti-trust violation, the company was accused of extending rebates to PC makers to use its CPUs.
<h3>3. Microsoft In Violation On Multiple Occasions</h3>
The EU has fined Microsoft Corporation (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) on more than one occasion. The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/06/9609083/attention-microsoft-investors-get-excited-about-these-3-">software giant</a> was slapped with a 900-million-euro fine, for charging hefty royalty between 2004 and 2007 to access documentation that would allow non-Microsoft servers to work on Windows computers. A 561-million-euro fine was imposed on Microsoft in 2013 for preventing consumers from having their preferred choice of browsers.
<h3>4. Telefonica Pulled Up For Unfair Pricing</h3>
The EU fined Spanish telecommunication company Telefonica S.A. (ADR) (NYSE: <a class="ticker" href="/stock/tef#NYSE">TEF</a>) 151 million euros for engaging in unfair pricing in the Spanish broadband market. 
<h3>5. Banks Called Out For Rate Rigging</h3>
In 2016, the EU fined JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="/stock/jpm#NYSE">JPM</a>), HSBC Holdings plc (ADR) (NYSE: <a class="ticker" href="/stock/hsbc#NYSE">HSBC</a>) and CREDIT AGRICOLE SA ADR EA REPR 0.5 ORD EUR3.0 (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) a combined $500 million for manipulating prices of financial products linked to interest rates.
<h3>Google Faces EU Ultimatum</h3>
The allegation against Google was that it abused its market dominance as a search engine by giving undue advantage to its comparison-shopping service, thereby denying European consumers a genuine choice of services and the full benefits of innovation. The investigation into the company, running for about seven years now, came at the behest of smaller shopping websites and other biggies such as News Corp (NASDAQ: <a class="ticker" href="/stock/nws#NASDAQ">NWS</a>), Axel Springer and Microsoft.
If the company doesn't correct the aberration within 90 days, the EU threatened penalty payments up to 5 percent of its average daily worldwide turnover. 
<h3>More Serious Repercussions Ahead</h3>
The fine per se, may not mean much for the company despite the amount being massive, according to a Bloomberg article, which pointed to Google's $90 billion cash hoard. The penalty announced on non-compliance within 90 days would shave a sizeable portion of the company's ad revenues.
The Bloomberg article also indicated that the company might be stifled further by regulatory scrutiny on its other services such as maps and restaurant reviews. 
Though Google said it is reviewing the EU decision and considering an appeal, it has to take action, given that the order issued against it is in the nature of cease-and-desist. This order calling for immediate cessation of activity means Google cannot continue with the action that is being contended even as attornies plead the case.
Related News:
<a href="https://www.benzinga.com/news/16/12/8811736/devry-university-hit-with-100-million-ftc-fine-over-misleading-students"> DeVry University Hit With $100 Million FTC Fine Over Misleading Students </a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/16/10/8525573/raymond-james-downgrades-wells-fargo-185-million-fine-mi"> Raymond James Downgrades Wells Fargo, $185 Million Fine Might Just Be Tip Of The Iceberg </a>

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Adding Perspective To Google's $2.7 Billion European Fine

France&#39;s national election to determine the head of state could be <a href="https://www.bloomberg.com/politics/articles/2017-03-12/french-election-guide-2017-how-do-voters-choose-a-president">confusing for many</a> given its multi-round voting system. One thing is clear, according to analysts at Citigroup: a surprise victory for <a href="http://www.benzinga.com/topic/marine-le-pen">Marine Le Pen</a> over Emmanuel Macron could have devastating effects on French bank stocks.
<a href="https://www.bloomberg.com/news/articles/2017-03-15/le-pen-win-would-wipe-out-25-from-french-bank-shares-citi-says">Bloomberg</a>, citing Citigroup&#39;s Azzurra Guelfi and Simon Nellis, noted French lenders could lose around 25 percent of their market value if Le Pen, a very vocal and outspoken critic of the euro and the <a href="http://www.benzinga.com/topic/european-union">European Union,</a> emerges victorious in May.
Most polls have Le Pen trailing the front-runner Macron, but Citigroup analysts are naturally looking at President Trump&#39;s election win and the Brexit voting outcome as signs that polls are meaningless.
<h3>
	The Anti-EU Candidate</h3>
The analysts caution that Le Pen&#39;s policies, if enacted, could result in a drop in French government bonds, which comprise a notable percentage of the banks&#39; balance sheets. Lenders would also see higher funding costs, lower revenues from capital markets and a slow-down in growth within asset management segments.
Societe Generale SA (ADR) (OTC: <a class="ticker" href="/stock/scgly#OTC">SCGLY</a>) could be the most hard hit and lose 38 percent of its value if Le Pen wins as the bank is the most domestic-focused.
Other notable potential decliners include Natixis SA, which could see a decline of 34 percent, followed by Credit Agricole at 30 percent. BNP Paribas could hold up the best and fall just 23 percent.
See Also:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9123785/inklings-of-upside-to-come-for-this-europe-etf">Inklings Of Upside To Come For This Europe ETF</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/17/02/9015830/cest-la-vie-election-focus-on-france-etf">C&#39;est La Vie: Election Focus On France ETF</a>

Analyst Color

Media

SCGLY

Citi Sounds The Alarm Over Owning French Bank Stocks

Bonds have entered a bear market and investors should buy cyclical stocks, as well as banks and companies with unfunded pension deficits, an analyst said Friday.

	A rally in oil prices since March and the return of at least some level of inflation expectations has helped push bond yields higher and prices lower.

	Credit Suisse&#39;s Andrew Garthwaite believes the bear market for bonds is here, and said that historically, both higher yields and inflation expectations have correlated positively for equities.

	Cyclical stocks like automakers, airlines and retailers &quot;outperform when bond yields rise,&quot; Garthwaite said.

	Bank and other financial stocks are &quot;the big winners, we think, from a rise in bond yields are financials,&quot; the analyst said.

	Garthwaite in particular highlighted European banks he rates at Outperform: Credit Agricole (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>), Intesa Sanpaolo&nbsp;(OTC: <a class="ticker" href="/stock/isnpy#OTC">ISNPY</a>) and UBI Banca (OTC: <a class="ticker" href="/stock/bppuy#OTC">BPPUY</a>).

	European life insurance companies should benefit from a rise in yields offered by German bonds, Gartwaite said, whereas life insurers based in the U.K. &quot;look abnormally expensive.&quot;

	The stocks of companies with unfunded pension deficits will benefit from a bear market in bonds and higher yields, according to Garthwaite.

	United States Steel Corporation&nbsp;(NYSE: <a class="ticker" href="/stock/x#NYSE">X</a>),&nbsp;Delta Air Lines, Inc.&nbsp;(NYSE: <a class="ticker" href="/stock/dal#NYSE">DAL</a>), Raytheon Company&nbsp;(NYSE: <a class="ticker" href="/stock/rtn#NYSE">RTN</a>) and International Paper Co&nbsp;(NYSE: <a class="ticker" href="/stock/ip#NYSE">IP</a>) all have unfunded pension deficits equal to 20 percent or more of their market capitalization, and are rated at Outperform by Credit Suisse.

	Garthwaite said he&#39;s cautious on U.K home builders and real estate investment trusts.

	European regulated utilities &quot;look expensive&quot; while the same sector in the U.S. &quot;seems to have priced in quite a lot of bad news,&quot; according to Garthwaite.

Bonds

Reiteration

BPPUY

ISNPY

Credit Suisse Says Bond Market Bears Wake Up, Likes Cyclical Stocks And Financials

CREDIT AGRICOLE SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) reported a 3 percent gain in its net profit for the first quarter.
Credit Agricole's quarterly net profit surged to EUR784 million ($878.13 million), compared to EUR764 million, in the year-ago period. 
Its revenue rose 8 percent to EUR4.36 billion versus EUR4.06 billion.
Net profit in the group's investment bank rose 22 percent to EUR320 million in the quarter, while net profit at its insurance and asset management business climbed 11 percent to EUR402 million.
Credit Agricole shares fell 2.69 percent to close at $7.53 yesterday.

Earnings

Credit Agricole Q1 Net Profit Rises

Pre-open movers

US stock futures dropped in early pre-market trading. Data on housing starts and the producer price index for January will be released at 8:30 a.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. Futures for the Dow Jones Industrial Average tumbled 55 points to 16,052.00, while the Standard &amp; Poor's 500 index futures fell 6.70 points to 1,830.70. Futures for the Nasdaq 100 index dropped 8.25 points to 3,666.75.

A Peek Into Global Markets

 
European markets were lower today, with the Spanish Ibex Index falling 0.73%, London's FTSE 100 index dropping 0.29% and STOXX Europe 600 Index declining 0.35%. German DAX 30 index fell 0.34% and French CAC 40 Index tumbled 0.35%. UK's joblessness rate climbed to 7.2% in the three months ending December.

Asian markets ended mostly higher today. Japan's Nikkei Stock Average dropped 0.52%, Hong Kong's Hang Seng Index rose 0.34%, China's Shanghai Composite Index surged 1.11% and India's BSE Sensex surged 0.43%.

Broker Recommendation

Analysts at Wunderlich downgraded Waste Management (NYSE: <a class="ticker" href="/stock/wm#NYSE">WM</a>) from “buy” to “hold.” The target price for Waste Management has been lowered from $52 to $45. 

Waste Management's shares closed at $41.72 yesterday.

Breaking news 


<ul><li> Crédit Agricole SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) posted a profit in the fourth quarter. To read the full news, <a href="http://www.benzinga.com/news/earnings/14/02/4318744/cr-dit-agricole-swings-to-q4-profit">click here. </a></li>
 
<li> JoS. A. Bank Clothiers (NASDAQ: <a class="ticker" href="/stock/josb#NASDAQ">JOSB</a>) today announced that it has commenced a tender offer to purchase up to $300.0 million in value of shares of its common stock at a price of $65.00 per share. To read the full news, <a href="http://www.benzinga.com/pressreleases/14/02/g4318839/jos-a-bank-clothiers-announces-commencement-of-tender-offer-to-repurcha">click here.</a></li>
 
<li> JinkoSolar (NYSE: <a class="ticker" href="/stock/jks#NYSE">JKS</a>) today announced that it has entered into an agreement with Premium Energy Co to supply photovoltaic modules to the Swiss Embassy in Tokyo, Japan. To read the full news, <a href="http://www.benzinga.com/pressreleases/14/02/n4318846/jinkosolar-to-supply-60-cell-mono-270w-modules-to-swiss-embassy-in-toky">click here.</a></li>
 
<li> AngloGold Ashanti (NYSE: <a class="ticker" href="/stock/au#NYSE">AU</a>) posted a net loss in 2013. AngloGold swung to a net loss of $2.23 billion, versus a year-ago profit of $897 million. To read the full news, <a href="http://www.benzinga.com/news/earnings/14/02/4318746/anglogold-posts-2013-net-loss">click here.</a></li>
</ul>

Futures

Pre-Market Outlook

JOSB

US Stock Futures Down; All Eyes On FOMC Minutes

Crédit Agricole SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) posted a profit in the fourth quarter. 

The French bank swung to a net profit of 612 million euros ($842 million), versus a year-ago loss of €3.98 billion. However, analysts were expecting a profit of €668 million. 

Crédit Agricole shares closed at $7.37 yesterday.

Crédit Agricole Swings To Q4 Profit

Credit Agricole SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) reported a strong rise in its second-quarter net profit. 

Credit Agricole's quarterly net profit surged to 696 million euros ($922.7 million), from €56 million, in the year-ago period. 

Analysts were expecting a profit of €568 million.

Credit Agricole shares closed at $5.13 yesterday.

Credit Agricole Posts Surge In Q2 Profit

Credit Agricole SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) reported a 67% drop in its second-quarter net profit. 

Credit Agricole's quarterly net profit fell to 111 million euros ($139 million), from €339 million, in the year-ago period.

Its revenue dropped 14% to €4.75 billion.

Credit Agricole shares rose 0.78% to close at $2.59 yesterday.

Credit Agricole Q2 Net Profit Drops 67%

Kohl's Corp (NYSE: <a class="ticker" href="/stock/kss#NYSE">KSS</a>) posted a drop in its fourth quarter profit. Kohl's projects Q1 earnings of $0.60 per share and 2012 earnings of $4.75 per share. However, analysts were expecting earnings of $0.77 per share in the quarter and $4.93 per share in 2012. The company raised its dividend by 28% to $0.32 per share. Kohl's quarterly profit declined to $455 million, or $1.81 per share, versus $494 million, or $1.66 per share, in the year-earlier period. Its sales came in at $6 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $6 billion.

Target Corp (NYSE: <a class="ticker" href="/stock/tgt#NYSE">TGT</a>) posted a decline in its fourth-quarter profit. Target's quarterly profit dropped to $981 million, or $1.45 per share, from $1 billion, or $1.45 per share, in the year-earlier period. Target's adjusted profit came in at $1.49 per share. Its sales gained 3.3% to $20.9 billion. However, analysts were expecting earnings of $1.40 per share on sales of $21.2 billion. Target projects adjusted Q1 profit of $0.97 to $1.07 per share, versus analysts' estimates of $0.96 per share. Target expects full-year adjusted earnings of $4.55 to $4.75 per share, versus analysts' estimates of $4.28 per share.

Hormel Foods Inc (NYSE: <a class="ticker" href="/stock/hrl#NYSE">HRL</a>) reported a drop in its fiscal first-quarter earnings. Hormel's quarterly net income fell to $128.4 million, or $0.48 per share, from $148.8 million, or $0.55 per share, in the year-ago period. However, analysts were expecting earnings of $0.48 per share. Hormel's net sales surged to $2.04 billion from $1.92 billion. However, sales by volume dropped 2%.

Imax Corp (NYSE: <a class="ticker" href="/stock/imax#NYSE">IMAX</a>) reported an in-line fourth-quarter profit. Imax's quarterly net income dropped to $6.3 million, or $0.09 per share, from $54.2 million, or $0.80 per share, in the year-ago period. On an adjusted basis, Imax earned $0.14 per share, in line with analysts' estimates. Imax's revenue dropped 4% to $66.7 million, versus analysts' estimates of $63.4 million.

Sears Holdings Corp (NASDAQ: <a class="ticker" href="/stock/shld#NASDAQ">SHLD</a>) swung to a fourth-quarter loss. Sears posted a quarterly loss from continuing operations of $2.4 billion, or $22.47 per share, versus a year-ago net income from continuing operations of $374 million, or $3.43 per share. Its adjusted earnings dropped to $0.54 per share, from $3.67 per share. Its revenue dropped to $12.5 billion, from $13 billion. However, analysts were expecting earnings of $0.76 per share on revenue of $12.4 billion. Sears also announced its plans to sell 11 stores to General Growth Properties Inc.

Pan American Silver Corp (NASDAQ: <a class="ticker" href="/stock/paas#NASDAQ">PAAS</a>) swung to a fourth-quarter profit. Pan American Silver's quarterly profit came in at $95.4 million, or $0.89 per share, versus a year-ago loss of $6.3 million, or $0.12 per share. Excluding special items, Pan American Silver earned $0.61 per share, versus analysts' estimates of $0.51 per share. Its revenue climbed 8.5% to $212.4 million, versus analysts' estimates of $230 million. 

MetroPCS Communications Inc (NYSE: <a class="ticker" href="/stock/pcs#NYSE">PCS</a>) posted a surge in its fourth-quarter earnings. MetroPCS' quarterly profit climbed to $91 million, or $0.25 per share, from $14 million, or $0.04 per share, in the year-ago period. Its revenue surged 16% to $1.24 billion. However, analysts were expecting earnings of $0.16 per share on revenue of $1.24 billion. 

Dish Network Corp (NASDAQ: <a class="ticker" href="/stock/dish#NASDAQ">DISH</a>) posted a 24% rise in its fourth-quarter earnings. Dish Network added 22,000 net subscribers in the recent quarter. Dish Network's quarterly profit surged to $313 million, or $0.70 per share, from $252 million, or $0.56 per share, in the year-ago period. Its revenue surged 13% to $3.63 billion. However, analysts were expecting earnings of $0.61 per share on revenue of $3.62 billion. 

Tenaris SA (NYSE: <a class="ticker" href="/stock/ts#NYSE">TS</a>) posted a 25% rise in its fourth-quarter earnings. Tenaris' quarterly profit surged to $399.6 million, or $0.68 per American depositary share, versus a year-ago profit of $321 million, or $0.55 per ADS. Its net sales surged 33% to $2.75 billion. However, analysts were expecting a profit of $0.63 per share on revenue of $2.66 billion. 

Royal Bank of Scotland Group PLC (NYSE: <a class="ticker" href="/stock/rbs#NYSE">RBS</a>) swung to a fourth-quarter loss. Royal Bank of Scotland posted a quarterly loss of £1.8 billion, versus a year-ago profit of £12 million. Its revenue dropped to £5.92 billion from £7.14 billion. RBS' core operating profit declined 36% to £1.06 billion from £1.67 billion. 

British American Tobacco PLC (AMEX: <a class="ticker" href="/stock/bti#AMEX">BTI</a>) posted a 7.5% increase in its profit for the year ended 2011. British American Tobacco's net profit for the period climbed to 3.1 billion pounds ($4.86 billion), from 2.88 billion, in the year-earlier period. Its revenue gained 3% to 15.4 billion pounds, and climbed 7% on an organic basis.

Credit Agricole SA (OTC: <a class="ticker" href="/stock/crary#OTC">CRARY</a>) posted a wider Q4 loss. Credit Agricole posted a quarterly loss of €3.07 billion, versus a year-ago loss of €328 million. Its revenue came in at €4.66 billion. However, analysts were expecting a loss of €2.7 billion.

Safran SA (OTC: <a class="ticker" href="/stock/safry#OTC">SAFRY</a>) posted a 27% surge in its full-year net profit for 2011. Safran's net profit rose to EUR644 million, versus analysts' estimates of EUR685.6 million. Its recurring operating profit jumped 35% to EUR1.19 billion. However, its revenue climbed 9.1% to EUR11.74 billion.

Swiss Re (OTC: <a class="ticker" href="/stock/ssref#OTC">SSREF</a>) posted a strong rise in its net profit in 2011. Swiss Re's net profit for the period surged to $2.63 billion, beating analysts' estimates. Its earnings per share surged 157% to CHF6.79, from CHF2.64. Swiss Re announced its plans to raise its dividend to CHF3 per share from CHF2.75 per share. 

Deutsche Telekom AG (OTC: <a class="ticker" href="/stock/dtegy#OTC">DTEGY</a>) projects its operating profit to decline this year. Deutsche Telekom expects earnings before interest, taxes, depreciation, amortization and one-off items, or adjusted EBITDA to drop to about EUR18 billion this year. Deutsche Telekom posted its 2011 operating profit at EUR18.69 billion, versus EUR19.47 billion, in the year-ago period. Deutsche Telekom's net loss in the final quarter came in at EUR1.34 billion, versus a year-ago loss of EUR514 million. Its sales dropped 3.7% in the quarter.

Virgin Australia Ltd (OTC: <a class="ticker" href="/stock/vbhlf#OTC">VBHLF</a>) posted a surge in its first-half profit. Virgin Australia's net profit for the period climbed to A$51.8 million, versus A$23.8 million, in the year-ago period. Its underlying pre-tax profit surged 34% to A$96.1 million, versus analysts' expectations of A$63.4 million.

Earnings Roundup

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