For Immediate Release
Chicago, IL – August 16, 2010 – Zacks.com Analyst Blog features: Deutsche Bank AG (DB), Credit Suisse Group (CS), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and Cell Therapeutics (CTIC ).
Here are highlights from Friday’s Analyst Blog:
Deutsche Bank Aligns with Craigs
On Wednesday, Deutsche Bank AG (DB) and Craigs Investment Partners Limited of New Zealand announced the completion of their strategic alliance. As per the terms of the alliance, Deutsche Bank would hold a 49.9% equity interest in Craigs, while the remaining 50.1% will be held by the existing shareholders of Craigs Investment.
When the agreement was first announced in March 2010, it was accepted that Deutsche Bank's global institutional equities platform and Craigs Investment's New Zealand institutional equities operations will work together to cater to clients in New Zealand and beyond.
Last month, Deutsche Bank reported a second quarter net income of €1.2 billion ($1.5 billion) or €1.75 a share, up from €1.1 billion or €1.64 per share a year earlier. While the company experienced a substantial drop in revenues from investment banking, this was more than mitigated by lower loan loss provisions, gains realized from the acquisition of commercial banking activities from ABN AMRO in the Netherlands and a gain on its own debt.
Deutsche Bank’s results were in line with other investment banks such as Credit Suisse Group (CS), JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C), all of whom have reported significant declines in trading revenues in the second quarter, reflecting hesitance on the part of investors, with the sovereign debt crisis and regulatory reform related issues looming on the horizon.
Cell Therapeutics' Q2 Net Loss Widens
Cell Therapeutics (CTIC ) announced a second quarter 2010 net loss that increased to $53.6 million or 8 cents per share from a loss of $27.4 million or 6 cents per share last year. The wider loss in the reported quarter was due primarily to the presence of non-cash expenses, which included $30.2 million in deemed dividends on preferred stock and $7.6 million in stock-based compensation.
Excluding deemed dividends on preferred stock but including stock based compensation, loss at Cell Therapeutics came in at $23.5 million or approximately 4 cents per share, against $18.02 million or 4 cents in the year ago quarter. The Zacks Consensus Estimate was a loss of 2 cents for the quarter.
Net operating expenses during the reported quarter declined 8% year over year to approximately $20 million, driven by a 19% reduction in selling, general and administrative expenses and a 5.5% decline in research and development expenses.
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