Diamonds and Dogs
The big banks pass their stress test. Morgan Stanley (MS) is up 3% doubles their dividend boosting the yield to 3.1%. They also announced a $12 billion annual share-repurchase program. The investment bank's new dividend and buyback exceeded estimates by 77% and 8%, respectively.
Citigroup (C) passed their stress test as well, but the stock is lower by 2% as the bank did not hike their dividend. Instead, Citigroup will focus on their share buyback plan. Citi is the only major bank trading below tangible book value. At least they can buy back thier stock at a cheaper price today.
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