Digital wallet-provider LevelUp reports that mobile payments volume increased 22% over 30 days at the 50 merchants where it installed iBeacon. As discussed in our May 30th note, “Apple vs. Banks in Mobile Payments: Update”, the focus of iBeacon is
There is a secular shift in advertising from generic brand advertising on broadcast channels to data-enabled direct marketing on digital channels. Our colleague, Paul Sagawa, reported on the shift in a research note of June 9th titled “The Revolution in
JPM’s economic model is to sustain a tangible ROE of 15-16% despite lifting the CET1 ratio (to 10-10.5% from the current 9.6%) by levering higher net interest income over flat-to-down expenses (for a 55% efficiency ratio vs. 59% in 2013);
The debit business in the US is unsustainable. Durbin-regulated banks are losing money on signature debit as the swipe fee has fallen to 24 cents/transaction (from a pre-Durbin 59 cents) vs. Fed estimates for fraud and processing costs at 30
We divided the large cap pharmaceutical companies into ‘established’ and ‘growth’ NEWCOs; we then compared the combined value of the ‘established’ and ‘growth’ NEWCOs to the legacy parent companies, and found no compelling evidence to believe the combined NEWCO values
TMT: The Advertising Revolution Will NOT Be Televised Since the 2010 recovery, US TV ad spending, adjusted for Olympic/campaign bumps in 2010 and 2012, has been decelerating. The price of a primetime spot has steadily declined, offset by increasing the
European monetary policy matters to bank net interest margins in the US because the risk of disinflation has collapsed European bond yields (to 1.6% on the 10-year from 2.2% at end-2013) dragging down US Treasury yields (to 2.6% on the
Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of total risks being concentrated in the days