In 2012, concerns over the Eurozone debt crisis, the U.S. fiscal cliff and a hard landing in China sparked volatility in the global financial markets. For the asset management industry, it was a year of capital preservation rather than capital appreciation. However, financial markets have stabilized as the Eurozone debt crisis worries have eased, the fiscal cliff has been averted and China's economic outlook is improving. For major players in the asset management industry such as Bank of New York Mellon Corporation (NYSE:BK), Prospect Capital Corporation (NASDAQ:PSEC) and Janus Capital Group Inc. (NYSE:JNS), 2013 could be a solid year. Street-Wire.com has added BK, PSEC and JNJ this morning to their Daily Rating Watch List. Rating can mean a number of things for investors and we encourage all shareholders to sign up to speak to a member of our research team today at
Bank of New York Mellon's Strong Q4 Results
Last month, Bank of New York Mellon had reported strong fourth quarter financial results, posting net income of $622 million, or $0.53 per share, compared to $505 million, or $0.42 per share, reported for the same period in the previous year. During the fourth quarter, the company saw robust year-over-year growth in fees in its Investment Management, Asset Servicing, Clearing and Treasury Services businesses. At the end of the fourth quarter of 2012, Bank of New York Mellon's assets under management stood at $26.7 trillion. BK has come under our radar and we have issued a new rating for this equity. Sign up for free below to find out more.
In the previous trading session, Bank of New York Mellon shares ended at $27.90, up 0.32%. The stock hit a 52-week high of $28, and has gained more than 8.5% so far this year, compared to a gain of 6.42% for the S&P 500.
Volume activity from last week suggests that Bank of New York Mellon shares could continue to gain momentum. The MACD chart is also giving bullish signals, with the MACD recently moving above the signal line. The stock currently has support at around $27.
Prospect Capital Sees Substantial Increase in Net Investment Income in Q2
Last Friday, Prospect Capital reported net investment income of $99.2 million, or $0.51 per share for the second quarter ended December 31, 2012, up 172% on a dollar basis and 55% on a per share basis over the same period in the previous year. PSEC has met 8 out of 10 characteristics we look for when rating an equity. Sign up for free below to find out more.
Following the solid second quarter results, Prospect Capital shares rose sharply in last Friday's trading session, gaining 1.32% to finish the day at $11.49. Volume was well above the daily average of 2.97 million, which suggests that market sentiment is bullish on the stock.
Prospect Capital shares are now trading close to their 52-week high of $12.25. The stock could face resistance at around $11.60. If it breaks through this level then it could continue to rise.
Janus Capital Group Shares Up Sharply This Year
Janus Capital shares have risen sharply this year, gaining nearly 14%. On Friday, the stock finished at $9.70, up 0.73%. Janus Capital shares have struggled to break through $10. The upward momentum could continue if the stock breaks through this stiff resistance level. JNS has met 9 out of 10 characteristics we look for when rating an equity. Sign up for free below to find out more.
Last month, Janus Capital had reported fourth quarter net income of $31.2 million, or $0.17 per share.
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Anthony K. Merchant