CHICAGO, ILLINOIS – AUGUST 03: (L – R) Danielle, Hyein, Hanni, Minji and Haerin of NewJeans perform in concert during Lollapalooza at Grant Park on August 03, 2023 in Chicago, Illinois. Gary Miller | Filmmagic | Getty Images It hasn’t been an easy start to the year for investors in the K-pop sector as lower … Read more
Regional bank earnings may expose critical weaknesses, according to Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp. Their quarterly numbers begin hitting Wall Street this week. “I’m worried about a handful of them,” Bair told CNBC’s “Fast Money” on Tuesday. “I think some of them are still overly reliant on industry deposits, … Read more
Bank of America on Tuesday reported first-quarter earnings that topped analysts’ estimates for profit and revenue on better-than-expected interest income and investment banking. Here’s what the company reported: Earnings: 83 cents a share adjusted, vs. 76 cents expected, according to LSEG Revenue: $25.98 billion, vs. expected $25.46 billion The bank said profit fell 18% to $6.67 … Read more
Morgan Stanley on Tuesday posted results that topped analysts’ estimates for profit and revenue as wealth management, trading and investment banking exceeded expectations. Here’s what the company reported: Earnings: $2.02 a share, vs. $1.66 LSEG estimate Revenue: $15.14 billion, vs. expected $14.41 billion The bank said first quarter profit rose 14% from a year earlier … Read more
Larry Swedroe, who is considered one of the market’s most esteemed researchers, thinks Warren Buffett’s investment style doesn’t work well anymore. He cites the number of professional Wall Street firms and hedge funds now participating in the market. “Warren Buffett was generally considered the greatest stock picker of all time. And, what we have learned … Read more
A New York Community Bank stands in Brooklyn on February 08, 2024 in New York City. Spencer Platt | Getty Images New York Community Bank, the regional lender that needed a $1 billion-plus lifeline last month, is offering the country’s highest interest rate for a savings account. NYCB raised the annual percentage yield offered via … Read more
Cathie Wood’s Ark Invest has taken a stake in OpenAI, the popular artificial intelligence player that’s behind ChatGPT. In a Thursday email to clients, the St. Petersburg, Florida-based asset manager said her ARK Venture Fund has invested in OpenAI as of Wednesday. “OpenAI is at the forefront of a Cambrian explosion in artificial intelligence capability, having … Read more
Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income. Here’s how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $1.26 cents adjusted vs. $1.11 cents expected … Read more
Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023. Patrick T. Fallon | AFP | Getty Images Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations. Here’s how the company performed, … Read more
A hot inflation report rattled Wall Street and diminished hopes for the number of rate cuts likely this year, but there are still areas in the market where investors can hide out if price pressures keep reaccelerating. Stocks sold off Wednesday, with the Dow Jones Industrial Average tanking as much as 500 points at one point … Read more