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☆ D1 Capital hikes its bet on this entertainment stock by more than 400%, shifts Big Tech holdings
▼ + stars: | 2024-05-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Dan Sundheim's D1 Capital Partners raised its stake by more than 400% in a live entertainment stock during the first quarter, while reallocating funds across major technology winners. Keeping with the entertainment theme, Sundheim also opened a fresh $151 million position in music streamer Spotify Technology . Meta was the firm's fourth-largest position, totaling $382 million at the end of the period, despite a 37% cut. The hedge fund amassed a fresh $218 million stake in Pfizer during the period, making it the firm's 10 largest holding. D1 Capital also opened a position in UnitedHealth , while trimming Elevance Health and diabetes and medical device maker Insulet .

Persons: Dan Sundheim's, Sundheim, Meta, Philip Morris Organizations: Capital Partners, Entertainment, Spotify, Big Tech, Microsoft, Meta, Philip Morris International, Pfizer, D1, GE Vernova, Royal, Mastercard, Visa Locations: UnitedHealth, Royal Caribbean

☆ Here's where we've trimmed our portfolio and are reallocating money, says Wells Fargo's Wren
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's where we've trimmed our portfolio and are reallocating money, says Wells Fargo's WrenScott Wren, Wells Fargo Investment Institute senior global market strategist, joins 'Money Movers' to discuss where in Wren's portfolio he would trim, if the stock shopping list is wide outside of the technology sector, and more.

Persons: Wells Fargo's Wren Scott Wren Organizations: Fargo Investment Institute Locations: Fargo

☆ Google CEO Sundar Pichai explains why the company keeps doing layoffs
▼ + stars: | 2024-05-09 | by ( Ana Altchek | ) www.businessinsider.com time to read: +2 min

Google is conducting waves of ongoing layoffs intentionally, according to Sundar Pichai. Sundar Pichai said the company is "taking the time to do it correctly and well" in a Bloomberg interview. The company started 2024 with thousands of cuts, particularly from engineering and hardware teams. Google CEO Sundar Pichai told Bloomberg reporter Emily Chang that the company is "taking the time to do it correctly and well." A Google spokesperson told BI that the company made a number of changes to become more efficient, remove layers, and align resources to its biggest priorities.

Persons: Sundar Pichai, —, Emily Chang, Pichai, v5p Organizations: Google, Bloomberg, Service Locations: Bangalore, Mexico City, Dublin

☆ Columbia protesters' demands have worked before. This time may be different.
▼ + stars: | 2024-04-30 | by ( Paul Squire | ) www.businessinsider.com time to read: +9 min

Read previewThe unrest at Columbia University isn't showing signs of slowing down. In the 1980s, student protesters at Columbia took over the same building and called for divestment of the Ivy League school's investments over a different cause: South African apartheid. Student protesters at the 1985 demonstrations at Columbia University. Protesters there locked and chained the doors to Hamilton Hall — the same building now occupied by pro-Palestinian protesters — and demanded the school completely divest from South Africa. A more fraught situationOn its website, the Columbia University Apartheid Divest group likened itself to the protests from nearly 40 years ago.

Persons: —, It's, Lockheed Martin, Alex Kent, Joe Biden, Mike Johnson, she's, Barbara Alper, didn't, Ronald Reagan, Biden, Benjamin Netanyahu, Netanyahu, Nemat, Shafik, Nicholas Dirks, Divesting, Christopher Marsicano, Al, Marsicano Organizations: Service, Columbia University, Columbia, Ivy League, Business, Lockheed, Boeing, NPR, Hamilton Hall, Getty, Columbia University Apartheid, White, Student, New York Times, Times, Coalition, Columbia Spectator, Spectator, The New York Times, Hamas, University, Socially, University of California, CNN, North Carolina's Davidson College Locations: Israel, Gaza, Columbia, divesting, Hamilton, South Africa, Vietnam, Rafah, Berkeley, Al Jazeera

☆ 3 reasons companies are investing in AI-powered PCs
▼ + stars: | 2024-04-18 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

Organizations and individuals who delay investing in the latest AI PCs risk falling behind in an increasingly competitive landscape where technological advancements are essential for staying innovative, collaborative, and secure. These AI PCs possess the ability to anticipate and comprehend user requirements, resulting in a highly personalized and responsive interaction. The new Latitude AI PCs can deliver up to 38% less power when running AI-enhanced collaboration features like Zoom.22. Content creators can save time by generating images 1.7 times faster with StabilityAI on their Dell AI PCs or Dell AI workstations with new Intel processors.33. Knowledge workers can optimize their Dell AI PCs by utilizing just 1% of CPU usage, effectively detecting malware with Crowdstrike4.

Persons: cyberattacks, Dell, Read, Forrester Organizations: Forrester, Processing, Dell, Intel, Dell Optimizer, Dell Technologies, Insider Studios, Forrester Consulting, Services Locations: NPU, Argentina, Chile, China, Colombia, Costa Rica, Guatemala, Hong Kong, Korea, Malaysia, Russia, South Africa, Taiwan, Ukraine, Venezuela, Vietnam, Thailand, Philippines

☆ Wells Fargo is flat after an earnings beat — here's why and our outlook on shares
▼ + stars: | 2024-04-12 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. In addition, the bank's net interest margin came up short, and therefore net interest income. However, bank interest income estimates depend on interest rates, a factor Wells can't control. Net interest income fell 17% year over year as deposits declined due to customers reallocating cash into higher-yielding securities. Non-interest income increased 9% thanks to higher asset-based fees driven by an increase in market valuations.

Persons: Wells, Charlie Scharf, He's, Scharf, Charles Scharf, Wells Fargo, it's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank, Bank of America, Citigroup, Management, Consumer, Auto, Corporate, Wealth, CNBC Locations: Silicon, Wells Fargo, U.S, That's, Wells, San Bruno , California

☆ Retail traders are making some surprising moves in the latest week
▼ + stars: | 2024-03-14 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Retail traders bought billions of dollars worth of cash equities over the past week on net, according to data compiled by JPMorgan's Peng Cheng. With those gains, he said traders bought into Apple and Alphabet , which have both largely sat out of the broader market rally this year. By comparison, investors bought more than half a billion dollars of Alphabet when accounting for outflows. Neither tech stock made the list of top 25 securities by retail net inflows in the previous week. Outside of big tech, Cheng noted that retail investors snapped up shares of beat-down Boeing , which is facing a crisis surrounding its 737 Max 9s after a door panel blew out midflight.

Persons: JPMorgan's Peng Cheng, Cheng, SPX, Max, LSEG Organizations: Retail, Nvidia, Meta, Apple, Trust, outflows, Boeing, Dow Jones, Broadcom, Costco Locations: Japan

☆ This move could help protect your portfolio from volatility as stocks trade near their highs
▼ + stars: | 2024-03-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

There's a party happening in stocks in 2024, and though investors may be reluctant, it could be time to think of taking a few chips off the table. My portfolio has recovered [from 2022],'" said Marguerita Cheng, certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland. "I tell people we're not selling everything, but we need to give the portfolio the TLC it deserves – this is the fine-tuning of your portfolio," she added. Be tax aware: Investors may be wary of selling highly appreciated holdings within their taxable accounts, which can incur levies on capital gains. Cheng of Blue Ocean has been turning toward dividend payers, as well as small and midcap stocks.

Persons: There's, they're, Marguerita Cheng, it's, Morningstar, Carla Adams, –, Sean Lovison, Cheng, Russell, Matson, – that's, It's, Jon Ulin Organizations: Nasdaq, Dow Jones, Netflix, Blue, Global Wealth, CNBC's, CFP, Ametrine, Investors, redeploy, Pfizer, Micron Technology, Holdings, Federal Reserve, Ulin, Wealth Management Locations: Gaithersburg , Maryland, Lake Orion , Michigan, Moorestown , New Jersey, SDVY, Boise, Boca Raton , Florida

☆ '2024 will be the year of the zombie VC reckoning.' The first wave of dying venture firms is here and it's already causing headaches for tech founders.
▼ + stars: | 2024-03-04 | by ( Ben Bergman | ) www.businessinsider.com time to read: +10 min

AdvertisementUnlike other businesses, venture firms do not suddenly go out of business. Why it is so difficult to spot a dying fundOpenView Venture Partners announced in December it was suspending new investments and laying off staff. With the help of Pitchbook, BI looked through data for hundreds of venture firms. Hinge last raised a $19 million fund in 2021 but has not made an investment since November 2022, according to Pitchbook. Do you know of a venture firm no longer actively investing?

Persons: —, VCs, Anna Barber, they'll, they're, Roy Bahat, Brian Brackeen, they're reallocating, Beezer Clarkson, Clarkson, Jake Saper, Bahat, Jordan Fudge, Zachary White, Carlos Adame, Fudge, We're, Paul Weinstein, Weinstein, Cofounders Ryan Swager, Brandon Zeuner, Louie, Alsop Louie Partners, Partners Gilman Louie, Stewart Alsop, Jason Preston, Partners Tyler Peterson, Mike Morgan, Robert Patterson, DEFTA, George Hara, Martin Gedalin, Kevin Ober, Hone, Ben Bergman Organizations: Service, Business, Bloomberg Beta, Lightship, Sapphire Partners, BI, Sapphire Ventures, Venture Partners, Foundry Group, Sinai Ventures, Sinai Capital Partners, Capital, San, Louie Partners, Partners, Ventures Peninsula Ventures, LinkedIn Locations: Los Angeles, San Francisco, San Mateo , California, Seattle, Alto, bbergman@insider.com

☆ '2024 will be the year of the zombie VC reckoning.' The first wave of walking-dead venture firms is here and it's already causing headaches for tech founders.
▼ + stars: | 2024-03-04 | by ( Ben Bergman | ) www.businessinsider.com time to read: +10 min

Unlike other businesses, venture firms do not suddenly go out of business. Limited partners such as pensions and endowments that fund venture firms have been choosier, cutting off capital to firms that have not generated acceptable returns. Why it is so difficult to spot a dying fundOpenView Venture Partners announced in December that it was suspending new investments and laying off staff. In a written statement, he later explained that Sinai Ventures has been rebranded to Sinai Capital Partners. Do you know of a venture firm no longer actively investing?

Persons: VCs, Anna Barber, they'll, they're, Roy Bahat, Brian Brackeen, Brackeen, they're reallocating, Beezer Clarkson, Clarkson, Jake Saper, Bahat, Jordan Fudge, Zachary White, Carlos Adame —, Fudge, We're, Paul Weinstein, Weinstein, Ryan Swager, Brandon Zeuner, Alsop Louie, Alsop Louie Partners, Gilman Louie, Stewart Alsop, Jason Preston, Tyler Peterson, Mike Morgan, Robert Patterson, DEFTA, George Hara, Martin Gedalin, Kevin Ober, Divergent's, Hone, Ben Bergman Organizations: Business, Bloomberg Beta, Lightship Capital, Sapphire Partners, BI, Venture Partners, Foundry Group, Sinai Ventures, Sinai Capital Partners, Capital, San, Alsop Louie Partners, Partners, Ventures Peninsula Ventures, LinkedIn Locations: Los Angeles, San Francisco, Alto , California, San Mateo , California, Lumia, Seattle, bbergman@insider.com

☆ Facebook is getting rid of the News tab in the U.S. and Australia
▼ + stars: | 2024-03-01 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Meta said Thursday that it would remove a dedicated section for news articles in April that will affect Facebook users in the United States and Australia. "The number of people using Facebook News in Australia and the U.S. has dropped by over 80% last year." Meta's decision to remove the Facebook News tab comes after the company said in September that it would eliminate the news section for Facebook users in the U.K., France and Germany. However, Meta said that it "will not enter into new commercial deals for traditional news content in these countries and will not offer new Facebook products specifically for news publishers in the future." A year ago, Facebook represented about 50% the media outlets' social traffic.

Persons: Meta's Mark Zuckerberg, Zuckerberg, Jay Y, Lee, Meta, it's, Chartbeat, Similarweb, Mother Jones, Monika Bauerlein, Bauerlein, Sam Altman Organizations: Meta, Samsung Electronics, South Korean, Seoul Economic, Facebook, U.S, CNBC, Canadian, Nvidia Locations: South Korea, Seoul, United States, Australia, France, Germany

☆ Our lone energy stock is not getting the credit for 2 things it did well this quarter
▼ + stars: | 2024-02-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. These are the brave analysts who upgraded Foot locker in December when the stock was at $28 apiece. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Goldman Sachs, Marcellus, Piper Sandler, Jim Cramer's, Jim Organizations: CNBC, Nvidia, Coterra Energy Locations: CTRA, FL

☆ We're making a small stock sale to add to our newest position in the portfolio
▼ + stars: | 2024-02-06 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

We are buying 85 shares of Abbott Laboratories at roughly $113.91 and selling 60 shares of Procter & Gamble at roughly $158.97. We're making a small swap to add to our newest position in the portfolio. The quarter showed a 4% increase in organic sales, thanks to the consumer staple company's ability to raise prices on its products while also improving volumes. This momentum is expected to continue in 2024, with management forecasting organic sales to grow 8% to 10%. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Abbott, Jim Cramer, Jim Organizations: Abbott Laboratories, Procter, Gamble, ABT, Abbott Labs, GE, CNBC

☆ Tech execs are telling investors they have to spend money to make money on AI
▼ + stars: | 2024-02-02 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

One theme investors heard repeatedly from top execs is that, when it comes to AI, they have to spend money to make money. Last year marked the beginning of the generative AI boom, as companies raced to embed increasingly sophisticated chatbots and assistants across key products. One key priority area, based on the latest earnings calls, is AI models-as-a-service, or large AI models that clients can use and customize according to their needs. Alphabet executives highlighted Vertex AI, a Google product that offers more than 130 generative AI models for use by developers and enterprise clients such as Samsung and Shutterstock. Alphabet executives touted Google's Duet AI, or "packaged AI agents" for Google Workspace and Google Cloud, designed to boost productivity and complete simple tasks.

Persons: Sundar Pichai, Mandel Ngan, Satya Nadella, Mark Zuckerberg, Josh Edelson, Zuckerberg, Nadella, Amy Hood, Pichai, You've, durably, Ruth Porat, Andy Jassy, Jassy, Tim Cook, Cook, Thos Robinson, Microsoft's, Rufus, Bard Organizations: Artificial Intelligence, AFP, Getty, Microsoft, Apple, Nvidia, Meta, Google, Amazon, New York Times, Samsung, GE, Spotify, Pfizer Locations: Washington ,, Menlo Park , California, LLMs, New York City

GENEVA (AP) — Russian figure skater Kamila Valieva was disqualified from the 2022 Olympics on Monday, almost two years after the teenager's doping case caused turmoil at the Beijing Games. The reaction of her coach, Eteri Tutberidze, was fiercely criticized by skating experts and International Olympic Committee president Thomas Bach. The case came to CAS to challenge a Russian anti-doping tribunal verdict in late 2022 that Valieva was not at fault. Since the Olympics, Valieva has skated on an expanded Russian national competition circuit and in various TV events and ice shows. “I say, you know, we’re the only two athletes from the Beijing team that are still competing — every single one of the rest of us has moved on,” Bates said.

Persons: Kamila Valieva, Valieva, —, Valieva’s, Andrea Pinna, Pinna, ”, Eteri Tutberidze, Thomas Bach, Bach, disqualifying, WADA, Evan Bates, Madison Chock, “, ” Bates, Dave Skretta, James Ellingworth, ___ Organizations: GENEVA, Beijing Games, United States, Olympic, Doping Agency, Cortina d'Ampezzo, Canada, IOC, Russian, International Olympic, Olympics, Skating Union, Beijing Olympics, International Skating Union, Russia, —, Beijing, AP Sports Locations: Beijing, Milan, Italy, Japan, Swiss, Paris, Russian, Sweden, Russia, Ukraine, Kansas City, Duesseldorf, Germany

☆ Forget ‘spend less’ or ‘save more.’ Make this your No. 1 financial resolution for 2024
▼ + stars: | 2023-12-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —You may think that improving your financial life is simply a matter of taking unpleasant but necessary steps: Curb spending. So make just one financial new year’s resolution for 2024: Figure out what financial well-being means for you. You can avoid the action but you can’t bury something completely when it comes to money,” Agnew said. Spend in ways that are true to who you are, not others’ expectationsBeyond creating a greater sense of security, financial well-being is about using your money as you wish. Figure out your relationship with moneyThere are plenty of other ways to define financial well-being for yourself.

Persons: ”, Ashley Agnew, you’re, Agnew, you’ll, ” Agnew, “, Meghaan, It’s, ” Lurtz, Lurtz, Brad Klontz, Morgan Hounsel, Brian Portnoy Organizations: New, New York CNN, Financial Therapy Association, Centerpoint Advisors Locations: New York, Here’s

☆ Marketing is an art and a science. Here are 3 ways to amplify creativity in the generative-AI era
▼ + stars: | 2023-12-04 | by ( Matthew Lieberman | ) www.businessinsider.com time to read: +4 min

Matthew Lieberman, CMO at PwC, shares his tips for marketing leaders on how to amplify creativity. Here are three ideas to help marketing leaders help creativity thrive. AdvertisementYou can then use marketing technology to design, monitor, and report on a data-driven campaign that will help amplify creativity's impact. Show the moneyAs the saying goes, follow the money, and a lot of money is going to marketing technology. It's why marketing leaders will always need to find, encourage, and amplify creativity in the people on their teams.

Persons: Matthew Lieberman, — Organizations: PwC, Invest, Service, Tech

☆ Barclays strategic fix will entrench low valuation
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters Breakingviews) - Barclays (BARC.L) is looking for a valuation cure. Cutting into the investment bank and reallocating to the more stable retail operations may look enticing but is hard to do without upending short-term returns. Still, the currently favoured suggestion of cutting less profitable investment bank clients sounds equally tricky, and might only shave at most a tenth off Barclays’ 219 billion pounds of corporate and investment bank risk-weighted assets. At Credit Suisse-inflated UBS (UBSG.S), which trades near book value, investment bank RWAs are 25%. Even getting Barclays’ corporate and investment RWAs back to 50% of the total would involve shrinking them by over a fifth.

Persons: Venkatakrishnan, Aimee Donnellan, Julius Baer’s, Warren Buffett, George Hay, Streisand Neto Organizations: Reuters, Barclays, Barclays ’, Deutsche Bank, Credit Suisse, UBS, X, Thomson Locations: reallocating

☆ Pressure mounts on German government to find way out of budget hole
▼ + stars: | 2023-11-22 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

The court ruled the budget manoeuvre was incompatible with the debt restrictions enshrined in Germany's constitution. The pressure is even more intense as talks for next year's budget are on the final stretch. Highlighting the gravity of the situation, the government has already imposed a freeze on most new spending commitments on ministries. "German industry is looking at the current political situation with the greatest concern," said Siegfried Russwurm, president of the BDI industry association. One obstacle to reforming the debt brake, which restricts Germany's structural budget deficit to the equivalent of 0.35% of gross domestic product, has been Finance Minister Christian Lindner.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Chancellor Olaf Scholz's, Siegfried Russwurm, Holger Hansen, Christian Kraemer, Andreas Rinke, Madeline Chambers, Miranda Murray, Alex Richardson Organizations: Finance, Climate, Europe's, Social Democrat, Greens, Free Democrats, Fund, Reuters, Ukraine, Greens Economy, U.S, Intel, European, Thomson Locations: BERLIN, reallocating, Berlin, Ukraine

☆ Continental layoffs: German car parts maker plans thousands of job cuts
▼ + stars: | 2023-11-13 | by ( ) edition.cnn.com time to read: +2 min

Berlin — German car parts manufacturer Continental will cut thousands of jobs worldwide as part of a plan to save €400 million ($428 million) a year from 2025, it said Monday. The cuts, in the company’s Automotive division, which produces software, safety features and autonomous driving technology, will amount to the “mid-four-digit range,” Continental said. The group’s main businesses are making tires; the Automotive division; and a third division making digital technologies for autos and other sectors called ContiTech. The number of business areas within the Automotive division will be reduced from six to five. Last week the company reported that the Automotive business returned to profit in the third quarter and predicted a strong quarter ahead.

Persons: Nikolai Setzer Organizations: Continental, company’s Automotive, Automotive, Reuters Locations: Berlin, Germany

☆ Continental plans thousands of job cuts in auto division
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A car wheel with a badge showing the logo of German tyre company Continental, pictured before the company's annual news conference in Hanover, Germany, March 7, 2019. The exact number of job cuts was not immediately clear, but it will amount to the "mid-four-digit range", the company said. The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company's ContiTech division. Continental will provide a full strategy update at its capital markets day on Dec. 4, the statement said. Last week the company reported that the automotive business returned to profit in the third quarter and predicted a strong quarter ahead.

Persons: Fabian Bimmer, Nikolai Setzer, Andrey Sychev, Victoria Waldersee, Christina Amann, Miranda Murray, Susan Fenton, Bernadette Baum Organizations: Continental, REUTERS, Rights, Reuters, Smart, Thomson Locations: Hanover, Germany

☆ Top Israeli economists urge PM to cancel billions of unneeded spending
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

In a letter to Netanyahu and Finance Minister Bezalel Smotrich, the economists - including former Bank of Israel Governor Jacob Frenkel - said expenses as a result of the conflict would cost at least tens of billions of shekels. These funds were highly contentious within the finance ministry since much of the funds were aimed at encouraging ultra-Orthodox men to not join the workforce. "The government must face the challenges as soon as possible and try to restore the citizens' trust in its ability to do so. Netanyahu's office did not immediately comment while a spokesman for Smotrich said there will be a change in reallocating state funding. ($1 = 4.0404 shekels)Reporting by Steven Scheer; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Benjamin Netanyahu, Netanyahu, Bezalel Smotrich, Jacob Frenkel, Smotrich, Eugene Kandel, Leo Leiderman, Bank Hapoalim, Steven Scheer, Jonathan Oatis Organizations: Finance, Bank of Israel, Bank, Reuters, Thomson Locations: Gaza, Israel

☆ Nomura quarterly profit doubles on Japanese stock market strength
▼ + stars: | 2023-10-27 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

Nomura's dominant position in Japan, where the stock market is trading at 33-year highs, helped it offset lethargic dealmaking and sluggish trading overseas. July-September profit came in at 35.2 billion yen ($235 million), rebounding from last year when a sharp downturn in global financial markets battered its asset management and investment banking businesses. This year, Japanese firms have been increasingly willing to embark on fundraising - either via equity or debt markets. As a result, Nomura's investment banking business saw a 19% increase in net revenue due to robust equity offerings and active dealmaking in Japan. "Encouraged by the strong stock market, Japanese companies are becoming more proactive in making investments for growth," Chief Financial Officer Takumi Kitamura told a media briefing.

Persons: Toru Hanai, Takumi Kitamura, LSEG, Makiko Yamazaki, Jamie Freed, Edwina Gibbs Organizations: Nomura Securities, REUTERS, Rights, Nomura Holdings, U.S . Federal Reserve, Thomson Locations: Tokyo, Japan

☆ Charles Schwab posts profit beat on robust asset management growth, shares rise
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 16 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) posted a smaller-than-expected drop in quarterly profit on Monday as strength in asset management fees softened the blow from a fall in its net interest revenue. Charles Schwab's shares surged 6.2%, to $54.49, set for their best day in nearly three months, if gains hold. Drops in deposits have drained firms like Charles Schwab of a cheap source of funding, forcing them to either raise new capital or cut costs. Excluding one-time costs, Charles Schwab's profit fell 31% year-over-year, to $1.52 billion, or 77 cents per share, for the three months ended Sept. 30.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Jaiveer Singh, Pooja Desai Organizations: REUTERS, Thomson Locations: New York, U.S, Westlake , Texas, Bengaluru

☆ Wells Fargo remains a stock to own, as the bank reports stellar quarterly results
▼ + stars: | 2023-10-13 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Bottom line Wells Fargo's quarterly revenue outpaced expectations on the back of better-than-expected results for both net interest income (NII) and non-interest income. Middle-market banking revenue increased 23% year-over-year, as higher interest rates and loan balances were only partially offset by lower deposits. Asset-based lending and leasing revenue was up 3% annually, a result of loan growth and increased revenue from renewable energy investments. Total banking revenues increased 20% year-over-year, a result of higher rates and lending revenues, along with "higher investment banking revenue on increased activity across all products." Commercial real estate revenue increased 14% year-over-year, due to higher rates and revenue growth in the firm's low-income housing business.

Persons: Wells, Wells Fargo, we've, Charlie Scharf, Wall, Scharf, NII, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Basel III, Management, Consumer, Auto, CNBC, Wells Fargo Bank Locations: Wells Fargo, Basel, U.S, San Bruno , California

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