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☆ Premarket stocks: Bruised tech investors are hedging their bets
▼ + stars: | 2023-01-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —There are two certainties in today’s market: The tech sector has been beaten down and interest rates are higher. What’s happening: Investors are purchasing put options, a bearish bet that a stock will fall during a set period of time, on certain tech stocks at historic rates. The losses also created a booming market for investors who hold put option contracts that allow investors to sell shares of these stocks at a price higher than their current levels. Rising interest rates also dried up the easy money tech companies relied on to fuel big bets on future innovations, and cut into their sky-high valuations. Beyond that, the growing number of layoffs may also give certain tech companies some cover to take more severe steps to trim costs now than they may have otherwise done.

☆ Tesla upgraded by Edward Jones as it tumbles for yet another day
▼ + stars: | 2023-01-05 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Tesla 's dramatic decline has started to catch the eye of some Wall Street firms that were previously skeptical of the stock, including Edward Jones. Analyst Jeff Windau upgraded Tesla to buy from hold during Thursday's trading session, saying in a note to clients that the stock now looks cheap in the context of Tesla's long-term growth prospects. In our opinion, the share price of Tesla does not reflect its long-term growth opportunities," the note said. Windau cited potential improvements to Tesla's full-self driving feature and batteries as growth drivers for the company. TSLA 5D mountain Tesla's stock has fallen in the first week of 2023.

☆ 10 of Wall Street's top tech execs detail how the public cloud is revolutionizing the way they do business: 'We are fundamentally rethinking how we solve problems.'
▼ + stars: | 2023-01-04 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

This year saw the continued embrace of the public cloud by Wall Street firms. Wall Street is headed for the clouds. But now, a wholesale migration from physical, on-premise data centers to cloud networks is fully underway within financial services. Finance firms are using a move to the cloud as an opportunity to overhaul their business beyond just upgrading back-end tech. Here are the six top trends to watch in the cloud in 2023, according to top Wall Street tech execs.

☆ Fanatics is divesting its 60% stake in NFT company Candy Digital
▼ + stars: | 2023-01-04 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Michael Rubin's sports platform company Fanatics is divesting its 60% stake in NFT company Candy Digital, according to an internal email obtained by CNBC. Candy Digital was founded in June 2021 in the middle of the sports NFT boom, competing with companies like Dapper Labs in the digital sports collectible space. It also released digital collectibles with Netflix 's Stranger Things, WWE , and several Nascar teams. Dapper Labs, the company behind NBA Top Shot and NFL All Day digital trading platforms that ranked No. "Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business," Rubin wrote.

☆ Our best stories on financial tech in 2022
▼ + stars: | 2022-12-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we're going to recap all the great stories we've done this year on financial tech, whether it's up-and-coming startups or the projects at the biggest banks and investment firms. Wall Street and sports have a long history together. How top Wall Street firms are testing out cutting-edge tech. Shaw, here are 10 of the most innovative tech projects at top Wall Street firms. And we also identified the top Big Tech executives who could get poached by Wall Street firms looking to do more in the cloud.

☆ Boardrooms will rediscover the value of gray hair
▼ + stars: | 2022-12-29 | by ( John Foley | ) www.reuters.com time to read: +3 min

To firms keen to avoid repeating past mistakes, the graying of the Western workforce may not be a bad thing in 2023. The share of European over-55s in jobs grew to 20% in 2019, from 12% in 2014, according to official data. The typical incoming CEO is 55, a decade older than the average in 2005, according to Crist Kolder Associates. Money markets are pricing in U.S. rates of 5% by the summer. Financial markets will always love the next new thing, but for the time being, gray is good.

☆ Rep.-Elect George Santos Admits He Lied About His Résumé
▼ + stars: | 2022-12-27 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

George Santos, who was elected to represent part of Long Island, N.Y., said he lied about graduating from Baruch College. WASHINGTON—Congressman-elect George Santos admitted in two separate interviews on Monday that he lied on the campaign trail about his education and work experience but said he hasn’t committed any crimes and still intends to serve in Congress. Mr. Santos, a Republican elected last month to represent part of Long Island, N.Y., told the New York Post and radio station WABC that he lied about graduating from Baruch College. He also admitted that he never worked directly for Wall Street firms Citigroup Inc. and Goldman Sachs Group Inc., as he had previously suggested on his campaign’s website.

☆ Here's what to expect from stocks and the economy in 2023, according to Goldman Sachs, JPMorgan, and 9 other top Wall Street firms
▼ + stars: | 2022-12-27 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Here are 11 top investment firms' views on what's next for stocks and the economy in 2023. Even Wall Street's biggest bears didn't predict how disastrous 2022 would be for stocks and the economy. Heading into this year, the lowest S&P 500 price target among top investment firms was 4,400, which was set by long-time bear Mike Wilson of Morgan Stanley. The firms had 2023 year-end S&P 500 price outlooks ranging from 4,500 (an 18% gain from the current level of about 3,800) to as low as 3,400 (a nearly 11% loss). Below is the S&P 500 forecast, stock market outlook, and economic outlook from each of these major Wall Street firms, ranked from highest S&P 500 price target to lowest.

☆ Goldman Sachs' year-end bonuses are going to be brutal, and everyone's pointing fingers on who's to blame
▼ + stars: | 2022-12-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

When things were going good, Goldman Sachs' CEO David Solomon could seemingly do no wrong. Last year, thanks to a booming M&A market and a favorable trading environment, life was good at the elite Wall Street bank. Top tech executives from 10 Wall Street firms, including Goldman Sachs, Citadel, and KKR, share their predictions for the top public-cloud trends next year. Bad news: You're not the only one waiting for rates to drop to buy a home; so is Wall Street. Here's what a home-buying spree from Wall Street could mean for the entire industry.

☆ Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
▼ + stars: | 2022-12-22 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +11 min

Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business. "Out of control" spendingGoldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings. The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business. Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen.

☆ Inside Wall Street's cloud ambitions: From cutting costs to new security tools, tech execs from Blackstone, Goldman Sachs, Citadel, and others predict the top cloud trends in 2023
▼ + stars: | 2022-12-22 | by ( Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +2 min

☆ George Santos responds to report that accused him of misrepresenting credentials on campaign trail
▼ + stars: | 2022-12-20 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

Santos, 34, was elected to represent New York’s 3rd Congressional District, beating Democrat Robert Zimmerman last month. Representatives for Citigroup and Goldman Sachs told NBC New York they had no record of his employment. In a statement Monday, Santos’ lawyer, Joseph Murray, dismissed the story, insisting that Santos was being smeared by "enemies" at the paper, and suggesting that Santos, posed a threat to Democrats. "It is no surprise that Congressman-elect Santos has enemies at the New York Times who are attempting to smear his good name with these defamatory allegations. The upset means Santos will succeed Democrat Tom Suozzi, who lost a primary bid for governor this year.

☆ Bank of America: Buy these 21 top-rated stocks that have been oversold in 2022 and are poised for outsize moves in 2023
▼ + stars: | 2022-12-20 | by ( Marley Jay | ) www.businessinsider.com time to read: +2 min

The bank is also positive on value stocks and high free cash flow generation. After a difficult 2022, most investors are really hoping that the new year comes with a new investing environment. Bank of America strategist Jill Carey Hall says that among smaller companies, taking a bet on more volatile stocks usually works out in January. The bank encourages investors to prioritize criteria like high free cash flow generation and improving profit margins as a path to success. But when it comes to January, BofA views the 21 stocks below as some of the best opportunities available.

☆ Who Is Rep.-Elect George Santos? His Résumé May Be Largely Fiction.
▼ + stars: | 2022-12-19 | by ( Grace Ashford | Michael Gold | ) www.nytimes.com time to read: +1 min

George Santos, whose election to Congress on Long Island last month helped Republicans clinch a narrow majority in the House of Representatives, built his candidacy on the notion that he was the “full embodiment of the American dream” and was running to safeguard it for others. His campaign biography amplified his storybook journey: He is the son of Brazilian immigrants, and the first openly gay Republican to win a House seat as a non-incumbent. But a New York Times review of public documents and court filings from the United States and Brazil, as well as various attempts to verify claims that Mr. Santos, 34, made on the campaign trail, calls into question key parts of the résumé that he sold to voters. Citigroup and Goldman Sachs, the marquee Wall Street firms on Mr. Santos’s campaign biography, told The Times they had no record of his ever working there. Officials at Baruch College, which Mr. Santos has said he graduated from in 2010, could find no record of anyone matching his name and date of birth graduating that year.

☆ The Fed's inflation projections 'make no sense' and central bankers could have been misled by a cyberattack, Fundstrat says
▼ + stars: | 2022-12-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Inflation needs to "explode" this month to meet the Fed's expectations, which is why their estimates "make no sense," Fundstrat said. The research firm estimated that December inflation projections were likely 60-basis-points too high. Fed officials projected core PCE inflation, which strips out volatile food and energy prices, to average 4.8% in 2022. To meet the Fed's projection, core PCE inflation would need to "explode" by 75-basis-points over the next month, Lee said. That suggests the bond market thinks the Fed's inflation forecasts are too high, and a pause or cut in rates could be in the cards next year.

☆ Who will be Wall Street’s un-American idol?
▼ + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com time to read: +8 min

Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.

☆ Blockchain Fails to Gain Traction in the Enterprise
▼ + stars: | 2022-12-15 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +7 min

Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Some companies say they haven’t found a compelling enough reason to use it. Many didn’t have digital record-keeping systems and had to make large upfront investments before they could start using blockchain, Walmart said. Walmart is using blockchain to track leafy greens and green bell peppers. Earlier this year, the state of Jharkhand in eastern India began using blockchain to track seed distributions to farmers.

☆ Massive changes could be coming to the way the stock market functions
▼ + stars: | 2022-12-15 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —Wall Street’s top cop has voted in favor of major changes to the way millions of everyday investors buy and sell stocks. The Securities and Exchange Commission Wednesday proposed a rule that it says would add competition to an unseen — but potentially costly — part of the stock trading system for retail investors. Payment for order flow has come under intense scrutiny by regulators following the fallout from the January 2021 run-up in meme stocks like GameStop. “Today’s markets are not as fair and competitive as possible for individual investors — everyday retail investors,” Gensler said. “Thus, today’s proposal is designed to bring greater competition in the marketplace for retail market orders.”– CNN’s Allison Morrow contributed to this report

☆ Goldman Sachs, JPMorgan, and 9 other top Wall Street firms share their predictions for stocks and the economy in 2023
▼ + stars: | 2022-12-15 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

Here are 11 top investment firms' views on what's next for stocks and the economy in 2023. Heading into this year, the lowest S&P 500 price target among top investment firms was 4,400, which was set by long-time bear Mike Wilson of Morgan Stanley. Insider surveyed 11 top investment firms and found that five see US stocks rising in 2023 from mid-December levels: Deutsche Bank, Oppenheimer, BMO Capital Markets, JPMorgan, and Credit Suisse. The firms had 2023 year-end S&P 500 price outlooks ranging from 4,500 (a 12.5% gain from the current level of about 4,000) to as low as 3,400 (a 15% loss). Below is the S&P 500 forecast, stock market outlook, and economic outlook from each of these major Wall Street firms, ranked from highest S&P 500 price target to lowest.

Bonus payout discussions are currently underway at Morgan Stanley globally, they said. Morgan Stanley, which does not disclose details of bonus payouts, declined to comment. Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published last month by Johnson Associates Inc, a compensation consultant in New York. This year's bonus discussions are taking place after Morgan Stanley CEO James Gorman said earlier this month that the bank was making "modest job cuts" worldwide. Morgan Stanley reported a 30% slump in third-quarter profit in October, missing analysts' estimate as a slowdown in global dealmaking hurt its investment banking business.

[1/2] BNP Paribas logo and stock graph are seen in this illustration taken, May 1, 2022. Investment banks typically use standardised job titles to mark career milestones, starting at analyst and culminating at managing director. "BNP Paribas is communicating corporate titles to employees in the London Branch that reflect their existing roles to standardise terminology across all business lines," a spokesperson told Reuters. A broker at BNP Paribas in London was awarded 2 million pounds ($2.45 million) in January, one of the biggest payouts in a UK equal pay suit. Deploying standardised job titles should make it easier for employees to understand where they rank on the bank's career ladder.

☆ Vanguard's decision to leave the world's biggest climate-finance group could impede Biden's plan to protect Americans' savings from the climate crisis
▼ + stars: | 2022-12-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Vanguard announced on Wednesday it's pulling out of an initiative to fight climate change. Biden previously proposed a plan to involve the financial sector in reaching net zero carbon emissions. As Insider previously reported, Biden last year released a report that focused on mitigating the financial risks climate change puts on people's retirements, pensions, savings, and more. However, Republicans have plans to increase oversight over Wall Street firms that are assessing climate change and prioritizing environmental, social and governance causes, known as ESG. Still, the world is making some progress toward fighting the financial risks of climate crisis.

☆ Markets are bracing for a 'Powell recession' that could be coming soon
▼ + stars: | 2022-12-07 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Markets are essentially saying there will be another man-made economic contraction soon: the 'Powell recession.'" The New York Fed even has a tracker on its site that gauges the possibility of a recession by the three-month/10-year curve. As of the end of November, the inversion level implied a 38% recession chance within 12 months, according to the central bank's methodology. Markets also anticipate the Fed will approve a few more increases, ultimately taking the bottom end of the range to about 5%. Similarly, Wells Fargo economists noted that "Our own yield curve forecast signals turbulent times are ahead, aligning with our expectation for a recession starting next year."

☆ Citadel celebrates banner year at Disney as Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been like riding a wild roller coaster. For thousands of employees of Citadel and Citadel Securities, the hedge fund and trading business founded by Ken Griffin, last weekend was spent riding the real things. This year is shaping up to be a record for Citadel and Citadel Securities, Ahmed confirmed. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses, while many Americans are struggling with rising prices for food, gasoline and rents. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

☆ Citadel celebrates banner year at Disney while Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been akin to riding a wild roller coaster. This year is shaping up to be a record for Citadel and Citadel Securities, the spokesman confirmed. The Citadel Global Fixed Income Fund is up 28.1% for the year, while Citadel Tactical Trading is up 22.4% and Citadel Equities Fund is up 17.8%, an investor said. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

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