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☆ Bumper corporate profits helped prevent mass layoffs and a recession, says leading economist
▼ + stars: | 2024-04-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

After-tax profits hit a record high of $2.8 trillion in the fourth quarter, per the Commerce Department. "The gangbuster gain in profits helps explain why businesses have been able and willing to hold the line on layoffs, which was key to avoiding recession," he said. Advertisement"It also helps explain the record stock market, and the resulting positive wealth effects and resilient consumer spending." Related storiesAs for stocks, they're generally valued at a multiple to company profits so they've hit record highs too. That has made stockholders feel wealthier and more comfortable spending, Zandi said.

Persons: —, Mark Zandi, That's, Zandi Organizations: Service, Corporate America, Corporations, Commerce Department, Business, Federal Reserve, Companies

☆ Here are Tuesday's biggest analyst calls: Nvidia, Meta, Boeing, Eli Lilly, Disney, Coca-Cola, Grindr & more
▼ + stars: | 2024-04-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Oppenheimer reiterates Nvidia as outperform Oppenheimer said it's sticking with its outperform rating on shares of Nvidia. Citi reiterates Eli Lilly as buy Citi said the biopharma company is "riding the GLP-1 rocket." Citi downgrades Clorox to neutral from buy Citi said that the bullish thesis for the stock has largely played out for now. Citi upgrades Estee Lauder to buy from neutral Citi said it sees a "topline inflection point" for the stock. Barclays upgrades Array Technologies to overweight from equal weight Barclays said it sees share gains for the solar company.

Persons: Oppenheimer, McCormick, Argus, Needham, it's, Nelson Peltz, Melius, Horton, Citi, Eli Lilly, Estee Lauder, ARRY, JMP, Piper Sandler, Piper, Nio, CFRA, Goldman Sachs, Goldman, Blackstone, Petco Organizations: Nvidia, JPMorgan, Disney, Boeing, Citi, Coca, MTH, RBC, GE Vernova, General Electric, Bank of America, Meta, Travel, Barclays, Eaton, MI, Olema Pharmaceuticals, UBS, Bank of, of America Locations: underperform, LEN, DHI, Asia, Eaton, 4Q23

☆ Detroit is getting ready to host the NFL draft a decade after going bankrupt
▼ + stars: | 2024-03-31 | by ( George Glover | ) www.businessinsider.com time to read: +7 min

Detroit is set to host the NFL draft next month, a decade after it went bankrupt. Mayor Mike Duggan told BI that he hopes the event will reintroduce the city to the rest of the US. AdvertisementThe new DetroitApril's NFL draft — one of the biggest weekends on the sporting calendar — is set to bring eyeballs back to Detroit. AdvertisementDowntown Detroit will host the 2024 NFL draft. "No matter where you went in southeastern Michigan, everyone was smiling and talking to each other about the Lions," Duggan added.

Persons: Mike Duggan, —, Duggan, Axios, Joshua Lott, Bill Pugliano, it'll, we've, Kirby Lee, Dan Gilbert, who's, Jared Goff, Dan Campbell, Gilbert, Kyusung Gong, it's Organizations: Detroit, NFL, Lions, Service, Ford, GM, Detroit Free Press, Reuters, Economic, KC, Sports, Vegas and Kansas City, Getty, Cleveland Cavaliers NBA, Tampa Bay Buccaneers, Los Angeles Rams, San Francisco 49ers, The Lions, NCAA College Locations: Detroit, Midwest, Korean, Michigan, America, Motor City, Reuters Detroit, Detroit ., Kansas City, Vegas and Kansas

☆ Federal regulators are wielding a classic Warren Buffett concept to go after Apple — his biggest stock bet
▼ + stars: | 2024-03-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Federal regulators used the word "moat" eight times in their civil antitrust complain to describe the defenses that Apple sets up to keep competitors at bay. AdvertisementCastles and moatsBuffett popularized the concept of a company having a "moat" around it that protects it from rivals. The dynamics of capitalism guarantee that competitors will repeatedly assault any business 'castle' that is earning high returns. AdvertisementThe Department of Justice has added insult to injury by not only targeting Buffett's biggest stock bet, but also wielding the investor's moat metaphor against him, at least indirectly.

Persons: —, cheekily, Warren Buffett, Buffett, Berkshire Hathaway, you've, Elon Musk, he's, Charlie Munger, Apple, He's, Tim Cook, they're Organizations: Service, Justice, Apple, Business, Berkshire, Coke, Gillette, Costco, Cola, American, Regulators, of Justice Locations: Berkshire, Apple, Buffett's, Berkshire's

☆ The wealth of the 1% just hit a record $44 trillion
▼ + stars: | 2024-03-28 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter. The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve. Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect." "Of course, this highlights a vulnerability of the economy if the stock market were to falter.

Persons: Robert Frank, Mark Zandi, Zandi, Liz Ann Sonders, Charles Schwab, – Sonders Organizations: Federal Reserve, Moody's, Stocks, Conference Board Locations: U.S

☆ Economist discusses Baltimore bridge collapse
▼ + stars: | 2024-03-28 | 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 EmailBaltimore bridge collapse won't be 'straw that broke the camel's back' in global shipping: EconomistHarry Murphy Cruise, associate economist at Moody's Analytics, says, however, that it comes at a "really fragile time" in global shipping.

Persons: Harry Murphy Cruise Organizations: Moody's Locations: Baltimore

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ Baltimore bridge collapse poses little threat to U.S. economic growth, experts say
▼ + stars: | 2024-03-26 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Auto companies like BMW and Volkswagen will likely be hit hardest at first, he added, given their heavy reliance on the Baltimore port. Regional economyFor the city of Baltimore, though, the economic impacts of the bridge collapse will hit harder and last longer. The Baltimore port directly employs over 15,000 workers and indirectly supports nearly 140,000 jobs via other port activities, according to Maryland Gov. Baltimore port employees could be temporarily furloughed, or see disruption in their work hours amid the shutdown. "The bridge collapse is the latest challenge for Northeast U.S. supply chains," said S&P Global Head of Supply Chain Research Chris Rogers.

Persons: Francis Scott Key, Roberto Schmidt, Baltimore's Francis Scott Key, Joseph Brusuelas, DALI, Joe Biden, Brusuelas, Mark Zandi, Wes Moore, Zandi, Research Chris Rogers, It's, we've Organizations: AFP, Getty, RSM, Auto, BMW, Volkswagen, Depot, IKEA, shipper FedEx, CNBC, Maryland Gov, Afp, Northeast, Supply, Research, Others Locations: Baltimore , Maryland, Singapore, Baltimore, of Baltimore, Port, United States, of LA, Northeast U.S, Sea, Panama

☆ Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers
▼ + stars: | 2024-03-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"We're back to that trend, despite these higher mortgage rates," she said. However, the market today is vastly different from the market two to eight years ago, experts say. The average home is still unaffordable for most potential buyers while inventory has slightly improved but not enough to meet demand. "The sentiment we're getting from our agents is that neither sellers nor buyers are satisfied with this market," Fairweather said. And buyers are disappointed in rising prices and rising mortgage rates."

Persons: Daryl Fairweather, Matthew Walsh, It's, Fairweather, Sellers Organizations: Finance, Moody's Locations: U.S

☆ Nvidia's AI ambitions in medicine and health care are becoming clear
▼ + stars: | 2024-03-24 | by ( Michelle Castillo | ) www.cnbc.com time to read: +3 min

Last week, Nvidia announced deals with Johnson & Johnson for use of generative AI in surgery, and with GE Healthcare to improve medical imaging. "Health care, whether it's biotechnology, chemicals, or drug discovery is a very powerful area." About 41 percent of biotech CEOs surveyed by EY in late 2023 said they were looking at "concrete" ways generative AI could be used for their companies. "This is very high for my experience, having been 30 years in this industry," Ural said. It also partnered in 2021 with Schrödinger for drug discovery.

Persons: Johnson, Raj Joshi, It's, EY, it's, Colette Kress, Roche's Genentech Organizations: Nvidia, Johnson, GE Healthcare, Companies, NVIDIA, NVIDIA BioNeMo Locations: Arda, Americas, Ural, NVIDIA Clara

☆ Moody's Analytics says it expects the Bank of Japan to exit negative interest rates
▼ + stars: | 2024-03-18 | 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 EmailMoody's Analytics says it expects the Bank of Japan to exit negative interest ratesKatrina Ell of Moody's Analytics says that's partly because of the "upside surprise" of the shunto wage negotiations.

Organizations: Bank of Japan

☆ Moody's Ratings: We're positive on India's banking system
▼ + stars: | 2024-03-15 | 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 EmailMoody's Ratings: We're positive on India's banking systemSally Yim of Moody's Ratings explains its negative outlook on China's banking system.

Persons: Sally Yim

☆ Moody's Analytics: The Japanese economy is 'not looking too well'
▼ + stars: | 2024-03-13 | 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 EmailMoody's Analytics: The Japanese economy is 'not looking too well'Stefan Angrick, associate director at Moody's Analytics, says Japan's "real economy has been struggling."

Persons: Stefan Angrick

☆ It's been one year since SVB's collapse sent shockwaves through the banking sector. Here's where the industry and our financial names stand now
▼ + stars: | 2024-03-12 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

It's been a year this week since the collapse of Silicon Valley Bank sent shockwaves through the banking sector. Wells Fargo shares got a big boost after a key win with regulators in mid-February. It would allow Wells Fargo to finally grow its assets again and help rake in more profits. MS YTD mountain Morgan Stanley (MS) year-to-date performance Conversely, the Club's other bank stock, Morgan Stanley , has been lagging in 2024 — down 7% year to date. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: It's, SVB, NYCB, Steven Mnuchin's, Wells Fargo, Wells, they've, Scott Siefers, Piper Sandler, we're, Charlie Scharf, Morgan Stanley, Morgan Stanley's underperformance, management's, Ted Pick, Jim Cramer, Morgan Stanley's, Morgan, Jim, Reddit, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, shockwaves, Bank, , New, , New York Community, Strategic Capital, Wells, Wells Fargo, Currency, Federal Reserve, CNBC, Club, Management, Morgan Stanley's IB, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Silicon, Wells, ,, , New York, Wells Fargo

☆ How Wealthy Investors Got Rich Looting America's Needy Hospitals
▼ + stars: | 2024-03-11 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +21 min

That added to the massive debt burdens already placed on the hospitals by their for-profit owners, deepening their financial woes. In January, MPT reported that its biggest tenant, a nationwide chain of 32 hospitals called Steward, could no longer pay its rent. The core idea was simple: to buy hospital real estate, pocket the lease payments, and use the money to reward investors. The more hospital real estate that MPT buys, the more money it makes in rent payments from the hospitals. But that doesn't mean that MPT's leaders didn't get rich off its hospital deals.

Persons: Leonard Green, Sherman Cahal, Rob Simone, Hedgeye, MPT, Steward —, Justin Simon, Jasper Capital, they've, Ed Aldag, Eddie Lampert's, Eileen Appelbaum, Rosemary Batt, MTP, Marc Rowan, Richard Mortell, Leonard Green couldn't, they'd, Stephen Feinberg, Ralph de la Torre, Steward, Simone, Cerberus, Chandan Khanna, That's, de la, de la Torre, la Torre, Amaral, Aldag, Apollo, Eileen O'Grady, Moody's, didn't, Sen, Chuck Grassley Organizations: Northside Regional Medical Center, Ohio Valley Medical, East Ohio Regional Hospital, Luke's Medical, Glenwood Regional Medical Center, Medical Properties Trust, Jasper, Sears, Bain Capital, Affordable, Cornell University, Business, Third Coast Real Estate Capital, Cerberus, Health Care, Boston Globe, Bloomberg, Getty, Easton Hospital, Local, de la Torre, la, MediaNews, Boston Herald, Prospect, Private, Yale New Haven Health, Yale, Apollo, MPT, SEC, Republican, Senate Finance Locations: Youngstown , Ohio, Ohio, Wheeling , West Virginia, Martins Ferry , Ohio, St, Luke's, Phoenix, Massachusetts, West Virginia, California , Pennsylvania, Texas, Pennsylvania, Louisiana, America, Alabama, MPT, Greater Boston, Steward, Easton, Lehigh, Elizabeth's, Boston, Connecticut, it's

☆ The pandemic forced many women to leave their jobs. Hybrid work is bringing them back.
▼ + stars: | 2024-03-10 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

A rise in remote and hybrid jobs has allowed many women to seek higher-income roles. A narrowing of gender labor force gap since 2019 has added about $1.5 trillion to global income. Many women were forced to leave their jobs during the pandemic, thanks to poor market conditions and a rising need for childcare and older adult care. In the US, around 70% of working-age women participated in the labor force in 2020. Remote jobs also offer more flexibility.

Persons: — Organizations: Service, US Bureau of Labor, Statistics, Pew Research Center, European Union Locations: Australia, India, Japan

☆ These 28 regional and community banks exceed regulators' threshold for high commercial real estate concentration risk: here's what's really at stake.
▼ + stars: | 2024-03-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

But where banks' exposure to commercial real estate is concerned, locating that fire may be difficult. Rising interest rates quickly increased the cost of borrowing for investors in commercial real estate, including offices and multifamily homes. It doesn't reveal details such as borrowers' track records, said Mark Hillis, a former chief risk officer for commercial real estate at JPMorgan. There's also varying concentration risk: the largest banks with commercial real estate exposure are more diversified, meaning that any losses won't be as devastating, Baker said. "We think very few banks will run into issues just from their commercial real estate exposure," Reidy said.

Persons: Michael Barr, Jerome Powell, Todd Baker, Mark Hillis, Clifford Rossi, Robert H, Rossi, Baker, There's, Hillis, multifamily, haven't, You'll, Banks, you'll, Rebel Cole, NYCB, Matt Reidy, Reidy, Cole Organizations: Federal Reserve, Business, York Community Bank, SEC, Richman Center for Business, Law, Columbia University, JPMorgan, Smith, Smith School of Business, University of Maryland, Mortgage Banker's Association, Bank, Signature Bank, First, Countrywide Bank, Washington Mutual, Citigroup, multifamily, Florida Atlantic University, Federal, Regulators, TCRE, Equity RCRE, Community Bank, Provident Bank NJ, Merchants Bank of Indiana, Apple Bank for Savings, Oceanfirst Bank, Independent Bank, Lakeland Bank NJ, Ozk, Washington Federal Bank WA, Axos Bank, Sandy Spring Bank, Columbia Bank NJ, Farmers, Merchants Bank of CA, Popular Bank, Pacific Premier Bank, United Bank, Trust, Rockland Trust, Umpqua Bank, ServisFirst Bank, Bell Bank, Stellar Bank, National Bank of, National Bank of Florida FL, New York Community Bank Locations: multifamily, Basel, CRE, California, Rockland, National Bank of Florida

☆ Markets are hitting record highs. And economists like El-Erian and Krugman can't shake off their fears
▼ + stars: | 2024-03-08 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +4 min

Stellar prices for gold have also stolen investor attention, with the precious metal scaling a new record of over $2,100. The record-breaking numbers for markets, however, haven't stopped some investors from worrying about three key issues. Inflation resurgenceAfter months of cooling, U.S inflation is proving itself to be more stubborn than experts had predicted. That's despite the Federal Reserve embarking on an aggressive monetary policy campaign over the past year, in a bid to tame consumer price pressures from their 40-year highs. Ariel Investments' Vice Chair Charlie Bobrinskoy told CNBC markets are not focused on China's residential real estate problems.

Persons: Michael M, haven't, Nobel, Paul Krugman, Mark Zandi's, Mark Zandi, Krugman, Nouriel Roubini, Doom, Trump, Marko Kolanovic, Mohamed El, Erian, Ariel, Charlie Bobrinskoy Organizations: New York Stock Exchange, Santiago, Federal, stoke, Allianz, Bloomberg, CNBC, El, Ariel Investments Locations: New York City, U.S, China

☆ Opinion: Biden gave the speech of his life
▼ + stars: | 2024-03-08 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +29 min

CNN —CNN Opinion asked political and policy contributors to weigh in on President Joe Biden’s State of the Union address. David Gergen: Biden just rewrote the presidential racePresident Joe Biden not only delivered perhaps the best speech of his life last night; he may have also changed the race itself. Roxanne Jones: Biden finally sounds like he’s ready to fightPresident Joe Biden finally has my attention. At the end of his speech, Biden reminded voters that he “grew up among working people” in Scranton. In his State of the Union speech, Biden had to answer the mail on all of these.

Persons: Joe Biden’s, David Gergen, Biden, Joe Biden, —, Carrie Sheffield, Carrie Sheffield Barry Morgenstein, Donald Trump’s, pandered, Sophia A, Nelson, Trump, Sen, Andrew, ”, Donald Trump, Harris, Daniel McCarthy, Trump President Joe Biden, Daniel McCarthy Biden, Ronald Reagan, Bill Clinton, wasn’t, he’s, haven’t, Cori Bush, Rashida Tlaib, Bernie Sanders, Nikki Haley, Trump couldn’t, Reagan, Roxanne Jones, ” Biden, Smart, Jill Filipovic, Mike Johnson, David A, Vladimir Putin, Putin, ” David A, Benjamin Netanyahu, “, SubStack’s, Paul Sracic, It’s, White, Paul Sracic Arne Hoel It’s, Hillary Clinton, Joe, ” Paul Sracic, Raul A, Reyes, ” Raul A, Marjorie Taylor Greene’s, Laken Riley, Mark Zandi, Mark Zandi Moody's, Ana Marie Cox, Ana Marie Cox Faith Fonseca, Biden’s, Dobbs, Roe, Wade, Peter Bergen, George W, Bush, Vladimir Putin’s, –, beefed, Gazans Organizations: CNN, David Gergen CNN, Union, Harvard Kennedy School, Gallup, NATO, Democratic, Republicans, Trump, Independent Women’s, United States Senate, Biden, Congressional, Trump President, South Carolina Gov, GOP, Republican, Conservative, The Spectator, Syndicate, Big Pharma, Companies, American, Democrats, Twitter, NATO —, Israel, New York Times, CBS News, Democratic Party, United Auto Workers, Youngstown State University, Hudson Institute, Reyes CNN, Border Patrol, Georgia, ” Progressives, Pew Research Center, White, USA, Moody’s Analytics, Ana Marie Cox Faith, Jackson, Peter Bergen CNN, US Senate, New, Arizona State University Locations: Joe Biden’s State, America, United States, State, Gaza, Israel, New York, Ukraine, ”, American, China, Iran, Europe, Asia, Chicago, Scranton , Pennsylvania, Belvidere , Illinois, Scranton, Claymont , Delaware, Delaware, Ohio, Washington , DC, Georgia, Alabama, Austin, Iraq, New America

☆ Stocks making the biggest moves midday: Nvidia, Marvell Technology, Costco, Eli Lilly and more
▼ + stars: | 2024-03-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Marvell Technology — The chip company sank more than 11% on light first-quarter earnings and revenue guidance. Marvell Technology said it anticipated adjusted earnings of 23 cents per share for the first quarter, below the 40 cents expected by analysts polled by LSEG, formerly known as Refinitiv. Samsara posted $276 million in revenue, compared to analysts' expectations for $258 million, per LSEG. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million for the period. Analysts polled by LSEG had called for earnings of 64 cents per share on $699 million in revenue.

Persons: Carvana, Eli Lilly —, Goldman Sachs, MongoDB, NYCB, DocuSign, LSEG, Morgan Stanley, Yun Li, Jesse Pound, Pia Singh, Sarah Min, Michelle Fox, Hakyung Kim Organizations: Nvidia —, Nvidia, Marvell Technology, LSEG, RBC Capital Markets, Costco, U.S . Food, Drug Administration, Broadcom, Textron — Textron, Bank of America, Old Navy, New York Community Bancorp, Moody's Investors Service, Amylyx Pharmaceuticals, UBS — U.S, UBS, Auto, Deutsche Bank Locations: U.S, Swiss, China

☆ Stocks making the biggest moves premarket: Carvana, Gap, Eli Lilly, UBS and more
▼ + stars: | 2024-03-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

The database software maker posted adjusted earnings of 86 cents per share on revenue of $458 million. Analysts had called for earnings of 47 cents per share and $433 million in revenue, according to LSEG. DocuSign reported fourth-quarter adjusted earnings of 76 cents per share on revenue of $712 million for the period. According to analysts surveyed by LSEG, Wall Street had expected earnings of 64 cents per share on $699 million in revenue. Eli Lilly — Shares slipped 1% premarket after the U.S. Food and Drug Administration delayed approving its Alzheimer's drug, donanemab.

Persons: MongoDB, DocuSign, Deutsche, Li, Morgan Stanley, LSEG, Eli Lilly —, —, Sarah Min, Michelle Fox, Jesse Pound Organizations: RBC, Li Auto, Deutsche Bank, Navy, UBS — U.S, UBS, Marvell Technology, Broadcom, Revenue, Textron —, Bank of America, Textron, New York Community Bancorp, Moody's, U.S . Food, Drug Administration, Costco —, LSEG Locations: Swiss, U.S

☆ NYCB says it lost 7% of deposits in the past month, slashes dividend to 1 cent
▼ + stars: | 2024-03-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

New York Community Bank said Thursday it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise. NYCB also said it's slashing its quarterly dividend for the second time this year, to 1 cent per share from 5 cents, an 80% drop. In a little more than a month, the bank changed its CEO twice, saw two rounds of rating agency downgrades and announced deepening losses. At its nadir, NYCB's stock sank below $2 per share Wednesday, down more than 40%, before ultimately rebounding and ending the day higher.

Persons: Steven Mnuchin's, NYCB, downgrades Organizations: York Community Bank, Strategic Capital, Moody's, Mnuchin's Liberty Strategic Capital Locations: New York

☆ The economy is resilient and fine but feels soft: Moody's Mark Zandi
▼ + stars: | 2024-03-06 | 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 EmailThe economy is resilient and fine but feels soft: Moody's Mark ZandiPeter Boockvar, Bleakley Financial Group CIO, Mark Zandi, Moody's Analytics chief economist, and CNBC's Steve Liesman join 'The Exchange' to discuss their take from Fed Chair Jerome Powell's testimony, whether the Fed is in the mood to cut interest rates soon, and more.

Persons: Mark Zandi Peter Boockvar, Mark Zandi, Steve Liesman, Jerome Powell's Organizations: Bleakley Financial

☆ New York Community Bancorp tumbles 40% and is halted as troubled bank reportedly seeking cash infusion
▼ + stars: | 2024-03-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Reuters and the Wall Street Journal reported Wednesday that the bank was looking to outside investors for cash to shore up its balance sheet. fell more than 40% on Wednesday amid reports that the regional bank is seeking a cash infusion. A cash infusion would be the latest development in a turbulent start to the year for NYCB. The bank disclosed in late January that it was dramatically raising the allowance for potential loan losses on its balance sheet. The questions surrounding NYCB are reminiscent of those that swirled around Silicon Valley Bank, Signature Bank and First Republic before all three failed in the spring of 2023.

Persons: Alessandro DiNello, NYCB, DiNello Organizations: Reuters, Wall Street, CNBC, New York Community Bancorp, NYCB, Moody's, Silicon Valley Bank, Signature Bank, First Locations: Silicon, NYCB

☆ Money market funds saw record inflows even as stocks continued their climb to fresh highs
▼ + stars: | 2024-03-04 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Total assets in money market funds have hit a new record high, according to the latest data from the Investment Company Institute. The funds, which still have yields above 5%, saw total assets hit $6.06 trillion for the week ended Feb. 28, the firm said . While some on Wall Street think some of the cash in money markets will move into stocks, Crane has said there is no correlation between the two. Instead, money markets are competing with bank deposits, he believes. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.14%.

Persons: Peter Crane, January's, Moody's, Crane, Teresa Ho Organizations: Investment Company Institute, New York Community Bancorp, Crane, New, New York Community, Fitch, JPMorgan, CNBC Locations: New, New York

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