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☆ Eli Lilly races rising obesity expectations
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 27 (Reuters Breakingviews) - The race is on between Mounjaro’s growth and investors’ burgeoning hopes. The drug made by Eli Lilly (LLY.N), which was approved in May to treat diabetes, reaped an astonishing $569 million of revenue in the first quarter less than a year after it was approved for sale. The results encouraged Lilly to raise its annual profit guidance by 3.5%. The pharmaceutical firm also unveiled alongside its earnings release on Thursday that the drug had its second successful large clinical trial against obesity. With another successful trial under Lilly’s belt, Mounjaro is likely to receive an official green light from the U.S. Food and Drug Administration for use in obesity, and more insurers will subsidize the cost.

☆ For battered U.S. bank shares, earnings may make or break
▼ + stars: | 2023-03-28 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Even so, the S&P 500 bank index (.SPXBK) is down 16% since March 8, two days before Silicon Valley's collapse, with the failure of Signature Bank and problems at other banks adding to the turmoil. Some say quarterly results could be key to what happens next with bank shares. Among other financials, Jefferies Financial Group (JEF.N) is expected to report quarterly results after the closing bell Tuesday. Analysts expect S&P 500 earnings to fall 4.6% in the first quarter of 2023 from the year-ago period. They are forecasting S&P 500 financials (.SPSY) to post year-over-year earnings growth in the first quarter of 5.4%, making it among just four sectors whose earnings are expected to climb.

☆ The Street awaits key inflation report next week as banking worries persist
▼ + stars: | 2023-03-25 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

The personal spending and income report, out this coming Friday, has the Federal Reserve's preferred measure of inflation: the core personal consumption expenditure (PCE) price index. In comparison, the consumer price index (CPI), released this past week, only tracks price changes over time. It was a positive week for the major averages, despite some midweek volatility driven by comments from Treasury officials. The PCE price index and other inflation reports face heightened scrutiny in the coming months as the market is becoming more at odds with the Fed's base case. ET: Gross Domestic Product; Price Index Friday, March 31 Before the bell: 8:30 a.m.

☆ Analysis: Bond traders get their swagger back in rate-obsessed markets
▼ + stars: | 2023-01-17 | by ( Lananh Nguyen | ) www.reuters.com time to read: +5 min

REUTERS/Andrew KellyNEW YORK, Jan 17 (Reuters) - Bond traders are stars again on Wall Street. Fixed income, currencies and commodities (FICC) traders bolstered bank profits last year despite dreary deal markets. Bond specialists in the $22 trillion Treasuries market are in high demand as the Federal Reserve and other central banks have aggressively raised interest rates over the past two years. After the financial crisis, central bankers in the United States and advanced economies steadied markets by holding interest rates near zero. On Tradeweb Markets Inc's (TW.O) electronic bond trading platforms, average daily volumes rose almost 10% in 2022.

Rising interest rates roiled markets last year and global investment banking revenue sank more than 50% from a year-earlier quarter, according to data from analytics firm Dealogic. SHARPLY LOWERAcross the board, investment banking fees were sharply lower. Morgan Stanley's revenue from investment banking business fell 49% in the fourth quarter while Goldman Sachs's investment banking fees fell 48%. JPMorgan's investment banking unit saw its revenue down 57%, Citigroup Inc's (C.N) investment banking revenue plunged 58% while Bank of America Corp (BAC.N) investment banking fees more than halved. Strength in trading helped offset a slump in investment banking, while interest rate hikes by the U.S. Federal Reserve helped income.

☆ Wall Street’s Missing Ingredient: Debt Offerings
▼ + stars: | 2023-01-10 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Despite everything going on, many of Wall Street’s businesses are actually doing pretty well. But a dearth of debt underwriting is holding firms back for the time being. Advisory revenues from working with companies doing deals were also quite solid, only tepid in comparison to the big flourish in the latter part of 2021. The quarter’s advisory revenue was still nearly double what it was in the firm’s last quarter of 2019, as a benchmark. Overall, fiscal year 2022 investment-banking revenues were the firm’s second-best ever, behind only 2021.

☆ Wall St ends higher, Powell comments avoid rate policy
▼ + stars: | 2023-01-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Fed Governor Michelle Bowman said on Tuesday the bank will have to raise interest rates further to combat high inflation. Amazon.com Inc. (AMZN.O) shares rose 2.9% and gave the Nasdaq and S&P 500 their biggest boosts. This week marks the start of the fourth-quarter earnings season for S&P 500 companies, with results from several of Wall Street's biggest banks due later this week. The World Bank on Tuesday slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies. The S&P 500 posted four new 52-week highs and no new lows; the Nasdaq Composite recorded 71 new highs and 30 new lows.

☆ Jefferies profit slides as Wall Street dealmaking falters
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Investment bank Jefferies Financial Group (JEF.N) reported a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks. Still, the firm posted its second-best year for investment banking revenue, which was substantially above 2019 levels, chief executive officer Richard Handler and president Brian Friedman said. Friedman said the profit decline looked more stark compared with an "extraordinary" bonanza for dealmaking in 2021. Jefferies' total net revenue was down 18% at $1.44 billion, dragged lower by a 35% decline in investment banking and capital markets revenue. The bank reported a profit of 57 cents a share in the three months ended Nov. 30, compared with $1.20 a year earlier.

☆ Jefferies posts lower quarterly profit as dealmaking falters
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Investment bank Jefferies Financial Group (JEF.N) posted a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks. Still, investment banking revenue saw their second-best year and was substantially above 2019 levels, chief executive officer Richard Handler and president Brian Friedman said. Jefferies' total net revenue was down 18% at $1.44 billion, dragged lower by a 35% decline in investment banking and capital markets revenue. Jefferies began reducing the size of its merchant banking portfolio last year, in an effort to sharpen its focus on its key businesses. Leucadia later sold most of its non-financial assets to double down on investment banking.

☆ Markets rally on signs inflation is abating, as investors look to next week's consumer price data
▼ + stars: | 2023-01-06 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Later in the day, markets were also buoyed by the ISM's nonmanufacturing purchasing managers' index, which said the services industry contracted last month. The next big test will be December's consumer price index report, to be released Thursday. Meanwhile, the fourth-quarter earnings season kicks off next Friday, when the banks – including Club holding Wells Fargo (WFC) – are set to report. On Thursday, the December ADP employment report was released, showing an additional 235,000 jobs, well above the 153,000 expected by analysts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Cramer’s week ahead: Corporate earnings will set the tone for the market
▼ + stars: | 2023-01-06 | by ( Krystal Hur | ) www.cnbc.com time to read: +3 min

Wednesday: KB HomeQ4 2022 earnings release between 4:10 p.m. and 4:20 p.m. Friday: Wells Fargo, Bank of America, JPMorgan Chase, BlackRock, UnitedHealthWells FargoQ4 2022 earnings release at 7 a.m. Bank of AmericaQ4 2022 earnings release at 6:45 a.m. ETProjected EPS: 78 centsProjected revenue: $24.3 billionJPMorgan ChaseQ4 2022 earnings release at 6:45 a.m. BlackRockQ4 2022 earnings release at 6:15 a.m.

☆ Important inflation data and big bank earnings could create volatility for markets in week ahead
▼ + stars: | 2023-01-06 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Other speakers include Atlanta Fed President Raphael Bostic Monday. On Thursday, Philadelphia Fed President Patrick Harker, Richmond Fed President Tom Barkin and St. Louis Fed President Bullard all speak at separate events. Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins have appearances Friday. The most important inflation report in the week ahead is the consumer price index, released Thursday. Import prices 10:00 a.m. Consumer sentiment 10:00 a.m. Minneapolis Fed President Neel Kashkari 10:20 a.m. Philadelphia Fed's Harker 9:00 a.m. Boston Fed President Susan Collins

☆ Cutting Costs, Not Jobs, Is Focus for Many CFOs Facing Slowdown
▼ + stars: | 2022-12-12 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

At the same time, many employers are looking for workers, with job openings well above the number of job seekers. That leaves some finance chiefs scouting for savings that don’t involve job cuts, or that supplement layoffs, advisers and analysts said. Other ways to cut costs include exiting leases, reducing the number of suppliers, automating tasks, trimming software spending and finding less expensive components, advisers said. Many companies over the past year have raised prices to keep up with escalating input costs, in addition to trimming expenses. Still, the company’s restaurant-level profit margin during the quarter ended Oct. 2 fell to 16.2% from 20.1% a year earlier.

☆ Foot Locker Searches For a New Finance Chief
▼ + stars: | 2022-11-29 | by ( Kristin Broughton | ) www.wsj.com time to read: +3 min

Foot Locker Inc. is searching for a new finance chief to succeed Andrew Page, who is stepping down from the shoe-store chain as part of a reshuffling of its senior ranks. He was previously chief accounting officer and controller at Advance Auto Parts Inc., a Raleigh, N.C.-based auto parts retailer. He will step down as chief financial officer of Foot Locker early next year. Photo: The Wall Street Journal Foot Locker is working with an executive recruiting firm to identify a successor, the company said. Also, Foot Locker promoted Rosalind Reeves, its vice president of talent, diversity and organization capability, to chief human resources officer, effective Dec. 1.

☆ Buffett's Berkshire discloses big Taiwan Semi stake
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

Nov 14 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said it bought more than $4.1 billion of stock in Taiwan Semiconductor Manufacturing Co (2330.TW), a rare significant foray into the technology sector by billionaire Warren Buffett's conglomerate. In a Monday regulatory filing describing its U.S.-listed equity investments as of Sept. 30, Berkshire said it owned about 60.1 million of Taiwan Semiconductor's American depositary shares. Berkshire also disclosed new, smaller stakes in building materials company Louisiana-Pacific Corp (LPX.N) and the financial services company Jefferies Financial Group Inc (JEF.N). Reporting by Jonathan Stempel in New York; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves after hours: Taiwan Semiconductor, Paramount Global and more
▼ + stars: | 2022-11-14 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

The entrance of Paramount Studios is seen at Paramount Studios in Hollywood, California. Check out the companies making headlines in after hours tradingTaiwan Semiconductor Manufacturing – Shares of Taiwan Semiconductor jumped 6.4% after Warren Buffett's Berkshire Hathaway said it now has a $4.1 billion stake in the company. Paramount Global – Shares of Paramount Global gained 3.4% in after hours trading after Warren Buffett's Berkshire Hathaway disclosed that it increased its holding in the company to $1.7 billion in the third quarter. Louisiana-Pacific – Louisiana-Pacific, a building company, gained 9.3% after Berkshire Hathaway took a new position in the name, investing $297 million in the third quarter. Jefferies Financial Group – Shares of the investment bank rose 5.3% after Warren Buffett's company Berkshire Hathaway announced a $12.8 million stake, which it bought in the third quarter.

NEW YORK/ LONDON, Nov 3 (Reuters Breakingviews) - First Boston is an old Wall Street name that’s re-emerging from Credit Suisse (CSGN.S) with some new features. Credit Suisse Chief Executive Ulrich Körner is reshaping the $11 billion group to put some bad years and big losses firmly in the past. Credit Suisse is setting up joint ventures between CS First Boston and the parent’s trading and wealth management businesses, according to a person familiar with the matter. An added complication is that CS First Boston bankers could be getting paid in their own division’s stock, rather than Credit Suisse shares. Michael Klein will step down from the Credit Suisse board of directors to help launch CS First Boston, the bank said.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Stocks making the biggest moves premarket: Apple, CarMax, Bed Bath & Beyond and more
▼ + stars: | 2022-09-29 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

CarMax (KMX) – CarMax shares slumped 12.1% in premarket trading after the auto retailer missed estimates on both the top and bottom lines for its latest quarter. Bed Bath & Beyond (BBBY) – The housewares retailer posted a wider-than-expected quarterly loss and sales that fell short of consensus. MillerKnoll (MLKN) – MillerKnoll fell 7.3% in the premarket after its quarterly profit beat analyst estimates, although revenue fell short. Jefferies Financial (JEF) – Jefferies shares rose 1.6% in premarket action after posting a better-than-expected quarterly profit. The purchases came after Occidental shares lost about 20% of their value in less than a month.

☆ Jefferies beats quarterly profit estimates on lift from merchant banking
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Jefferies Financial Group Inc (JEF.N) on Wednesday beat analysts' estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking. The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said. The bank said in July it would reduce the size of its merchant banking portfolio that includes investments in real estate, oil and gas, and other public companies as part of a restructuring. After a stellar run in 2021, U.S. investment banking giants have struggled for most of this year as a market sell-off crushes corporate appetite for dealmaking. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Stocks took a beating this week as the Federal Reserve raised interest rates by another 75 basis points, the third consecutive hike of that magnitude. It wasn't the rate move — which was anticipated by the market — but Fed Chair Jerome Powell's hawkish comments on Wednesday that hurt stocks. It was the fifth losing week out of the last six for all the major stock averages, capped by another painful drop on Friday. Also Wednesday, the Federal Reserve raised the federal funds rate by another 75 basis points while maintaining its hawkish tone. ET: Personal Spending and Income (See here for a full list of the stocks in Jim Cramer's Charitable Trust is long.)

☆ Goldman Sachs insiders say they are concerned about CEO David Solomon's push to build his personal brand, pointing to staff help for his DJing and use of the firm's planes
▼ + stars: | 2022-09-21 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

As David Solomon, Goldman Sachs' CEO, was wrapping up a work trip in late July, he boarded the company's Gulfstream G650 for Chicago. His personal account cites his role as Goldman Sachs' CEO, while his official Goldman Sachs account links to his personal account. As CEO, Solomon has overseen the firm's first investor day, launched a strategic update, and reaped record revenue of $59.3 billion in 2021. The Goldman representative disputed that characterization, saying the number of executive TV appearances has more than doubled over the past year. A Goldman representative said that Payback is run by music-industry consultants and that no Goldman Sachs resources are used for the platform.

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