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☆ Hawaiian Electric Industries shares plunge amid deadly Maui wildfire scrutiny
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

Hawaiian Electric was last trading down 35% at $20.90. Hawaiian Electric did not immediately respond to a request for comment on Monday. Hawaiian Electric Vice President Jim Kelly told CNN Sunday that the company does not comment on pending litigation. He added that Hawaiian Electric does not have a formal shut-off program and precautionary shut-offs have to be arranged with first responders, CNN reported. Morningstar strategist Andrew Bischof said he was lowering his fair value estimate for Hawaiian Electric Industries to $23 per share from $34 due to the reports.

Persons: Mike Blake, Thomas Hayes, Jim Kelly, ” Kelly, Wells, Morningstar, Andrew Bischof, Wells Fargo, Shreyashi Sanyal, Clark Mindock, Shristi, Brendan O'Brien, Michelle Price, Lisa Shumaker, Alexia Garamfalvi Organizations: REUTERS, Hawaiian Electric Industries, Electric, Great, Washington Post, Maui Electric, National Weather Service, Hawaiian Electric, CNN Sunday, CNN, Morningstar, Thomson Locations: Kula, Maui, Hawaii, U.S, Lahaina, Great Hill, New York, Bengaluru, Chibuike

☆ AMC stock sinks, preferred units climb after conversion settlement
▼ + stars: | 2023-08-14 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The common shares dropped to $3.45, levels just before the meme stock mania of January 2021 when retail traders hyped up the stock on online forums like Reddit. The preferred stock units called "APE" , which trade at a significant discount to common shares, jumped 15% to $2.05. Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan. Wedbush analysts said they expect AMC and APE shares to converge around $3 per share before the conversion. Aron said the company has raised $418 million in cash through the sale of "APE" units over the past 12 months.

Persons: Adam Aron, David Swanson, Thomas Hayes, Aron, JJ Kinahan, Medha Singh, Akash Sriram, Saumyadeb Chakrabarty Organizations: AMC Entertainment, Milken, Global Conference, REUTERS, AMC, Great, Great Hill Capital, Twitter, IG North America, Thomson Locations: Beverly Hills , California, U.S, Great Hill, New York, Bengaluru

The squeeze has already claimed its first casualty in electric truck maker Lordstown Motors (RIDEQ.PK), which filed for bankruptcy in June. Companies including Lucid (LCID.O) and Nikola (NKLA.O) are likely to report another quarter of steep cash burn, as they continue to struggle with production and demand. Nikola, which reiterated a going-concern warning in May, is expected to report a 15% decline in revenue and widening losses on Friday. Its shares have rallied nearly 40% this year as the company attempts to reduce its cash burn with layoffs and the liquidation of a recently acquired battery business. But the company missed its production target in the quarter due to a parts shortage.

Persons: Thomas Peter, Tesla, Nikola, Thomas Hayes, Hayes, Needham, Chris Pierce, Akash Sriram, Sayantani Ghosh, Devika Organizations: REUTERS, Ford, Lordstown, Rivian, Visible Alpha, Saudi Arabia's Public Investment Fund, Thomson Locations: Beijing, China, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoJuly 24 (Reuters) - Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets. At a time when the wider rally has made some stocks, especially in the tech space, too expensive, the return of meme stocks is offering retail investors a more affordable option to participate in 2023's market rebound and pocket big returns. Roundhill's Meme index (.MEME) hit a one-year high last week and was last up 60% for 2023 so far, dwarfing gains of more than 18% recorded by the benchmark S&P 500 (.SPX). Retail investors poured in $1.27 billion per day on average into U.S. equities in July, closing in on the all-time record of $1.5 billion a day in March, Vanda Research said. The meme index consists of 25 equal-weighted U.S.-listed stocks with a combination of elevated social media activity and high short interest.

Persons: Dado Ruvic, Thomas Hayes, Vanda, Dennis Dick, Bansari Mayur, Lance Tupper, Devika Organizations: REUTERS, NYSE, Microsoft, Great, Vanda Research, Triple D, AMC Entertainment, AMC, Thomson Locations: Great Hill, Bengaluru, New York

☆ Meme stock AMC jumps as investors cheer stock conversion plan halt
▼ + stars: | 2023-07-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Shares of retail traders' favorite AMC Entertainment Holdings (AMC.N) soared on Monday after a U.S. court blocked the theater chain's stock conversion plan that risked diluting investors' holdings. AMC had told investors it was burning cash at an unsustainable rate and warned that an inability to raise capital could force it into bankruptcy. The company has filed a revised petition for the stock conversion plan addressing the Delaware court's concerns, CEO Adam Aron said on Sunday. The highly shorted AMC common shares were the most traded U.S. stocks at 9:41 a.m. "Trying to short AMC during a short squeeze is about as smart as burning money," said Matthew Tuttle, chief executive offier at Tuttle Capital Management, adding that there is "not much juice left in the squeeze."

Persons: Adam Aron, Thomas Hayes, Oppenheimer, Ortex, Matthew Tuttle, offier, Tuttle, Medha Singh, Krishna Chandra Eluri Organizations: AMC Entertainment Holdings, AMC, Great, Great Hill Capital, Tuttle Capital Management, GameStop, Koss Corp, Thomson Locations: Delaware, Great Hill, New York, Bengaluru

☆ Global shares rise, US shares mixed as Fed seen on target for rate hike
▼ + stars: | 2023-07-18 | by ( Herbert Lash | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported. Deutsche Bank said it was lowering its forecast for China's economic growth this year, following similar moves on Monday by J.P. Morgan, Morgan Stanley and Citigroup. Besides the Fed, the European Central Bank and the Bank of Japan also hold policy meetings next week. Expectations that the Fed and the ECB will diverge on rate hikes have caused the dollar to weaken recently.

Persons: Brendan McDermid, Dow Industrials, Thomas Hayes, Dow, Morgan Stanley, J.P, Morgan, Fiona Cincotta, DAX, Brent, Elizabeth Howcroft, Selina Li, Chizu Nomiyama, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, Reserve, U.S . Commerce Department, Treasury, Dow, Nasdaq, Microsoft Corp, Amazon.com Inc, Apple Inc, Great, Great Hill Capital, Bank of America, Dow Jones, Deutsche Bank, Citigroup, Fed, European Central Bank, Bank of, ECB, Thomson Locations: New York City, U.S, Great Hill, New York, Europe, China, Germany, Bank of Japan, Hong Kong

Bank of New York Mellon (BK.N) and Charles Schwab (SCHW.N) rose 1.1% and 2.0%, respectively. The S&P 500 banks index (.SPXBK) gained 2.5%, while the KBW Regional Banking index (.KRX) climbed 1.8%. Six of the 11 major S&P 500 sectors rose, as gains in financials (.SPSY) and energy (.SPNY) helped offset losses in utilities (.SPLRCU) and consumer staples (.SPLRCS). The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 29 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Goldman Sachs, Wells, Charles Schwab, Thomas Hayes, Jerome Powell, Powell's, Sruthi Shankar, Johann M, Shinjini Organizations: Dow, Nasdaq, Bank of America, JPMorgan, Bank of New York Mellon, Great, Reuters, Dow Jones, Micron Technology, Occidental Petroleum, Berkshire Hathaway Inc, NYSE, Thomson Locations: KBW, Great Hill, financials, Bengaluru

But the odds of the hikes are much less than Powell is projecting so tech stocks are benefiting," said Hayes. Apple (AAPL.O) inched 0.3% higher after closing at a record high on Thursday and edging closer to a $3 trillion market capitalization. ET, to gauge the outlook for interest rates. Micron Technology (MU.O) rose 3.3% after the chipmaker beat estimates for third-quarter results, powered by demand for its memory chips. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Berkshire Hathaway, JPMorgan Chase, Goldman Sachs, Wells, Charles Schwab, Thomas Hayes, Jerome Powell, Powell, Hayes, Raphael Bostic, Sruthi Shankar, Johann M, Shinjini Organizations: Micron, Occidental Petroleum, Dow, Bank of America, JPMorgan, Bank of New York Mellon, Great, Apple, Nvidia, Atlanta Fed, Reuters, Dow e, Nasdaq, Micron Technology, Berkshire Hathaway Inc, Intelligence, Thomson Locations: Berkshire, Great Hill, Bengaluru

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

SummarySummary Companies Palo Alto gains on S&P 500 index inclusionApple climbs ahead of developer conferenceIndexes: Dow down 0.25%, S&P up 0.22%, Nasdaq up 0.46%June 5 (Reuters) - The S&P 500 and the Nasdaq rose on Monday, as Apple scaled an all-time peak and investors weighed up chances of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting. Other growth stocks also rose, with Alphabet Inc (GOOGL.O) gaining 1.8% and Amazon.com Inc (AMZN.O) adding 0.9%. Palo Alto Networks Inc (PANW.O) climbed 5.5% as the cybersecurity firm looks set to replace Dish Network (DISH.O) in the S&P 500 index. Declining issues outnumbered advancers for a 1.56-to-1 ratio on the NYSE and for a 1.35-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and two new lows, while the Nasdaq recorded 70 new highs and 32 new lows.

Persons: Thomas Hayes, Sam Stovall, advancers, Sruthi Shankar, Shristi, Vinay Dwivedi, Anil D'Silva Organizations: Palo, Dow, Nasdaq, Apple, Apple Inc, Alphabet Inc, Amazon.com Inc, Great, Capital, Institute for Supply Management, CFRA Research, Dow Jones, Palo Alto Networks, Dish Network, Big, Wall Street Journal, Tesla Inc, NYSE, Thomson Locations: U.S, Washington, Big U.S, China, Bengaluru

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

[1/2] Co-Founders of VICE Shane Smith (L) and Suroosh Alvi (R) pose as they arrive for the 20th Annual Webby Awards in Manhattan, New York, U.S., May 16, 2016. REUTERS/Mike SegarMay 15 (Reuters) - Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice listed both assets and liabilities in the range of $500 million to $1 billion. Vice was among a group of fast-rising digital media ventures that once had rich valuations as they courted millennial audiences. It rose to prominence alongside its co-founder Shane Smith, who built his media empire from a single Canadian magazine.

On the other end, regional banks' shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 19.9% after the lender sharply cut its quarterly dividend to boost capital. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. "We're in an information vacuum right now, waiting for the next inflation data. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.2% after posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 31 new highs and 23 new lows.

May 5 (Reuters) - U.S. electric-vehicle startups are expected to report another quarter of dwindling cash reserves next week, piling pressure on a group of companies that are struggling to ramp up production and have few options for funding in a turbulent economy. Lucid Group (LCID.O) kicks off first-quarter earnings for the group on Monday, with the company expected to report a 36% sequential slide in cash reserves, according to Visible Alpha. Rivian Automotive (RIVN.O), meanwhile, will likely report on Tuesday that its cash balance fell by 6.8% to $10.78 billion from the preceding quarter, per a Visible Alpha estimate. Fisker Inc (FSR.N) and Nikola (NKLA.O), both of which report earnings on Tuesday, are expected to see their cash reserves decline by 5% and 15%, respectively, according to Visible Alpha. Its earnings in an unscheduled release on Thursday showed Lordstown's cash balance fell 11% sequentially.

☆ 2 JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +6 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. The collapse marks the third major U.S. lender to fail in less than two months, after a week of panic which saw First Republic lose 75% of its market value as its future turned murkier. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. "This development will most likely not prevent the Fed from raising U.S. interest rates this week as largely expected. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ Futures muted as Fed caution sets in, JPMorgan to buy First Republic
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

The rescue comes less than two months after a deposit flight from U.S. lenders Silicon Valley Bank and Signature Bank forced the Fed to step in with emergency measures to stabilize markets. Apple Inc (AAPL.O) is set to report later this week. Markets should take today's news in stride knowing that the repeated bank failures should now have the Fed back on its heels and defanged moving forward." ET, Dow e-minis were down 14 points, or 0.04%, S&P 500 e-minis were down 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 13.5 points, or 0.1%. Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. Citi earned $1.86 per share in the first quarter, beating analysts' average estimate of $1.67, according to Refinitiv data. The bank's investment in services to corporations resulted in 31% growth in revenues in treasury and trade solutions. INVESTMENT BANKING BACK? Mason expressed cautious optimism about a recovery in investment banking.

April 14 (Reuters) - Citigroup Inc's (C.N) first-quarter profit beat Wall Street expectations on Friday as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23% to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier. Net income rose 7% to $4.6 billion, or $2.19 per share, in the three months to March 31 from $4.3 billion, or $2.02 per share, a year earlier. The banking sector was jolted by the collapse of Silicon Valley Bank and Signature Bank last month, which wiped out billions of dollars in market value. Analysts expect an economic slowdown to curb demand for loans and depress net interest margins (NIM) across the industry in the coming quarters.

☆ Pacific Western Bank raises $1.4 bln, says deposits have stabilized
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Pacific Western Bank (PACW.O) said on Wednesday it had raised $1.4 billion from investment firm Atlas SP Partners as regional banks rush to contain the fallout of a recent collapse of two mid-sized lenders. The bank said deposits insured by the Federal Deposit Insurance Corporation, including accounts eligible for pass-through insurance, exceeded 65% of its total deposits, as of March 20. Total deposits at the bank fell 20% to $27.1 billion from $33.9 billion as of Dec. 31. "The update that put out today versus the update that put out last Friday, the read on it is a little bit more negative," Tenner said. Reporting by Jaiveer Shekhawat and Manya Saini in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Shares of First Republic fell 20.7% in early trading after the bank suspended its dividend payout. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 2% each. "Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. "Until you stop the deposit flight from regional banks into the systemically important banks that are too big to fail, it doesn't matter how much money you pour into the bucket." The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded seven new highs and 75 new lows.

A reversal of low rates to stem rampant inflation has forced a risk rethink and exposed the vulnerability of firms such as Credit Suisse. Meanwhile, Credit Suisse still needs to push ahead with a radical restructuring it undertook in October to restore profitability. [1/2] The Credit Suisse logo adorns one of their buildings at their campus in Research Triangle Park in Morrisville, North Carolina, U.S., March 15, 2023. "Credit Suisse has been in our watch-list for a while," one senior executive told Reuters. The radical move by the Swiss central bank is aimed at banishing such doubts.

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