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☆ 'Beat factor': Bank of America names top out-of-consensus global stocks to buy. Here are 12 of them
▼ + stars: | 2023-08-17 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Bank of America named a number of buy-rated European stocks its analysts are most positive on. The bank ranked stocks based on "beat factor" — its analysts' most out-of-consensus stock ideas based on price objectives and earnings estimates — in its Aug. 11 research note. The bank is 6% above consensus on the company, in terms of earnings per share for the 2023 fiscal year. Banks on BofA's beat list include Dutch firm ING and French company BNP Paribas . Small and midsized companies BofA also named several small-to-midsized firms on a list of European Beat Factor Top 10 stocks, all of which it is buy-rated on.

Persons: Banks, BofA Organizations: of America, Defense, Thales, ING, French, BNP, Smiths Group, Logitech, Wizz

☆ Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
▼ + stars: | 2023-08-15 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

This time, Fitch is intent on signaling to the market that bank downgrades, while not a foregone conclusion, are a real risk, said Wolfe. And if top institutions like JPMorgan are cut, then Fitch would be forced to at least consider downgrades on all their peers' ratings, according to Wolfe. Shares of lenders including JPMorgan, Bank of America and Citigroup dipped in premarket trading Tuesday. JPMorgan declined to comment for this article, while Bank of America and BankUnited didn't immediately respond to messages seeking comment. Defaults tend to rise in a rate-hiking environment, and Fitch has expressed concern on the impact of office loan defaults on smaller banks.

Persons: JPMorgan Chase, Chris Wolfe, Fitch, Wolfe, Moody's, Jamie Dimon, JPMorgan, BankUnited didn't, Morgan Stanley Organizations: JPMorgan, CNBC, . Bank, Bank of America, Citigroup, BBB, Federal Reserve, AA Locations: U.S, York, Miami Lakes , Florida

☆ Radious lets you rent your home to businesses as a coworking space: 'It's like Airbnb and WeWork had a baby'
▼ + stars: | 2023-08-13 | by ( Tim Paradis | ) www.businessinsider.com time to read: +12 min

Radious lets homeowners rent out their houses to companies that want coworking spaces. The Portland, Oregon, company lets homeowners rent to companies in need of coworking spaces. Radious also lets companies request access to spaces in other cities across the US to tap into a network of not-yet-public options. And Milwaukee really prides itself on being welcoming and friendly. It would seem like some suburbs that are just house after house may not be as attractive.

Persons: Radious, Amina Moreau's, Moreau, lockdowns, Robin Daniels, WeWork, Airbnbs, we've, we're, Amina Moreau Radious, it's, We've Organizations: Service, WeWork Locations: Portland , Oregon, Wall, Silicon, The Portland , Oregon, Portland, Milwaukee, Lake Michigan

Concern over the sector had waned after second-quarter results showed most banks stabilized deposit levels following steeper losses during the March regional banking crisis. "Bank profitability has peaked for the time being," Arsov said. Shrinking profit margins, along with relatively lower capital levels compared to peers at some regional banks and concern about commercial real estate defaults, were key reasons Moody's reassessed its ratings on banks after earlier actions. In March, Moody's placed six banks, including First Republic, under review for downgrades and cut its outlook for the industry to negative from stable. The analyst stressed that the U.S. banking system was still strong overall and that even the banks it cut were rated investment grade, indicating a low risk of default.

Persons: They've, Banks, Ana Arsov, Arsov, Moody's Organizations: Bloomberg, Getty, Silicon Valley Bank, Moody's Investors Service, First Republic, Bank Locations: U.S, Silicon

☆ Private jets are descending on a small-town airport as the 'summer camp for billionaires' kicks off
▼ + stars: | 2023-07-11 | by ( Grace Kay | Taylor Rains | ) www.businessinsider.com time to read: +4 min

Private jets are already arriving in Sun Valley, Idaho ahead of the "summer camp for billionaires." Private jets have already begun piling up outside of small town Sun Valley, Idaho as some of the world's most powerful people head to Allen & Co's annual conference — also known as "summer camp for billionaires." Since Tuesday morning, over 40 private jets have flown through the nearby Friedman Memorial Airport ahead of the conference, with at least another 100 scheduled to arrive throughout the day, according to FlightAware. In 2021, the airport was so swamped with private jets that the FAA had to delay incoming flights until traffic dropped. Amazon founder Jeff Bezos and OpenAI CEO Sam Altman are expected to attend the event, according to Bloomberg.

Persons: Bill Gates, Jeff Bezos, Mark Zuckerberg, —, Drew Angerer, Tim Cook —, Louis Vuitton, Bernard Arnault, Chris Pomeroy, he's, Pomeroy, Sam Altman, Bob Iger Organizations: Private, Allen, Friedman, Federal Aviation Administration, FAA, Nike, The New York Times, Staff, Getty, Embraer, Cessna, Bombardier Global, Apple, Sun, Friedman Memorial Airport, New York Times, The Washington Post, ABC, Amazon, Bloomberg, Disney, Variety Locations: Sun Valley , Idaho, Valley , Idaho, Friedman, Sun Valley

☆ The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
▼ + stars: | 2023-07-10 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play. What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%. Some of those pressures will be visible as regional banks disclose second-quarter results this month. "The fundamental issue with the regional banking system is the underlying business model is under stress," said incoming Lazard CEO Peter Orszag.

Persons: Jamie Dimon, Brian Graham, Banks, KeyCorp, Matt O'Connor, Peter Orszag, SVB, Chris Wolfe, Wolfe, you've, You've, Goldman Sachs, Lazard's Orszag, Orszag, Janet Yellen, Sen, Elizabeth Warren, Klaros, Graham Organizations: First, JPMorgan, Silicon Valley Bank, CNBC, Klaros, Deutsche Bank, Federal Reserve Bank of New, Justice Department Locations: First Republic, Silicon Valley, SVB, KBW, Federal Reserve Bank of New York, Republic

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Federal Reserve says 23 biggest banks weathered severe recession scenario in stress test
▼ + stars: | 2023-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

All 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday. Banks are the focus of heightened scrutiny in the weeks following the collapse of three midsized banks earlier this year. As a result, clearing the stress test hurdle isn't the "all clear" signal its been in previous years. Still expected in coming months are increased regulations on regional banks because of the recent failures, as well as tighter international standards likely to boost capital requirements for the country's largest banks. "At the same time, this stress test is only one way to measure that strength.

Persons: Michael Barr, Banks, Wells Organizations: Federal, Banking, Urban Affairs, Capitol, JPMorgan Chase, PNC Locations: Washington , DC, U.S, Wells Fargo

☆ This regional bank is a 'compelling value’ amid tough time for sector, Piper Sandler says
▼ + stars: | 2023-06-15 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Recent updates from bank executives reinforce the idea that while deposits have stabilized, the industry faces pressure from rising funding costs, weaker lending and coming regulations, according to Piper Sandler analysts. The analysts named two picks for the current environment: "From here, our favorite large regional is Fifth Third Bank , and we find U.S. Bank a compelling value for patient investors," Siefers wrote. Regional bank stocks have r ebounded off the year's lows in recent weeks. The analyst said that customers' move away from non-interest bearing deposits and falling demand for loans have prompted several regional banks to lower their 2023 guidance for net interest income. Fifth Third Bank is "now among the most conservative on through-the-cycle [deposit] assumptions and preparedness for a sustained challenging environment," Siefers wrote.

Persons: Piper Sandler, Scott Siefers, Siefers, Piper Sander, CNBC's Michael Bloom Organizations: Fifth Third Bank, U.S, Bank, Silicon Valley Bank Locations: Silicon

☆ Premarket stocks: The banking crisis isn't over
▼ + stars: | 2023-05-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Amid the US debt ceiling turmoil, a potential recession and the upcoming Fed meeting, Wall Street has a lot on its plate. Even as US lawmakers race to prevent a catastrophic default, the lingering effects of the regional banking crisis have not been completely extinguished. CEO Jamie Dimon said that his company’s emergency intervention had ended the immediate turmoil of the banking crisis. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, is down about 3% so far this month and over 30% lower so far this year. Analysts are concerned that as rates get higher, the borrowing environment becomes tougher for regional banks, hurting their ability to lend.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ”, Janet Yellen, ” Fitch, “, What’s, Goldman Sachs, Joe Biden, Kevin McCarthy, Biden’s, Matt Egan Organizations: CNN Business, Bell, New York CNN, First Republic Bank, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic, Fitch, Governors, Federal Reserve, Banking, PacWest Bancorp, Western Alliance Bancorp, Republican, Treasury Department, CNN, Saudi, Wall Street Journal Locations: New York, Banking, EY, ”, Saudi Arabia, Russia, OPEC, China, Vienna

☆ BlackRock bond chief Rieder says U.S. economy in 'much better shape’ than doomsayers say
▼ + stars: | 2023-05-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

NEW YORK — When the bond chief of the world's biggest asset manager looks at the U.S. right now, he sees a lot to like. A combination of resilient government, corporate and consumer spending, improving homebuilder data, $1.5 trillion in excess savings and low unemployment tell BlackRock's Rick Rieder that the American economy is faring better than many expected. "I think the U.S. economy's in much better shape than people give [it] credit" for, Rieder said Tuesday at an event at BlackRock's New York headquarters. Talk of a pending recession has been building as the impact of the Federal Reserve's interest rate increases ripple through the economy. "When people talk about, 'We're going to a recession or a deep recession,' it's pretty unusual [or] almost impossible when you have an unemployment rate of 3.4%," Rieder said.

In midsized metros Metros with 250,000 to one million residents. An Emerging Divide Mobility has risen for college-educated workers, even as it has fallen for workers without a degree. College-educated workers leaving the most expensive parts of the country are also not spreading out equally everywhere — or even going to parts of the country that are struggling. Net migration among college graduates Loss Gain Among the 12 most expensive metros, net college migration has generally declined or turned negative. “Consumer cities,” as she puts it, are increasingly replacing “producer cities” as the places where college graduates want to live.

[1/2] A Ford Ranger Raptor is seen at a Ford event in Michigan, U.S., May 5, 2023. REUTERS/Joe WhiteDETROIT, May 10 (Reuters) - Ford Motor Co (F.N) on Wednesday unveiled the latest addition to its muscle truck franchise - a Ranger Raptor midsize pickup with a 405-horsepower engine and a suspension designed for racing across the desert, made possible in part by Ford's electric vehicles. But a Ranger Raptor will start at $56,960, Ford said. Ford is also ramping up production of its Mustang Mach-E, Ford F-150 Lightning and Transit electric vehicles - generating credits that allow it to sell more high-performance, combustion vehicles such as the Ranger Raptor, the Bronco Raptor and the F-150 Raptor. "We're doing it through a portfolio of products" that includes electric vehicles and a hybrid Maverick pickup, Baumbick said.

☆ Ford is finally bringing the beastly Ranger Raptor truck to the US, and it costs $57,000 — see it here
▼ + stars: | 2023-05-10 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

The 2024 Ford Ranger Lariat. The 2024 Ford Ranger Lariat. FordThe Ranger RaptorThe 2024 Ford Ranger Raptor. The 2024 Ford Ranger Raptor. The 2024 Ford Ranger Raptor.

☆ Warren Buffett says Berkshire is cautious on banking sector
▼ + stars: | 2023-05-06 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

REUTERS/Rachel MummeyNEW YORK, May 6 (Reuters) - Warren Buffett on Saturday said Berkshire Hathaway (BRKa.N) is cautious around the banking sector, largely because of poor messaging by officials around government-insured deposits, as well as distorted incentives he said were brought on by banking regulation. "The U.S. government and the American public have no interest in having a bank fail and having deposits actually lost by people," he said. Part of the reason for that is that incentives in banking regulation are "so messed up," he said. First Republic Bank, the latest regional U.S. bank to fail, disclosed that it was offering non-guaranteed jumbo-sized mortgages at fixed rates in its annual report. "The incentives in bank regulation are so messed up and so many people have an interest in having them messed up -- it's totally crazy," Buffett said.

NEW YORK, May 2 (Reuters) - The cost of insuring against further losses in regional U.S. bank stocks stood near a one-month high in options markets on Wednesday, even as shares of lenders saw a reprieve from their recent sell-off. Skew on the SPDR S&P Regional Banking ETF - a gauge of relative demand for puts versus calls - remained elevated, hovering near the highest level since the COVID-19 market slump, data from OptionMetrics showed. The SPDR S&P Regional Banking ETF rose about 1.9% to 39.64 in afternoon trade, though it is down 33% on the year and fell on Monday and Tuesday. "The fact that you didn't see the follow-through from some of these other regional banks, with what would appear to be such great news, really didn't inspire a lot of confidence in some of these regional banks," said Seth Hickle, a derivatives portfolio manager at Innovative Portfolios, referring to JPMorgan’s rescue of First Republic. "The problem with regionals are going to be rising interest rates,” said Matt Amberson, principal at options analytics firm ORATS.

☆ Jamie Dimon says 'this part of the crisis is over' after JPMorgan Chase buys First Republic
▼ + stars: | 2023-05-01 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida, US, on Monday, March 6, 2023. The crisis that led to the downfall of three regional U.S. banks in recent weeks is largely over after the resolution of First Republic , according to JPMorgan Chase CEO Jamie Dimon. JPMorgan emerged as the winner of a weekend auction for First Republic after regulators decided that time had run out on a private sector solution. In the wake of the sudden collapse in March of Silicon Valley Bank and Signature Bank, investors have punished other lenders that had similar characteristics to SVB. Shares of regional banks including PacWest and Citizens Financial slumped in premarket trading.

☆ Charlie Munger reportedly warns of trouble for the U.S. commercial property market
▼ + stars: | 2023-04-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Charlie Munger believes there is trouble ahead for the U.S. commercial property market. The 99-year-old investor told the Financial Times that U.S. banks are packed with "bad loans" that will be vulnerable as "bad times come" and property prices fall. "It's not nearly as bad as it was in 2008," he told the Financial Times in an interview. "We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties. Read the complete Financial Times interview here.

☆ Big banks including JPMorgan Chase, Bank of America asked for final bids on First Republic
▼ + stars: | 2023-04-29 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter. Shares of the bank sank 90% last month, and then collapsed further this week after First Republic disclosed how dire its situation is. The biggest banks will bear the brunt of that expense, because member banks will likely be assessed fees to replenish the FDIC fund over several years. Wells Fargo , Goldman Sachs and Citigroup are each unlikely to make a bid, according to people with knowledge of the banks.

☆ U.S. Fed may reverse rules that masked losses on SVB's securities - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

If approved, the move spearheaded by Fed Vice Chairman for Supervision Michael Barr would reverse a relaxing of oversight granted to some regional banks by the Fed in 2019 under Barr's predecessor Randal Quarles. Reuters reported in March that the Fed is considering tougher rules and oversight for midsize banks similar in size to SVB. The Federal Deposit Insurance Corp is also expected to release its preliminary review of the failures that same day. Regulators have vowed to review their rules and procedures after the two failures while insisting the overall system remains sound. Barr had welcomed external reviews of regulators' work and expects the Fed to be "accountable" for any shortcomings that are unearthed.

☆ Warren Buffett's former deputy slams crypto and meme stocks, heralds AI's 'iPhone moment,' and flags big risks to commercial real estate. Here are the 6 best quotes from her annual letter.
▼ + stars: | 2023-04-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's ex-deputy blasts meme stocks and cryptos and welcomes a more sensible market. Tracy Britt Cool advises investors to be careful and touts ChatGPT as groundbreaking. Here are the six best quotes from Britt Cool and her Kanbrick cofounder in their annual letter. Tracy Britt Cool and her Kanbrick cofounder, Brian Humphrey, also jabbed at meme stocks and cryptocurrencies, and hailed artificial intelligence as a game-changing technology. (Britt Cool and Humphrey singled out commercial real estate, heavily indebted companies with floating-rate loans, and the mushrooming federal debt as areas of concern.)"

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ 35 Ways Real People Are Using A.I. Right Now
▼ + stars: | 2023-04-14 | by ( Francesca Paris | Larry Buchanan | ) www.nytimes.com time to read: +24 min

People are using ChatGPT and other A.I. Here’s how 35 real people are using A.I for work, life, play and procrastination. People are using A.I to …Plan gardens. Chris Norn Researcher at the University of Washington Two years ago researchers cracked the code on using A.I. When you run a Dungeons & Dragons game, Mr. Green says, you have to be creative, but that almost always means pulling from existing fantasy literature.

He had told Oxford Gold that he wanted to "get the lay of the land" ahead of picking up a $9 million order for 151 gold kilo bars. But most unusual was that Mancuso wanted to pick up the order from the Oxford Gold office, the source said. The next day, Mancuso contacted Oxford Gold about buying $9 million worth of gold, and the company agreed to sell him 151 gold kilo bars. But Oxford Gold was alerted on December 2 that this was a fraudulent transaction, said a source with direct knowledge. Unsure what to do, Oxford Gold contacted the Beverly Hills Police Department, and eventually got in touch with the FBI, this source said.

☆ New White House bank regulation plan impacts short list of banks
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike Segar/File PhotoWASHINGTON, March 30 (Reuters) - The White House's plan to strengthen the U.S. banking system announced on Thursday makes new demands on a small group of midsized banks. The plan asks regulators to demand banks with between $100 billion and $250 billion in assets increase liquidity and capital, and submit to extra stress tests, among other changes. BANK ASSETS, BILLIONCitizens Bank $226.4First Republic $212.6Morgan Stanley Priv. Bnk $209.7Silicon Valley $209.0Fifth Third Bank $206.3Morgan Stanley Bank $201.4Manufacturers & Traders $200.3Keybank $187.6Huntington $182.3Ally Bank $181.9BMO Harris $176.9HSBC Bank USA $162.4American Express $155.4Northern TC $154.5Regions Bank, AL $154.2Discover $129.4Signature $110.4First Citizens $109.2MUFG Union $104.4Reporting by Dan Burns; Writing by Heather Timmons; Editing by Anna DriverOur Standards: The Thomson Reuters Trust Principles.

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