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☆ Financial executives and Texas Republicans spar over climate actions
▼ + stars: | 2022-12-15 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Financial executives and Texas state senators clashed over company concerns for climate change at a hearing on Thursday, a rare in-person confrontation as Republicans ramp up attacks on the use of environmental, social and governance (ESG) factors in investing. Texas Republicans at the hearing, which was webcast, questioned whether the participation of BlackRock Inc (BLK.N) and State Street Corp (STT.N) in industry efforts to cut emissions put too much pressure on portfolio companies. Even as they take heat from energy-producing U.S. states, asset managers have faced pressure from climate activists and Democrats to take more environmental action. With some $8 trillion under management, BlackRock has been singled out by Texas for alleged over-pressuring of its important energy sector. A number of State Street funds were also designated.

☆ BlackRock executive and Texas Republicans spar over climate actions
▼ + stars: | 2022-12-15 | by ( Ross Kerber | ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - A BlackRock Inc (BLK.N) executive and Texas state senators sparred over the firm's membership in an investment group aiming to limit climate change at a hearing on Thursday. Republicans at the hearing, which was webcast, questioned if BlackRock's membership in the Climate Action 100+ committed it to putting too much pressure on portfolio companies to take steps to reduce emissions. BlackRock Senior Managing Director Dalia Blass said the firm had maintained its independence within the group. “We have one bias, and that's to get the best risk-adjusted returns for our clients," Blass said. Reporting by Ross Kerber Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Hormel, Petco, CrowdStrike and more
▼ + stars: | 2022-11-30 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Earnings beat estimates, but sales came up short of Wall Street forecasts. Petco (WOOF) – Petco's adjusted quarterly earnings of 16 cents per share matched Street forecasts, but revenue was slightly above estimates. CrowdStrike (CRWD) – CrowdStrike plunged 17.6% in the premarket after the cybersecurity company's subscription numbers came in below analyst forecasts. NetApp (NTAP) – NetApp tumbled 10.9% in the premarket on a weaker than expected forecast from the cloud computing company, which reported better than expected quarterly earnings. Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise added 1.9% in the premarket after the enterprise computing company reported record quarterly sales and issued strong revenue guidance.

☆ 31 stocks that mutual funds are heavily betting on, driving their best-performing year since 2007 according to Goldman Sachs
▼ + stars: | 2022-11-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Mutual funds are set to have their best year of outperformance relative to benchmarks since 2007. The report indicates that 56% of large-cap mutual funds outperformed their benchmarks compared to a 36% outperformance rate seen since 2007. Meanwhile, 66% of large-cap value funds outperformed the benchmark Russell 1000 Value index. Below are 31 of the 50 stocks listed in Goldman Sachs' Mutual Fund Overweight Positions basket. The list is based on the investment bank's analysis of 548 large-cap core, growth, and value mutual funds with $2.5 trillion in equity assets.

☆ Bank regulators tell Citigroup to take urgent action to fix resolution plan
▼ + stars: | 2022-11-23 | by ( Hannah Lang | ) www.reuters.com time to read: +3 min

The regulators gave Citi a January 2023 deadline to submit its plan to address the shortcomings, while giving the all clear to seven other large banks that submitted resolution plans. The problems related to earlier concerns the Fed had identified with Citi’s data quality and data management in an October 2020 enforcement action against the bank. Eric Compton, a banking analyst at Morningstar, said regulators often highlight data management issues at banks because they can be interrelated, potentially having wide-ranging impact. “Citi is not the first bank to have its resolution plan dinged," he said. Those problems related to the banks' abilities to produce data in stressed conditions to implement their resolution plans.

☆ Premarket stocks: The strong dollar has an unexpected victim
▼ + stars: | 2022-10-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

New York CNN Business —The strong dollar has been a headwind for blue chip US companies in the Dow and S&P 500 this year. And the Russell 2000, another index of mostly smaller companies, is down 25%, too. Also, the dollar is so strong — the US Dollar Index, which tracks the greenback against the euro, pound, yen and several other currencies has soared 18% this year — it’s making foreign imports cheaper. But real estate stocks have been slammed by worries about a housing and office real estate slowdown. And multinational companies and foreign stocks will fare more poorly than smaller companies with little to no international exposure.

☆ Tesla investors try to ignore Musk's many distractions
▼ + stars: | 2022-10-16 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

While that’s good news for Twitter’s long-suffering shareholders, Tesla investors hope he still has some time for them. There are big challenges in China as well, with Tesla going up against homegrown EV rivals like Nio (NIO), Xpeng and Li Auto. Too many distractionsGary Black, managing partner at the Future Fund and a Tesla shareholder, has been tweeting for the past few weeks that concerns about Twitter are a headache for Tesla investors. In one tweet, Black said there are several problems for Tesla due to Twitter. The underwhelming deliveries and production numbers also underscore how a slowing global economy (and possible recession) could hurt Tesla.

☆ Goldman sees this options trade as attractive heading into the Fed decision
▼ + stars: | 2022-09-21 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

That can create an opportunity for options investors, according to Goldman Sachs. "Among stocks, options in CMA , ZION and STT screen as most attractive relative to historical one-day moves on FOMC days," the note said. Here's a look at some of the bank stocks on Goldman's list and their average moves on Fed decision days in recent years, led by Comerica. The options market was pricing in lower-than-average volatility in these stocks, creating an opportunity for investors, Goldman said. Bank stocks can be particularly sensitive to Fed decisions because their business models are closely tied to interest rates and the state of the economy.

A spokesperson for BNY Mellon declined to comment on the status of its crypto custody project. “BNY Mellon believes digital assets are here to stay, and increasingly becoming part of the mainstream of finance," he added. Offering to hold clients' digital assets appeared the safest way to enter the market. read moreThe SEC guidance departed from that practice. At a conference last week, the SEC's acting chief accountant said that custodied crypto assets present "unique" risks which meet the definition of a liability under U.S. accounting standards.

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