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Charles River Laboratories InternationalRaymond James likes Ralph LaurenSusquehanna starts coverage on semiconductor designer and recent IPO Arm Holdings (ARM) with a neutral (hold) rating and a $48-per-share price target. BTIG starts recent IPO Instacart DoorDash UberKiss of Death: JPMorgan upgraded global energy stocks overweight (buy). SUPERCYCLE ALERT (remember I hate supercycle calls): Dear generalists, put your seatbelts on. Higher for longer energy prices. Deutsche Bank cuts price target on T-Mobile
Persons: Baird, Jim Cramer's, River Laboratories International Raymond James, Ralph Lauren Susquehanna, DoorDash Organizations: CNBC, Amazon, Garden, LongHorn, Darden, Dow, Nike Exxon Mobil FedEx Citi, Dell, River Laboratories International, Arm Holdings, JPMorgan, Deutsche Bank, Mobile
But let's face it, many of the tasks junior bankers spend their time on could very well be done by a robot. "As a junior banker you don't critically think. With artificial intelligence progressing by leaps and bounds, how will it impact the job of the junior banker? She said it's already helping junior bankers get their jobs done faster. "It will allow junior bankers to operate at a higher level with that first pass of analysis being prepared by the technology," said Torrente.
Persons: Wall, Tamara Bitticks, it's, Carlo Allegri, Bitticks, Crystal Cox, Peter Torrente, Bogdan Tudose, Morgan Stanley, Tudose, Goldman Sachs, Banks Organizations: Deutsche Bank, Reuters, Deloitte, Industry, Wall, Google, KPMG, Blackstone, JPMorgan, Excel, Getty, Deutsche Locations: Manhattan, San Francisco
Deutsche Bank reiterates Wells Fargo as buy Deutsche Bank said it's standing by its buy rating on the stock. " BTIG initiates Instacart as neutral BTIG initiated the stock with a neutral rating mainly on valuation. Raymond James initiates Ralph Lauren as outperform Raymond James said in its initiation of Ralph Lauren that it has "strengthening direct-to-consumer." Oppenheimer reiterates Netflix as outperform Oppenheimer lowered its price target on the stock but said it's standing by its outperform rating on shares of Netflix. "Following CFO comments at competitor conference, we are lowering '24E/'25E margins and reducing target to $470 from $515, but maintaining Outperform rating on revenue outlook."
Persons: Goldman Sachs, it's, Meta's, Raymond James, Ralph Lauren, Wells, Wells Fargo, Oppenheimer, Morgan Stanley, XOM, Jefferies, Chris Rolland, downgrades Deere, Canaccord, Bernstein, underperform Bernstein Organizations: Constellation Brands, Deutsche Bank, WFC, Citi, Meta Citi, Meta's, Meta, CART, Bank of America, Apple, of America, Boeing, Communications, Cable, UBS, Netflix, Jefferies, Susquehanna, Semiconductor, Deere, HSBC, Walmart, Procter, Gamble, Procter & Gamble Locations: China, EBITDA
People enter a building before the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsSept 22 (Reuters) - Deutsche Bank AG (DBKGn.DE) has hired Ainslee Withey, a Barclays (BARC.L) technology banker, as a managing director in its technology investment banking group for internet dealmaking, according to people familiar with the matter. Withey, who spent 15 years at Barclays and focused on internet investment banking, will be based in San Francisco and report to Deutsche's co-head of technology, media and telecoms (TMT) investment banking, Ajay Shah, the sources said, adding that she will start her new role in December. Withey started her investment banking career at Lehman Brothers in 2005 and joined Barclays three years later. In July, Deutsche hired 50 senior bankers in the origination and advisory business of its global investment bank.
Persons: Kai Pfaffenbach, Ainslee Withey, Deutsche's, Ajay Shah, Withey, Milana Vinn, Matthew Lewis Organizations: Deutsche Bank, REUTERS, Deutsche Bank AG, Barclays, Deutsche, Lehman Brothers, Thomson Locations: Frankfurt, Germany, San Francisco, Americas, New York
Loan approval: Why has it gotten so much harder?
  + stars: | 2023-09-22 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +8 min
Magnusson said that while she used USAA for a personal loan in the past, this time, the process felt very different. Lately, it may take more than just a good credit score for many people to get approved for a loan. Deutsche Bank recently told investors that bank lending conditions look “consistent with recession levels,” even though the US is not currently in a recession. Magnusson said she was “in tears” after spending hours on the phone with USAA to secure the loan over multiple days. McBride said that although loan application rejections are up and standards are tougher, getting a loan is still possible for those with good credit.
Persons: Cheryl Magnusson, Magnusson, , USAA, , Greg McBride, , ” McBride, Nathan Howard, McBride, William Brown, Brown, we’ve, ” Brown, “ I’ve, I’ve, Darlene Johnson, ” Johnson, Scott Olson Organizations: CNN, Federal Reserve Bank of New, Consumer, Deutsche Bank, Eccles Federal Reserve, Bloomberg, Getty, Silicon Valley Bank, Signature Bank, Navy, Suncoast Credit Union, Suncoast, Mortgage Bankers Association, Federal Reserve Locations: Arizona, Washington , DC, Silicon, Florida, Hawthorn Woods , Illinois
NICKELS & STEAMROLLEREstimating the size of hedge funds' basis trade bets is difficult because transparency and visibility around hedge funds is so low at the best of times, especially with regard to their more complex activities and strategies. Many analysts look at leveraged funds' position in Treasuries futures, and the Aug. 30 Fed paper also noted speculators' repo borrowings. This is a fairly reliable sign of basis trade activity, the Aug. 30 Fed paper says. Overnight repo rates have steadily tracked the fed funds policy rate since March 2022. Basis trade liquidation, as funds got squeezed out of their positions through margin and collateral calls as volatility rocketed, likely contributed to that dislocation.
Persons: Steven Zeng, Christoph Schon, Jamie McGeever, Paul Simao Organizations: Fed, Bank for International, Deutsche Bank, STEAMROLLER, Futures, Reuters, Thomson Locations: ORLANDO, Florida, U.S
Ford, GM, and Stellantis have expressed displeasure with the strategy. After Furman's messages leaked Thursday night, the Detroit car companies expressed their displeasure with the union's strategy. Ford and Stellantis called the messages "disappointing" and "disturbing," while GM said the message "calls into question who is actually in charge of UAW strategy." The idea was met with skepticism by many, who said that an all-out strike would quickly drain the UAW's strike resources. That leaves plenty in the union's $825 million strike fund as the work stoppage expands Friday.
Persons: Stellantis, Shawn Fain, Fain, Ford, Jonah Furman, didn't Organizations: UAW, Ford, GM, Service, United Auto Workers, Detroit, The Detroit News, Twitter, Detroit News, Deutsche Bank Locations: Wall, Silicon, Detroit, Michigan , Ohio, Missouri
Total’s green bet on Gautam Adani is a win-win
  + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com   time to read: +4 min
On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.
Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, , India
Here are Thursday's biggest calls on Wall Street: Baird reiterates Meta as outperform Baird said it's bullish heading into Meta's Connect event next week. Bank of America upgrades Nutanix to buy from neutral Bank of America said it sees numerous positive growth drivers ahead for the computer software company. " Guggenheim reiterates Sunrun as buy Guggenheim said Sunrun is the best positioned solar company. Bank of America reiterates Marriott as buy Bank of America said it's bullish heading into Marriott's analyst day next week. Wells Fargo reiterates Amazon as overweight Wells said it sees several "discreet headwinds" for Amazon that investors may not know about.
Persons: Baird, it's, NTNX, Guggenheim, Sunrun, Evercore, Goldman Sachs, Goldman, Jefferies, Wedbush, Uber, JPMorgan, rideshare, Piper Sandler, Piper, Marriott, Wolfe, Wells, Morgan Stanley, Howmet, Truist Organizations: Meta's, Meta, Qualcomm, Bank of America, of America, Costco, Google, JPMorgan, Disney, Petrobras, CF, Microsoft, monetization, UBS, Walmart, Deutsche Bank, Wax Center, Exxon, ExxonMobil, " Bank of America, Citi, Energy, Micron, MU, Aerospace Locations: Howmet's Whitehall
The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.
Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London
UniCredit cements lead as top-performing euro zone bank stock
  + stars: | 2023-09-21 | by ( ) www.reuters.com   time to read: +1 min
Unicredit logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsMILAN, Sept 21 (Reuters) - Shares in Italian lender UniCredit (CRDI.MI) rose further on Thursday, hitting their highest since January 2016 and cementing their lead as top-performing euro zone bank stock of 2023. Giving further impetus to UniCredit's rally was the bank's surprise announcement on Wednesday to bring forward up to 2.5 billion euros of its 2023 share buyback plan. "This move comes largely unexpected and sends a message of confidence about the next few months despite the uncertain outlook: we expect UCG will continue to outperform in the near to medium term," wrote Deutsche Bank analysts in a note. Reporting by Danilo Masoni; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, UniCredit, Danilo Masoni, Amanda Cooper Organizations: REUTERS, BPER Banca, Banco, Deutsche Bank, Thomson
The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.
Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London
Five9 is well-positioned to grow its market share in the software space as companies prioritize customer satisfaction, according to Deutsche Bank. The firm upgraded Five9, which provides cloud software services to customer contact centers, to buy from hold. Niknam thinks there is a significant runway for incremental growth in the cloud contact center as a service market, which he said has a size of about 16 million total agent seats globally. Only about 20% of these seats have transitioned to the cloud — which suggests additional room for growth. Shares also trade at an attractive valuation — and off peak-levels — despite "enhanced visibility toward re-accelerating growth," the analyst added.
Persons: Five9, Matt Niknam, Niknam, Michael Bloom Organizations: Deutsche Bank
Deutsche Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsFRANKFURT, Sept 21 (Reuters) - Deutsche Bank (DBKGn.DE) will see a "normalisation" of its fixed income and currency trading business in the third quarter from a strong performance a year ago, the lender's finance chief James von Moltke said on Thursday. The business makes up a big chunk of the investment banking revenue at Germany's largest bank. Reporting by Tom Sims, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, James von Moltke, Tom Sims, Rachel More Organizations: Deutsche Bank, REUTERS, Rights, Thomson
Afp Contributor | Dpa | Getty ImagesDeutsche Bank CEO Christian Sewing said Germany will become the sick man of Europe if "structural issues" are not addressed immediately. "We are not the sick man of Europe," Sewing said in his keynote address at the Handelsblatt Banken Summit 2023 on Wednesday, "but it is also true that there are structural weaknesses that hold back our economy and prevent it from developing its great potential." "We will become the sick man of Europe if we do not address these structural issues now," he added. The Deutsche Bank CEO said that the biggest task lies with banks, whose roles are changing in the current macroeconomic climate. This is a great responsibility, but also a great opportunity to create new trust," Sewing said.
Persons: Getty Images Deutsche Bank CEO Christian Sewing Organizations: Dpa, Getty Images Deutsche Bank CEO Christian, Deutsche Bank CEO Locations: Frankfurt, Afp, Germany, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Deutsche Bank investment banker pleads guilty to crypto fraud: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Brian Mosoff, CEO of Ether Capital, weighs in on a new upgrade for Ethereum's network, which aims to slow down the pace of staking to avoid a surge in gas fees. He also discusses what factors could drive ether's next prolonged rally.
Persons: explainers, Brian Mosoff Organizations: Former Deutsche Bank, CNBC Crypto, CNBC, Ether
There have been some encouraging signs that business travel is rebounding to pre-Covid spending levels sooner than anticipated, according to the Global Business Travel Association . Business travel was essentially shut down during the Covid pandemic, with many predicting a slow slog to revive sales and a landscape that would be permanently changed. Now the organization is predicting global business travel spending will surpass its 2019 spending level of $1.4 trillion in 2024, compared with its earlier forecast of 2026. Some 28% of those who make the business travel decisions and 32% of those in charge of company travel budgets said their workplace will increase business travel in the coming year, Morning Consult found. Of course, the recovery in business travel can also shift if there are changes in the economic environment.
Persons: Lindsey Roeschke, Roeschke, That's, Michael Linenberg, Linenberg, Patrick Scholes, Scholes, — CNBC's Michael Bloom Organizations: Global Business Travel Association . Business, Morning, Deutsche Bank, CNBC, American Airlines, Delta Air Lines, United Airlines, Ryman Hospitality Properties, Ole Opry, Hospitality, Hyatt Hotels Locations: Delta
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A former Deutsche Bank (DBKGn.DE) investment banker, who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading, pleaded guilty on Tuesday, the U.S. Justice Department said. Rashawn Russell faces up to 30 years in prison when sentenced, the Justice Department said in a statement. As part of his plea agreement, Russell will be required to pay restitution in the amount of more than $1.5 million. Russell was an investment banker from July 2018 through November 2021 at a financial institution that was not identified in his indictment. His LinkedIn profile stated that he became a Deutsche Bank investment banking analyst in July 2018 and was promoted to associate in July 2020.
Persons: Dado Ruvic, Rashawn Russell, Russell, Breon, Deutsche, Kanishka Singh, Lincoln Organizations: REUTERS, Rights, Deutsche Bank, U.S . Justice Department, Justice Department, United, Prosecutors, U.S, Thomson Locations: Washington
Philip Morris International is considering selling off a stake in its largest pharmaceuticals unit. But more recently the division has struggled, and Philip Morris has had talks with Deutsche Bank on a range of options to try to grow its wellness and healthcare division, the WSJ first reported. In recent years, Philip Morris has also acquired Fertin Pharma, a nicotine gum maker, and OtiTopic, a respiratory drug maker. And, in the second quarter of this year, the company took a $680 million impairment charge related to its wellness and healthcare division. The news comes as the tobacco company continues to face resistance from public health groups.
Persons: Philip Morris, it's, Concordia, Philip Morris's Organizations: Philip Morris International, Marlboro, Deutsche Bank, WSJ, Fertin Pharma, PMI, Concordia, UN, Assembly Locations: New York
The new projections and the Fed's latest policy statement will be released at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is scheduled to hold a press conference half an hour later. With inflation slowing, that would allow interest rates to decline also. The last set of projections envisioned that the Fed's policy rate would fall by a percentage point in 2024, and by 1.2 percentage points in 2025 to end that year in the 3.25%-3.50% range. It hasn't happened so far, with economic growth through the first half of the year above the 1.8% rate that Fed officials view as the economy's non-inflationary trend, and continuing that way through the third quarter.
Persons: Matthew Luzzetti, Jerome Powell, Powell, Joseph Davis, Davis, Howard Schneider, Paul Simao Organizations: Federal Reserve, Deutsche Bank, Reuters Graphics Reuters, Commerce, Vanguard, Thomson Locations: WASHINGTON
The symposium was intended to “increase financial support to help stabilize foreign trade and foreign investment” and improve the “investment environment” for foreign business, the statement said. In the first eight months of this year, foreign direct investment into China fell 5.1% from a year ago, according to data released by China’s commerce ministry on Sunday. A separate measure for foreign investment painted a grimmer picture. Companies that attended PBOC’s meeting called on Beijing to improve its business environment, its statement added. “[We] will continue to optimize policy arrangements, create a market-oriented, legal and international first-class business environment,” Pan told the companies.
Persons: Gongsheng, JP Morgan, Tesla, Gina Raimondo, , ” Pan Organizations: Hong Kong CNN, People’s Bank of China, HSBC, Deutsche Bank, DB, BNP, Japan’s, Bank, BASF, Schneider, State Administration of Foreign Exchange, SAFE, American Chamber of Commerce, US, Companies Locations: China, Hong Kong, Shanghai, Southeast Asia, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank analyst on the state of housing: Prices should remain stableJoe Ahlersmeyer, Deutsche Bank analyst, joins 'The Exchange' to discuss the health of housing as housing starts fell to its lowest level since 2020 amid high mortgage rates.
Persons: Joe Ahlersmeyer Organizations: Deutsche Bank
Goldman Sachs is optimistic on Micron Technology stock ahead of quarterly results. Micron stock has added nearly 41% from the start of the year. MU YTD mountain Micron Technology stock. Micron will report quarterly results Sept. 27 after the closing bell. The Goldman report follows an upgrade to buy from Deutsche Bank a day earlier .
Persons: Goldman Sachs, Goldman, Toshiya Hari, Hari, — CNBC's Michael Bloom Organizations: Micron Technology, Micron, MU, FactSet, Deutsche Bank
Carbon accounting startup Plan A has just secured $27 million in a round led by Californian tech investor Lightspeed Venture Partners. Berlin-based Plan A, founded in 2017, is one of many startups helping big companies measure and manage their carbon emissions. Carbon accounting companies raised $5 billion at the sector's 2021 peak, per PitchBook, as venture capitalists and large asset managers piled into the buzzy category. One way Plan A differentiates itself is its steady pace, cofounder and CEO Lubomila Jordanova told Insider. Operating in a hype market can be tricky because it deflates the value of carbon accounting in the long term, she said.
Persons: Lubomila Jordanova, Jordanova Organizations: Lightspeed Venture Partners, Visa, Deutsche Bank, Opera Tech Ventures, BNP, BMW, BMW Group, Greenhouse, TÜV Rheinland Locations: Berlin, Europe, France, Scandinavia, Paris, London
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Energy (.SPNY) was the top S&P 500 sector gainer, up 1.1%, as crude prices firmed near the $95-per-barrel mark on tight supply. Chipmaker Micron Technology (MU.O) rose 1.3%, following Friday's rout, after Deutsche Bank upgraded its stock rating to "buy" from "hold". Declining issues outnumbered advancers by a 1.02-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded five new 52-week highs and 11 new lows, while the Nasdaq recorded 24 new highs and 172 new lows.
Persons: Brendan McDermid, Bernstein, Piper Sandler, Paul Nolte, Goldman Sachs, Janus Henderson, Wells, MoffettNathanson, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Holdings, Micron, L3Harris, Dow, Nasdaq, Energy, VF, Microsoft, U.S, Treasury, Murphy, Sylvest Wealth Management, Traders, Morgan Asset Management, Janus Henderson Investors, Arm Holdings, Dow Jones, Chipmaker Micron Technology, Deutsche Bank, L3Harris Technologies, PayPal Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru
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