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☆ Morgan Stanley names this tech stock a top pick, says AI server demand could boost it by nearly 25%
▼ + stars: | 2023-09-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Growing demand for artificial intelligence servers should boost shares of Dell Technologies over the long haul, according to Morgan Stanley. "Importantly, this opportunity is incremental and not yet cannibalistic to general purpose server demand," Woodring wrote. "When we then consider the Gen AI story is still in its infancy - with demand outstripping supply - we believe AI servers can remain a model tailwind for years to come." Along with the AI story, Morgan Stanley views stabilizing hardware spending and better cost management and execution as key to Dell's upside from here. DELL YTD mountain Dell shares have gained about 40% in 2023 A potential S & P 500 inclusion should also benefit Dell and expand the investor base for shares, Woodring added.

Persons: Morgan Stanley, Erik Woodring, Dell, Woodring, Toni Sacconaghi, Michael Bloom Organizations: Dell Technologies, Apple, Dell, HP, DELL

Following the trade, Jim Cramer's Charitable Trust will own 50 shares of AVGO, increasing its weighting in the portfolio to 1.46% from 0.97%. With shares of Broadcom set to open down about 4% following the semiconductor firm's quarterly results Thursday, we are stepping in to build up our newest position . We also want to expand our Broadcom position before its planned acquisition of cloud-computing firm VMWare closes, likely at the end of October. The deal should provide a nice boost to Broadcom's gross profit margins, while adding a strong stream of recurring revenue. Industry Leader: Broadcom (BRCM)Annual revenue per employee: $605,318Annual profit per employee: $6,559Employees: 7,185Industry Laggard: National Semiconductor (NSM)Annual revenue per employee: $224,877Annual profit per employee: $30,164Employees: 6,500 Photo: Huang jia hui

Persons: Jim Cramer's, TD Cowen, Wells, Jim Cramer, Jim, Huang jia Organizations: Broadcom, AVGO, VMWare, Wall, CNBC, Industry, National Semiconductor Locations: Wells Fargo, –

☆ The AI boom won't be enough to avoid a hard landing for the economy, JPMorgan strategist says
▼ + stars: | 2023-08-23 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The excitement around artificial intelligence has helped the stock market soar in 2023, but the growth won't be enough to keep the U.S. economy out of a recession, according to a top JPMorgan strategist. "In terms of AI driving massive productivity gains for the broader economy, yes, but like 3 years from now, 4 years from now. Predictions of a recession and a struggling stock market were more common on Wall Street earlier this year, but the U.S. has continued to add jobs while inflation has declined, and the stock market has rebounded. "I think there is no landing … until you get to [a] hard landing. JPMorgan has a year-end price target of 4,200 for the S & P 500 , which is below average among major Wall Street firms.

Persons: Dubravko, Bujas, Marko Kolanovic Organizations: JPMorgan, Federal Locations: U.S

☆ Charles Schwab to reduce headcount to bring down costs
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/file photo Acquire Licensing RightsAug 21 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) said on Monday it plans to lower its headcount in a bid to counter cost pressures, joining a list of Wall Street firms take a similar path. Schwab has had to turn to supplementary funding sources to counter an uncertain economic environment. Charles Schwab also said it was currently assessing its real estate footprint, and that it planned to close or downsize certain corporate offices. The U.S. brokerage firm said it anticipated most costs related to layoffs would be incurred in the second half of 2023.

Persons: Charles Schwab, Brendan McDermid, Schwab, Jaiveer Singh Shekhawat, Krishna Chandra Eluri, Maju Samuel Organizations: REUTERS, Wall, Federal Home Loan Bank, Thomson Locations: New York, U.S, America, Westlake , Texas, Bengaluru

☆ Penny stocks can be riskier than any other stock. Here's why they're so dangerous.
▼ + stars: | 2023-08-21 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +4 min

"I'm getting a lot of calls from investors who are duped and getting scammed by-penny stock operators," Jacob Zamansky, attorney with his firm Zamansky LLC, told CNBC. Penny stocksAlthough there is nothing inherently wrong with low-priced stocks, they are considered speculative, high-risk investments because they experience higher volatility and lower liquidity. "He really was a character as Leonardo DiCaprio portrays him in the movie," Zamansky told CNBC. And he said, If I can sell steaks, I can sell stocks." Before Zamansky started representing investors who were abused by Wall Street firms, he was an attorney for Stratton Oakmont.

Persons: I'm, Jacob Zamansky, Andres Vinelli, Greg Ruppert, Jordan Belfort, Stratton Oakmont, Leonardo DiCaprio, Zamansky, he's, Belfort Organizations: CNBC, Financial Industry, Authority, CFA Institute, Wall Street, Innocent, SEC, Securities and Exchange Commission Locations: That's, Belfort

☆ Top Buffett stock bulks ups its carbon capture business as demand grows for this technology
▼ + stars: | 2023-08-16 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Occidental, which is a top holding of Warren Buffett 's Berkshire Hathaway , is one of a handful of companies eyeing the capture, use and storage of carbon as a long-term business venture. The company expects to align the Canadian air capture company with the work of 1PointFive, the Occidental-owned business already working on the technology. Bilson said the acquisition should help speed up Occidental's timeline for releasing a global carbon removal offering. Wall Street firms are also watching a handful of other companies such as Baker Hughes , Weyerhaeuser and Bloom Energy as potential winners amid the growing focus on carbon technology. Interested in learning more about carbon capture and the major stocks in the space?

Persons: Warren Buffett, Berkshire Hathaway, Gordon Haskett, Don Bilson, Bilson, CCUS, Wood MacKenzie, Goldman Sachs, Baker Hughes Organizations: Occidental Petroleum, Carbon Engineering, Occidental, Wall, Weyerhaeuser, Bloom Energy, CNBC Pro Locations: America, Occidental

☆ MSCI to acquire remaining stake in Burgiss for $697 mln in cash
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File PhotoAug 14 (Reuters) - Index provider MSCI (MSCI.N) said on Monday it will acquire the remaining 66% of Burgiss Group, a New Jersey-based provider of data and analytics solutions for investors, for $697 million in cash. The deal will boost MSCI's footprint in the private asset data analytics segment, as Burgiss's dataset covers over 13,000 private asset funds around the world, representing $15 trillion in cumulative investments in 195 countries. Global M&A volumes for the first half of 2023 fell 39%, to $1.38 trillion, according to data from Dealogic. MSCI said it anticipates funding the Burgiss purchase consideration from existing liquidity sources, adding that the transaction is expected to close in the fourth quarter of 2023. Since then, MSCI will have invested a total of $913 million to acquire all of Burgiss, according to the statement.

Persons: Thomas White, MSCI, Jaiveer Singh, Pooja Desai Organizations: Burgiss, Wall, Federal Reserve, Thomson Locations: New Jersey, U.S, China, Bengaluru

☆ UBS to pay $1.4 billion for selling toxic mortgages prior to the Great Recession
▼ + stars: | 2023-08-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —The Justice Department announced on Monday that UBS has agreed to pay $1.4 billion in penalties for allegedly defrauding investors by selling mortgage-backed securities that blew up during the Great Recession. The settlement resolves the final case brought by the DOJ to investigate the role of Wall Street firms in the 2008 financial crisis. In a statement, UBS described the agreement as a settlement of a “legacy matter” and said it has been fully provisioned in prior periods. Other Wall Street firms including Barclays, Deutsche Bank and Goldman Sachs were previously hit by even larger fines to reach toxic mortgage settlements with the US government. All told, prosecutors say they leveled more than $36 billion in fines for conduct that fueled the 2008 financial crisis, including from banks and ratings firms.

Persons: ”, Ryan Buchanan, Goldman Sachs Organizations: New, New York CNN, The Justice, UBS, DOJ, Wall Street, Eastern, of, Northern, Northern District of, Barclays, Deutsche Bank Locations: New York, of New York, Wall, Northern District, Northern District of Georgia

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

☆ The rate of Americans failing to pay credit cards and car loans climbs above pre-Covid levels
▼ + stars: | 2023-08-10 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to a Wednesday report issued by Moody’s Investors Service. This metric is now ahead of where it was in the second quarter of 2019, before the Covid-19 pandemic rocked the economy. The rate of new auto loan delinquencies is also on the rise, hitting 7.3% in the second quarter, compared with 6.9% in the first quarter. Auto loan and credit card delinquencies remain well below Great Recession levels. The good news from the Moody’s report is that fewer Americans are falling behind on their mortgage payments.

Persons: New York CNN —, That’s, Moody’s Organizations: New, New York CNN, Moody’s Investors Service, New York Federal Reserve, Auto Locations: New York

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

☆ Banks Fined $549 Million Over Use of WhatsApp and Other Messaging Apps
▼ + stars: | 2023-08-08 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Federal regulators continued their crackdown against employees of Wall Street firms using private messaging apps to communicate, with 11 brokerage firms and investment advisers agreeing Tuesday to pay $549 million in fines. The latest round of fines adds to the nearly $2 billion in penalties against big Wall Street banks announced last year for similar violations. In all, the regulators have now penalized more than two dozen banks and investment firms for not properly policing employees use of “off channel” messaging services like WhatsApp, iMessage and Signal. charged the financial institutions for failing to properly “maintain and preserve” all official communications by their employees. Federal securities laws require banks and investments firms to maintain records and make sure their employees are not conducting company business using unauthorized means of communication.

Persons: Wells, Société Organizations: Wall Street, BNP, Bank of Montreal, Securities and Exchange Commission, Commodity Futures Trading Commission Locations: Wells Fargo, Société Générale

☆ A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
▼ + stars: | 2023-08-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.

Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall

☆ Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business
▼ + stars: | 2023-08-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.

Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp

☆ UBS rejigs investment bank in bid to better compete with Wall Street
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoLONDON, Aug 7 (Reuters) - UBS (UBSG.S) announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse. Sergio Ermotti is seizing on the opportunity presented by the rescue takeover of Credit Suisse in March to reorganize UBS' investment bank to better compete against Wall Street firms. Hundreds of Credit Suisse bankers have already left to other institutions and UBS has been laying off employees from Credit Suisse's investment bank around the globe. Hong Kong makes up Credit Suisse's biggest share of investment bankers in Asia.

Persons: Denis Balibouse, Sergio Ermotti, David Kostel, Tom Churton, Christian Lesueur, Nestor Paz, Galindo, Marc, Anthony Hourihan, Michael Santini, Marc Warm, David Slade, Scott Lindsay, Robin Rankin, Andres Gonzalez, Oliver Hirt, Elisa Martinuzzi, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Wall Street, Global, Staff, Reuters, TMT Investment, Global Banking, Credit, Suisse's, Debt, Thomson Locations: Zurich, Switzerland, Credit, Swiss, Hong Kong, Asia

☆ Wall Street landlords are selling homes back to Main Street. Here's what it might mean for runaway housing prices.
▼ + stars: | 2023-08-03 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +8 min

The companies — Invitation Homes and AMH — have already sold 1003 homes this year, through July, to non-corporate buyers, according to Insider's analysis of data from real estate tracker Attom Data. The group, which has included Wall Street firms like Blackstone (which spun off Invitation Homes), has been blamed for exacerbating the housing shortage that has pushed real-estate prices sky-high. One exception might be in 2019 when Invitation Homes sold 785 homes to non-corporate buyers, versus 225 sales through July of this year. The lack of housing supply, which has kept prices high even as mortgage rates rise, makes selling homes in markets that cost more to operate rentals a profitable play. In reporting earnings last week, Invitation Homes increased its core revenue guidance for the rest half of the year because its rent prices actually outperformed expectations.

Persons: —, AMH, Jon Olsen, execs, Dallas Tanner, Tanner, Gary Beasley, Roofstock, Beasley, He's, Dave Singelyn, Singelyn Organizations: Attom, Wall, Blackstone, Invitation Homes, SFR, Invitation, MLS, Homes, Sun, Wall Street, Homeowners, Seller Services Locations: SFR, New York City, America

☆ Stocks making the biggest moves midday: SolarEdge Technologies, Humana, Starbucks, Robinhood and more
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

SolarEdge Technologies — The solar stock tumbled about 19% after the company reported $991 million in revenue, missing analysts' estimates of $992 million, according to Refinitiv. CVS Health — The retail pharmacy stock gained 4% during midday trading Wednesday after the company posted strong earnings and revenue for the second quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Starbucks' adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors.

Persons: SolarEdge, Norwegian's, Emerson Electric's, Pinterest, Generac, Freshworks, Genuity, Robinhood, CNBC's Hakyung Kim, Pia Singh, Alex Harring Organizations: SolarEdge Technologies, CVS Health, CVS, Wall Street, Cruise, Susquehanna, Emerson, StreetAccount, Revenue, Wall, FactSet's, Starbucks, Bank of America, JPMorgan, Scotts Miracle, Gro, Scotts, JD.com, Baidu, Tencent Locations: Refinitiv, China

☆ Here's the trade on Apple ahead of Thursday’s earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Several analysts remain bullish, hiking their price targets in the weeks leading up to Apple's earnings report — despite the stock's 50% runup so far this year. His $220 price target suggests the stock can rally more than 12% from Tuesday's close. Bank of America remains neutral on the stock, but boosted its price target to $210 on July 19. His price target of $149 suggests nearly 24% downside. Her price target of $190 suggests roughly 3% downside from Tuesday's close.

Persons: Samik Chatterjee, Chatterjee, Morgan Stanley, Erik Woodring, Goldman Sachs, Michael Ng, Apple, Wamsi Mohan, Mohan, Tim Long, Grace Chen, Chen, Piper Sandler, TD Cowen, Baird, — CNBC's Michael Bloom, Kif Leswing Organizations: Apple, JPMorgan, Services, Bank of America, Barclays Locations: Apple's, Tuesday's, Asia

☆ Here are the 9 smartest ways to invest in artificial intelligence right now, according to Bank of America, Morgan Stanley, and UBS
▼ + stars: | 2023-08-02 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Here's how Bank of America, Morgan Stanley, and UBS recommend investing in AI. Bank of America, Morgan Stanley, and UBS are more optimistic about AI stocks after each expressed hesitations earlier this year as shares of companies tied to the technology exploded higher. In contrast, Morgan Stanley has dismissed concerns that AI stocks are in a bubble. "Inevitably, the market will compare AI to the dot-com boom," wrote Morgan Stanley analyst Shawn Kim in a July report. As for chipmakers, Morgan Stanley agreed with Bank of America that the path forward is bifurcated.

Persons: Morgan Stanley, Marcelli, Art Cashin, Michael Hartnett, Shawn Kim, Mike Wilson, Morgan, Vivek Arya, Wilson Organizations: Wall, Bank of America, UBS, Americas, Nvidia, Marvell Technology, Broadcom, Cadence Design Systems, Bank of, Accenture, Microsoft, Taiwan Semiconductor Manufacturing Company, Consumer Locations: California, Snowflake, OpenAI

☆ Here's the trade on Apple ahead of Thursday's earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

☆ Top banks made $6 billion trading the ruble last year amid Western exodus from Russia, report says
▼ + stars: | 2023-08-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Wall Street reaped billions from ruble trading in the Ukraine war's first year, Bloomberg reports. Banks would buy dollars cheaply and sell them at a markup to Western firms fleeing Russia. Western banks turned to lesser-known peers in countries on good terms with Russia, such as Kazakhstan and Armenia. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Lenders involved in the ruble trade and those that steered clear of it declined to comment to Bloomberg.

Persons: Banks, Vali, Goldman Sachs, JPMorgan Chase, Vladimir Putin, June's Wagner Organizations: Ukraine war's, Bloomberg, Service, Citigroup, JPMorgan, Wall Street Locations: Ukraine, Russia, Kazakhstan, Armenia, Wall, Silicon

☆ Browse our database of more than 350 Wall Street headhunters to find your dream job in private equity, investment banking, or hedge funds
▼ + stars: | 2023-07-27 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

From investment banks to hedge funds to private-equity shops, the financial industry is always on the lookout for top talent. Hedge funds are another story. As Insider recently reported, demand for inflation traders by hedge funds has been red hot. Keizner said he's also seeing demand at hedge funds that focus on credit trading and special situations, like mergers. "Single manager, directional equity hedge funds typically haven't been receiving asset inflows and as a result, there's less hiring there."

Persons: Anthony Keizner, Bobby Jain, Adam Harwood, who's, Keizner, he's Organizations: Wall, PJT Partners, Search, Citadel, Credit Suisse, Bankers, Wall Street Locations: dealmaking

☆ 15 years of low interest rates reshaped the U.S. economy. Here's what's changing as rates stay higher for longer
▼ + stars: | 2023-07-26 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate. As interest rates climb, economists say financial conditions are headed back to being more normal. Government bonds, Treasury securities and savings accounts all return very little yield when interest rates are low. At the same time, low interest rates increase the value of stocks, homes and Wall Street firms that make money by taking on debt. "Barring a catastrophe, I don't think we'll see lower interest rates any time soon," said Mark Hamrick, Washington bureau chief at Bankrate.com.

Persons: Roger Ferguson, we'd, Gregory Daco, Mark Hamrick Organizations: Federal, Federal Reserve, Wall Street Locations: States, America, EY, Washington, Bankrate.com, U.S

☆ TD Cowen analyst just made a risky buy call on a bitcoin play
▼ + stars: | 2023-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Investors looking for ways to bet on crypto should look closer at a software company with a unique balance sheet, according to TD Cowen. We see MSTR as an attractive vehicle for investors looking to gain Bitcoin exposure," the note said. But Microstrategy's shares are down more than 40% since November 2021, which is when bitcoin hit its record high. The potential positive catalysts for MicroStrategy's stock includes some boosts for bitcoin more broadly, such as the approval of a spot bitcoin ETF and an upcoming halving, according to the note. MicroStrategy is also pushing for accounting rule changes related to bitcoin that could improve its reported numbers.

Persons: TD Cowen, Lance Vitanza, bitcoin, MicroStrategy, Michael Saylor, — Organizations: Street

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