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☆ NYCB shares continue tumble after Moody's downgrades bank's credit rating to junk
▼ + stars: | 2024-02-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A sign is pictured above a branch of the New York Community Bank in Yonkers, New York, U.S., January 31, 2024. New York Community Bank' s shares continued their downward spiral Wednesday after Moody's Investors Service cut the firm's credit rating two notches to junk status. NYCB shares fell about 3%, trimming earlier losses of around 10%, in premarket trading. Late Tuesday evening, Moody's issued a report stating that NYCB faced "multi-faceted financial, risk-management and governance challenges." "In Moody's view, control functions with strong knowledge of a bank's risks are key to a bank's credit strength."

Persons: Moody's, NYCB Organizations: New York Community Bank, Moody's Locations: Yonkers , New York, U.S, Baa3

☆ Stocks making the biggest moves midday: Roblox, Enphase Energy, Snap, Alibaba and more
▼ + stars: | 2024-02-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Adjusted earnings per share for the fourth quarter came in at 54 cents, slightly below the 55 cents expected from analysts polled by FactSet. Yum Brands — The restaurant stock added 3% despite Yum Brands' adjusted earnings and revenue miss for the fourth quarter. Adjusted earnings per share came in at 77 cents, topping the consensus estimate of 62 cents, according to FactSet. The company added about 300,000 net digital-only subscribers quarter over quarter, but advertising revenues came in below the company's guidance. Chipotle Mexican Grill — Shares added 8% a day after the fast-casual restaurant chain reported stronger-than-expected adjusted earnings and revenue.

Persons: Alessandro DiNello, Badri Kothandaraman, Alibaba, Amgen, Chipotle, Sonos, Walt Disney, Walt Disney's, Discovery, Fox, Alex Harring, Brian Evans, Sarah Min, Hakyung Kim Organizations: LSEG, New York Community Bank, Moody's Investors, New, Community, Enphase Energy, FactSet, Revenue, Yum Brands, KFC, Taco Bell, LSEG . Revenue, Leerink Partners, CVS, New York Times, Warner Bros, Discovery, Fox, Walt Disney's ESPN, Walt Disney, Disney, Cirrus Locations: LSEG ., Israel, Alibaba —, FactSet, FactSet .

☆ NYCB's slide sparks fears of more banking and commercial real estate turmoil
▼ + stars: | 2024-02-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The regional bank reported disappointing earnings, stoking fears of commercial real estate trouble. AdvertisementA smaller lender is facing a firesale of its stock fueled by concerns about its stability, echoing the regional-banking problems last year that stoked fears of a full-blown financial crisis and commercial real estate meltdown. AdvertisementThe increases hit the value of their fixed-income and commercial real estate portfolios. In particular, commercial real estate is under pressure from ongoing remote working, tighter credit availability as lenders have pulled back, and higher debt costs, all of which have weighed on asset values. Treasury Secretary Janet Yellen told lawmakers this week she expects the commercial real estate pressures to "put a loss of stress" on property owners, although she expected it to be manageable, Bloomberg reported.

Persons: stoking, —, stoked, NYCB, Banks, Moody's, Wall, Thomas Cangemi, pare, Janet Yellen Organizations: Community Bancorp, Service, New York Community Bancorp, Flagstar Bank, Signature Bank, Valley Bank, Silvergate, Bloomberg, Federal

☆ Here are Jim Cramer’s rapid-fire takes on 5 stocks in the news Wednesday
▼ + stars: | 2024-02-07 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +2 min

"I think you should still buy Baba in light of the fact the Chinese government is panicking about their stocks," Jim Cramer said, referencing recent stimulus efforts in the country . CVS Health : Despite lowering its 2024 adjusted earnings outlook due to higher medical costs, shares of CVS Health climbed more than 3% Wednesday. "Aetna is better than people think, and I think that [CEO] Karen Lynch is better than people think," Jim said. New York Community Bancorp : Moody's Investor Service downgraded the regional bank's credit rating to junk, roughly a week after NYCB reported a surprise fourth-quarter loss and cut its dividend payout. However, "you can't boost confidence once you cut your dividend," Jim said, adding that "you can't buy" shares of NYCB right now.

Persons: Jim Cramer, Aetna, Karen Lynch, Jim, NYCB, Morgan Stanley, Uber, Roblox Organizations: CVS, CVS Health, Aetna, York Community Bancorp, Moody's Investor Service, CNBC, Club, Technologies Locations: Wells Fargo

☆ Wednesday analyst calls: JPMorgan downgrades New York Community Bancorp, Eli Lilly gets big boost
▼ + stars: | 2024-02-07 | by ( Pia Singh | ) www.cnbc.com time to read: +8 min

Troubled regional bank New York Community Bank faced a downgrade from JPMorgan, which said NYCB is facing a multitude of challenges. The firm upped its price target for the drug maker to $850, all the way from $200. Wells Fargo : Analyst Zachary Fadem kept his overweight rating and raised his target price by $200 to $2,800, implying 12.5% upside for shares. "After speaking to management, we confirmed these two executives had indeed left the company, wrote JPMorgan analyst Steven Alexopoulos. NXP's stock price is down 2.9% for the year, but still higher than 15% over the past 12 months.

Persons: Eli Lilly, Eric Gonzalez, Gonzalez, Wells, Zachary Fadem, Sara Senatore, Chipotle, — Pia Singh, JPMorgan downgrades, Steven Alexopoulos, Alexopoulos, John Melloy, Vivek Arya, Arya, Robyn Karnauskas, Karnauskas, Zepbound Organizations: CNBC, New York Community Bank, JPMorgan, Pharma, Truist Securities, Semiconductors, Bank of America, KeyBanc, Barclays, New York Community Bank JPMorgan, New, Community Bank, Financial Times, Bloomberg News, New York Community Bancorp, Battery Management Systems, Food and Drug Administration Locations: Wells Fargo, Tuesday's

☆ The job market for startups and Big Tech is in a weird spot
▼ + stars: | 2024-02-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyCareer makersInflection AI, Maven, Forage, The GrandWhich startup would you recommend a friend or family member should work at? That was the prompt for Business Insider's VC and startups team as it compiled a list of early-stage companies to bet your career on . The list doesn't have specific parameters, Leena Rao, the deputy editor of BI's VC and startups team, told me. With so much money pouring into AI startups, founders' attention will naturally be drawn to the tech when thinking about their next project. Meanwhile, the volatility among startups comes at a time of broader instability for the tech industry.

Persons: —, Elon Musk, Taylor Swift, Leena Rao, Maven, Alyssa Powell, Ben Bergman, there's, Moody's, Paul Tudor Jones, We've, Jenny Chang, Rodriguez, OpenAI, Samantha Stokes, Andrea Chronopoulos, Bob Iger, Lachlan Murdoch, David Zaslav, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Business Insider's, Big Tech, Meta, Flagstar Bank, Facebook, YouTube, Google, BI, ESPN, Warner Bros, Fox, Walt Disney Company Locations: NYCB, New York, London

☆ Office-to-residential conversions have surged 357% since 2021 as billions in commercial mortgages come due
▼ + stars: | 2024-02-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Office-to-residential conversions are up 357% since 2021, according to a report from ResiClubThere's $150 billion in office mortgages set to come due in 2024. Last year, about $541 billion of commercial real estate debt officially matured. AdvertisementBy 2027, $2.2 trillion of commercial real estate debt is set to mature, Capital Economics said. ResiClub cofounder Lance Lambert pointed out that commercial buildings aren't all designed or constructed to be repurposed as living spaces. "It makes sense given the wave of expired leases and vacant office buildings," Lambert said.

Persons: —, Moody's, CommercialEdge, Lance Lambert, Lambert, " Lambert Organizations: Service, ResiClub, Federal Reserve, Washington DC, Dallas, Research, Capital Economics, Business Locations: RentCafe, ResiClub, Washington, New York

☆ Younger Americans are falling behind on credit card and car payments, New York Fed says
▼ + stars: | 2024-02-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Delinquencies are rising among younger borrowers in particular, the New York Fed said. Younger borrowers have surpassed pre-pandemic levels of credit card delinquencies. AdvertisementYounger Americans are falling behind on paying credit card and auto loans, with the rate of late payments rising above pre-pandemic levels in the last quarter, the New York Federal Reserve said in a report. Total credit card balances hit $1.13 trillion and auto loans outstanding increased to $1.61 trillion. Advertisement"Serious credit card delinquencies increased across all age groups, notably with younger borrowers surpassing pre-pandemic levels," New York Fed researchers wrote.

Persons: — Organizations: New York Fed, Service, New York Federal Reserve, NY Fed, Fed

☆ Moody's downgrades NY Community Bancorp to junk, shares plunge
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMoody's downgrades NY Community Bancorp to junk, shares plungeHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Brian Sullivan, “ Organizations: Bancorp, CNBC

☆ The red-hot health-plan business for seniors is finally cooling off
▼ + stars: | 2024-02-06 | by ( ) www.businessinsider.com time to read: +6 min

Read previewHealth insurance giant Cigna is exiting the lucrative senior business that's been a boon to insurers' bottom lines for years. It's a sign that the glory days of Medicare Advantage might be coming to an end. Cigna's senior business isn't the biggest, but it's also nothing to sneeze at. In January, Humana, the second-largest Medicare Advantage insurer with 6 million members, slashed its profit projections because of these costs. AdvertisementIn late 2023, rumors swirled that Cigna was looking to sell its Medicare Advantage plans so it could pull off a merger with Humana—the second-largest Medicare Advantage insurer.

Persons: —, that's, Cigna, it's, It's, David Cordani, Cordani, Gary Taylor, Cowen, Taylor, Dean Ungar, Humana, Ungar Organizations: Service, Health Care Service Corp, Medicare, Business, Kaiser Family Foundation, Competition, Humana, Moody's Investors Service Locations: Illinois

☆ U.S. regional banking shares tumble for second straight day
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +2 min

The KBW Regional Banking Index slipped 4.8% after seeing its biggest single-day decline since the collapse of Signature Bank in March last year. NYCB shares lost another 13.4% of their value and were last trading at $5.60. The frenzied selling in banking shares has rekindled fears about regional lenders, even as many analysts and investors said the problems at NYCB were mostly unique. Western Alliance Bancorp's shares fell nearly 11%, while those of Valley National Bancorp dropped 8.8%. Comerica's shares fell 5.8%.

Persons: NYCB, Martin Rauchenwald, Arthur D, Steven Alexopoulos, Alexopoulos, Moody's, Western Alliance Bancorp's Organizations: New York Community Bank, U.S, New York Community Bancorp, Signature Bank, Flagstar Bank, Jefferies, Western Alliance, National Bancorp Locations: Yonkers , New York, U.S, NYCB

☆ Euro zone inflation eases as expected, but core figures disappoint
▼ + stars: | 2024-02-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Euro zone headline inflation eased slightly in January, flash figures published by the European Union's statistics agency showed on Thursday, while core figures declined less than expected. Inflation stood at 2.9% in December, up from 2.4% in November, largely due to the wind-down of energy price support measures. By sector, services inflation — an important gauge for policymakers due to its link to domestic wage pressures — held steady at 4%. Preliminary figures out earlier this week showed inflation in Germany easing slightly more than had been forecast, reaching 3.1%. "However, core inflation only inched lower, with services especially coming in quite hot.

Persons: Janis, Price, Christine Lagarde, Kamil Kovar, Kovar Organizations: Reuters, Inflation, European Central Bank, ECB, Moody's Locations: Cais, Lisbon, Portugal, Germany

☆ Economists say a potential spike in gas prices could hand Trump the White House
▼ + stars: | 2024-02-01 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

One of the key points for their model is an expectation that gas prices will remain largely stable. The economists caution a slight surge in prices could shift expectations towards a Trump victory. "All else equal, if gas prices surge back close to $4 per gallon, [former President Donald] Trump will win." AdvertisementBiden's presidency has endured major shocks in the oil market, which have sent gas prices as high as $5 a gallon in the summer of 2022. The popular gas-pricing app said in its 2024 outlook that gas prices could average $3.15 in November with a potential range of $2.99-$3.31.

Persons: Biden, —, Joe Biden, Biden's, Mark Zandi, Brendan Lacerda, Justin Begley, Donald, Trump, Moody's, Nikki Haley, Nate Silver Organizations: Trump, Service, Biden, Arizona Locations: Ukraine, North Carolina

☆ Defaults skyrocketed last year to the highest tally since the start of the pandemic - and 2024 is set to bring more pain to corporations
▼ + stars: | 2024-01-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +1 min

Non-financial corporate defaults almost tripled from 2022 to 2023, Moody's said. In the fourth quarter of 2023, private-equity-backed companies led total defaults. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDefaults among non-financial corporations nearly tripled in 2023 compared to the year prior, and Moody's Analytics expects the trend to continue in the new year. This story is available exclusively to Business Insider subscribers.

Persons: Moody's, — Organizations: Service, Business

☆ China comes just shy of Japan as the world's largest car exporter
▼ + stars: | 2024-01-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"In the first eleven months of 2023, auto shipments to Russia rose about six times that of 2022 in value terms." While he said it's still unclear exactly why Chinese cars are growing so quickly in Mexico, part of the reason is international automakers. Germany's Volkswagen was among the foreign car companies on track for their worst China market sales in years. Local vs. overseas marketsChinese car makers will likely increase their share of the domestic auto market to 75% by 2030, said Francoise Huang, senior economist at Allianz Trade. That would result in a nearly 40% drop in European car sales in China, she said.

Persons: Sarah Tan, Tan, Jorge Guajardo, Guajardo, it's, they've, BYD, Francoise Huang Organizations: Publishing, Getty, Ministry of Commerce, Moody's, D.C, Dentons Global Advisors, CNBC, Volkswagen, China, Allianz Trade, European Union Locations: LIANYUNGANG, CHINA, Lianyungang, Jiangsu province, China, BEIJING, Japan, Russia, Ukraine, Mexico, Belgium, Washington, U.S, Europe

☆ It's almost impossible for first-time buyers to afford a home, top analyst says
▼ + stars: | 2024-01-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewSky-high house prices and mortgage rates have dashed many Americans' dreams of owning their own home, the chief economist of Moody's Analytics says. Meanwhile, 30-year mortgage rates have surged from historic lows of 2.5% during the pandemic to nearly 7%, Zandi noted. The so-called affordability crisis has been fueled by the lock-in effect, where homeowners on cheap mortgage rates don't want to lose it by selling. Indeed, sales volumes of existing homes slumped by 17% between February and December last year, from 4.6 million units to below 3.8 million, per the St. Louis Fed. Zandi has previously warned that several things need to happen for sales volumes to return to normal levels.

Persons: —, Mark Zandi, Louis, Zandi, They've, Louis Fed Organizations: Service, Business, Louis Fed, Federal Reserve, Yahoo Finance

☆ Workers are sour on the job market — but it may not be warranted
▼ + stars: | 2024-01-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty ImagesWorkers are sour on the job market — but that pessimism may be somewhat misplaced. So far in 2024, for example, big technology firms including Amazon, eBay, Google and Microsoft have announced job cuts. U.S.-based companies planned about 722,000 job cuts in 2023, almost double those announced in 2022, according to Challenger, Gray & Christmas, an outplacement and executive coaching firm. watch nowHowever, those recent headlines mask strength in the overall job market, economists said. "It's still a very robust and resilient labor market overall," Pollak said.

Persons: Daniel Zhao, Zhao, it's, Mark Zandi, Zandi, they've, Julia Pollak, " Pollak Organizations: Digitalvision, Getty Images Workers, Amazon, eBay, Google, Microsoft, Citigroup, Universal Music Group, U.S, Challenger, Moody's, Federal Reserve Locations: BlackRock, U.S

☆ American's housing shortage won't be solved for years to come
▼ + stars: | 2024-01-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewThe tight housing market has shown recent signs of easing, but Moody's Analytics still anticipates Americans will face inventory snags for years to come. Based on data from the end of December, the monthly sales pace implies 3.2 months' of housing inventory, according to the National Association of Realtors. That shortage suggests a recovery in the housing market remains years away, the researchers said. "One good year of 'excessive' supply was only in its relative term when compared with affordability-constrained demand," Moody's researchers said. Ultimately, to Moody's, increasing housing inventory and rebalancing the market will take years of "joint effort and creativity" across the public and private sectors.

Persons: —, Nick Villa, Moody's Organizations: Service, Business, National Association of Realtors, NAR

☆ Here's why Moody's Analytics' Mark Zandi worry about oil prices
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Moody's Analytics' Mark Zandi worry about oil pricesMark Zandi, Moody's Analytics chief economist, joins 'Squawk on the Street' to discuss his expectations from the Fed's next move, whether the soft landing is too much of a good thing, and more.

Persons: Zandi

☆ 'It's really bad': China strategist warns of deflation and rock-bottom consumer confidence
▼ + stars: | 2024-01-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

BEIJNG, CHINA - NOVEMBER 13: Illuminated skyscrapers stand at the central business district at sunset on November 13, 2023 in Beijing, China. The economy here is bad, it's pretty ... it's really bad. In December, depressed prices for pork — which makes up around a fifth of China's CPI basket — heralded the possible advent of deflation. The decision comes amid infectious expectations among investment banks that China's economy will expand at a more sluggish pace in 2024. Despite this, the International Monetary Fund in November outlined a forecast for China's growth to slow in 2024 to just 4.6%.

Persons: Gao Zehong, it's, I've, Shaun Rein, CNBC's, Rein, Li Qiang, Li Organizations: Getty, China Market Research Group, CPI, People's Bank of China, Economic, International Monetary Fund Locations: BEIJNG, CHINA, Beijing, China, Davos, Switzerland

☆ Here’s how to squeeze a little more juice out of these tax-advantaged yields
▼ + stars: | 2024-01-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Indeed, investors get paid for taking a small step down in credit quality in the muni bond space. What's even sweeter is that municipal bond income is generally exempt from federal income tax. This also means high income investors would have to scoop up a higher yielding corporate bond to get the same tax-advantaged yield a muni bond would generate. A measured amount of risk Munis offer lower yields compared to their corporate counterparts, but they also carry significantly less risk. Lower risk, however, doesn't necessarily mean risk free.

Persons: Jennifer Johnston, Franklin Templeton, Lyle Fitterer, munis, corporates, Cooper Howard, Jonathan Mondillo, Franklin Templeton's Johnston Organizations: Federal Reserve, Franklin, AAA, muni, Strategic Municipal Bond Fund, York Life Investments, Moody's Investors Service, Charitable, Schwab Center, Financial Research Locations: muni, Abrdn

☆ Moody's discusses 3 factors behind its negative sovereign credit rating for Asia in 2024
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMoody's discusses 3 factors behind its negative sovereign credit rating for Asia in 2024Christian de Guzman, senior vice president at Moody's Investors Service, cites China's "lackluster situation" and tight funding conditions as factors.

Persons: Moody's, de Guzman, China's Organizations: Asia, Moody's Investors

☆ Why that ‘last mile’ of the inflation fight may be more challenging
▼ + stars: | 2024-01-22 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Inflation measures how fast prices are rising for goods and services — anything from concert tickets and haircuts to groceries and furniture. That means further broad disinflation likely won't come from consumer goods, economists said. In fact, attacks by Houthi rebels on ships in the Red Sea threaten to disrupt a key transit corridor and may trigger higher goods inflation if it persists, El-Erian explained. While down from more than 7% last year, services inflation still sits at 5.3%. Why this may all be 'nonsense'Not all economists think the last mile of disinflation will be harder than what came before, however.

Persons: Robyn Beck, Mohamed El, We're, Gargi Chaudhuri, Houthi, Erian, Chaudhuri, Mark Zandi, Sarah House, Paul Ashworth Organizations: Afp, Getty, Allianz, Queens ' College, University of Cambridge, CNBC, Americas, BlackRock, Finance, of Labor Statistics, Labor, Moody's Analytics, Wells, Wells Fargo Economics, Capital Economics Locations: Los Angeles, U.S, Wells Fargo

☆ Moody's is negative on Asia's sovereign creditworthiness in 2024 as China growth slows
▼ + stars: | 2024-01-22 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Moody's Investors Service has a negative outlook for sovereign creditworthiness in Asia-Pacific this year, due to China's slower economic growth as well as tight funding and geopolitical risks. China's rebound from the Covid-19 pandemic wasn't as fast as several economists had expected at the start of 2023. In a Jan. 15 report, Moody's predicted China's real GDP growth would slow to 4% this year and next, from an average of 6% between 2014 and 2023. The credit rating agency said the slowdown in China's growth "significantly influences" APAC economies because of its strong integration in global supply chains. Goldman Sachs and Morgan Stanley, among other major international investment banks, predict China's economy to grow at a slower pace of 4.6% in 2024, down from 5.2% expected for 2023.

Persons: Moody's, Goldman Sachs, Morgan Stanley Organizations: Moody's, National Bureau of Statistics Locations: Asia, Pacific

☆ Risk of recession is starting to fade, says Moody's Mark Zandi
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRisk of recession is starting to fade, says Moody's Mark ZandiMark Zandi, Moody's Analytics chief economist, joins 'The Exchange' to discuss the Fed rate cut timeline, economic forecasts, and more.

Persons: Mark Zandi Mark Zandi

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