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Menendez maintains his innocence and plans to appeal the verdict, he told reporters outside the Manhattan courtroom on Tuesday. The discovery that Menendez owned a hoard of gold bars stunned many people. And now even Costco sells gold bars. The two kilograms and 11 ounces worth of gold bars Menendez and his wife possessed would have been worth over $185,000 as of Tuesday, according to data. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.
Persons: Sen, Bob Menendez, Menendez, Jonathan Rose, ” Rose, , , Rose, it’s Organizations: New York CNN, Bank, Genesis Gold, Western Alliance, CNN, Costco, Dow, IRS Locations: New York, Manhattan, Beverly Hills , California
On Monday, former President Donald Trump selected the Republican senator from Ohio to serve as his running mate. He went from a "Never Trump Republican" to Trump's pick for vice president, and he supports a range of conservative issues, from increased tariffs to opposing abortion rights. When it comes to raising taxes, Vance also hasn't ruled out that possibility. Related storiesStill, on other issues like trade, abortion, and education, Vance has stayed behind Trump's policies. He also aligns with his party on issues like gun control, rejecting Democratic efforts for stricter gun laws.
Persons: JD Vance, Donald Trump, Vance, Trump, Hitler, Democratic Sen, Sherrod Brown, Elizabeth Warren, He's, Warren, Biden, Lina Khan, Khan, hasn't Organizations: Service, Corporate America, Republican, Business, GOP, Democratic, Trump, Biden, Federal Trade Commission, Big Tech Locations: Ohio, Silicon
Regional bank stocks are breaking out, and they may be able to continue to climb even if second-quarter earnings results are modest. The SPDR S & P Regional Bank ETF (KRE) has risen for six straight trading sessions, and on Monday it closed at its highest level since December. KRE 1Y mountain This regional bank ETF is at its highest level since December. The group still trades below historical valuations more than a year after the failure of Silicon Valley Bank, Bank of America said. Notable regional bank earnings reports this week include Citizens Financial Group on Wednesday, M & T Bank on Thursday and Fifth Third Bancorp on Friday.
Persons: Ebrahim Poonawala, Banks, Poonawala, Goldman, Ryan Nash, Nash, — CNBC's Michael Bloom Organizations: P Regional Bank ETF, Federal Reserve, Fed, Bank of America, Silicon Valley Bank, Western Alliance, WAL, York, Citizens Financial Group, T Bank, Fifth Third Bancorp Locations: Silicon
A branch of First Republic Bank is seen after Jamie Dimon's JPMorgan Chase & Co emerged as the winner of a weekend auction of the bank in San Franciso, California, U.S. May 1, 2023. First Republic failed on May 1, 2023, after a series of Federal Reserve interest rate increases caused large losses in its investment portfolio and led many depositors to move their money elsewhere. In their complaint filed last December, the former First Republic employees alleged that the FDIC had on May 18, 2023, wrongfully stopped making payments under their deferred compensation plan. First Republic failed less than two months after the failures of two other lenders, Silicon Valley Bank and Signature Bank. The case is Harrington et al v FDIC, U.S. District Court, Northern District of California, No.
Persons: Jamie Dimon's, Hyun Joo Jin, District Judge Haywood Gilliam, Gilliam, Harrington, Jonathan Stempel, Will Dunham Organizations: First Republic Bank, Jamie Dimon's JPMorgan Chase, REUTERS, Federal Deposit Insurance Corp, Bank, U.S, District, Federal, First, JPMorgan, Republic, Silicon Valley Bank, Signature Bank, FDIC, Court, Northern District of, Thomson Locations: San Franciso , California, U.S, California, San Francisco, Oakland , California, Northern District, Northern District of California, New York
Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. We are more excited by the outperformance of non-interest income than we are disappointed with the miss on net interest income. However, the team added, many of the factors driving net interest income are uncertain heading into the second half of the year. We don't like to see guidance misses, but bank interest income estimates depend on interest rates, which Wells Fargo has no real control over. Non-interest income increased 12% thanks to higher asset-based fees driven by an increase in market valuations.
Persons: Wells Fargo, Wells, Charlie Scharf, He's, Scharf, Wells Fargo's, , It's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Bank of America, Citigroup, Management, Silicon Valley Bank, Consumer, Auto, Corporate, Wealth, CNBC, Getty Locations: Wells Fargo, Wells, NII, Silicon
These bank stocks are cheap and expected to rally
  + stars: | 2024-07-10 | by ( Sarah Min | )   time to read: +2 min
These bank stocks are cheap and expected to jump, according to CNBC Pro. The bank stock has underperformed this year, down more than 7%. But it's expected to surge 19% to its consensus price target, and has a forward P/E of 10.6. The stock is expected to gain 17% from here, and looks relatively cheap with its 10.1 forward P/E. It has a forward P/E of just 8.4.
Persons: Wells, Goldman Sachs, Morgan Stanley, It's, Stephens Organizations: CNBC Pro, Citigroup, JPMorgan Chase, Bank of America, Silicon Valley Bank, Regional Banking, CNBC, KBW Nasdaq, U.S, Bancorp, U.S . Bancorp, Western Alliance, East West Bancorp Locations: Wells Fargo, Silicon
New York CNN —With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year. Strong corporate earnings have helped the S&P 500 gain a whopping 16% and notch repeated record high closes this year. Since the Fed isn’t likely to cut rates anytime soon, the onus is on strong corporate earnings to continue driving the market rally. Earnings season kicks off July 12 when big banks including JPMorgan Chase, Wells Fargo and Citigroup report results.
Persons: FactSet, Jerome Powell, , Jeffrey Buchbinder, Wells, Dow, Lisa Shalett, Jessie Yeung, Hanako Montgomery, Junko Ogura, , Tadashi Matsubara, ” Read, Laura He, Pan Gongsheng, Read Organizations: CNN Business, Bell, New York CNN, Federal, LPL, JPMorgan Chase, Citigroup, Nvidia, Microsoft, Meta, Dow Jones, Morgan Stanley Wealth Management, Kanpou, , Beijing Money, Silicon Valley Bank, People’s Bank of China, prudential Locations: New York, Sintra , Portugal, Wells Fargo, Banks, Japan, Nepal, China, Beijing, Silicon, United States, Shanghai
“What worries policymakers is the interest rate risk, which will rise once the dominant narrative shifts from deflation to reflation,” Hu from Macquarie said. If that happens, bond yields will rise as investors switch back into riskier stocks. The country’s “4,000 or so small and medium-sized banks” will be particularly vulnerable to the interest rate risk, he added. “The bubble formed by the rush of funds into the bond market is accumulating interest rate risks,” the Securities Times said in an editorial. Economic risksThe rapid decline in Chinese bond yields also poses significant risks to the economy.
Persons: , , Pan Gongsheng, SVB, Larry Hu, ” Hu, Macquarie, Hu, Zhang Jiqiang, Ken Cheung Organizations: Hong Kong CNN, Silicon Valley Bank, People’s Bank of China, prudential, , Federal Reserve, Macquarie Group, Zheshang Securities, Securities Times, Japan’s Norinchukin Bank, Huatai Securities, Mizuho Securities Locations: Hong Kong, Silicon, United States, Shanghai, China, Beijing, SVB, outflows
Craft had her wages deposited directly into a Yotta account and used the startup's debit card to pay for all her expenses. CNBC reached out to fintech customers whose lives have been upended by the Synapse debacle. Instead of spending years and millions of dollars trying to acquire or become banks, startups got quick access to essential services they needed to offer. They account for 60% of all new fintech account openings, according to data provider Curinos. The FDIC's exact language about whether fintech customers are eligible for coverage: "The short answer is: it depends."
Persons: Natasha Craft, Craft, fintech, Adam Moelis, Sankaet Pathak, Michele Alt, Scott Sanborn, Sanborn, LendingClub, she's, Rick Davies, Taylor Stitch, " Davies, He's, he's, Davies, hasn't Organizations: FedEx, CNBC, Federal Deposit Insurance Corp, Synapse, Indiana FedEx, Disney, Bank, Trust, JPMorgan Chase, Klaros, PayPal, Getty, Financial Technology Association, D.C, Block, Regulators, Federal Reserve, FDIC, Oakland, San, OCC Locations: Mishawaka , Indiana, Craft, Oakland , California, New York City, Santa Barbara , California, Maryland, Bristol , Connecticut, Seattle, Tennessee, Yotta, Boston, Washington, fintechs, Silicon, San Francisco
In a report last week, it called out high debt, banking vulnerabilities, and trade barriers. These are important downside risks that could impact the global economy, it said. AdvertisementChronic deficits are leading toward a debt-to-GDP ratio of 140% by 2032, IMF said, a situation that needs to be addressed urgently. Advertisement"These create systemic risks to the U.S. and global economy that are entirely avoidable. Meanwhile, Washington's increasingly protectionist approach to trade is a risk to US and global growth, the IMF said.
Persons: , Washington's, Biden, Trump Organizations: Monetary Fund, Service, International Monetary Fund, IMF, Republicans, Democrats, Silicon Valley Bank, Republican Locations: Washington, Silicon, Basel, China, Beijing, U.S
The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. The stress test assumed that unemployment surges to 10%, commercial real estate values plunge 40%, and housing prices fall 36%. "This is good news and underscores the usefulness of the extra capital that banks have built in recent years." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. "While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said.
Persons: Michael Barr, JPMorgan Chase, Goldman Sachs, Barr, Banks Organizations: Financial, Valley Bank, Signature Bank, Capitol, Washington , D.C, Federal Reserve, JPMorgan, American Express Locations: Washington ,, U.S
But comments like these are par for the course at Socially Inept, a comedy show hosted by former tech employees who make the audience — which is largely made up of tech workers themselves — the material. Socially Inept was founded by Jesse Warren and Austin Nasso, two former Big Tech employees. AdvertisementNasso, Oster, and Warren met through Seattle's comedy scene when Nasso and Warren worked Big Tech jobs in the city. It makes it seem like you're in on the joke, even when you're also kind of the butt of the joke. And for the most part, it seemed like tech workers in the audience were very self-aware and took their roasts in stride.
Persons: , She's, Peter Jay Sharp, Jesse Warren, Austin Nasso, Nikita Oster, Boston —, Nasso, Oster, Warren, Masha Oster, — Warren, Justin Bieber, James Franco, Tom Brady, revel, they're Organizations: Service, Business, Flatiron District, Union Square Ventures, Google, Big Tech, Boston, Microsoft, SpaceX, Valley Bank, Army, eBay, Tech Locations: New York, Hudson, Manhattan, San Francisco , LA, Miami, Seattle, LA, hurtfulness
Here are 9 stocks that can benefit from Fed interest rate cuts
  + stars: | 2024-06-13 | by ( Zev Fima | )   time to read: +7 min
Housing We see Stanley Black & Decker as a major beneficiary of Fed rate cuts due to its link to the housing market. On the one hand, lower rates mean a bank like Wells Fargo makes less money on the money it lends. Biotech Danaher should also see some benefit as lower rates lead to improved funding dynamics for biotech companies. Like in housing, monthly payments become far more manageable at lower rates, and therefore affordability and demand, stand to increase. Salesforce , which has also highlighted more measured deal activity, might not benefit as much from lower rates.
Persons: Jerome Powell, Stanley Black, Decker, Stanley, That's, Wells, Morgan Stanley, SVB, Ford, We're, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Nasdaq, CNBC, Fed, Biotech, Silicon Valley Bank, Ford, Palo, Networks, Microsoft, Jim Cramer's Charitable, Bloomberg, Getty Locations: Wells, Wells Fargo, Silicon Valley, Colma , California
Healthcare AI companies raised $2.8 billion in the first quarter of this year, according to the SVB report titled "The AI-powered Healthcare Experience." SVB projects funding to AI healthcare companies to total $11.1 billion in 2024. While healthcare AI startups might have it better, they're not out of the woods. Healthcare startups using AI for administrative tasks have grabbed $6.6 billion since 2021 and made up 42% of healthcare AI deals in the first quarter of this year, according to SVB. AdvertisementIn some cases, Big Tech companies are pushing healthcare startups forward.
Persons: , Raysa Bousleiman, they're, Siva Namasivayam, Galym, Bousleiman, Shiv Rao Abridge, Lynne Chou O'Keefe, Lightspeed's Imanbayev Organizations: Service, Silicon Valley Bank, Business, Big Tech, Abridge, Health, Lightspeed Venture Partners, Google, Fathom, Nvidia, Ventures, Technologies Locations: Cohere, Abridge, SVB .
High interest rates continue to put pressure on the US banking system. The FDIC said the US banking system has 63 "problem banks" and is sitting on $517 billion in unrealized losses. AdvertisementMore than a year after the downfall of Silicon Valley Bank, higher interest rates are still putting pressure on the US banking system. According to the Federal Deposit Insurance Corporation's first quarter report, the US banking system is sitting on a collective $517 billion in unrealized losses and has 63 "problem banks." Those losses have been sparked primarily by a surge in interest rates over the past two years, which have driven down the price of fixed-income securities held by banks.
Persons: Organizations: FDIC, Service, Valley Bank, Federal Deposit Insurance, Business
"With yields holding firm at elevated levels , large caps continue to outperform small caps. Hopes for multiple rate cuts from the Federal Reserve this year have dimmed after recent inflation readings showed signs of stickiness. An economy that is growing more slowly, but with cooler inflation, could be the combination small caps need. Small caps could also benefit from an uptick in the global economy that benefits areas like manufacturing that has heavy representation in the small-cap index. Investors who really want exposure to small caps could also look outside of the U.S. Wolfe Research analyst Rob Ginsberg said in a May 29 note to clients that global small caps are outperforming their U.S. counterparts and are poised for a potential breakout.
Persons: Russell, Todd Sohn, JC O'Hara, Roth MKM, Chad Miller, you've, Miller, Cayla, Seder, Mark Haefele, Solita, Angelo Kourkafas, Edward Jones, Rob Ginsberg, — CNBC's Michael Bloom Organizations: CNBC, ESG, Silicon Valley Bank, Federal Reserve, Big Tech, Companies, UBS, Institute, Supply, PMI, Investors, U.S . Wolfe Research Locations: Thrivent, Silicon
The big storyA retirement loomsMarianne Ayala/BIThe world's most recognizable banker might finally be ready to call it quits. The comings and goings of Wall Street executives are common, even at the highest levels. Wall Street has long speculated about who will ultimately succeed Dimon. Martin Gruenberg has told staff he'll stand down as chairman once a replacement has been found , per The Wall Street Journal. A report from the Wall Street Journal says the company hopes to conduct its next implant in June.
Persons: , Jamie Dimon's, Marianne Ayala, Jamie Dimon, Insider's Paul Squire, nodded, Morgan Stanley, JPMorgan's, Tom Williams, Dimon, Jennifer Piepszak, Marianne Lake, Troy Rohrbaugh, BI's Reed Alexander, Reed, M, Alyssa Powell, Goldman Sachs, Lindsay MacMillan, Nancy Lazar, Piper, Martin Gruenberg, OpenAI, Scarlett Johansson, Sam Altman's, Andrea Chronopoulos, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Navy SEAL, Business, JPMorgan, Street, Citi, Bank, Inc, Getty, Wall, Dimon, Bank of America, FDIC, Microsoft, Wall Street Journal Locations: New York, London
Silicon Valley Bank, Signature Bank, and First Republic are among the largest bank failures in US history. But more banks could fail, according to Fed chair Jerome Powell. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?
Persons: Jerome Powell Organizations: Valley Bank, Signature Bank, Business Locations: Republic
Brex: 2024 CNBC Disruptor 50
  + stars: | 2024-05-14 | by ( Cnbc.Com Staff | )   time to read: +2 min
Since SVB, Brex has continued to invest in differentiated services, including AI-powered tools to help streamline expense reporting, booking and management capabilities, accounts payable and procurement management. Within 36 hours, Brex signed up nearly 4,000 companies, taking in close to $2 billion in deposits. It has since backtracked on that position, and has doubled down on its roots serving tech startups. The spend management space has become more crowded, with fellow Disruptors Ramp and Navan, as well as Expensify, Mesh Payments, Airbase and Center competing for market share. Tech companies laid off more than 191,000 workers in 2023 — a trend that has continued into 2024.
Persons: Brex, Henrique Dubugras, Pedro Francheschi, Francheschi, Ben Gammell, PitchBook Organizations: Ribbit, DST, San, Airbase, Center, Tech Locations: Salt Lake City, San Francisco, Navan
The rapid shift in expectations away from multiple rate cuts this year may have created a trading opportunity around Wednesday's inflation data, according to Bank of America. We believe squeeze risks for rate-sensitive laggards on a CPI miss outweigh downside risks on a CPI beat," Kwon wrote. Specifically, there could be an opportunity to bet on the squeeze risk through the SPDR S & P Regional Banking ETF (KRE) , Kwon said. KRE YTD mountain This regional bank ETF is underperforming the broader market year to date. Investors could position for this potential squeeze by just buying the ETF outright, though that does carry the risk of a hot inflation reading pushing regional bank stocks down.
Persons: Ohsung Kwon, Kwon, Russell, CNBC's Michael Bloom Organizations: Bank of America . Equity, Regional Banking, Federal Reserve, Silicon Valley Bank, First Republic, Bank of America Locations: IWM, Silicon
But even after two years of quantitative tightening, the amount of bonds and securities that the Fed still retains is stupendous. Quantitative tightening is a perilous operation. Earlier attempts — notably, in 2019 — disrupted financial markets. The slow pace of quantitative tightening is partly responsible for the Fed’s inability to contribute to the national budget. That’s because the Fed has also raised interest rates, which move in the opposite direction of bond prices.
Persons: Organizations: Fed, Treasury, Silicon Valley Bank Locations: United States
Regulators late Friday seized Republic First Bancorp, a troubled Philadelphia lender, in the first U.S. bank failure this year. Republic First Bancorp, known as Republic Bank, had about $4 billion in deposits at the end of January and assets worth $6 billion, the Federal Deposit Insurance Corporation said in a statement. said, with Republic First’s 32 branches in Pennsylvania, New Jersey and New York reopening as soon as Saturday as Fulton Bank branches. Founded in 1988, Republic First was smaller than the midsize banks that collapsed last year — including First Republic Bank and Silicon Valley Bank, whose assets each topped $200 billion. expects the cost to the Deposit Insurance Fund to be $667 million.
Organizations: First Bancorp, Republic First Bancorp, Republic Bank, Federal Deposit Insurance Corporation, Fulton Bank of Lancaster, Fulton Bank, First Republic Bank, Silicon Valley Bank, Deposit Insurance Fund Locations: Philadelphia, U.S, Republic, Pa, Pennsylvania , New Jersey, New York
CNN —The Federal Deposit Insurance Corporation on Friday said that Republic Bank has been closed by Pennsylvania state regulators, in what the FDIC said was the first US bank failure this year. “Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement. That makes Republic Bank (FRBK) far smaller than the regional bank failures that rocked the financial world last year. The FDIC said that Republic Bank was the first bank to fail in the United States since Citizens Bank in Sac City, Iowa, in November 2023.
Persons: Organizations: CNN, Federal Deposit Insurance Corporation, Bank, First Bank, Republic Bank, Pennsylvania Department of Banking, Securities, Fulton Bank, National Association of Lancaster, Silicon Valley Bank, FDIC, Bloomberg, Citizens Bank Locations: Pennsylvania, “ Philadelphia, National Association of Lancaster , Pennsylvania, Silicon, New Jersey , Pennsylvania, New York, United States, Sac City , Iowa
Hard-to-handicap geopolitical conflict never helps, even if it rarely serves as the key swing factor in a market trend. .SPX 1Y mountain S & P 500, 1-year And then there was simply the elevated valuation and over-optimistic sentiment that had built up over that five-month, 28% rally that culminated at the end of March. Over the long span of time, about 40% of all 5% market pullbacks deepened into full 10% corrections. A 10%-ish correction from the S & P 500 high of 5254 would pull the index down below 4800, the former record high from early 2022, and so would be a test of the first-quarter breakout. Last week's 3% decline took the index back to Feb 21 and thereby closed the "Nvidia gap," the 100-point S & P 500 pop the day after Nvidia's blowout fourth-quarter earnings report.
Persons: Warren Pies, Jerome Powell Organizations: Nasdaq, 3Fourteen, Nvidia, Big Tech, Treasury, Silicon Valley Bank Locations: Silicon
Morgan Stanley Revenue rose 4% year over year to $15.14 billion, beating expectations of $14.41 billion, according to data compiled by LSEG. C YTD mountain Citigroup (C) year-to-date performance Citigroup had a decent quarter, Jim said. Jim said BofA just didn't shine versus the other major banks, and on earnings day Wall Street agreed, sending the stock down 3.5%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer, Jim, Morgan Stanley, Goldman Sachs, Wells Fargo, Here's, Morgan Stanley's, Ted Pick, Pick, Goldman, Charlie Scharf, He's, Scharf, Wells, Jane Fraser's, BofA, Jamie Dimon, Jim Cramer's, JPMorgan Organizations: Citigroup, Bank of America, JPMorgan Chase, Investment, Morgan, Morgan Stanley Revenue, LSEG, Wealth, Goldman, Wells, Management, Silicon Valley Bank, Club, Citigroup Revenue, Citi, Bank of America Revenue, Bank, of, JPMorgan Chase Revenue, JPMorgan, CNBC, Citibank, Reuters Locations: Goldman Sachs, Wells Fargo, Silicon, buybacks, Wells
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