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☆ Here are Friday's biggest analyst calls: Netflix, Nvidia, Apple, Arm, Meta, Amazon, Hasbro, Coinbase, Broadcom & more
▼ + stars: | 2024-07-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Friday's biggest calls on Wall Street: UBS upgrades Accenture to buy from neutral UBS said the IT services company has AI optionality. UBS upgrades Wolverine World Wide to buy from neutral UBS said it sees sales growth and margin upside for the footwear manufacturer. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight on Netflix following Thursday's earnings report. Bank of America reiterates Amazon as buy Bank of America said it's sticking with its buy rating following Amazon's Prime Day. UBS upgrades Ameren to buy from neutral UBS upgraded the electric services company and said regulatory risks are "overly discounted."

Persons: Morgan Stanley, Oppenheimer, William Blair, it's, Needham, Coinbase, Wedbush, it's bullish, Barclays downgrades Molson Coors, Cantor Fitzgerald, Cantor, Evercore, JPMorgan, Buck, Melius Organizations: UBS, Accenture, JPMorgan, Netflix, Revenue, Bank of America, 3Q, Nvidia, Meta, NASDAQ, Trump, Vance, Big Tech, Choice, Barclays downgrades, Barclays, TAP, Apple, Services, Broadcom, Broadcom's, Consumer, Hasbro Locations: China, Coinbase

☆ Election chaos and Friday’s tech outage are taking the market on a wild ride
▼ + stars: | 2024-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Stocks are soaring this year, but that could soon change as election chaos takes the market on a rollercoaster ride. But this has been a destabilizing week for US stocks and the market trajectory could be shifting. The Dow was down more than 430 points, or 1%, in the morning trading session on Friday as the tech outage continued to rattle investors. Former President Donald Trump, meanwhile, said in an interview with Bloomberg that Taiwan should pay for its own defense. The bright sideInvestors have been largely resilient this year and some financial bigwigs say the election won’t change that.

Persons: Donald Trump, Joe Biden, Dow, —, “, ”, Jim Reid, Biden, they’re, Scott Wren, Wells, Jerome Powell, Liz Young Thomas, Russell, Young Thomas, ” Trump, CrowdStrike, JPMorgan Chase, Jeremy Barnum, isn’t Organizations: New, New York CNN, Investors, Big Tech, Nasdaq, Deutsche Bank, Democratic, ”, Treasury, Fed, Tech, Bloomberg, Taiwan Semiconductor Manufacturing, Nvidia, Microsoft, Meta, JPMorgan Locations: New York, Iran, Israel, Wells Fargo, “, China, Taiwan

Analyst Mauricio Serna also raised his price target to $20 from $13, indicating 57.6% upside potential from where shares closed on Thursday. Barclays also lowered its price target to $47 from $55, indicating 11.4% downside from Thursday's close. Analyst Benjamin Swinburne has a $780 price target on shares, indicating shares could rise 20% from Thursday's close. Cahall raised his price target to $758 from $726, suggesting nearly 18% upside potential from the stock's close price on Thursday. His new price target of $190, up from $107, implies upside of 20% from Thursday's close.

Persons: Morgan Stanley, Mauricio Serna, Serna, — Hakyung Kim, Barclays downgrades Molson Coors, Lauren Lieberman, BUD YTD, Hakyung Kim, Benjamin Swinburne, Swinburne, Doug Anmuth, Anmuth, Wells, Steven Cahall, Cahall, Arm Holdings Morgan Stanley, Lee Simpson, Simpson, GenAI, Fred Imbert Organizations: CNBC, Netflix, Arm Holdings, UBS, Barclays downgrades, Barclays, bearish, Molson Coors, NFLX's, Holdings, ARM Locations: Serna, Thursday's, Wells Fargo

☆ Corporate Workers Get a Snow Day in July Because of Outage
▼ + stars: | 2024-07-19 | by ( Emma Goldberg | ) www.nytimes.com time to read: +1 min

For millions of people, the global technology outage on Friday was a source of distress. But for a small group of corporate workers, the global outage brought a welcome kind of chaos: a snow day in the middle of July. Some workers affected by the outage shared images of their computers on social media captioned “happy international blue screen day,” referencing the error messages that overtook screens during the outage. On TikTok, users posted about clocking in only to find “the blue screen of death” (or hoping they would, for an extra day off). JPMorgan, Bank of America and BlackRock were among the large financial firms affected.

Persons: Ferris Organizations: Hospitals, Fortune, JPMorgan, Bank of America, BlackRock Locations: cubicles

The Equal Credit Opportunity Act prohibits discrimination in credit transactions. However, it's worth acknowledging that things aren't as bleak as they were decades ago — and a big part of that credit goes to the enactment of the Equal Credit Opportunity Act. What is the Equal Credit Opportunity Act? The Equal Credit Opportunity Act (ECOA) is a federal law that promotes fairness and prohibits discrimination in credit transactions. Your rights under the Equal Credit Opportunity ActBefore applying for a loan or taking out a line of credit, make sure you know your rights under the Equal Credit Opportunity Act so you're not taken advantage of.

Persons: ECOA, I've, Dominic James Murray, Cameron James, JPMorgan Chase Organizations: Black, Regulation, United States, Independent, Southern, of New, JPMorgan Chase, JPMorgan, telltale, Chevron, Consumer Financial Protection Bureau, National Credit Union Administration, Federal Reserve Board, Federal Deposit Insurance Corporation, Department of Justice Locations: of New York, Chevron

☆ Banks Hit With Service Glitches
▼ + stars: | 2024-07-19 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: 1 min

Financial transactions around the world were affected by a tech outage on Friday, hampering operations as workers at several firms struggled to log into their corporate systems. Employees at companies including JPMorgan Chase and Instinet, a brokerage firm owned by the Japanese bank Nomura, have had trouble gaining access to their work stations, according to people with knowledge of the matter who spoke on condition of anonymity. That has led to delays in some trades, though the companies have been working on workarounds, the people said. The London Stock Exchange said that its RNS corporate news service was unable to publish, citing a “third-party global technical issue” that it was investigating. The exchange operator added that the matter was not affecting securities trading and other services.

Organizations: Employees, JPMorgan Chase, Nomura, London Stock Exchange

☆ JPMorgan CEO Jamie Dimon says he'll add thousands of jobs focused on AI in the next couple of years
▼ + stars: | 2024-07-18 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

JPMorgan CEO Jamie Dimon is a huge believer in artificial intelligence's impact on the workforce. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJPMorgan's Jamie Dimon said that he'll likely add thousands of more jobs centered around artificial intelligence at his company in the next couple of years. In an interview with LinkedIn's Editor in Chief Dan Roth, the JPMorgan CEO lauded AI as a valuable "productivity tool" that is already impacting the workforce, including at his bank. "It's huge," Dimon said of AI.

Persons: Jamie Dimon, —, Dan Roth, Dimon Organizations: Service, Business

☆ Retail trader demand for Rumble stock hits record after Trump picks Vance for VP nominee
▼ + stars: | 2024-07-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Republican nominee Donald Trump's choice of a former venture capitalist as his vice presidential nominee could be attracting retail traders to one of the companies JD Vance backed, according to JPMorgan. JPMorgan analyst Kamal Tamboli said in a note to clients Wednesday evening that retail traders are piling into Rumble , a YouTube competitor aimed at conservatives. "Retail traders appear to be closely following US election developments with demand for RUM reaching a quarterly record after the announcement of J.D. Vance as the Vice Presidential nominee for the Republican party," the note said. RUM 5D mountain Shares of this company linked to JD Vance are up 17% this week.

Persons: Donald Trump's, Vance, Kamal Tamboli, Rumble, Narya, JD Vance Organizations: JPMorgan, Republican, Narya Capital, Trump, Trump Media

☆ Can Boeing get back to its glory days?
▼ + stars: | 2024-07-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +17 min

Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The 737 was dubbed "Baby Boeing" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.

Persons: Joshua Roberts, Max, AeroSystems, Sen, Richard Blumenthal, Conn, Dave Calhoun, Boeing hasn't, Brian West, Aengus Kelly, Bob Jordan, I'm, Antonoaldo Neves, Calhoun, Steve Mollenkopf, Pat Shanahan, Donald Trump, Barack Obama, AerCap's Kelly, Mulugeta Ayene, we've, NASA —, Scott Kirby, McDonnell Douglas, Rob Spingarn, Kirby, Spirit Aerosystems, William Campbell, it's, It's, Howard McKenzie, Kevin Lamarque, Goldman Sachs, Noah Poponak, Alex Krutz Organizations: American Airlines Boeing, Reagan National, FAA, Reuters Boeing, Wall, Boeing, Justice Department, Alaska Airlines, National Transportation Safety Board, NTSB, Via Reuters Industry, Farnborough, Federal Aviation Administration, Airbus, JPMorgan, Etihad Airways, General Electric, Blackstone, Qualcomm, Lion, Ethiopian Airlines, Pilots, Justice, Reuters, NASA, Lion Air, CNBC, Research, Max, Spirit, Corbis, Jefferies, DOJ, Senate Homeland Security, Governmental Affairs, Capitol, Patriot Industrial Partners Locations: Los Angeles, United States, Washington , U.S, Portland , Oregon, Alaska, U.S, Maldives, Wall, United Kingdom, Boeing's, Emirates, Southwest, United, Indonesia, Addis Ababa, Bishoftu, Debre Zeit, Ethiopia, BOZEMAN , MT, Wichita , Kansas, Bozeman, Bozeman , Montana, Seattle, Chicago, Arlington , Virginia, Wichita, South Carolina, Washington

☆ Chip stocks suffer a mini-meltdown as more potential trade restrictions threaten the industry
▼ + stars: | 2024-07-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at why reports of more potential trade restrictions have chip companies on their heels . Trade restrictions are certainly real concerns for chip companies. AdvertisementThe supply-chain base for most of the chip industry is in Taiwan, specifically TSMC. Politicians and regulators have no interest in making American AI companies less competitive and demand is still extremely high. With so much geopolitical tension, is it possible the chip industry becomes more regionalized?

Persons: —, Dan Schneider's, Rebecca Zisser, Joe Biden, Insider's Kelly Cloonan, Biden, chipmakers, Trump, Emma Cosgrove, It's, Marianne Ayala, aren't, Dan Ives, influencers, Donald Trump, JD Vance, Tyler Le, Elon Musk, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Dan Schneider's Nickelodeon, Business, Nvidia, AMD, Bloomberg, China, YouTube, JPMorgan, Apple, Republican National Convention, Netflix Locations: China, Netherlands, Taiwan, Texas, California, New York, London

☆ Netflix reports earnings after the bell. Here's what Wall Street is watching
▼ + stars: | 2024-07-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Netflix reports after the bell Thursday, ushering in the start of earnings season for Wall Street's biggest media and technology giants. Analysts expect the streaming behemoth to post earnings of $4.74 per share on about $9.53 billion in revenue, according to analysts polled by LSEG. The analyst regards upside to subscriber additions, commentary surrounding margin expansion and a reacceleration in revenue as key for investors. Jefferies analyst James Heaney expects these programs and a strong content slate position Netflix well for a second-quarter subscriber beat. Netflix has made strides within advertising, disclosing in May that there were 40 million active monthly users in the tier.

Persons: Goldman Sachs, Eric Sheridan, Morgan Stanley's Benjamin Swinburne, Jefferies, James Heaney, JPMorgan's Doug Anmuth, Morgan Stanley's Swinburne, Evercore ISI's Mark Mahaney, Jessica Ehrlich, Jason Bazinet, Piper Sandler's Matt Farrell, Farrell Organizations: Netflix, Wall Street's, LSEG, Bank of America

☆ Three Stock Lunch: D.R. Horton, JPMorgan and Gold
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree Stock Lunch: D.R. Horton, JPMorgan and GoldBoris Schlossberg, BK Asset Management managing director, joins 'Power Lunch' to discuss stock plays for three stocks: D.R. Horton, JPMorgan and Gold

Persons: Boris Schlossberg Organizations: JPMorgan, BK Asset Management, Gold Locations: Horton

☆ Here are Thursday's biggest analyst calls: Nvidia, Gap, Exxon, Apple, Block, Toast, Allstate, AMC, Chipotle, Dollar Tree & more
▼ + stars: | 2024-07-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America reiterates Nvidia as buy Bank of America said it's sticking with its buy rating on Nvidia and that investors should "focus on fundamentals." "We are initiating on Frontier with a Buy rating and $33 PT." BMO upgrades Allstate to outperform from market perform BMO said it sees growth potential for the insurance company. " Morgan Stanley reiterates Taiwan Semiconductor as overweight Morgan Stanley said it's sticking with its overweight rating following the company's earnings report. " "We initiate coverage of Impinj with an Overweight rating and $205 price target."

Persons: Wolfe, Mizuho, it's, Goldman Sachs, Goldman, Baird, Morgan Stanley, Wells, TD Cowen, Redburn, William Blair, –, Roth MKM, Roth, TSMC, JPMorgan, Chipotle, Cantor Fitzgerald, Cantor Organizations: Exxon, ExxonMobil, Bank of America, Nvidia, Apple, UBS, Frontier, Mizuho, Citi, Vans, BMO, Allstate, Deutsche, Meta, Paris, Palo Alto Networks, Palo, AMC, 3Q, Taiwan Semiconductor, JPMorgan, CMG Locations: Palo Alto

☆ Jamie Dimon thinks the Fed should wait longer to cut interest rates
▼ + stars: | 2024-07-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Jamie Dimon says the Federal Reserve shouldn't be in a rush to cut interest rates. He told Swiss newspaper NZZ that several factors could cause inflation to rebound. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe market is laying bets that the Federal Reserve is on the cusp on cutting interest rates, but Jamie Dimon thinks the central bank is at risk of moving too soon. The JPMorgan chief told Swiss newspaper NZZ that inflation might not settle down for good, even though it has been moving steadily lower since peaking in the summer of 2022.

Persons: Jamie Dimon, he's, —, Dimon Organizations: Federal Reserve, Swiss, Service, Federal, JPMorgan, Fed, Business

☆ Bye-bye bitcoin, hello AI: Texas miners leave crypto for next new wave
▼ + stars: | 2024-07-18 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +7 min

watch nowThere are a lot of synergies between the bitcoin mining and AI infrastructure businesses. watch nowBeefing up the gridFor years, Crusoe's work has been virtually synonymous with the bitcoin mining industry. But Crusoe's Lochmiller told CNBC that AI infrastructure has actually been part of the vision since the company's founding six years ago. Back in 2018, Fenn says that the only load that was a good fit for this was bitcoin mining. "That has all changed now, with AI data centers optimized for massive scale energy availability, cost, and greenness.

Persons: Nolan, Robert Daemmrich, Ali Fenn, Chase Lochmiller, Crusoe's, JPMorgan Chase, Asher Genoot, Riley, CoreWeave, Crusoe's Lochmiller, Lancium's Fenn, Lancium, Fenn Organizations: Corbis, American, Energy Systems, CNBC, Mining, JPMorgan, Nvidia, CoreWeave, Core, ExxonMobil, Crusoe Industries, Miners Locations: Buffalo, Taylor, Abilene , Texas, West Texas, Abilene, Houston, Denver, U.S, Iceland, Miami, North Dakota, Texas

☆ Wall Street sees this opaque corner of financial markets as the likeliest source of a credit crisis, Bank of America says
▼ + stars: | 2024-07-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewBank of America's latest Global Fund Managers survey found that shadow banking has surpassed commercial real estate as the likeliest culprit of a future credit event. In June's survey, commercial real estate held the top spot. Related storiesMeanwhile, BofA's survey indicates that fund managers are still keeping their eyes on commercial real estate, a sector that has wobbled under the weight of high interest rates. Between tighter monetary policy and a significant pullback in office demand, worry has mounted regarding whether commercial real estate entities can pay off their debt.

Persons: —, Jamie Dimon, BofA Organizations: Service, America's, Global Fund, Business, Bank of America Global Fund, Survey, JPMorgan Locations: H2'24

☆ A top-ranked CIO overseeing $1 billion shares 3 trades to hedge risk amid political upheaval and violence
▼ + stars: | 2024-07-18 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Now, the attempted assassination of former President Donald Trump has injected even more uncertainty into the US political landscape. 3 trades for political riskFirst, cash remains king. Within the financial sector, Landsberg recommends that investors allocate part of their portfolio to insurance companies, which can benefit from inflation by raising premiums. While concentration isn't always a cause of concern, increased volatility due to political turbulence can lead market conditions to change quickly. Don't try to predict the FedOverall, Landsberg cautions investors against trying to time the market and predict the Fed's next move.

Persons: Donald Trump, Michael Landsberg, Landsberg Bennett, Landsberg, It's, Banks, Goldman Sachs, Wells, — Landsberg, Powell Organizations: Service, Wealth Management, Forbes, Business, JPMorgan, Citigroup, Wells Fargo, Big Tech Locations: India, Japan

☆ Jamie Dimon: Skills are 'far more important' than a college degree in hiring
▼ + stars: | 2024-07-18 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

Skills are "far more important" than having a college degree for many jobs, he added. Dimon said JP Morgan Chase has eliminated degree requirements for most jobs at the bank and pivoted toward more skills-based hiring. About 80% of JP Morgan Chase's current roles for "experienced hires," or candidates with full-time work experience, don't require a college degree, a company spokesperson confirmed to Fortune. For context, 62% of Americans don't have a college degree, according to the latest Census data. That means degree requirements can lock out millions of job seekers with alternative qualifications from high-paying opportunities.

Persons: Jamie Dimon, Dimon, Morgan Chase, JP Morgan Chase's, It's Organizations: JPMorgan Chase, LinkedIn, Wall Street, Ivy League, McKinsey & Co, Harvard Business School's, Glass Institute, CNBC

☆ This school has 12-hour days, 'relaxing' meals — and no smartphones
▼ + stars: | 2024-07-17 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +8 min

Helping an 'Anxious Generation'All Saints' experiment with an extended school day comes as concern mounts about the impact of smartphones and social media on teenagers. AdvertisementUS Surgeon-General Vivek Murthy also recently called for social media to carry cigarette-style warning labels to warn of the health risks. Writing in The New York Times, he said social media increased the risk that children would suffer anxiety and depression. However, the extended school day program has produced some noteworthy results. AdvertisementRausch said his research had shown that constant access to smartphones and social media only increases social inequality.

Persons: —, London that's, It's, Andrew O'Neil, O'Neil, it's, Andrew O'Neill ., mick, Zacariah Pinto, Mia Benoit, Benoit, I'm, Pinto, Jonathan Haidt, Vivek Murthy, Zach Rausch, Haidt, Rausch, Rebecca Fuller, Jonathan Brenner, Helena, Brenner, She's Organizations: Service, Saints Catholic College, Business, Grenfell Tower, All, YouTube, The New York Times, NYU, Stern School of Business, Saints, Eton Locations: Notting Hill, London, Notting, Portobello

☆ Trump is considering giving Jamie Dimon, who he once called a 'highly overrated globalist,' a prime Cabinet position
▼ + stars: | 2024-07-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Donald Trump says Jamie Dimon "is somebody that I would consider" as Treasury Secretary. Trump told Bloomberg Businessweek he has "a lot of respect" for the JPMorgan CEO. Trump previously called Dimon a "highly overrated globalist" for supporting his GOP rival, Nikki Haley. AdvertisementIt looks like Jamie Dimon could have a spot on former President Donald Trump's Cabinet if the GOP nominee wins this November. "I have a lot of respect for Jamie Dimon," Trump told the outlet.

Persons: Donald Trump, Jamie Dimon, Trump, Nikki Haley, —, Donald Trump's, Dimon Organizations: Bloomberg Businessweek, JPMorgan, GOP, Service

☆ Gen Z data scientist says many majors in the field are interchangeable — so this is what to do if you want an AI job
▼ + stars: | 2024-07-17 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. She now works as a data scientist at JPMorgan and makes videos about tech careers in her free time. She told Business Insider that many majors are interchangeable and that several degrees, such as computer science, math, information sciences, and data science, can lead to jobs in the field. Krinsky said while Big Tech names may look flashy on your résumé, hands-on experience is crucial to actually landing the job. Most projects start with scraping the web for data and then require building, training, and fine-tuning the model.

Persons: —, Allison Krinsky, Krinsky, haven't, it's Organizations: Service, University of Washington, JPMorgan, Business, Big Tech

☆ Stocks are booming in 2024, but financial advisors say it may be time to get a little defensive
▼ + stars: | 2024-07-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

With the S & P 500 surging more than 18% in 2024, it might be time for investors to make a few defensive moves in their portfolios. But that surge is spurring some financial advisors to reassess their clients' exposure to large-cap tech and turn toward currently unloved asset categories that could be poised to rise. "It might take a little longer to manifest but we think [health care] is an interesting combination of offense and defense, and it provides meaningful cash flows for investors," Saccocia said. Checking in on risk and cash Investors reviewing their 2024 gains should also reassess their risk profile and consider whether their asset allocation reflects their long-term goals. Tom Balcom, CFP and founder of 1650 Wealth Management in Lighthouse Point, Florida, has used custom market-linked notes to hedge clients' exposure to the market.

Persons: Nvidia —, Shon Anderson, Russell, Jerome Powell's, Shannon Saccocia, Neuberger Berman, Saccocia, Colin Gerrety, Gerrety, Tom Balcom, Balcom, Morningstar Organizations: Nvidia, Anderson Financial, Federal, Big Tech, Investors, JPMorgan Chase, UnitedHealth, Wealth Services Locations: Dayton , Ohio, REITs, North Bethesda , Maryland, Lighthouse Point , Florida

☆ Bank of America tops estimates on better-than-expected investment banking
▼ + stars: | 2024-07-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

CEOs from left, Charles Scharf, Wells Fargo, Brian Moynihan, Bank of America, and Jamie Dimon, JPMorgan Chase, testify during the Senate Banking, Housing, and Urban Affairs Committee hearing titled "Annual Oversight of Wall Street Firms," in Hart Building on Wednesday, December 6, 2023. Bank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees. Net interest income slipped 3% to $13.86 billion, essentially matching the StreetAccount estimate. Executives have told investors in April that net interest income would bottom in the second quarter. Wells Fargo shares fell on Friday when it posted disappointing NII figures, showing how much investors are fixated on the metric.

Persons: Charles Scharf, Wells, Brian Moynihan, Jamie Dimon, JPMorgan Chase, Wells Fargo, Goldman Sachs Organizations: Bank of America, JPMorgan, Banking, Housing, Urban Affairs Committee, Wall Street Firms, Revenue, JPMorgan Chase, Citigroup Locations: Wells Fargo, Hart

☆ Wall Street 'bake offs' are back. Here's what it means for dealmaking, according to Morgan Stanley CEO Ted Pick.
▼ + stars: | 2024-07-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

Read previewWhen Morgan Stanley reported earnings on Tuesday, it wasn't the first bank to make hay over the coming "investment-banking rebound." Top executives up and down across Wall Street have been talking for days about their predictions that Wall Street's bread-and-butter business of advising and financing deals could soon come roaring back. And the parade of optimism has only heated up this year as investment-banking revenues have started the slow climb from historical lows. AdvertisementIB revenues surgingLike many of the other Wall Street banks that reported earnings in recent days, Morgan Stanley saw investment-banking revenues soar in the second quarter. And as Pick said on Tuesday, Wall Street is getting excited about more than just traditional dealmaking, but also the financing and other hedging strategies that come with companies getting off the sidelines.

Persons: —, Morgan Stanley, Mike Mayo, Mayo, Morgan, Ted Pick, Pick, Goldman Sachs, Goldman, Solomon, Chase, It's, It'd Organizations: Service, Wells, Wells Fargo Securities, Business, Wall, Reserve, quicken, Goldman, Bank of America Locations: Wells Fargo, issuances, Mayo

☆ CNBC Daily Open: Trump picks VP, Dow record close, bitcoin 'digital gold'
▼ + stars: | 2024-07-16 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record highThe Dow Jones Industrial Average closed at an all-time high after former President Donald Trump survived an assassination attempt. Trump's VP pickDonald Trump has chosen Senator JD Vance of Ohio as his vice presidential running mate for the 2024 election. Fed may not waitPowell said the central bank will not wait until inflation reaches its 2% target to cut interest rates. Fink believes bitcoin can offer uncorrelated returns and act as a hedge against currency debasement caused by excessive deficits.

Persons: Donald Trump, Russell, Jerome Powell, Trump's, JD Vance, Ohio, Trump, Vance, Biden, Powell, you've, Larry Fink, Fink, bitcoin, CNBC's, Goldman, Goldman Sachs, Denis Coleman, Colin Langan Organizations: CNBC, Dow Jones, Nasdaq, Treasury, Federal, Truth, Trump, Republican, BlackRock, Goldman, JPMorgan, Citigroup, Wall Locations: U.S, Wells

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