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☆ First Republic stocks drops nearly 50% after plunge in deposits
▼ + stars: | 2023-04-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

First Republic Bank also expects to cut its workforce by 20-25% this quarter, it said late Monday during its first-quarter earnings call. “Total deposits were $102.7 billion as of April 21, 2023, down only 1.7% from March 31, 2023,” he said. The bank reported earnings per share of $1.23, higher than analysts’ expectations of $0.85 per share, according to Refinitiv data. When the banking crisis erupted, about two-thirds of First Republic’s deposits were uninsured with the Federal Deposit Insurance Corporation. There’s a lot of money on the line: In January and February, trading in First Republic stock was outright sleepy.

☆ Biden to order all federal agencies to prioritize environmental justice
▼ + stars: | 2023-04-21 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

(Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)President Joe Biden on Friday will sign an executive order directing federal agencies to invest in disadvantaged communities disproportionately affected by pollution and climate change, the White House said. The order will create a new Office of Environmental Justice in the White House to coordinate all environmental justice efforts across the federal government and require agencies to notify nearby communities if toxic substances are released from a federal facility. The president, who is preparing to announce his reelection bid next week, will make the announcement during a ceremony at the White House Rose Garden. Biden is expected to argue that his administration's historic environmental justice and climate agenda contrasts with "the dangerous vision Speaker McCarthy and his extreme caucus have for our planet, our economy, and public health," the official said. Early in his presidency, Biden pledged that addressing environmental justice would be a core component of his climate agenda and signed an executive order that launched the Justice40 Initiative, which requires agencies to deliver at least 40% of benefits from investments to overburdened communities.

☆ The messy, high-stakes world of private equity's fossil-fuel dilemma
▼ + stars: | 2023-04-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Most major private-investment firms are working to cut down on emissions their portfolio companies send into the atmosphere. It's also set targets to get three-quarters of its majority-owned power-and-energy portfolio companies' emissions that they generate directly and indirectly covered by Paris-aligned climate goals by 2025. A growing number of private-equity firms' pension-fund limited partners are under pressure themselves to either invest around environmental, social, and governance matters or shun investing through those lenses altogether. Firms' plans with their upstream investments tend to draw the most attention because they're involved in drilling for new oil and gas. If you're a private-equity firm and you continue to make new upstream investments, I don't believe you have a Paris-aligned plan.

☆ Bill Nygren says bigger is better in financials, names Schwab as one of his favorites
▼ + stars: | 2023-04-19 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Oakmark Funds' Bill Nygren said he favors bigger banks in the financial sector, and the top value investor broke down why he particularly likes Charles Schwab. "I think bigger has been better in financials for a long time," Nygren said on CNBC's " Squawk on the Street. " Nygren, who owns Wells Fargo, Capital One, Bank of America and Schwab, believes larger banks are more insulated from these balance sheet issues. SCHW YTD mountain Schwab Nygren said he is especially bullish on Schwab because it's the lowest cost provider for wealth management services. The portfolio manager also noted that Schwab insiders have been active buyers of the stock in the past few weeks.

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

☆ Amazon CEO Andy Jassy says he's confident he can get costs under control in shareholder letter
▼ + stars: | 2023-04-13 | by ( Annie Palmer | ) www.cnbc.com time to read: +38 min

Further, as machine learning adoption has continued to accelerate, customers have yearned for lower-cost GPUs (the chips most commonly used for machine learning). While some areas of the economy have struggled over the past few years, Amazon Business has thrived. Some people have never heard of Amazon Business, but, our business customers love it. For years, Amazon customers had asked us when we'd offer them an online pharmacy as their frustrations mounted with current providers. More recently, a newer form of machine learning, called Generative AI, has burst onto the scene and promises to significantly accelerate machine learning adoption.

☆ UK economy flat in February as strikes and inflation bite — and the IMF delivers reality check
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LONDON — The U.K. economy flatlined in February as widespread industrial action and persistently high inflation stymied activity. Large-scale strike action has been carried out in recent months by teachers, doctors, civil servants and rail workers, among others — members of the sectors that were the largest contributors to the fall in February services output. The independent Office for Budget Responsibility no longer expects the U.K. economy to enter a technical recession in 2023 — defined as two consecutive quarters of contractions. "Industrial strike action was the primary root cause of stagnating growth in the U.K. over the month. Much of the population also remains mired in a cost-of-living crisis, as inflation continues to vastly outpace wage growth, exacerbating the threat of further industrial action.

☆ Amazon CEO Andy Jassy says he doesn't focus on the company's stock price
▼ + stars: | 2023-04-13 | by ( Annie Palmer | ) www.cnbc.com time to read: +3 min

Amazon CEO Andy Jassy said he doesn't pay much attention to the company's stock price, even after the shares lost half their value in 2022 amid fears of a recession and a bad year for tech stocks across the board. "I don't spend a lot of my time focused on the stock price," Jassy said Thursday in an interview with CNBC's Andrew Ross Sorkin on "Squawk Box." Jassy said he prefers to look at the stock's performance over the long term, rather than focusing on a snapshot in time. In 2021, when Jassy took over from founder Jeff Bezos, he was awarded a pay package worth roughly $212 million, of which a significant portion was comprised of Amazon stock. Amazon said in a proxy filing Thursday it did not grant Jassy any new stock in 2022.

☆ Amazon CEO Andy Jassy says his letter to shareholders follows one of the toughest economic years in recent memory. Read it in full.
▼ + stars: | 2023-04-13 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +38 min

☆ Why cutting middle management is a bad idea
▼ + stars: | 2023-04-11 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

The push to cut middle managers will backfire on tech. Companies like Amazon, Meta, and Salesforce embarked on cost-cutting efforts that "flattened" org charts by removing middle managers, starting a trend across Silicon Valley. Middle managers, or what Meta CEO Mark Zuckerberg calls "managers managing managers," saw their roles shrink in the past year as tech companies focus on "individual contributors," increasingly requiring managers to do coding work themselves. But losing middle managers could also impact team morale and how employees look at their futures in the company. It comes despite Musk recently signing an open letter calling for an industry-wide halt to any AI training for several months.

☆ Sweden's Alecta axes CEO after US bank losses
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

OSLO/STOCKHOLM, April 11 (Reuters) - Swedish pension fund Alecta on Tuesday fired its CEO Magnus Billing with immediate effect following the recent announcement of large losses from investments in several U.S. banks. Alecta, Sweden's largest pension fund provider, last month said it had lost 19.6 billion Swedish crowns ($1.87 billion) from its shareholdings in First Republic Bank (FRC.N), Silicon Valley Bank and Signature Bank. "The losses have severely damaged the trust in Alecta's asset management," the company said in a statement. "The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust." The pension provider last week announced the replacement of its head of stock market asset management.

☆ Tesla's shares are up over 70% this year. One market pro is bullish — but another isn't convinced
▼ + stars: | 2023-04-11 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Shares of electric vehicle giant Tesla have risen more than 70% this year, after falling 65% in 2022 in its largest-ever annual decline. Bull vs. bear Ross Gerber, president and CEO of Gerber Kawasaki Wealth Management, is an unabashed Tesla bull. Gerber is excited about the prospects for Tesla's first pickup truck — the Cybertruck — which is expected to begin production by end-2023. Tesla cannot be the EV leader without cutting prices, Bido added. One of the most important components of an EV is the battery, and Gerber said Tesla is a leader in battery technology.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

HONG KONG, April 6 (Reuters Breakingviews) - Alibaba's (9988.HK) worth may be hiding in plain sight. The $260 billion Chinese group wants to split off faster-growing, money-losing bets like its cloud and logistics units. It accounted for 9% of Alibaba's top line in the nine months to December, nearly double five years ago. Zhang would do well to focus investor attention back onto Alibaba's commerce operations in China. That’s some 30% more than the company’s entire market value as of Wednesday.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ There isn't much room for multiple expansion at current levels: Putnam Investment's Cavanaugh
▼ + stars: | 2023-04-05 | 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 EmailThere isn't much room for multiple expansion at current levels: Putnam Investment's CavanaughJacquelyne Cavanaugh, Putnam Investments portfolio manager, joins 'Squawk Box' to discuss where earnings estimates are, if the Fed can be successful in what it's trying to do and more.

☆ Don't want to return to the office? Here's how to work remotely indefinitely, according to a digital nomad
▼ + stars: | 2023-04-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"The nature of work is shifting for a lot more people," said Sophia Bera Daigle, CEO and founder of Gen Y Planning, a financial planning firm for millennials. watch nowEven before the pandemic, Bera Daigle, a certified financial planner and a member of CNBC's Advisor Council, knew that the daily grind wasn't for her. After working at traditional financial planning firms since 2007, she quit to become a location-independent entrepreneur. Pad your retirement plan. (Although brokerage accounts don't have the same tax benefits as a workplace retirement plan, there are no income or contribution limits or restrictions on when funds can be withdrawn.)

☆ Wall Street could stand to benefit from recruiting beyond just the Ivies
▼ + stars: | 2023-04-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Emmalyse Brownstein has one about an investor's unique path to Wall Street. I hope Alfieri's story isn't just valuable to students trying to break into Wall Street. Wall Street could also benefit from casting a wider net among universities to get some diversity of thought. Click here to read some tips for how to nab a job on Wall Street despite not coming from an elite school. This fintech helps Wall Street keep tabs on employees' messengers.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Nvidia's stock has climbed as Wall Street bets on A.I. Why investors say its promise is worth the premium
▼ + stars: | 2023-03-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

NVDA YTD mountain Nvidia shares so far this year Nvidia's stock' is trading at a forward price-to-earnings ratio of roughly 58 times. The focus on Nvidia's capabilities in this area have only grown since it unveiled new AI technologies at its GTC conference. On the heels of the conference, Goldman Sachs called the chipmaker a "key AI enabler," while Bank of America said Nvidia's AI dominance could "reshape the existing tech industry." That's in part because along with the hardware and software, Nvidia offers the engineers and relationships with both end-users and research organizations, which could stunt competitor plans from the get-go, Freund explained . Because so many engineers are already using Nvidia's software, some companies may face resistance if attempting to transition to a new language, explained Pieran Maru, an investment analyst at global asset management firm GAM Investments.

☆ Raymond James says this telecom stock is a strong buy as it enters a new market segment
▼ + stars: | 2023-03-28 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Investors should turn their attention toward Ciena as the firm plunges deeper into edge routing, according to Raymond James. He also hiked his price target to $70 from $58 on the stock, implying upside of 44%. Leopold highlighted the firm's potential success from investments in the edge routing sector, as well as continued market expansion and "Huawei displacements." CIEN YTD mountain CIena's plunge into edge routing could be the rocket fuel the firm needs to displace Huawei, according to Raymond James. But Ciena also has the opportunity to significantly displace Huawei, Leopold said, specifically in the optical transport and switching and routing markets.

☆ Sanlam: There are many high quality names in the tech sector that are secular growth drivers
▼ + stars: | 2023-03-27 | 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 EmailSanlam: There are many high quality names in the tech sector that are secular growth driversHannah Gooch-Peters of Sanlam Investments discusses the big gains in the tech sector this year, and how that's a function of investors rotating away from more cyclical parts of the market, and how they positioned themselves at the end of last year.

☆ What the banking crisis means for mortgage rates
▼ + stars: | 2023-03-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. Neither the actions of the Federal Reserve nor the bank failures directly impact mortgage rates. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Following the Fed’s announcement on Wednesday, bond yields — and the mortgage rates that usually follow them — fell. “Homebuyers in 2023 have shown themselves to be quite sensitive to any changes in mortgage rates,” Fratantoni said.

☆ Walmart lays off hundreds of workers at e-commerce facilities
▼ + stars: | 2023-03-23 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Walmart is laying off hundreds of employees at e-commerce facilities across the country, as the big-box giant and other retailers brace for a tougher year ahead. Walmart, the nation's largest private employer, is shrinking its workforce as many retailers plan on roughly flat or declining sales. Walmart's e-commerce rival, Amazon , announced 9,000 job cuts on Monday, following 18,000 layoffs in January. Walmart anticipates slower sales growth and lower profits in the coming year, as Americans put more of their money toward buying necessities like food and household essentials. E-commerce sales for Walmart's U.S. business rose 12% in the most recent fiscal year, which ended Jan. 31.

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