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☆ How a bad year for college financial aid is shaping these students' futures
▼ + stars: | 2024-07-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

However, with a sticker price of nearly $80,000 per year, including tuition, fees, and room and board, Montiel-García, like many college hopefuls, needed financial aid to bring the cost down. Because of problems with the new form, financial aid award letters were delayed and some high school seniors, like Montiel-García, had trouble applying for any aid at all. In previous years, financial aid award letters were sent out at about the same time as admission letters, meaning students had several weeks to compare offers ahead of National College Decision Day, the deadline for most admitted students to decide on a college. Because of the extensive delays this year, some students won't get their final financial aid award letter until the end of August, the U.S. Department of Education said in a recent update. The high school graduate from Riverdale Park, Maryland, secured enough additional funding from the Maryland College Aid Processing System to afford his top choice school: Towson University.

Persons: Ramon Montiel, García Ramon Montiel, Montiel, García, —, NCAN, Laura Ipsen, Eric Greenberg, Andrea Garcia, Garcia, Emory doesn't, Mark Kantrowitz, Greenberg, mani Murphy, Murphy Organizations: KIPP, Denver Leadership Academy, Colorado ., KIPP Northeast Denver Leadership Academy, Wheaton College, Federal Student Aid, Wheaton, University of Colorado, National College, Greenberg Educational Group, U.S . Department of Education, Emory University, Education Department, Riverdale, Maryland College, Towson University Locations: García, Colorado, Massachusetts, U.S, Montiel, Denver, New York, Atlanta, Ky, Riverdale Park , Maryland, Towson

☆ Buying into Charlie Scharf's 5-year turnaround plan for Wells Fargo just got a bit cheaper
▼ + stars: | 2024-07-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +11 min

In Friday's earnings commentary , the Club upgraded Wells Fargo back to our buy-equivalent 1 rating — viewing Friday's drop as an opportunity to add shares. Taken together, it shows just how far the CEO has gone to rehabilitate Wells Fargo. That same year, Wells Fargo admitted to improperly charging home lending customers for mortgage-rate-lock extensions as well. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Federal Reserve ordered Wells Fargo to freeze its balance sheet in 2018, keeping its assets below $1.95 trillion until senior management cleaned up its act. Wells Fargo parted with most of its senior management from its pre-2019 era and remade its board of directors.

Persons: Charlie Scharf, Wells, Scharf, That's, Jeff Marks, Wells Fargo, Ebrahim Poonawala, Charlie, " Scharf, we're, JPMorgan Chase, Morgan Stanley, There's, Wells Fargo's, Poonawala, he's, Doug Braunstein, Raymond James, David Long, Marks, He's, Jim Cramer's, Jim Cramer, Jim, Patrick T, Fallon Organizations: Wells Fargo, Club, Investors, KBW Nasdaq, Wells, CNBC, Federal Reserve, Currency, Bank of America, Consumer Financial Protection, JPMorgan, Wall, JPMorgan Chase, Fed, Milken Institute Global Conference, Afp, Getty Locations: Wells, Wells Fargo, U.S, delinquencies, Beverly Hills , California

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

☆ We are upgrading our rating on Wells Fargo as investors dump stock post-earnings
▼ + stars: | 2024-07-12 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

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

One of the big money moves I made this year was merging all of my savings accounts into one account. My previous savings strategy stopped working for meI've had three savings accounts for the past couple of years:Account A was for my emergency savings, stored in a standard savings account at the same bank as my checking account. Account B was for my homeownership dreams, stored in a high-yield savings account at an online bank. I opened multiple savings accounts to keep my savings separate and reduce the temptation to spend that money on other things. Merging my savings accounts meant embracing simplicityBefore doing anything, I sat down and wrote out what I wanted from a savings account.

Persons: I've Organizations: Research

☆ Upcoming earnings will determine whether the stock market rotation is here to stay or a one-day wonder
▼ + stars: | 2024-07-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Certainly lower interest rates are a huge help, particularly for small-cap companies that are generally more sensitive to interest rate changes. There must be a belief that earnings will broaden out beyond a small group of megacap tech stocks. The root source of the long tech rally is the superior earnings growth of technology. Two questions follow: with the massive rise in tech prices, is most or all of that earnings growth now priced in, and what are the prospects for earnings growth in other sectors? The problem is identifying where this additional earnings growth is coming from, and how robust it might be.

Persons: it's, Supriya Menon, America's Savita Subramanian, Bryan Spillane, Subramanian Organizations: New York Stock Exchange, Federal Reserve, Nvidia, Wellington Management, Bloomberg, Bank, America's Locations: cyclicals

☆ Pain is coming for 2 sectors as high rates cut off the 'lifeblood' of easy leverage, billionaire Oaktree founder Howard Marks says
▼ + stars: | 2024-07-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Tighter lending could weigh heavily on private equity and real estate, according to Howard Marks. Experts have cautioned on commercial real estate in particular as looming debt maturities pose a risk. That's created "fundamental questions" in specific parts of the real estate market, like office and retail properties, he added. The wider commercial real estate sector has over $1 trillion in debt set to mature in 2024, per Goldman Sachs. Billionaire investor Barry Sternlicht recently said he foresaw weekly bank closures and extreme losses in commercial real estate as high interest rates impact the sector.

Persons: Howard Marks, Marks, —, Banks, That's, Goldman Sachs, Barry Sternlicht Organizations: Service, Oaktree Capital Management, Bloomberg, Federal Reserve, Federal Deposit Insurance Corporation, Billionaire

☆ Biden’s Pick to Lead F.D.I.C. Faces Little Resistance in Senate Hearing
▼ + stars: | 2024-07-11 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

With a broad smile and crisply delivered answers, Christy Goldsmith Romero, President Biden’s nominee to take over the Federal Deposit Insurance Corporation, appeared to cruise through her Senate confirmation hearing on Thursday. Ms. Goldsmith Romero’s testimony, before the Senate Banking Committee, is the first step in a process that could put her in charge of the regulator that oversees smaller banks, administers the fund that protects bank depositors’ cash and steps in when a bank fails; it was recently roiled by revelations of widespread sexual harassment and abuse of junior employees by their longtime managers. Over the course of the hearing on Thursday, Ms. Goldsmith Romero’s testimony drew praise not only from Democrats but also from some Republicans, suggesting that she was likely to be confirmed for the position. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package. Her work exposing fraud often put her at odds with not only bankers but also some government officials who were concerned about the potential damage it would do to overall public opinion of the bailout.

Persons: crisply, Christy Goldsmith Romero, Biden’s, Ms, Goldsmith Romero’s, Goldsmith Romero Organizations: Federal Deposit Insurance Corporation, Banking Committee

☆ Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers
▼ + stars: | 2024-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months. Banks involved in the mess caused by the collapse of fintech intermediary Synapse have made progress piecing together account information for stranded customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter. The development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corporation, pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle. Beginning in May, more than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts. "We're strongly encouraging Evolve to do whatever it can to help make money available to those depositors," Federal Reserve Chair Jerome Powell told the Senate banking committee Tuesday.

Persons: Banks, We're, Jerome Powell, Scot Lenoir, Jelena McWilliams, Sankaet Pathak Organizations: Staff, Evolve Bank & Trust, Bank, Synapse, Federal Reserve, Federal Deposit Insurance Corporation, Evolve Locations: California

☆ These bank stocks yield more than 5% — and they are ‘poised to thrive,’ Piper Sandler says
▼ + stars: | 2024-07-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Regional bank stocks are having an underwhelming year, but investors who are on the hunt for good dividend payers might find a few gems, according to Piper Sandler. "Given the recent pullback in bank stock prices, we are finding lots of regional and community bank stocks that have eye-catching dividend yields," wrote Mark Fitzgibbon, managing director at Piper Sandler, in a Thursday report. There is more to picking solid dividend stocks than just going by the yield. Piper Sandler further whittled down the list by eliminating companies that had cut their dividends over the past decade. Piper Sandler called out Heritage Commerce of San Jose, California, as a bank worth snapping up.

Persons: Piper Sandler, Mark Fitzgibbon, Fitzgibbon, Andrew Liesch, Matthew Clark, Clark Organizations: Regional Banking, Brookline Bancorp, Heritage Commerce, Pacific Premier Bancorp Locations: Boston, Brookline, San Jose , California, Irvine , California

☆ A.I. Helped Spot a Copper Bonanza. It Could Transform More Than Mining.
▼ + stars: | 2024-07-11 | by ( Max Bearak | ) www.nytimes.com time to read: +1 min

Peering into their computer screens in California last year, the data crunchers watched a subterranean fortune come into focus. What they saw transported them 10,000 miles across the world, to Zambia, and then one more mile straight down into the Earth. On Thursday, their company, KoBold Metals, informed its business partners that their find is likely the largest copper discovery in more than a decade. According to their estimates, reviewed by The New York Times, the mine would produce at least 300,000 tons of copper a month once fully operational. The New York Times also reviewed an independent, third-party assessment of KoBold’s claims, which, while slightly more conservative than KoBold’s own, largely corroborated the size of the deposit.

Persons: KoBold Organizations: KoBold Metals, The New York Times, New York Times Locations: California, Zambia

☆ I quit my day job at 29 by investing in real estate. I'm now a stay-at-home dad building generational wealth for my kids.
▼ + stars: | 2024-07-11 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +10 min

Read previewThis as-told-to essay is based on a transcribed conversation with Matt Krueger, 30, about building income from rental properties in Des Moines, Iowa. Related storiesBetween 2017 and 2021, our rental income averaged $1,200 to $1,500 monthly, taking into account money set aside for mortgage payments. I was inspired to try short-term rentals and quit my day job in 2022One day, I listened to a podcast about short-term rentals and Airbnb. AdvertisementOne downside of short-term rentals is the increased adminIn 2023, we made around $97,000 in revenue from long-term rentals and around $143,000 from two short-term rentals. In May this year, we opened our third short-term rental, hoping to increase our revenue even further.

Persons: —, Matt Krueger, who's, I'd, We've, I've Organizations: Service, Business, Facebook Locations: Des Moines , Iowa, Des Moines, Airbnb, Texas

☆ Your bank is about to reveal key information about the US economy’s health
▼ + stars: | 2024-07-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Dave Sekera, chief US market strategist at Morningstar, says that he’s watching for insights on banks’ delinquency rates. Consumers have increasingly fallen behind on or missed payments in recent months as they get squeezed by high interest rates. But banks could see higher losses compared to 2023 if the economy were to experience a downturn, the Fed warned. Investors are wagering that the central bank will begin easing rates as soon as September, according to the CME FedWatch Tool. “The worst outcome for all of us is what you call stagflation: higher rates and recession,” Dimon said in an interview with CNBC.

Persons: Wells Fargo, Goldman Sachs, Dave Sekera, Stocks, JPMorgan Chase, Jamie Dimon, Dimon, Matt Egan, it’s, ”, Joe Brusuelas, Mark Zandi, ” Zandi, “, Jerome Powell, Erika Tulfo, “ It’s, Neil Saunders, Abrigo, Gen Organizations: CNN Business, Bell, New York CNN, United, United States ’, JPMorgan Chase, Citigroup, Bank of America, Morningstar, Federal Reserve Bank of New, Fed, Federal Deposit Insurance Corporation, JPMorgan, CNBC, Federal, RSM, “, Moody’s, CNN, GlobalData, Apple Locations: New York, United States, Federal Reserve Bank of New York, China

The brine contains lithium, a silvery white metal essential for making electric vehicle batteries and in high demand as the world shifts to green energy. Eramet is being closely watched by competitors from the U.S. to Chile that are also working to commercialize DLE. It aims to pump out its first ton of lithium carbonate in November and scale up to 24,000 metric tons a year by mid-2025. The technique allows Eramet to produce a ton of lithium carbonate in one week, versus a year with traditional methods. "You go step by step, making sure you can get to the next phase," said engineer Soledad Gamarra.

Persons: Eramet, Christel Bories, Joe Lowry, Soledad Gamarra, Mara Puntano, John Li, Tsingshan, Bories, Daina Beth Solomon, Salar Centenario, Ernest Scheyder, Lucila Sigal, Veronica Brown, Richard Chang Organizations: Reuters, Battery Metals, Initiative for, Mining Assurance, America, Thomson Locations: SALAR CENTENARIO, Argentina, Argentina's, U.S, Chile, Salta, Rio Tinto, South, Eramet's Centenario, Eramet's, Salt Lake City, U.S ., Utah, China, Asia, Salar, Houston

☆ I was laid off unexpectedly with a baby at home. As a single parent, I was devastated, but it was a blessing in disguise.
▼ + stars: | 2024-07-10 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Angelica Miller, a 31-year-old recruiter from Arizona who was recently laid off. I knew that being a single mom would be tough, but I was determined to create a stable home for my son no matter what. I'd been working as a recruiter for an equipment rental company for only a few months when I found out I was pregnant, and I was grateful that they were so supportive. AdvertisementI was absolutely devastated when I was laid offOne morning, my boss pinged me to have a quick chat. If you were unexpectedly laid off and want to share your story, please email Tess Martinelli at tmartinelli@gmail.com.

Persons: —, Angelica Miller, It's, he'd, I'd, pinged, Tess Martinelli Organizations: Service, Business, LinkedIn Locations: Arizona, tmartinelli@gmail.com

☆ Illegal Eviction Complaints Rise As Police Fail to Enforce
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +44 min

The nature of illegal lockouts means they are hard to track directly. One of the responding officers calls a sergeant over, who says there's nothing else they can do. While only 14% of lockout calls led to a police report, 86% of calls about shoplifting did. As they walk over, one of the officers tells the other to look up "illegal lockout" on his phone. A 2006 bill that would have defined illegal lockouts for all Illinois residents was defeated.

Persons: Alfred Perry, He'd, Perry, Dan Wright, Perry didn't, Wright, Bridget Bennett, Dan hadn't, I'd, he'd, Charlie Bliss, Matthew Desmond, Lockouts, Jersey City's, haven't, he's, David Leibowitz, Leibowitz, —, Pretium —, Kristi DesJarlais, Siegel, Sean Thueson , , Thueson, Blackstone, lockouts, Pretium, Katherine Kelly, RealPage, Jennifer Bowcock, William Prosser ,, they're, Donna Rossi, Sara Heymann, Meghan Aguilar, Misty Skinner, Skinner, Levi Wilhelm, It's, hasn't, I've, Wilhelm, they'd, Jeffrey Uno, Deirdre Orange, isn't, Daniel Benavidez, Jenny Chavez, criminalizing, Rob Bonta, Eric Carter, John Bartlett, Carter, Fred Fuchs, Steve Cohen, Michael Bennet, Sarah Saadian, Douglas Farrar, Kelly, Fuchs, Heymann, who've Organizations: Labor, Chrysler, Social Security, Business, North Las Vegas Police Department, Child Protective Services, Las Vegas Justice, Atlanta Legal, Atlanta Police Department, Atlanta, Supreme, Department of Housing, Los Angeles Police Department, Houston —, Arizona, Housing Association, Invitation Homes, Siegel, Siegel Group, Blackstone ., Progress, Homes, Union, city's Housing Department, Miami, Police, Houston, Houston Police Department, Phoenix, Criminal, Chicago, Chicago Department, LAPD, Records, Jersey City, Las Vegas Metropolitan Police Department, Las Vegas Metro Police, Legal, Foundation of Los, Phoenix Police Department, Fulton County Marshal's Department, Avondale Police Department, Avondale Police, Metropolitan Tenants Organization, Texas Justice Court, Court Training Center, Illinois, National Weather Service, Democratic, Senate, Income Housing Coalition, Consumer Financial Protection Bureau, Federal Trade Commission, FTC, AGs Locations: Las Vegas, Detroit, Vegas, United States, Perry's, Princeton, Milwaukee, Los Angeles, Chicago, Atlanta, South Chicago, Phoenix, Jersey, New Jersey, Jersey City, Houston, Nevada, . Texas, Harris County, Texas, Arizona, Washington, city's, Atlanta , Miami, California, New York City, Spring Valley, Spring Valley , Nevada, Las, Foundation of Los Angeles, Avondale , Arizona, Arkansas, Georgia , Mississippi, Pennsylvania, Wyoming, In Connecticut , Massachusetts, Minnesota , New Jersey, New York, Delaware, Illinois

☆ Unprotected at the margins of the rental market
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +31 min

Officers interviewed two motel residents who called 911; they said they did not want to leave their homes. Alyssa Pointer for Business InsiderIn Georgia, an eviction requires a court order, but the law doesn't explicitly make lockouts illegal. In this case, an officer classified the incident as a "crime against property" — a crime committed by the residents themselves. In unincorporated Clark County, where the property is located, operating a short-term rental without a license is illegal. Matthew Main is an attorney who has represented residents in similarly precarious housing situations in New York City, where state law also grants residents tenants' rights after 30 days.

Persons: they'd, Alyssa Pointer, doesn't, Eric Tars, Marshall Rancifer, Rancifer, Larry Johnson, Johnson, Lindsey Siegel, Freddie Mac, Rausch, Bridget Bennett, Harrison Bohn, Charlie Bliss, Andrew Cauthen, Brandon Turner, Darlene DeLaRoca, she'd, Mike Rausch, Harry Reid, DeLaRoca, Luis Barraza, Barraza, haven't, Stacey Welling, David Brown, Eric Dunn, Neason, Lynetrice Preston, Altonese Weaver, that's, Bliss, Roy Barnes, Barnes, Tera Strawter, Khari Varner, Strawter, Varner, Puentes, Guy Girardin, Girardin, Brown, Brian Michael Schwalbe, Schwalbe, you've, Natalie Bergevin, Bergevin, Matthew Main, gamesmanship, Main, Paul Panusky, Sara Heymann, I've, Michael Duckworth, Duckworth, he'd, Abel Uribe, Matthew Walberg Organizations: Labor, Business, National Homelessness Law, Justice, All Coalition, for Disease Control, Police, Housing Justice League, Atlanta, Atlanta Legal, US Department of Education, Pratt Center for Community Development, UCLA, Legal, Center of Southern, Natson, Facebook, Harry, Walmart, BI, Las Vegas Justice Court, National Housing Law, Atlanta Legal Aid, Atlanta . Tenants, DeKalb County Police Department, Georgia Supreme, Lutheran Social Services of, Las Vegas, Regional Justice Center, Go Locations: Dekalb County, Panthersville, Atlanta, Dekalb, Georgia, United States, Florida , Kentucky, DeKalb County, DeKalb, New York City, Los Angeles, Clark County , Nevada, Center of Southern Nevada, Nevada, California, Las Vegas, Clark County, Clark, Lutheran Social Services of Nevada, Las Vegas . Nevada, Chicago, Chicago's Roseland, Cook, City, DeLaRoca, Vegas

☆ What Happens When Your Bank Isn’t Really a Bank and Your Money Disappears?
▼ + stars: | 2024-07-09 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. The promise of bank insurance — a tenet of U.S. consumer protection since the Great Depression — is now being tested by a crisis swirling around online-only lenders with hundreds of millions of dollars of deposits between them. Most depositors have little clue where their money has gone, and whether they will get any of it back. It operated banking software for fast-growing online lenders with names like Juno, Yieldstreet and Yotta. Their slick websites advertise insurance from the Federal Deposit Insurance Corporation, the U.S. agency that pledges to pay back lost funds.

Persons: you’ve Organizations: Synapse Technology, Federal Deposit Insurance Corporation, U.S . Locations: U.S

☆ Serena Williams tried to deposit her first $1 million check at a drive-thru ATM: 'If I didn't win, I wasn't thinking'
▼ + stars: | 2024-07-08 | by ( Ashton Jackson | ) www.cnbc.com time to read: +2 min

In the early days of her tennis career, Serena Williams cared so much about winning that she forgot to collect her earnings — repeatedly. Williams, 42, brought in $94.8 million in prize money as a tennis player before retiring in 2022, according to the Women's Tennis Association. "Those are all true," responded Williams, who won 23 Grand Slam singles titles and 73 career singles titles during her 27-year career. People around her were excited about the dollar figure, but all Williams wanted to do was deposit it and get back to work, she recalled. "I was playing to win, and if I didn't win, I wasn't thinking.

Persons: Serena Williams, —, Williams, Sean Evans, Canada — Organizations: Women's Tennis Association, YouTube Locations: Quebec City, Canada, Zurich, Moscow

☆ Goldman tells clients to buy calls on Wells Fargo ahead of results Friday
▼ + stars: | 2024-07-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Investors should take a look at the options market to bet on the long-awaited rebound of Wells Fargo , according to the derivatives research team at Goldman Sachs. John Marshall, the firm's head of derivatives research, said in a note to clients that Wells Fargo looks like an options trade candidate ahead of its earnings report. Wells Fargo is set to release its latest earnings before the bell on Friday. WFC 5Y mountain Wells Fargo is off to a strong start in 2024 after a long period of underperformance. Wells Fargo has been a long-term underperformer among bank stocks, and it is still under regulatory restrictions related to a fake accounts scandal under a previous CEO.

Persons: Goldman Sachs, John Marshall, Wells, Goldman, Richard Ramsden, Richard, Wells Fargo, Marshall, NII, — CNBC's Michael Bloom Locations: Wells Fargo, Wells, underperformance, 2H24

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Meta, PNC, Domino's, Charles Schwab, Roblox, SolarEdge & more
▼ + stars: | 2024-07-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Monday's biggest calls on Wall Street: UBS reiterates Nvidia as buy UBS raised its price target on Nvidia to $150 per share from $120. Stifel upgrades Ecolab to buy from hold Stifel said it's bullish on shares of the food safety company. KBW upgrades Charles Schwab to outperform from market perform KBW said it's getting bullish on shares of Charles Schwab. Wells Fargo reiterates Meta as overweight Wells raised its price target on Meta to $625 per share from $593. Wells Fargo reiterates Roblox as overweight Wells raised its price target on the stock to $43 per share from $41 ahead of earnings on August 1.

Persons: Stifel, it's, Morgan Stanley, Charles Schwab, KBW, Guggenheim, ServiceNow, Wells, Riley, Emerson, Redburn, Wolfe, JPM, Raymond James, Gilead, Bumble, TD Cowen, Oppenheimer, Jefferies, Baird, Wedbush, RBLX Organizations: UBS, Nvidia, Taiwan Semiconductor, Meta, PNC, Bank of America, underperform Bank of America, Medicines, NSC, Apple, JPMorgan, Disney Locations: 2H24, Columbia, Norfolk, Asia

☆ Gen Z's Never-Ending Safety Net: Living With Mom and Dad
▼ + stars: | 2024-07-07 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

Despite a strong job market, many Gen Zers are still relying on the bank of Mom and Dad to make ends meet. The young adult has their entire life ahead of them. Some parents might be more willing to provide financial support because they want to feel like a good parent. The young adult has their entire life ahead of them," Bailey said. When India Anderson turned 20 and decided to move in with her boyfriend, her mother cut off most financial support.

Persons: David Nuñez, freeloader —, Zers, Nuñez, frazzled, Nuñez's, Gen Zers, Monica Kirkpatrick Johnson, They're, Zillow, haven't, Kirkpatrick Johnson, Jeffrey Jensen Arnett, Jo Clark, Clark, I'm, Teresa Bailey, There's, Ali Lupo, Lupo, —, doesn't, Bailey, JP Krahel, Cody, Erika Archie, Cody Archie, Archie, Erika, there's, They've, India Anderson, Anderson, She's, Uber Organizations: Netflix, Pew Research Center, Pew, Washington State University, Clark University, Waddell & Associates, Urban Institute, Loyola University Maryland Locations: Tampa , Florida, America, Surrey, England, New York, Texas, Orlando

☆ Gen Z couple left the U.S. and relocated to a houseboat in London: 'We feel like we're living in a children's picture book'
▼ + stars: | 2024-07-07 | by ( Celia Fernandez | ) www.cnbc.com time to read: +5 min

Dewey and Kent lived in a townhouse with a third roommate and paid $966 each in rent. Before relocating to London, the couple lived in a townhouse in Philadelphia that they shared with a roommate. "We feel like we're living in a children's picture book," Dewey says. Dewey says she loves to explore London Kent and their dog, Kipper. "I hope that people who watch my videos, get a realistic view about what it's like to move abroad, and specifically live in London," Dewey says.

Persons: Dewey, Kent, Maisy Dewey, Harrison Kent, they'd, I'm, Kipper, Maisy Dewey Dewey, Harry Organizations: Savannah College of Art, Dewey, CNBC, Kingston University, of, Kent, London Kent Locations: New Jersey, United Kingdom, London, Hong Kong, France, Philadelphia, America

High-yield savings accounts have become very popular. With many boasting interest rates over 5% — far greater than the average savings account interest rate — there's no question why they're on so many people's minds. My first high-yield savings account was with AllyWhen I started my savings journey, I opened my Ally high-yield savings account after reading articles that compared different banks and seeing that name come up often. I use the savings account for longer-term savings (right now, an upcoming extended time off from work) and the checking account for shorter-term goals, like buying a new iPad. Using high-yield savings accounts with high interest rates helped, allowing me to get a small bonus deposit each month.

Persons: I've, Ally, it's, — Organizations: Service, Business, Capital, Ally Locations: Maldives

Despite doing well enough to pay for his parent's retirement, the 28-year-old tells CNBC Make It he found himself without purpose, feeling depressed, and needing to make a change. Lee moved to Bangkok, Thailand in 2021. Despite lower grocery costs in Bangkok, Lee eats out for every meal and spends $500 a month on food. Lee tells CNBC Make It he chose to leave America because he found himself materialistic and living in an "environment that was just very individualistic, very doggish, and very hyper-aggressive." Lee has made a new life for himself in Thailand, he says, and returning to the U.S. doesn't feel likely.

Persons: Paul Lee, Lee, Marc Aziz Ressang, it's, Thailand — Organizations: CNBC Locations: Thailand, United States, Georgia, New York City, Bangkok, Soho, New York, America, South Korea

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