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☆ Stocks making the biggest moves midday: Southwest Airlines, Goldman Sachs, Bellus Health and more
▼ + stars: | 2023-04-18 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

PowerSchool Holdings – The educational technology stock added 3.5% after Goldman Sachs upgraded shares to buy from neutral. Bank of America – The bank stock was about flat even after the firm reported first-quarter earnings and revenue that topped expectations. Goldman Sachs – Shares slid 1.3% after Goldman Sachs reported first-quarter revenue of $12.22 billion, lower than the $12.79 billion forecasted by analysts polled by Refinitiv. The company reported adjusted earnings of $2.68 per share and revenue of $24.75 billion. Bellus Health, GSK – Bellus shares roughly doubled after GSK said it would acquire Canada-based biopharmaceutical company Bellus.

Its stock fell nearly 4 percent lower in premarket. State Street, M&T Bank and Charles Schwab on Monday reported nearly $60 billion in deposit outflows last quarter. State Street’s shares fell more than 9 percent on Monday, its worst single-day performance in three years. Banks are under pressure to raise interest rates to stem the deposit exodus. About $12 billion in deposits left State Street last quarter as customers sought higher rates elsewhere, according to Gerard Cassidy, a banking analyst at RBC Capital Markets.

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☆ Significant tightening of financial conditions in the months ahead, strategist says
▼ + stars: | 2023-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSignificant tightening of financial conditions in the months ahead, strategist saysAninda Mitra of BNY Mellon Investment Management says "there's no costless way of reducing inflation."

☆ Stocks making the biggest moves midday: Alphabet, Charles Schwab, State Street, Moderna and more
▼ + stars: | 2023-04-17 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

State Street , M&T Bank – Shares of State Street dropped 11% after the company posted disappointing earnings and revenue. State Street posted earnings of $1.52 per share on revenue of $3.10 billion, while analysts called for per-share earnings of $1.64 and revenue of $3.12 billion, according to Refinitiv. Meanwhile, M&T Bank shares popped 5% higher after the bank reported beats on the top and bottom lines. Charles Schwab — Shares of Charles Schwab rose about 2.5% after the brokerage firm posted better-than-expected earnings on Monday. Schwab posted adjusted earnings of 93 cents per share, beating analysts' forecast of 90 cents per share, according to Refinitiv.

☆ U.S. regional banks hit by deposit flight as clients seek higher returns
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view of the Charles Schwab office location in Manhattan, New York, U.S., November 15, 2021. Deposits at State Street Corp (STT.N) and M&T Bank Corp (MTB.N) fell 3% each, while those at Charles Schwab Corp (SCHW.N) shrank 11% from the prior quarter. Both Schwab and M&T Bank rode a surge in interest income to beat profit expectations, but custodian bank State Street fell short after an outflow of client funds hurt its fees. Its Chief Executive Officer Walter Bettinger addressed commentary about portfolios of debt securities held by banks, including Schwab, which are disclosed as unrealized losses in their earnings. M&T Bank shares were up nearly 6% at $123.70 while State Street stock plunged 11% to $70.98, dragging down peers Northern Trust Corp (NTRS.O) and Bank of New York Mellon Corp (BK.N).

☆ ‘Barry’ Is Ending. For Anthony Carrigan, That’s Nothing to Be Afraid Of
▼ + stars: | 2023-04-16 | by ( Alexis Soloski | ) www.nytimes.com time to read: +2 min

That hair and the worry that he would lose it were sources of anxiety. “I really had nothing to lose at that point,” he said as he spooned horseradish onto an oyster. Whatever parts did come his way, he would play the hell out of them. And it netted him an audition for “Barry.”NoHo Hank, intended as a minor antagonist, is a member of a Chechen mob. “He’s a lovable scorpion,” Carrigan explained at the oyster counter.

☆ Earnings from Club consumer, health and bank stocks will be our main focus in the week ahead
▼ + stars: | 2023-04-15 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Corporate earnings won't have to share the spotlight with major inflation data in the week ahead as they did during this past week's up-and-down market. From Morgan Stanley, we suspect Friday's bank earnings foreshadow a good release. This past week, we spoke about the importance of listening to what industry players aside from those you're invested in as a way to analyze the competitive landscape. Here are some of those other earnings reports and the economic numbers out in the week ahead. Club trades of the week We made just one trade this past week, in a market that was overbought , purchasing 25 shares of Palo Alto Networks (PANW).

☆ Next week's stock market moves hinge on the longer-term outlook for earnings
▼ + stars: | 2023-04-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

Next week's market action could be dictated by how well the latest quarterly reports from corporate America are received. Expectations about the immediate earnings outlook have been down for so long, the actual numbers themselves could look like up to investors. Earnings for all financials in the S & P 500 are actually expected to expand in the first quarter by 4.3%. ET: NAHB Housing Market Index (April) Earnings: Charles Schwab, M & T Bank, State Street, J.B. Hunt Transport Tuesday 8:30 a.m. ET: Philadelphia Fed President Patrick Harker speaks on the economic outlook Earnings: AT & T, American Express, D.R.

☆ Stocks and gold cheer U.S. inflation picture, while dollar slides
▼ + stars: | 2023-04-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. The annual 5% headline rise for U.S. inflation was the smallest since May 2021 and down from 9.1% last June. The dollar index was down 0.2%, near its lowest in two months, while U.S. stock futures , rose 0.1-0.2%, suggesting a modest rally at the open. The Aussie dollar rose 0.6% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs. Alibaba shares (9988.HK) fell by as much as 5% at one stage, but later pared losses to close 2% lower.

☆ Goldman's top trades heading into earnings season
▼ + stars: | 2023-04-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

First-quarter earnings season kicks off this week and Goldman Sachs analysts see upward earnings revisions driving several stocks higher. Last quarter, single stock volatility on earnings events were near a decade high, Marshall said. His team expects moves on companies' earnings days to remain elevated "even as non-earnings day moves decline with macro volatility." Its analysts are projecting 7% earnings growth for the first quarter and 5% over the next four quarters. The chipmaker's earnings are projected to fall 7% in the most recent quarter, Goldman said.

☆ Inside the AI talent wars: Tech companies are ransacking university AI programs at Stanford, MIT, and Cornell in search of rare talent
▼ + stars: | 2023-04-12 | by ( Stephanie Palazzolo | Melia Russell | ) www.businessinsider.com time to read: +11 min

Driven by the recent AI boom, companies are raiding top college campuses for rare technical talent. She's currently on leave from her Stanford AI Ph.D. program to focus on Moonhub. In 2011, new AI Ph.D. graduates took jobs in the tech industry and academia in about equal measure. But since then, the majority of new grads have headed to the AI industry, with nearly double the percentage of AI Ph.D. grads taking industry jobs versus academic roles in 2021, according to Stanford's Institute for Human-Centered AI's 2023 AI Index Report. "All AI companies have roles for people with Ph.D.s and without," said Attaluri, the soon-to-be researcher at DeepMind.

☆ March CPI and the Fed's next steps in its inflation battle: Everything to know
▼ + stars: | 2023-04-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Phil Rosen here — March's inflation report is due at 8:30 a.m. "Super core inflation in the CPI report has shown no signs of abating yet," he wrote in a note. Below, I'm breaking down how the world's largest asset manager expects the inflation story to pan out in the long-run. But BlackRock isn't convinced that strength can continue. These three under-the-radar signals suggest that a US recession isn't as close as you might think.

☆ Top 10 colleges to attend if you want to make a lot of money—Harvard and Yale didn't make the list
▼ + stars: | 2023-04-06 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Former Caltech attendees earn a median income of $112,166 a decade after starting school, making them the highest earners among the nearly 900 colleges ranked. California Institute of Technology Median income 10 years after attendance: $112,166Median debt among graduates: $17,747 2. Massachusetts Institute of Technology Median income 10 years after attendance: $111,222Median debt among graduates: $13,418 3. Stevens Institute of Technology Median income 10 years after attendance: $98,159Median debt among graduates: $27,000 8. Princeton University Median income 10 years after attendance: $95,689Median debt among graduates: $10,450 It shouldn't be too surprising to see several technical colleges make the list.

☆ Crisis jolts Wall Street bankers already resigned to tough job market
▼ + stars: | 2023-04-05 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +5 min

NEW YORK (Reuters) - Wall Street bankers face an increasingly gloomy job market after last month’s banking crisis worsened an already bleak outlook for pay and staffing. One likely consequence of the turmoil is that banks tighten their lending standards, which could further hinder dealmaking - making the prospects for jobs and compensation on Wall Street more gloomy. Now, financial industry workers are fretting not only about pay, but job security. The Wall Street giant typically cuts about 5% of its lowest-performing staff as part of the process. While there are plenty of reasons to be glum, Wall Street workers are enjoying one silver lining after the pandemic: greater flexibility in structuring their workday.

☆ Jimmy Choo Co-Founder Tamara Mellon Sells New York City Penthouse
▼ + stars: | 2023-04-02 | by ( E.B. Solomont | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Tamara Mellon, co-founder of the luxury shoe brand Jimmy Choo, has sold her New York City penthouse for $19.25 million, nearly nine years after putting it on the market, according to listing brokerage the Corcoran Group.

☆ Stocks rise and dollar falls while oil rallies
▼ + stars: | 2023-03-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. Economists polled by Reuters expect core prices rose by 0.4% in February and posted an annual increase of 4.7%. The U.S. dollar slipped to a one-week low against the euro as German inflation data helped lift the common currency. MSCI's gauge of stocks across the globe (.MIWD00000PUS) closed up 0.72% while emerging market stocks (.MSCIEF) rose 0.67%. Gold prices gained with a weaker dollar and lower bond yields driving demand for the precious metal, while investors waited for U.S. inflation data to gauge the Fed's next move.

☆ Gen Z wants to run your company. 'Shadow boards' give them a say without handing them the keys.
▼ + stars: | 2023-03-31 | by ( Juliana Kaplan | Rebecca Knight | ) www.businessinsider.com time to read: +8 min

Oliver Wyman says its shadow board helped contribute to a 30% reduction in attrition in 2022. Andrew Pérez started at the management-consulting company Oliver Wyman three years ago. Oliver Wyman started its shadow board in 2021. Oliver Wyman's executive team tends to be older, while the shadow board skews younger and more diverse. She was eager to join the shadow board last year.

☆ Jeremy Grantham's GMO says now is the time to jump into bank stocks as failures ravage the sector. Here are 2 banks it says are trading at valuations 90% cheaper than historical norms.
▼ + stars: | 2023-03-30 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Big bank stocks have rarely been cheaper, says GMO's asset allocation team. Two GMO is most bullish on are JPMorgan and Bank of America. Financials-sector stocks have gotten hammered in March amid the failures of institutions like Silicon Valley Bank and Signature Bank, and as UBS hastily acquired a troubled Credit Suisse. The eight GSIBs include: JPMorgan, Bank of America, Citi, Goldman Sachs, BNY Mellon, Morgan Stanley, State Street, and Wells Fargo. While GMO said it couldn't comment on which seven banks it likes, it said they include JPMorgan (JPM) and Bank of America (BAC).

☆ Elon Musk's self-driving car project is on a road to nowhere
▼ + stars: | 2023-03-29 | by ( Tim Levin | ) www.businessinsider.com time to read: +8 min

Elon Musk has made developing autonomous driving technology one of Tesla's fundamental goals. "Today it's financially insane to buy anything other than a Tesla," Musk said at an event touting the carmaker's autonomous-vehicle development in 2019. That revolutionary software update never came, and by 2022 the goalpost for bringing self-driving cars to the masses had shifted to 2023. Full Self-Driving is far from actually being self-driving, some sayDespite its branding, Tesla's Full Self-Driving Beta currently requires total driver supervision, just like cruise control or smarter features like Autopilot. Likewise, McGehee says self-driving cars need a combination of overlapping sensors — whether that's cameras, radar, lidar, or ultrasonic sensors — to move through the world safely.

☆ Nobody wants to be the target of mansplaining at work. Here's how to shut down the office know-it-all.
▼ + stars: | 2023-03-27 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

Mansplaining is still often a man's game, but it's something women can do, too. Studies suggest that mansplaining is more than a workplace frustration; it can have serious consequences both for companies and careers. Insider spoke with three workplace experts for advice on how managers and employees can deal with the office mansplainer. And if the mansplaining continues, you might need to shut it down in real time. Without an ally, it can be hard to put a stop to mansplaining as it's happening, Woolley said.

☆ Factbox: Warren Buffett's investments in financial firms
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

[1/2] Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. Here is history on Buffett's involvement with banks and current holdings in his investment portfolio. The investment gave Berkshire preferred stock that paid a 10% along with warrants to pay $5 billion for 43.5 million Goldman shares at $115 each. Berkshire has financial services investments in other countries. Reporting by Jonathan Stempel in New York Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with Virtus Investment Partners' Joe Terranova and BNY Mellon's Alicia Levine
▼ + stars: | 2023-03-23 | 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 EmailWatch CNBC's full interview with Virtus Investment Partners' Joe Terranova and BNY Mellon's Alicia LevineJoe Terranova, Virtus Investment Partners chief market strategist, and Alicia Levine, head of investment strategy at BNY Mellon Wealth Management, join ‘Closing Bell’ to discuss whether Treasury Secretary Janet Yellen and Fed Chair Jerome Powell are sending mixed messages to the market.

☆ Dollar edges lower ahead of Fed, BOE
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: +2 min

The dollar edged lower and sterling fell on Tuesday as traders reckoned banking stress would keep the Federal Reserve and the Bank of England from hiking rates much further, or at all, later in the week. But European banks rallied on Tuesday for a second consecutive day eased some of those fears following UBS Group's state-backed takeover of Credit Suisse. The dollar has followed those expectations lower, though general nervousness in financial markets has tempered selling. The greenback ticked about 0.51% higher to $1.0774 per euro , while the dollar index, which measures the U.S. currency against six peers, was 0.15% lower at 103.10. The Norwegian crown rose 0.35% to 10.6120 per dollar, after falling last week to its lowest level since early October.

Nvidia Corp (NVDA.O) unveiled its own service, known as "Picasso," that uses AI to generate images, videos and 3D applications from text descriptions. Nvidia trained the technology on images licensed from Getty Images, Shutterstock Inc (SSTK.N), and Adobe, and plans to pay royalties. Image-generation technology is "trained" on billions of images, but whether that use is legally permitted is not always clear. Because the AI has been trained on Adobe Stock images, openly licensed content and older content where copyright has expired, the resulting creations are safe for commercial use, it said. "We're very interested in making this creator friendly," Ely Greenfield, chief technology officer for digital media at Adobe, told Reuters.

☆ Mark Zuckerberg is leaning into Meta's 'year of efficiency' the wrong way, and multiple rounds of layoffs will be damaging
▼ + stars: | 2023-03-19 | by ( Rebecca Knight | Tim Paradis | ) www.businessinsider.com time to read: +5 min

Meta CEO Mark Zuckerberg last week unveiled another round of layoffs hitting 10,000 staffers. The dismissals are part of an efficiency plan boost productivity and turn Meta into a talent magnet. But the job cuts are likely to have the opposite effect, two management experts told Insider. Rather than resorting to layoffs, Sucher said companies should look at other ways to lower headcount, including natural attrition, buyouts, and hiring freezes. "You have to plan for it in order to not have it kill your company," Sucher said.

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