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☆ Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake
▼ + stars: | 2024-07-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of online pet products retailer Chewy went on a wild ride Monday after Keith Gill, the influential meme stock trader also known as ”Roaring Kitty,” revealed a large stake in the company. On Monday, Gill said in a Securities and Exchange filing that he purchased about 9 million Chewy shares (CHWY), amounting to a 6.6% stake in the company. Chewy shares slipped about 5% mid-morning on Monday after jumping as much as 10% earlier in the session. Ryan Cohen, the founder of Chewy, is the chief executive of GameStop, the embattled video game retailer Gill is known for championing. Gill revived the meme stock frenzy in May after breaking a three-year social media hiatus to post a cartoon on X.

Persons: Chewy, Keith Gill, ”, Gill, Ryan Cohen, ” Gill Organizations: New, New York CNN, Securities, Exchange, GameStop, CNN, Financial Services Locations: New York, Texas

☆ Federal Reserve says all 31 banks in annual stress test withstood a severe hypothetical downturn
▼ + stars: | 2024-06-26 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. The stress test assumed that unemployment surges to 10%, commercial real estate values plunge 40%, and housing prices fall 36%. "This is good news and underscores the usefulness of the extra capital that banks have built in recent years." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. "While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said.

Persons: Michael Barr, JPMorgan Chase, Goldman Sachs, Barr, Banks Organizations: Financial, Valley Bank, Signature Bank, Capitol, Washington , D.C, Federal Reserve, JPMorgan, American Express Locations: Washington ,, U.S

☆ Wall Street is putting its foot down as ‘Roaring Kitty’ sends GameStop soaring again
▼ + stars: | 2024-06-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +9 min

That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.

Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, ”, Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe

☆ FDIC did not report allegations of senior officials' misconduct 'in a timely manner,' watchdog says
▼ + stars: | 2024-05-24 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +3 min

The Federal Deposit Insurance Corp. failed to report allegations of senior officials' misconduct in a timely manner, according to a new memo from the agency's internal watchdog. The Office of Inspector General "learned of several allegations of misconduct regarding senior FDIC officials that were not reported to the OIG in a timely manner," said the letter, dated Thursday. "The OIG is now reviewing these allegations to determine how they should be incorporated into OIG work plans." A scathing independent report published in April found a widespread culture of harassment and discrimination at the FDIC, citing allegations from more than 500 FDIC employees. "The FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct," the report concluded.

Persons: Martin Gruenberg, Jennifer Fain, Gruenberg, General, Fain, Gruenberg —, Joe Biden, —, Republican Travis Hill, Biden Organizations: Federal Deposit Insurance Corporation, Financial, Federal Deposit Insurance Corp, FDIC, FDIC's, Republican, GOP, Financial Services, White Locations: Washington , DC

☆ CFPB says buy now, pay later firms must comply with U.S. credit card laws
▼ + stars: | 2024-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Rohit Chopra, director of the CFPB, testifies during a House Financial Services Committee hearing on June 14, 2023. The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry must abide by the same federal protections as users of credit cards. The agency unveiled what it called an "interpretive rule" that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. "Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under long-standing laws and regulations already on the books," CFPB Director Rohit Chopra said in a release. The CFPB, which last week was handed a crucial victory by the Supreme Court, has pushed hard against the U.S. financial industry, issuing rules that slashed credit card late fees and overdraft penalties.

Persons: Rohit Chopra, —, PayPal — Organizations: Financial, Consumer Financial, PayPal, Supreme, U.S

☆ Under Fire for ‘Toxic’ Work Culture, Bank Regulator Apologizes Again
▼ + stars: | 2024-05-14 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Just days after the release of a scathing report detailing a culture of widespread sexual harassment and discrimination at the Federal Deposit Insurance Corporation, its chair, Martin Gruenberg submitted congressional testimony on Tuesday that indicated he had no plans to step down. “I accept the findings of the report and, as chairman, I take full responsibility,” he said. The hearings come as Mr. Gruenberg, a Democrat, faces calls from Republican lawmakers to resign. He has so far survived those demands with the backing of the White House and key Democratic lawmakers like Senator Sherrod Brown of Ohio, Senator Elizabeth Warren of Massachusetts and Representative Maxine Waters of California. Should Mr. Gruenberg be pressured to depart the agency after the hearings, that could also put into jeopardy a rule that the agency is proposing along with other federal bank regulators, to tighten and expand oversight of the nation’s largest lenders, but which has been fiercely opposed by big banks.

Persons: Martin Gruenberg, Gruenberg, ”, Sherrod Brown of, Elizabeth Warren of, Maxine Waters Organizations: Federal Deposit Insurance Corporation, Financial, Democrat, White, Elizabeth Warren of Massachusetts Locations: Sherrod Brown of Ohio, California

☆ Roaring Kitty is back on social media — and meme stock GameStop is soaring
▼ + stars: | 2024-05-13 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Gill, better known as Roaring Kitty, was the face of GameStop's surprise surge in 2021. The meme stock skyrocketed Monday as his return sent WallStreetBets into a frenzy. Keith Gill posted on X for the first time in nearly three years on Sunday, sending the meme stock sharply higher and sparking excitement on the Wall Street Bets subreddit. AdvertisementIt's unclear exactly what is signified by Gill's cryptic X post of a sketch showing a man leaning forward in his chair. Nevertheless Gill's return still sent r/wallstreetbets, whose users piled into meme stocks like GameStop, AMC, and Bed Bath & Beyond during the pandemic, into a frenzy.

Persons: Keith Gill, Gill, Kitty, WallStreetBets, —, Paul Dano, Gill's, Paul Atreides, Vince McMahon Organizations: Service, GameStop, Financial Services Committee, AMC

☆ U.S. probe finds widespread sexual misconduct at FDIC
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +2 min

The Federal Deposit Insurance Corporation must make sweeping changes to address widespread sexual harassment and other misconduct, according to an independent report released on Tuesday that raises questions about the future of the banking regulator's leadership. The report, prompted by a Wall Street Journal investigation, cited accounts from more than 500 people, including some who alleged FDIC Chair Martin Gruenberg had engaged in bullying and verbal abuse. "For far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct," said the report, adding that those accused of misconduct were frequently reassigned new roles. "Chair Gruenberg must accept responsibility and must immediately work to make fundamental changes to the agency and its culture." Some employees described Gruenberg as "harsh" and "aggressive", as well as prone to losing his temper, the report said.

Persons: Martin Gruenberg, Cleary Gottlieb, Gruenberg, Patrick McHenry, Sherrod Brown Organizations: Federal Deposit Insurance Corporation, Wall Street Journal, FDIC, WSJ, Democrat, Republican, Financial Services, Banking, Housing, Urban Affairs Committee

☆ A 'buy bitcoin' sign flashed behind Janet Yellen during a 2017 hearing just sold for $1 million
▼ + stars: | 2024-04-25 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

A"Buy Bitcoin" sign held up behind Janet Yellen during a 2017 testimony just sold for over $1 million. Christian Langalis, a then-22-year-old intern who held the sign, decided to sell it to fund his crypto startup. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA sign with "Buy Bitcoin" written in all caps on cheap yellow legal pad that was held up behind Janet Yellen during a 2017 congressional hearing was just sold at auction for over $1 million. According to Bloomberg on Thursday, the "Buy Bitcoin" sign held by an intern during then-Federal Reserve Chair Janet Yellen's 2017 Congressional testimony went for $1.027 million at auction.

Persons: Janet Yellen, Christian Langalis, Bitcoin, —, Janet Yellen's, Yellen, CoinDesk Organizations: Service, Bloomberg, Federal, Libertarian, Cato Institute, Financial Services Locations: City

☆ Why the Fed keeping rates higher for longer may not be such a bad thing
▼ + stars: | 2024-04-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +7 min

So the question is, are we going to have issues if rates remain higher for longer?" But financial markets, despite a recent 5.5% selloff for the S&P 500, have largely held up amid the higher-rate landscape. Higher rates can be a good signHistory tells differing stories about the consequences of a hawkish Fed, both for markets and the economy. Higher rates are generally a good thing so long as they're associated with growth. Futures market pricing implies a fed funds rate of 4.32% by December 2025, indicating a higher rate trajectory.

Persons: Jerome Powell, Mandel Ngan, Quincy Krosby, Krosby, Paul Volcker, David Kelly, Kelly, —, Goldman Sachs, Loretta Mester Organizations: Federal Reserve, Financial, Afp, Getty, LPL, Fed, Asset Management, Market, Cleveland Fed, European Union Locations: Washington , DC

☆ Rep. Donalds on $95B aid package: Money for Ukraine should be tied to securing the southern border
▼ + stars: | 2024-04-22 | 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 EmailRep. Donalds on $95B aid package: Money for Ukraine should be tied to securing the southern borderHouse Financial Services Committee member Rep. Byron Donalds (R-Fla.) joins 'Squawk Box' to discuss the House's passage of the $95 billion foreign aid package, why he voted against the Ukraine portion of the aid, and more.

Persons: Byron Donalds Organizations: Financial Services Locations: Ukraine

☆ Wall Street pushes out rate-cut expectations, sees risk they don't start until March 2025
▼ + stars: | 2024-04-17 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

If there was any doubt before, Federal Reserve Chair Jerome Powell has pretty much cemented the likelihood that there won't be interest rate reductions anytime soon. Now, Wall Street is wondering if the central bank will cut at all this year. "My sense is they need two, probably three consecutive months of inflation numbers that are consistent with that 2% target. Market pricing for rate cuts has been highly volatile in recent weeks as Wall Street has chased fluctuating Fed rhetoric. As for a second rate cut, there was a tilt toward one in December, but that remains an open question.

Persons: Jerome Powell, Powell, there's, They've, Mark Zandi, Zandi Organizations: Financial, Moody's, Fed Locations: Washington , U.S

☆ FTX's victims may get all their money back. The judge sentencing Sam Bankman-Fried might not care.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Sam Bankman-Fried bilked FTX customers out of over $8 billion, according to prosecutors. AdvertisementAccording to federal prosecutors, Sam Bankman-Fried orchestrated one of the biggest criminal frauds in the history of the world. According to his lawyers, FTX's customers might get all their money back. According to prosecutors, Bankman-Fried was responsible for more than $11 billion in fraud overall between FTX customers and investors in FTX and Alameda Research. The recovered calculations, too, distort how much money customers are actually getting back.

Persons: Sam Bankman, —, Fried, FTX, John J, Ray III, Ray, Lewis Kaplan, Kaplan, Sarah Krissoff, Cozen O'Connor, Krissoff, it's, Sarah Silbiger, Bankman, bitcoin, Rachel Maimin, Lowenstein Sandler, Barbara Fried, Mark Cohen, Jane Rosenberg Bankman, Maiman, Maimin, Caroline Ellison Organizations: Service, FTX, Bankman, Alameda Research, US, United States, Second Circuit, U.S . House Financial, Capitol, Reuters, K5 Global, Prosecutors, Wall, REUTERS, Business, of Prisons, Alemda Research Locations: FTX, Manhattan, New Jersey, New York, Washington , U.S

☆ The Fed still probably isn't ready to give Americans the interest rate cuts they're hoping for
▼ + stars: | 2024-03-19 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Still, the door is open for rate cuts later in the year. AdvertisementThe nation's central bank is gearing up to make its second interest rate decision of the year, and it probably won't be the relief many Americans want to see. AdvertisementStill, while Americans may not see an interest rate cut this month, they could see one later on this year. But I still think interest rate cuts of one form or the other are likely this year." A group of Democratic lawmakers are also urging Powell to develop a timeline in which Americans can expect to see rate cuts.

Persons: Jerome Powell, —, Mark Hamrick, Hamrick, Powell, there's, we've, Nick Bunker, Julia Pollak, Pollak, Congressional Progressive Caucus — Organizations: Federal, Service, Fed, Financial Services Committee, North America, Democratic, Congressional Progressive Caucus

☆ Yellen touts electric vehicle 'boom' as automakers tone down hype
▼ + stars: | 2024-03-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Treasury Secretary Janet Yellen on Wednesday lauded President Joe Biden's investment in electric vehicles for accelerating the sector, even as the industry cools off from its yearslong hot streak. Yellen touted Biden's EV actions in Kentucky at a new $49 million EV battery factory built by Advanced Nano Products, a battery supplier that will receive tax credits from Biden's Inflation Reduction Act for the new clean energy facility. "It's part of a boom in EV-related investments in Kentucky," Yellen said. "The Biden Administration's policies and federal funds are fueling private sector investments." The secretary's EV bullishness comes as the private sector tempers its mood on all-electric vehicles.

Persons: Janet Yellen, Joe Biden's, Yellen, Biden, optimistically Organizations: Treasury, Financial, Washington , D.C, EV, Nano Products, bullishness, CNBC, Ford, General Motors, IRA Locations: Washington ,, Kentucky, EVs, Michigan

☆ Federal Reserve Chair Jerome Powell Will Help Decide the 2024 Election
▼ + stars: | 2024-03-11 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

Beyond the academic argument, whether the Fed cuts interest rates has a significant political bearing this year. Voters are unhappy about higher prices, and they feel weighed down by high interest rates, too. Interest rates may seem abstract, but they can have a real impact on how people view their financial situations. But lowering interest rates should make people feel better about economic conditions and could give Democrats and Biden a boost. He's well aware lower interest rates would boost the economy, lift people's moods, and, ultimately, help the party in charge.

Persons: Jay Powell, — Donald Trump —, Powell, Joe Biden, Patrick McHenry, McHenry, Skanda Amarnath, it's, Larry Summers, Biden, Amarnath, — Trump, Hillary Clinton's, Richard Nixon, Ronald Reagan, Paul Volcker, Volcker, shied, Trump, Elizabeth Pancotti, Sarah Binder, Binder, what's, They've, Diane Swonk, Emily Stewart Organizations: Federal, Trump, Republican, Financial Services, Fed, Roosevelt Institute, George Washington University, Reserve, KPMG US, Business Locations: North Carolina, It's, America, Roosevelt

☆ Premarket stocks: Why another unexpectedly hot jobs report could derail markets
▼ + stars: | 2024-03-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street was taken aback by the US labor market’s resilience in January. Another unexpectedly hot report could shake things up again. The January jobs report showed that the US economy added a stunning 353,000 jobs that month and the unemployment rate stayed at 3.7%. The new EU regulations force sweeping changes on some of the world’s most widely used tech products, including Apple’s app store, Google search and messaging platforms, including Meta’s WhatsApp. The broad obligations apply only to the EU, which could leave tech users in the United States and other markets looking longingly at some of the features Big Tech is rolling out in response to the European directive.

Persons: Jerome Powell, he’s, “, ” Powell, Bonnie Cash, —, ’ ”, BeiChen Lin, It’s, Loretta Mester, ”, José Torres, Meta’s, Brian Fung, Apple, Bing, Read, Elisabeth Buchwald, NYCB, Steven Mnuchin’s, Alessandro DiNello, ” Read Organizations: CNN Business, Bell, New York CNN, Federal, Financial, Capitol, Reuters, Traders, Russell Investments, ” Cleveland Federal, CNBC, Market, Interactive Brokers, Apple, Google, Union citizens, Big Tech, New York Community Bank, Silicon Valley Bank, Liberty Strategic Capital Locations: New York, Washington ,, United States, NYCB, Silicon

☆ Treasury yields little changed as investors fret over interest rate outlook
▼ + stars: | 2024-03-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury yield was up by just over one basis point to 4.1156%, The 2-year Treasury yield was last down by less than one basis point to 4.5555%. U.S. Treasury yields held steady on Thursday as investors considered the outlook for interest rates after fresh comments from Federal Reserve Chairman Jerome Powell. Powell on Wednesday reiterated that the central bank would be cautious and consider the risks when it comes to interest rate cuts. "The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." Elsewhere, the European Central Bank is due to announce its latest interest rate decision on Thursday.

Persons: Jerome Powell, Powell Organizations: U.S, Treasury, Federal, Financial Services Committee, Fed, Committee, Investors, European Central Bank

☆ Fed Chair Powell: We've been in contact with banks that have high CRE exposure
▼ + stars: | 2024-03-06 | 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 EmailFed Chair Powell: We've been in contact with banks that have high CRE exposureFederal Reserve Chair Jerome Powell testifies before the House Financial Services Committee.

Persons: Powell, We've, Jerome Powell Organizations: Financial Services

☆ Fed Chair Powell: Systemic economic risks to the CRE market are manageable
▼ + stars: | 2024-03-06 | 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 EmailFed Chair Powell: Systemic economic risks to the CRE market are manageableFederal Reserve Chair Jerome Powell testifies before the House Financial Services Committee.