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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. RH after the closing bell on Thursday forecast third-quarter revenue of $740 million-$760 million, below the average Wall Street analyst estimate of $772.87 million according to LSEG data. RH's stock fell more than 15% to $312.95, its biggest daily drop since March 2020. Multiple analysts, including from Citigroup, UBS and Wedbush, slashed their price targets for RH's shares following the report. The median Wall Street price target for RH's shares is $340 with a current recommendation of "Hold," LSEG data showed.

Persons: Brendan McDermid, Gary Friedman, Jonathan Matuszewski, Chibuike Oguh, Lance Tupper, Mark Porter Organizations: New York Stock Exchange, REUTERS, Citigroup, UBS, Wedbush, JPMorgan, Jefferies, Thomson Locations: New York City, U.S, United States, New York

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Barclays (BARC.L), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), and Mizuho Financial Group (8411.T) are the lead underwriters for the offering. Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "KVYO". Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: Carlo Allegri, T Rowe Price, Goldman Sachs, JPMorgan Chase, Instacart, Fidji Simo, confidentially, Klaviyo, Morgan Stanley, Chibuike Oguh, Lance Tupper, Michelle Price, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Japan's Softbank, U.S . Securities, Exchange Commission, SEC, Apple, Nvidia, Devices, Intel, Samsung Electronics, AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Nasdaq, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Facebook, Reuters, Summit Partners, Citigroup, VNG Corp, HK, Temasek, UBS, Bank of America, Thomson Locations: New York, U.S, Russia, Ukraine, Baltimore, TCV, Sequoia, Canadian, United States, Chi Minh City, Singapore

☆ Bank of America: Asian buybacks just hit a 20-year high — and these stocks are a buying opportunity
▼ + stars: | 2023-09-04 | by ( Lucy Handley | ) www.cnbc.com time to read: +1 min

Analysts at Bank of America named Asian stocks with high buybacks, which they said are an opportunity for investors. "Data since Jan-90 shows Asia stocks with High Share Buybacks tend to outperform," the analysts wrote in an August 31 research note. "The proportion of Asia stocks buying back shares is at a 20-year high, suggesting increased opportunity for investors," said the analysts led by Nigel Tupper. Other Chinese stocks on BofA's list include semiconductor supplier Daqo New Energy and utilities firm Huaneng Power . Australian stocks on BofA's list included banks Westpac and National Australia Bank .

Persons: Nigel Tupper, BofA, CJ Cheil Organizations: Bank of America, Companies, Smart, New Energy, Huaneng, Catcher Tech, Westpac, National Australia Bank, Woolworths, Keppel Corp, HK Land, Swire Pacific Locations: Asia, China, Huaneng Power, South Korea, Australia, Taiwan, Hong Kong, U.S

☆ Dell shares hit record high after report, forecasts impress with AI in mix
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsSept 1 (Reuters) - Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump. Dell, on track for its biggest ever daily percentage gain, is up more than 70% for the year-to-date. Servers and networking revenue rose 11% from the first quarter to $4.27 billion, driven by higher demand for AI-optimized servers, Dell said. At least 10 analysts raised their target prices for Dell's shares after the report with several including Credit Suisse and Evercore ISI citing its position to benefit from AI.

Persons: Brendan McDermid, Samik Chatterjee, Dell, JPMorgan's Chatterjee, Wells, Sinéad Carew, Lance Tupper Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell, CDW, Cisco Systems, Hewlett Packard Enterprises, Credit Suisse, ISI, JPMorgan, Thomson Locations: New York, U.S

CrowdStrike shares rose as much as 10.2% to $164.41 on Thursday and was last trading at $162, up 8.59%. Okta's shares rose 17.6% to $86.50, their highest level since May. Other cybersecurity firms were also trading higher, buoyed by CrowdStrike and Okta. Multiple analysts raised their price target for the shares of CrowdStrike and Okta in reaction to the news. Austin, Texas-based CrowdStrike delivers cloud-based cybersecurity protection through its Falcon platform that is used by many large U.S. companies.

Persons: Dado Ruvic, CrowdStrike, Okta, Chibuike Oguh, Lance Tupper, Mark Porter Organizations: REUTERS, CrowdStrike Holdings, Okta Inc, Wall, Zscaler Inc, Nasdaq, Palo Alto Networks, Thomson Locations: CrowdStrike, Austin , Texas, U.S, San Francisco, New York

☆ Factbox: Stocks to watch as Hurricane Idalia makes landfall in Florida
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Hurricane Idalia hits Florida's west coast in a composite image from the National Oceanic and Atmospheric Administration (NOAA) GOES-East weather satellite August 30, 2023. NOAA/Handout REUTERS Acquire Licensing RightsNEW YORK, Aug 30 (Reuters) - Millions of Florida residents evacuated to higher ground after Hurricane Idalia, an "extremely dangerous" Category 3 storm, made landfall on Wednesday at the state's Gulf Coast. Idalia was forecast to unleash destructive winds and torrential downpours that will cause coastal flooding up to 16 feet (5 m) deep. An early news briefing by Florida Governor Ron DeSantis was interrupted for a few seconds by a power cut. Shares of NextEra Energy (NEE.N), which owns the Florida Power & Light Company, the state's largest utility, was little changed at $67.51.

Persons: Idalia, Ron DeSantis, Kinder Morgan, Owens Corning's, Chibuike Oguh, Lance Tupper, Marguerita Choy Organizations: National Oceanic, Atmospheric Administration, NOAA, Handout REUTERS, Florida, NextEra Energy, Florida Power & Light Company, Duke Energy, Generac Holdings, Chevron, Universal Insurance Holdings, Allstate Corporation, American International, Home, Lowe's, Thomson Locations: Florida, Gulf Coast, Idalia, Georgia, South Carolina, U.S, Gulf, Mexico, New York

☆ Factbox: Stocks to watch as Idalia makes landfall in Florida
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

Electric power transmission pylon miniatures and Nextera Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Aug 28 (Reuters) - Florida is bracing for Tropical Storm Idalia as it intensifies into a major hurricane on Monday before making landfall on the state's Gulf Coast by Wednesday morning. About 20 million Floridians are under hurricane and tropical storm watches, and authorities have begun issuing evacuation orders. Shares of NextEra Energy Inc (NEE.N), which owns the Florida Power & Light Company, the state's largest utility, was little changed at $68.06, up 0.154%. Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Idalia, Here's, Ron DeSantis, –, Owens Corning, Chibuike Oguh, Lance Tupper, Nick Zieminski Organizations: REUTERS, Simpson, National Hurricane Center, POWER Florida, NextEra Energy Inc, Florida Power & Light Company, Duke Energy Corp, Generac Holdings, Universal Insurance Holdings, Allstate Corporation, American International, Home, Lowe's, Thomson Locations: Florida, Coast, Big, New York

☆ Stocks to watch as Idalia makes landfall in Florida
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Aug 28 (Reuters) - Florida is bracing for Tropical Storm Idalia as it intensifies into a major hurricane on Monday before making landfall on the state's Gulf Coast by Wednesday morning. Idalia is predicted to transform into a Category 3 on the Saffir-Simpson Hurricane Wind Scale when it makes landfall in northern Florida's Big Bend area, where the panhandle transitions into the peninsula, the National Hurricane Center said. About 20 million Floridians are under hurricane and tropical storm watches, and authorities have begun issuing evacuation orders. Shares of NextEra Energy Inc (NEE.N), which owns the Florida Power & Light Company, the state's largest utility, was little changed at $68.06, up 0.154%. Duke Energy Corp (DUK.N) said on Monday it is mobilizing approximately 4,500 people - power line technicians, vegetation workers, damage assessors and support personnel – to respond to power outages as Idalia reaches Florida.

Nvidia shares, which had run up in the days leading up to its report, climbed more than 6% on Thursday but pared gains to end the day little changed. However, Nvidia's stock buyback - the fifth-biggest repurchase announcement among U.S.-based companies this year, according to EPFR - surprised some investors. Despite the staggering dollar amount, Nvidia's buyback amounted to only 2.1% of its nearly $1.2 trillion market value, or buyback yield, as of Wednesday. Indeed, some investors welcomed Nvidia's buyback decision. "It’s a show of confidence," said Francisco Bido, senior portfolio manager for F/M Investments' large cap focused fund, which holds Nvidia shares.

Persons: Dado Ruvic, Lip, Daniel Morgan, Morgan, Refinitiv, Tom Plumb, Plumb, buyback, Howard Silverblatt, Dow, Daniel Klausner, Houlihan Lokey, Nvidia's, Francisco Bido, Lewis Krauskopf, Chibuike Oguh, Lance Tupper, Echo Wang, Stephen Nellis, Ira Iosebashvili, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Companies, Wealth Management, Synovus, Plumb Funds, Arm Holdings, Dow Jones, Apple, Tech, Investments, Thomson Locations: New York, San Francisco

☆ Tupperware preserves lessons for Mark Zuckerberg
▼ + stars: | 2023-08-25 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

REUTERS/Mike Blake (UNITED STATES - Tags: BUSINESS) Acquire Licensing RightsNEW YORK, Aug 25 (Reuters Breakingviews) - Tupperware Brands (TUP.N) is struggling to stop the rot. As much as technology has remade business strategies over the past 77 years, Facebook owner Meta Platforms (META.O) leans on a comparable one. Enter Brownie Wise, the saleswoman credited with pioneering the “Tupperware effect” of teaching women how to flog to their friends by hosting themed gatherings in their living rooms. Ironically enough, in the interim Tupperware also become the product of another modern network effect, a meme stock, or a highly speculative online investment. Tupperware has about a quarter of the active salesforce it did at the end of 2012, the same year Facebook bought Instagram.

Persons: Mike Blake, UNITED, –, Earl Tupper, Tupperware, Brownie Wise, Tammy Hembrow, June Cleaver, influencers, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Safeway Inc, Reuters, Tupperware, Meta, Pew Research, Facebook, Brands, Thomson Locations: Encinitas , California, Vons, Australian, Tupperware’s

Aug 24 (Reuters) - Shares in online mortgage lender Better's (BETR.O) new public listing plummeted on Thursday as investors fretted over record-high mortgage rates. In the interim, roughly 95% of Aurora shareholders redeemed their holdings, leaving the trust account with just about $24 million at the end of June from about $283 million. Aurora went public in March 2021. Better is going public as U.S. mortgage rates continue to surge, with the popular 30-year fixed rate last week hitting the highest level since December 2000, helping drive mortgage applications to a 28-year low, the Mortgage Bankers Association said on Wednesday. Reporting by Hannah Lang and Lance Tupper in Washington; Editing by Mark Porter and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Aurora, Vishal Garg, Hannah Lang, Lance Tupper, Mark Porter, Jonathan Oatis Organizations: Nasdaq, Aurora Acquisition Corp, U.S . Securities, Exchange Commission, Aurora, refinancings, Mortgage Bankers Association, Thomson Locations: SoftBank, Washington

☆ Berkshire Hathaway stock scales record as operating profit tops $10 bln
▼ + stars: | 2023-08-07 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Berkshire Hathaway logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermidAug 7 (Reuters) - Berkshire Hathaway's (BRKa.N) stock price set a record high on Monday, rising more than 2%, after the conglomerate run by billionaire investor Warren Buffett said quarterly operating profit topped $10 billion for the first time. In morning trading, Berkshire's stock price rose $14,300, or 2.7%, to $547,900, surpassing the previous high $544,000 set on March 28, 2022. Keefe, Bruyette & Woods analyst Meyer Shields, who rates Berkshire "market perform," raised his price target to $565,000 from $545,000. In 2023, Berkshire shares have slightly trailed the index, after outpacing it in 2022.

Persons: Brendan McDermid, Warren Buffett, Clayton, Brian Meredith, Keefe, Meyer Shields, Buffett, Jonathan Stempel, Chuck Mikolajczak, Lance Tupper, David Gregorio Our Organizations: Berkshire Hathaway, New York Stock Exchange, REUTERS, Clayton Homes, Apple, Berkshire, UBS, Woods, Thomson Locations: Berkshire, New York City, U.S, Omaha , Nebraska, New York

☆ Tupperware’s Plastic Empire Through the Years
▼ + stars: | 2023-08-06 | by ( Ngai Yeung | Connie Chew | ) www.wsj.com time to read: 1 min

Tupper sold the company to Rexall Drugs in 1958. A few years later, Tupperware was selling in Europe and South America. In 2021, nearly 90% of sales came from outside the U.S. Products are distributed in almost 70 countries. Ton Koene/Zuma Press

Persons: Tupper, Tupperware, Koene Organizations: Drugs, U.S . Products, Zuma Locations: Europe, South America

☆ Analysis: While AI takes the spotlight, infrastructure stocks shine
▼ + stars: | 2023-08-04 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Nvidia (NVDA.O) shares have surged almost 205% year to date, while Meta Platforms (META.O) has surged about 160% as investors anticipate the potential AI may unlock. That spending has led investors to search for stocks that will reap the benefits of the boost in spending in construction and engineering. "You have to look harder at these companies about what their end market really is, even though they're in a sector." Reporting by Chuck Mikolajczak; additional reporting by Lance Tupper, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Kim Forrest, Morgan Stanley, hasn’t, Bryant VanCronkhite, VanCronkhite, Owens Corning, Forrest, Chuck Mikolajczak, Lance Tupper, Louise Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, Meta, Bokeh Capital Partners, Infrastructure Investment, Jobs, Allspring Global Investments, Reuters, Vulcan, Thomson Locations: New York City, U.S, Pittsburgh, Menomonee Falls , Wisconsin

☆ Tupperware might just be the latest meme stock after its shares tripled in a week
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Tupperware might be the latest meme stock after more than tripling in value within a week. Shares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest "meme stock." According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been "shorted" by investors. The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. On r/WallStreetBets, the birthplace of the meme stock craze, members were giddily comparing the stock to Bed Bath & Beyond, the now-bankrupt homeware chain that had captivated certain investors since 2021.

Persons: Earl Tupper, didn't, Neil Saunders, Saunders, I've, Tupperware Organizations: Marketwatch, Orlando Business Journal, BlackRock, Orlando Business, Bed Locations: freefall, Tupperware

☆ Roku shares set for biggest daily percentage gain in four years
▼ + stars: | 2023-07-28 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +1 min

NEW YORK, July 28 (Reuters) - Shares of video streaming company Roku Inc (ROKU.O) jumped 25% on Friday and were on track for their biggest daily percentage gain since May 2019 after the streaming device maker gave an upbeat quarterly revenue forecast. Roku's stock was last up 25.3% at $85.45 in afternoon trading and has more than doubled so far this year. Meta shares were up about 4% on Friday while Alphabet was up about 3%, helping to drive a roughly 1% gain in the S&P 500 index (.SPX). Several brokerages raised their price targets on Roku after the news, including D.A. Roku said it added 1.9 million "active accounts" from the previous quarter to now reach 73.5 million.

Persons: Roku's, Davidson, OTT, Roku, Caroline Valetkevitch, Lance Tupper, Susan Heavey Organizations: YORK, Roku Inc, Meta, D.A, Thomson

☆ Roku shares notch biggest daily percentage gain in four years
▼ + stars: | 2023-07-28 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +1 min

NEW YORK, July 28 (Reuters) - Shares of video streaming company Roku Inc (ROKU.O) jumped about 25% on Friday and were on track for their biggest daily percentage gain since May 2019 after the streaming device maker gave an upbeat quarterly revenue forecast. Roku's stock was last up 25.1% at $85.31 in midday trading and has more than doubled so far this year. Meta shares were up about 4% on Friday while Alphabet was up about 3%, helping to drive a roughly 1% gain in the S&P 500 index (.SPX). Several brokerages raised their price targets on Roku after the news, including D.A. Roku said it added 1.9 million "active accounts" from the previous quarter to now reach 73.5 million.

Persons: Davidson, OTT, Roku, Caroline Valetkevitch, Lance Tupper, Susan Heavey Organizations: YORK, Roku Inc, Meta, D.A, Thomson

REUTERS/Dado Ruvic/Illustration/File PhotoJuly 24 (Reuters) - Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets. At a time when the wider rally has made some stocks, especially in the tech space, too expensive, the return of meme stocks is offering retail investors a more affordable option to participate in 2023's market rebound and pocket big returns. Roundhill's Meme index (.MEME) hit a one-year high last week and was last up 60% for 2023 so far, dwarfing gains of more than 18% recorded by the benchmark S&P 500 (.SPX). Retail investors poured in $1.27 billion per day on average into U.S. equities in July, closing in on the all-time record of $1.5 billion a day in March, Vanda Research said. The meme index consists of 25 equal-weighted U.S.-listed stocks with a combination of elevated social media activity and high short interest.

Persons: Dado Ruvic, Thomas Hayes, Vanda, Dennis Dick, Bansari Mayur, Lance Tupper, Devika Organizations: REUTERS, NYSE, Microsoft, Great, Vanda Research, Triple D, AMC Entertainment, AMC, Thomson Locations: Great Hill, Bengaluru, New York

☆ Sirius XM shares pull back after 'wild' gains with short squeeze in focus
▼ + stars: | 2023-07-21 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

July 21 (Reuters) - Shares in Sirius XM Holdings (SIRI.O) were down 10.5% on Friday, erasing some of their dramatic gains in the previous day's session with analysts attributing the volatility to a short squeeze, as well as a rebalance of the Nasdaq 100 (.NDX). U.S. satellite and online radio company, Sirius XM, which is majority owned by Liberty Media (FWONA.O), last traded at $6.99 after closing up 42% at $7.81 on Thursday for its biggest one-day percentage gain since March 2009. A short squeeze is when these investors are forced to quickly cover their bets to limit losses if a stock gains ground instead of falling. "However, the large number of shares held short along with a relatively small float provided fertile ground for a short squeeze as seen on July 20," wrote Macker who estimates a $7.50 fair value for the stock. Evercore analyst Vijay Jayant said the upcoming rebalance of the Nasdaq 100, of which Sirius is a member, was also a factor for the short squeeze as well as related options trading.

Persons: Neil Macker, Macker, Vijay Jayant, Jayant, David Joyce, Joyce, Sinéad Carew, Medha Singh, Lance Tupper, Sharon Singleton Organizations: Sirius XM Holdings, Nasdaq, Sirius XM, Liberty Media, Atlanta Braves, Sirius, Liberty's, Research Partners, Thomson

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ U.S. banks shares spark after interest income boost, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Nacho Doce/File PhotoWASHINGTON, July 18 (Reuters) - Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector. Bank of America's net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits, rose 14% to $14.2 billion in the second quarter, helping it to beat Wall Street estimates. The bank said it expects full year NII to be up about 8% at about $57 billion. That has forced some banks to offer consumers higher returns to deter them from moving their deposits to competitors. Overall, the bank's profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking, although investors were cheered by executives' positive outlook for M&A.

Persons: Nacho, BNY Mellon, Robert Pavlik, BNY, JPMorgan Chase, Charles Schwab, Morgan Stanley, MS.N, BofA, Mehnaz Yasmin, Niket, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, " Bank of America, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Investment, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

Analysts at Citigroup and JPMorgan both lowered their recommendations on AT&T shares in recent days. The shares hit a low of $13.68 in Monday's session, the lowest since March 1993. "We have not seen, nor have regulators identified, evidence that legacy lead-sheathed telecom cables are a leading cause of lead exposure or the cause of a public health issue,” a U.S. Telecoms spokesperson said in a statement. Shares of Verizon were also down on Monday, falling 5.5% to $32.14, a nearly 13-year low. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Rollins, Rollins, ”, Philip Cusick, Michael Hodel, Chibuike Oguh, Lance Tupper, Deepa Babington Organizations: YORK, T Inc, U.S, Verizon, Citigroup, JPMorgan, U.S ., Citi, U.S . Telecom, Morningstar, Thomson Locations: U.S, New York

☆ U.S. mortgage rates rise to 6.81%, highest level this year, Freddie Mac says
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 6 (Reuters) - U.S. 30-year mortgage rates rose to an average of 6.81% this week, the highest level of 2023, according to Freddie Mac's mortgage market survey. Mortgage rates have risen sharply in tandem with the Federal Reserve's aggressive monetary policy stance adopted since last year aimed at curbing inflation. The yield on the 10-year Treasury note , which acts as a benchmark for mortgage rates, jumped above 4% on Thursday after labor market data stoked interest rate hike concerns. These high rates combined with low inventory continue to price many potential homebuyers out of the market," Sam Khater, Freddie Mac's chief economist, said in a statement. Also on Thursday, the Mortgage Bankers Association (MBA) said its market composite index, which measures the volume of U.S. mortgage applications, fell 4.4% from the prior week amid the uptick in mortgage rates.

Persons: Freddie, Freddie Mac, Sam Khater, Freddie Mac's, Chibuike Oguh, Lance Tupper, Daniel Wallis Organizations: YORK, Federal, U.S, Federal Reserve, Mortgage Bankers Association, Thomson Locations: New York

SL Green Realty said it sold the building at 245 Park Avenue, which has 1.8 million-square-foot of office space, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd. Its sale represents a slight discount to the $2.21 billion that China's HNA Group paid to acquire the building in 2017 when New York City's commercial real estate market was at its peak. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group. Jesse Keenan, sustainable real estate professor at Tulane University, said the transaction is a speculative investment that suggests the deep downturn in the New York commercial real estate market may have bottomed out. SL Green Realty was the biggest gainer among listed REITs, leading its peers Vornado Realty Trust (VNO.N), Office Properties Income Trust (OPI.O), and Boston Properties Inc (BXP.N).

Persons: Kohn Pedersen Fox, Angelo Gordon, Jesse Keenan, Keenan, Vornado, Chibuike Oguh, Herbert Lash, Lisa Shumaker, Lance Tupper, Michelle Price Organizations: YORK, SL Green Realty Corp, Big, SL Green Realty, Mori Trust, Kohn Pedersen Fox Associates, Grand, Ares Management, Societe Generale, HNA, Green, HNA Group, Tulane University, New York, Green Realty, Vornado Realty, Income, Boston Properties Inc, Thomson Locations: New York City, U.S, Manhattan, New York

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