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S&P 500 Slips Lower After a Strong July
  + stars: | 2023-01-08 | by ( Charley Grant | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/global-stocks-markets-dow-news-08-01-2023-82ad2e68
Persons: Dow Jones Organizations: dow
AMC says it will raise $110 million by selling preferred equity units to a hedge fund. The value of publicly traded AMC Entertainment Holdings Inc. equity securities jumped nearly 12% after the theater chain said it was raising cash and would ask shareholders to approve a 1-for-10 reverse stock split. The company said Thursday that it would raise $110 million by selling preferred equity units, known as APEs, to the hedge fund Antara Capital at a weighted average price of 66 cents each. The fund would also exchange $100 million of AMC debt for roughly 91 million additional units, AMC said.
Scott Minerd , an outspoken and influential fund manager who was chief investment officer of Guggenheim Partners, died Wednesday of a heart attack. Mr. Minerd, 63 years old and a committed weightlifter known to bench press more than 400 pounds, died during his daily workout, the firm said.
The pandemic has led to more than $150 billion in sales from new Covid-19 products, including vaccines. Soaring interest rates and a shaky economic outlook have hit stock prices this year. Health stocks are holding up better than most. The S&P 500’s healthcare sector index is down 7.9% in 2022, on pace for its worst year since 2008. Yet it is still outperforming the broader market by 14 percentage points, the widest gap since 2000, according to Dow Jones Market Data.
Goldman Sachs Group Inc. said profit fell 43% in the third quarter, making it the latest Wall Street player to suffer from a deal-making drought. The bank said Tuesday that it earned $3.07 billion, down from $5.38 billion a year ago. Still, per-share earnings of $8.25 exceeded the $7.75 a share expected by analysts polled by FactSet.
Goldman Shuffle Aims to Reduce Reliance on M&A
  + stars: | 2022-10-18 | by ( Charley Grant | Justin Baer | ) www.wsj.com   time to read: 1 min
Goldman Sachs Group is so dependent on its investment bank that a slump in deal making sent third-quarter profit down 43%--by far the steepest slide among its big-bank peers. A broad restructuring announced Tuesday is meant to change that: Goldman will fold investment banking and trading into one unit and merge asset and wealth management into another—giving it a higher profile at the same time.
Morgan Stanley Profit Falls for Third Consecutive Quarter
  + stars: | 2022-10-14 | by ( Charley Grant | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/morgan-stanley-profit-falls-for-third-consecutive-quarter-11665750639
Wall Street is facing a bear market in stocks and bonds, while investors are also watching for signs that the U.S. economy is heading for recession. Banks are caught in the middle. The six largest U.S. banks are slated to report $27.6 billion in combined profit in the third quarter, a 26% decline from the same period last year.
Mortgage Rates Rise to 6.7%, Highest Since 2007
  + stars: | 2022-09-29 | by ( Charley Grant | ) www.wsj.com   time to read: 1 min
Existing-home sales have dropped for seven months in a row through August. Mortgage rates rose to their highest level in more than 15 years, a new high since the 2008-09 financial crisis that adds pressure to the already cooling U.S. housing market. The average rate on a 30-year fixed mortgage climbed to 6.7%, according to a survey of lenders released Thursday by Freddie Mac . lt was the highest rate since July 2007 and marked the sixth week in a row of rising rates. A year ago, rates were 3.01%.
Mortgage rates rose for the fifth consecutive week, reaching yet again the highest level since the financial crisis. The average rate on a 30-year fixed mortgage climbed to 6.29%, according to a survey of lenders released Thursday by Freddie Mac . It was the second week in a row that rates topped 6%. The last time rates were this high was October 2008, when the U.S. was deep in recession.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-goldman-sachs-found-a-friend-in-americas-small-businesses-11663672535
Management & Careers
  + stars: | 2022-02-22 | by ( Kathryn Dill | Angela Yang | Lauren Weber | ) www.wsj.com   time to read: 1 min
Lots of Americans decided during the pandemic they could do without the security of a regular check. Some say the path has been rewarding but challenging.
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