DIRS.INFO The most relevant business & tech news

☆ Banks ask SEC to stop short-seller attacks on their stocks driven by social-media speculation
▼ + stars: | 2023-05-05 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

A leading banking group called for the SEC to do more to stop speculative short selling in bank stocks. The American Banking Section said social-media speculation about banks was disconnected from their financial reality. "ABA is, however, unalterably opposed to short selling practices that distort the markets through manipulation and abuse," he said. Nichols called for the SEC to take a clearer stance against what he called market manipulation and abusive short selling practices. "The harm caused by short selling that runs counter to economic fundamentals ultimately falls on small investors, who see value destroyed by others' predatory behavior."

☆ Davos vs. Milken: Battle of the high-profile conferences
▼ + stars: | 2023-05-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Arguably the biggest financial conference of the year just wrapped in Beverly Hills. Insider's Dakin Campbell, who was on the ground at Milken, has a report on the five biggest topics discussed this year. Dakin's report got me thinking about how Milken stacks up against another high-profile conference: Davos. Milken is also designed, thanks to its namesake, with a keen eye on what the finance industry wants, he added. Click here to read more about the biggest topics being discussed at the Milken Conference.

The latest case in point: The Federal Deposit Insurance Corp (FDIC) chose JPMorgan Chase & Co (JPM.N) as the winning bidder in an auction to buy collapsed lender First Republic Bank on Monday. FDIC officials, however, say would-be buyers risk losing out if they allow the value of an acquisition target to deteriorate over time while waiting for an FDIC receivership. SWEETENERSU.S. bank mergers were already sluggish as interest rates rose and recession loomed, analysts at Raymond James wrote in an Apr. The first quarter was the quietest opening to a year for bank deals in a generation, they said. Market volatility stops bank buyers from pulling together enough money to cover writedowns on struggling assets, which would be triggered by a traditional acquisition, said David Sandler, co-head of financial services investment banking at Piper Sandler Companies (PIPR.N).

☆ Short sellers pocketed nearly $400 million in a single day from the regional bank stock sell-off
▼ + stars: | 2023-05-05 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Short sellers made $378.9 million in just one day betting against embattled regional banks, data show. Such traders have been selling borrowed bank stocks before buying them back at lower levels once their price falls. Traders profited as fresh turmoil embroiled regional banks this week following First Republic's failure and its takeover by JPMorgan. According to ORTEX, short sellers have made $816 million from the three bank stocks since the start of the year. Last month, ORTEX reported that short bets against Canada's Toronto-Dominion had swollen to $6.1 billion, having become the world's most shorted bank in early April.

☆ US regional lenders eke out gains after brutal sell-off
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Shares of U.S. regional lenders rose in premarket trading on Friday following a brutal sell-off during the week that saw First Republic Bank collapse and peer PacWest Bancorp (PACW.O) explore strategic options. The KBW Regional Banking Index (.KRX) has plunged about 31% this year as the sector grapples with deepening investor concerns with billions in market value wiped in recent weeks. PacWest, whose shares have plummeted 86% this year, said late on Wednesday it was in talks with potential partners and investors as it weighs strategic options. Shares of the bank plunged to close down 33%. Reporting by Manya Saini in Bengaluru; additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Apple comforts as payrolls loom
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

Apple upped its dividend and authorized another $90 billion share repurchase program, same as a year ago. Apple's stock has outperformed most of Wall Street in 2023, up 28% year-to-date. After a torrid 2022, that narrow index is up 35% so far this year - far outstripping the Nasdaq 100's (.NDX) 18% gain and accounting for the bulk of the more modest 6% rise in the S&P500 <.S&P500>. And after three hefty daily retreats in a row for the S&P500 this week, futures are up 0.4% ahead of Friday's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Yen set to snap 3-week losing streak on bank jitters, dollar slides
▼ + stars: | 2023-05-05 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Although ECB President Christine Lagarde signalled more tightening to come, markets pared back their expectations on how much further rates would rise. Traders have since priced in more aggressive rate cuts from the Fed, with Fed funds futures implying a small chance that cuts could come as soon as June and through to the end of the year. The Aussie and the kiwi were among the largest beneficiaries of the sliding dollar, each rising more than 0.5% and touching multi-week highs. "For the Fed's June decision, inflation data and employment indicators ... along with bank lending standards will be key to watch. The Australian dollar was last up 0.62% at $0.6735, after touching a two-week peak earlier in the session.

☆ Toronto-Dominion Bank, First Horizon Terminate Merger Agreement
▼ + stars: | 2023-05-04 | by ( Adriano Marchese | ) 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/toronto-dominion-bank-first-horizon-terminate-merger-agreement-38d58b35

May 4 (Reuters) - Canadian lender Toronto-Dominion Bank Group (TD.TO) has called off its deal to acquire First Horizon Corp (FHN.N) for $13.4 billion on Thursday, sending the U.S. bank's shares down 44.5% in premarket trading. As part of the termination, TD will pay $200 million to First Horizon in addition to a $25 million fee reimbursement, the banks said. TD first agreed to buy First Horizon in February last year to expand its presence in the United States. Since then, the lender has acquired New York-based boutique investment bank Cowen Inc for $1.3 billion this year. ORTEX data from early last month showed the second-largest Canadian lender was the world's most shorted banking stock.

☆ Toronto-Dominion Bank, First Horizon Call Off Merger
▼ + stars: | 2023-05-04 | by ( Vipal Monga | Adriano Marchese | ) www.wsj.com time to read: 1 min

The collapse of Silicon Valley Bank sent shock waves through Wall Street and Main Street. WSJ’s Dion Rabouin explains what this means for investors and everyday Americans. Illustration: Preston JesseeToronto-Dominion Bank and Tennessee-based First Horizon have called off their $13.4 billion merger. TD ran into hurdles getting regulators to sign off on the deal, announced in February 2022. The Canadian lender said it couldn’t be sure when or if it would get the necessary approvals, so the two banks decided to terminate the deal.

May 3 (Reuters) - PacWest Bancorp (PACW.O) is exploring strategic options including a sale or capital raising, a source familiar with the matter said, sending the shares of the bank and several other U.S. regional lenders tumbling in after-market trading. The Phoenix-based regional lender said it was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events." PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorp (ZION.O), First Horizon (FHN.N) and Comerica (CMA.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets.

As each domino falls, the next weakest bank begins to wobble," billionaire investor Bill Ackman wrote in a tweet. PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorporation (ZION.O), Comerica (CMA.N) and First Horizon (FHN.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets. On Wednesday a source said the lender was looking at options that include a potential sale or capital raise.

☆ Premarket stocks: Why these bank stocks aren't getting crushed
▼ + stars: | 2023-05-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

First Horizon (FHN) and TD Bank (TD)also called off a $13 billion deal Thursday that would have formed America’s sixth-largest bank. The Stoxx Europe 600 Banks Index, which tracks big EU and UK banks, has shed 14% over the same period. Year-to-date, European banks are up more than 3%, while US lenders are down 26%. Broader market dynamics have also helped European bank stocks. The European Central Bank, which meets Thursday, has also been slower than the US Federal Reserve to hike interest rates.

☆ Stock Market Today: Dow Slips 300 Points on Bank Jitters; Fed Decision Weighs on Traders
▼ + stars: | 2023-05-04 | by ( ) www.wsj.com time to read: +2 min

As stock indexes slipped Thursday, PacWest's already battered shares fell by 52% in morning trading. The bank said it was talking to potential partners and investors, and would keep evaluating "all options to maximize shareholder value." Stock indexes fell ahead of a big earnings day, with Apple and other big companies on tap. The jitters follow the failures of Silicon Valley Bank, Signature Bank and, more recently, First Republic Bank. "The cumulative effect of these bank failures will take its toll both on financial-market conditions and prompt nervousness among the investment community," said Brian O’Reilly, head of market strategy at Mediolanum International Funds.

☆ Stock Market Today: Dow Drops More Than 350 Points on Bank Jitters, Fed Rate Hike
▼ + stars: | 2023-05-04 | by ( ) www.wsj.com time to read: +2 min

The bank said it was talking to potential partners and investors, and would keep evaluating "all options to maximize shareholder value." The S&P 500 dropped 0.7%, while the Dow Jones Industrial Average slid 1.1% and the Nasdaq Composite gave up 0.3%. Western Alliance Bancorp was down 39% after the company denied a report that it was exploring strategic options, including a potential sale. First Horizon sank by 37% after its $13.4 billion sale to Toronto's TD Bank was called off. The jitters follow the failures of Silicon Valley Bank, Signature Bank and, more recently, First Republic Bank.

☆ Regional bank stocks continue to slide on Thursday with PacWest leading the way down 40%
▼ + stars: | 2023-05-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The slide began on Wednesday evening following news that the Los Angeles-based bank was exploring strategic options, including a potential sale. Stock Chart Icon Stock chart icon Shares of PacWest were poised to open sharply lower on Thursday. related investing news 'Self-fulfilling prophecy is a risk' in regional bank crisis, Evercore ISI says The bank said in a statement that it "will continue to evaluate all options to maximize shareholder value." Meanwhile, Tennessee-based First Horizon also fell 40% after the regional lender and TD Bank announced that they were terminating their merger agreement. Stock Chart Icon Stock chart icon Shares of First Horizon were under pressure after the lenders' merger with TD Bank was called off.

☆ Short sellers reap $378.9 mln from losses in PacWest, two other bank stocks - Ortex
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Short sellers made $378.9 million in paper profits betting against regional banks First Horizon Corp (FHN.N), PacWest Bancorp (PACW.O) and Western Alliance Bancorp (WAL.N) in Thursday's session, analytics firm Ortex said. PacWest Bancorp (PACW.O) dove 57% on Thursday, dragging down other regional lenders, after the Los Angeles-based bank said it was in talks about strategic options. Western Alliance Bancorp (WAL.N) denied a report from the Financial Times that said it was exploring a potential sale. Over the first two days of May, short sellers made $1.2 billion from declines in stocks of U.S. regional lenders, according to Ortex. Short sellers typically sell borrowed securities and aim to buy these back at a lower price to pocket the difference.

☆ First Horizon CEO on why the $13.4 billion deal with TD Bank collapsed
▼ + stars: | 2023-05-04 | 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 EmailFirst Horizon CEO on why the $13.4 billion deal with TD Bank collapsedFirst Horizon CEO Bryan Jorda joins 'Squawk on the Street' to discuss the contraction in regional bank values, First Horizon-TD deal termination, and plans for future deals.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis. TD agreed to buy First Horizon in February last year to expand its presence in the United States. Average deposits at First Horizon fell 4% to $62.2 billion in the first quarter, compared to the end of last year.

☆ Western Alliance shares see wild swings as the bank denies report of possible sale that sparked 62% plunge
▼ + stars: | 2023-05-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Western Alliance Bank plunged as much as 62% on Thursday after the FT reported that the bank was exploring a potential sale. Western Alliance denied the report and said no sale was under consideration, helping the stock pare its losses to 32%. Regional banks have been embroiled in an ongoing crisis after the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank. Western Alliance Bank was swift to deny the report, helping its stock rebound and pare losses to 32%. But Western Alliance Bank said in a statement that the FT story is "categorically false."

☆ PacWest tumbles on weighing options, other U.S. regional bank stocks fall
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Shares of U.S. regional banks fell premarket on Thursday, hurt by a 37% slump in PacWest Bancorp (PACW.O) after its announcement about exploring strategic options spurred market concerns of a worsening banking crisis. Zion Bancorporation (ZION.O), KeyCorp (KEY.N), Valley National Bancorp (VLY.O), Comerica (CMA.N) and First Horizon (FHN.N) dropped between 2% and 6%. The SPDR S&P Regional Banking ETF (KRE.P) shed 2.8%. The slide in shares of PacWest and its peers highlights uncertainty around the health of regional banks despite regulatory efforts to call an end to the banking crisis that started with the collapse of Silicon Valley Bank and Signature Bank in March. PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year.

☆ Stocks making the biggest moves midday: PacWest, Western Alliance, Paramount Global & more
▼ + stars: | 2023-05-04 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Paramount Global — The media stock cratered more than 27% after the company slashed its dividend and reported earnings that fell short of analyst expectations. Paramount Global cut is dividend to 5 cents from 24 cents a share, marking its first reduction since 2009. PacWest , First Horizon , Western Alliance — Regional bank stocks were under heavy pressure again on Thursday. Royal Caribbean — The cruise line advanced 6% after the company beat Wall Street expectations for the quarter. The company reported a wider overall loss than expected due to tax expenses related to an IRS settlement.

☆ Stocks making the biggest moves before the bell: Paramount, PacWest, Shopify & more
▼ + stars: | 2023-05-04 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. PacWest Bancorp – PacWest tumbled 37% in premarket trading after the banking company said it was considering various strategic options. Shopify – The e-commerce platform reported-better-than expected quarterly results and also announced the sale of parts of its fulfillment operation as well as its logistics division. Qualcomm – Qualcomm slumped 7.7% in premarket trading after the chipmaker issued a weaker than expected current quarter forecast, hurt by sagging smartphone sales. Qualcomm did report better than expected revenue for its latest quarter, with earnings matching Wall Street estimates.

May 5 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. An investor going long mega U.S. tech shares and short regional banks on January 1 would be doing well today. Yet Asian markets, stocks at least, have been fairly unruffled. If Asian markets get a steer from local events on Thursday, it will most likely come from China's services PMI. The bar for beating the previous month is high - the last time services sector activity in China grew faster than March was almost three years ago.

☆ PacWest, Western Alliance hit as US banking concerns widen
▼ + stars: | 2023-05-04 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

PacWest (PACW.O) slumped 37% in premarket trade, after having lost 29% since Monday. Reuters had reported on Wednesday that PacWest was exploring strategic options including a potential sale or capital raising, which the lender confirmed late in the day. Zion Bancorporation (ZION.O), KeyCorp (KEY.N), Valley National Bancorp (VLY.O), Comerica (CMA.N) and First Horizon (FHN.N) dropped between 2% and 6%. The SPDR S&P Regional Banking ETF (KRE.P) shed 2.8%. PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year.

Search resuls for: "First Horizon"

25 mentions found