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☆ Top Wall Street analysts expect these five stocks to fetch attractive returns
▼ + stars: | 2023-04-09 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Meta PlatformsWeakness in digital ad spending due to macro pressures has hit social media giant Meta Platforms (META) over the recent quarters. SoFi TechnologiesNext on our list is fintech firm SoFi Technologies (SOFI), which offers digital financial services to over 5.2 million members. The acquisition is expected to drive SoFi's mortgage growth and operational efficiencies and broaden its mortgage product offerings. (See SoFi Insider Trading Activity on TipRanks)PVHApparel company PVH (PVH), which owns popular brands like Calvin Klein and Tommy Hilfiger, delivered better-than-expected results for the fourth quarter of fiscal 2022. The analyst sees "an attractive risk reward profile" in PVH stock based on the company's earnings growth potential and current valuation.

☆ Bank of America lists its top stock picks for the second quarter
▼ + stars: | 2023-04-05 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

With the start of the second quarter, Bank of America has a new list of short-term ideas for investors seeking clarity amid ongoing market volatility. The bank expects its Medicare Advantage plans to comprise two-thirds of the company's revenue growth for this year. The bank assigned a $650 price target on UnitedHealth, suggesting the stock could gain more than 31% from Tuesday's close. The bank expects even more gains for the stock, with its 12-month price target of $115 per share implying 11% upside from Tuesday's close of $103.58. Analysts at the bank aren't as bullish on CarMax Bank of America expects CarMax shares to shed 37% to its $40 per share price target.

☆ Commercial real estate is struggling with rising rates and bank woes, but the cohead of a $21 billion lender said it's the best time in his more than 20 year career
▼ + stars: | 2023-04-03 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

High interest rates, office woes, and less bank funding are chilling commercial real estate. But a top commercial real estate lender said there's never been a better time for firms like his. It's a bleak time in commercial real estate, and it can be hard to find any rays of sunshine. One Bank of America analyst just warned commercial real estate presents a major risk regional banks that own a disproportionate 68% of the sector's loans. While interest rate uncertainty is clouding the commercial real estate outlook, some transactions could provide clarity to the market, de Haan said.

Is a HELOC a good idea in 2023, and how can borrowers find the best HELOC lenders? How much you could borrow with a HELOCAccording to Boyd, the average credit line size a HELOC borrower gets is around $150,000. To find out the maximum amount you could borrow with a HELOC, multiply your home's current value by your HELOC lender's maximum CLTV. For example, Boyd says that some HELOC lenders can take 50 days or more to close. So as you start your search for a good HELOC lender, it might be worth checking out what your current bank offers.

☆ There’s a Silver Lining for Mortgage Companies in a Bleak Market
▼ + stars: | 2023-03-08 | by ( Telis Demos | ) www.wsj.com time to read: +1 min

Mortgage originators such as Rocket Cos. and UWM Holdings have recently reported continuing drops in home-loan volumes for the fourth quarter. There is good news and bad news for big mortgage originators: The market is shrinking. Originators that make mortgages and sell them into the market such as Rocket Cos. and UWM Holdings have recently reported continuing drops in home-loan volumes for the fourth quarter. That was to be expected, as overall U.S. single-family home-mortgage originations dropped from over half a trillion dollars in the third quarter to about $400 billion in the fourth quarter, according to figures compiled by Fannie Mae. And though mortgage rates this year have been below the highs they reached last year, Fannie Mae’s recent forecast still is for under $1.7 trillion in single-family mortgage originations in 2023, versus nearly $2.4 trillion in 2022.

☆ This little-known AI fintech stock could more than double after 'proving its mettle' in economic uncertainty, Canaccord Genuity says
▼ + stars: | 2023-02-16 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to buy AI-powered fintech stock Pagaya Technologies based on its path to growth, according to Canaccord Genuity. Analyst Joseph Vafi upgraded shares of the Israeli-based technology company to buy from hold, and doubled his price target, saying Pagaya is "proving its mettle" despite economic uncertainty. Pagaya Technologies' shares have taken a beating since the firm went public through a special purpose acquisition company, EJF Acquisition. Last year, Pagaya shares plunged 87%, while the S & P 500 fell 19%, according to FactSet data. PGY 6M mountain Pagaya shares over past 6 months.

☆ Consumer debt hits record $16.9 trillion as delinquencies rise as well
▼ + stars: | 2023-02-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Consumer debt hit a fresh record at the end of 2022 while delinquency rates rose for several types of loans, the New York Federal Reserve reported Thursday. Debt across all categories totaled $16.9 trillion, up about more than $1.3 trillion from a year ago as balances rose across all major categories. Auto loan debt delinquencies rose 0.6 percentage point to 2.2% while credit card debt jumped 0.8 percentage point to 4%. Student loan debt also increased for the month after staying flat during much of the pandemic amid government-backed amnesty for borrowers. Auto loan debt edged higher to $1.55 trillion while credit card balances rose to just shy of $1 trillion.

☆ U.S. household debt jumps to $16.90 trillion
▼ + stars: | 2023-02-16 | by ( Lindsay Dunsmuir | ) www.reuters.com time to read: +3 min

Feb 16 (Reuters) - U.S. household debt jumped to a record $16.90 trillion from October through December last year, the largest quarterly increase in 20 years, as mortgage and credit card balances surged amid high inflation and rising interest rates, a Federal Reserve report showed on Thursday. Household debt, which rose by $394 billion last quarter, is now $2.75 trillion higher than just before the COVID-19 pandemic began while the increase in credit card balances last December from one year prior was the largest since records began in 1999, the New York Fed's quarterly household debt report also said. Mortgage debt increased by $254 billion to $11.92 trillion at the end of December, according to the report, while mortgage originations fell to $498 billion, representing a return to levels last seen in 2019. Meanwhile credit card balances increased by $61 billion in the fourth quarter while auto loan balances rose by $28 billion, the report said. However, younger borrowers appear to be struggling more to make repayments for both credit card and auto loans.

☆ U.S. credit card debt jumps 18.5% and hits a record $930.6 billion
▼ + stars: | 2023-02-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, a 18.5% spike from a year earlier, according to the latest quarterly report by TransUnion. For now, the unemployment rate is at a 53-year low, after a better-than-expected January jobs report. How to tackle high-interest credit card debt

☆ Piper Sandler downgrades Enphase Energy, cites uncertain outlook for U.S. residential solar market
▼ + stars: | 2023-01-25 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to step to the sidelines on solar power stock Enphase Energy , according to Piper Sandler. Analyst Kashy Harrison downgraded shares to neutral from overweight, saying the U.S. residential solar power market could undergo a reset this year on weaker demand. ENPH 1D mountain Enphase shares fall The analyst cited recent data from GoodLeap that showed a drop in December loan originations compared to August. GoodLeap is a provider of financing options for the residential solar energy industry that holds about 30% market share, according to the note. Enphase Energy shares are down 17% this year.

☆ In 2022, UWM became the top US mortgage lender and its CEO bought an NBA team. Against the odds, it expects to grow more.
▼ + stars: | 2023-01-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

United Wholesale Mortgage became the country's largest originator in 2022. Mortgage rates soared at their fastest rate in decades, halting refinances and slowing home purchases to a crawl. In a way, UWM's strategy is much more old-fashioned than other mortgage players, including Rocket Mortgage. "The idea that you can go on a computer, click a button, and there's your mortgage, that's foolish," he said. To Rocket Mortgage, that's a fundamental misunderstanding of its business.

☆ Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG
▼ + stars: | 2023-01-18 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Crypto trade publication CoinDesk is exploring a potential sale, hiring advisors at Lazard to weigh a move that would remove it from Barry Silbert's Digital Currency Group. The Wall Street Journal was first to report on the media company's hiring of Lazard. That reporting sparked a downward spiral at crypto exchange FTX, ultimately leading to the collapse of the company in November, the arrest of Bankman-Fried and multiple regulatory probes. Genesis is also the subject of a Securities and Exchange Commission charge alongside crypto exchange Gemini. Worth said Lazard will help CoinDesk "explore various options to attract growth capital to the CoinDesk business, which may include a partial or full sale."

☆ Wells Fargo shares fall as bank's profits cut in half by higher reserves, settlement costs
▼ + stars: | 2023-01-13 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

People walk past a Wells Fargo bank on 14th Street on December 20, 2022 in New York City. Wells Fargo shares came under pressure Friday after the bank reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Meanwhile, Wells Fargo also said last month that it would have a $2.8 billion after-tax operating loss tied to legal and regulatory costs. After excluding severance costs and a tax gain, Wells Fargo earned 61 cents a share, shy of the 66 cents analysts surveyed by Refinitiv were expecting. As the most mortgage-dependent of the six biggest U.S. banks, Wells Fargo has faced pressure as sales and refinancing activity has fallen steeply amid mortgage rates that have topped 6%.

☆ Wells Fargo Is Shrinking Its Mortgage Business
▼ + stars: | 2023-01-11 | by ( Ben Eisen | Gina Heeb | ) www.wsj.com time to read: 1 min

Wells Fargo’s decision to reduce its home-lending operations comes after a series of legal and regulatory issues. Wells Fargo & Co. is dramatically shrinking its home-lending business following a string of scandals and a record fine from the Consumer Financial Protection Bureau. Going forward, the bank said it would largely focus on lending to existing customers and minority borrowers. It will no longer work with outside intermediaries who arrange loans on the bank’s behalf. The practice, known as correspondent banking, makes up nearly half of its mortgage originations.

☆ Billionaire bitcoin bull Mike Novogratz says 2023 will be a year for crypto markets to try and survive, and 'heal and rebuild narrative'
▼ + stars: | 2023-01-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Galaxy Digital CEO Mike Novogratz is still mostly upbeat about crypto in 2023. "The outlook for crypto is not horrible, but it's not great," Novogratz told CNBC. The bitcoin bull said crypto brokerage Genesis' liquidity woes are hanging over the industry. The bitcoin bull says the crypto outlook is "not horrible, but it's not great," he told CNBC's Squawk Box on Tuesday. Novogratz says that the Gemini and DCG debacle won't involve "a lot of selling" for crypto markets, but it's "just not great news."

☆ Who is DCG's Barry Silbert, the crypto baron in the crosshairs of the Winklevoss twins over 'bad faith' business practices?
▼ + stars: | 2023-01-09 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Barry Silbert is the CEO of Digital Currency Group, the crypto conglomerate that owns Genesis and Grayscale. In 2015, the 46 year old started Digital Currency Group (DCG), the $10 billion parent company that controls industry giants like crypto brokerage Genesis and digital asset manager Grayscale. The conglomerate also owns trade publication Coindesk, crypto mining firm Foundry Services, crypto index provider TradeBlock, and digital asset platform Luno Global. Cameron Winklevoss blasted Silbert for "bad faith" business practices last week, alleging the crypto baron owes the digital asset exchange's customers $900 million. Prior to launching DCG, Silbert went to Emory University's Goizueta Business School and began his career as an investment banker at Houlihan Lokey.

☆ 4 survival strategies for proptech housing startups as they enter the sector's hardest year yet
▼ + stars: | 2023-01-07 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +6 min

Proptech, the application of technology and venture capital to real estate, is naturally grappling with the change. Amid the threat of a recession, proptech startups have resorted to layoffs and other cost-cutting measures. In the meantime, Wedlake said, proptech companies and venture capitalists have shelved the "growth at all costs" mindset. In a recent blog post, Wedlake outlined four tactics that proptech startups were using to survive the deep freeze. So if proptech startups need to fundraise in 2023, they're likely going to have to accept lower valuations to attract any capital, Wedlake said.

☆ Leaked documents show Amazon's seller lending business is booming. But the company's economists are worried about defaulters.
▼ + stars: | 2023-01-04 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Amazon economists expect its seller lending volume to roughly double this year. Amazon's lending business has rebounded in recent years after scaling back during COVID. Amazon's lending program is part of a broader business to business payments and lending team, known internally as ABPL. The company's economists are forecasting that third-party sellers will owe it over $2 billion over the next year, according to internal document obtained by Insider. The potential growth in loans signals a continued rebound of Amazon's lending business.

☆ Gemini's Winklevoss accuses crypto mogul Silbert of 'bad faith stalling tactics' over frozen funds
▼ + stars: | 2023-01-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. He also alleged that Digital Currency Group and Genesis are "beyond commingled." Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~1.675 billion," Winklevoss said. watch nowIn addition to Genesis, Digital Currency Group also owns Grayscale, the embattled digital asset manager. "DCG did not borrow $1.675 billion from Genesis," Silbert said in reply to Winklevoss' tweet Monday.

☆ Inside DCG, the crypto conglomerate led by billionaire Barry Silbert that's come under fire from the Winklevoss twins
▼ + stars: | 2023-01-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Gemini cofounder Cameron Winklevoss blasted Digital Currency Group CEO Barry Silbert for "bad faith" tactics in an open letter. Both executives' respective companies have locked horns over a business disagreement, where Winklevoss alleges that DCG owes Gemini nearly $1 billion. Gemini cofounder Cameron Winklevoss blasted Digital Currency Group (DCG) founder and CEO Barry Silbert in a public letter on Monday, accusing the billionaire of "bad faith" business practices. Winklevoss says that DCG and Genesis owe the crypto exchange and its customers $900 million. How did DCG, Genesis and Gemini get wrapped up in the alleged debt-based scandal?

☆ LendingClub’s New CFO Tasked With Preparing Its Balance Sheet for a Downturn
▼ + stars: | 2022-12-22 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Drew LaBenne, LendingClub’s chief financial officer since September, is tasked with managing the San Francisco-based company’s balance sheet as it faces a downturn and an industry pullback in demand for loans from investors. We use the marketplace, which is essentially whole loan sales to buyers, or we use the balance sheet. We make on average close to three times as much by putting a loan on the balance sheet versus selling it. Why not just keep all of them on your balance sheet? A lot of that was driven by the upfront CECL [charge] of the loans that we put on the balance sheet.

☆ CoinDesk's chief content officer breaks down crypto media's advertising challenges and how he's steering the site through by exploring opportunities in NFTs and Web3
▼ + stars: | 2022-11-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

The incident has led to stress on other crypto companies, including one owned by CoinDesk's parent company. It's all unfolding as media companies fend off cuts and layoffs and an industry-wide slump in advertising revenue, which has seen big crypto companies like Grayscale, Binance, and Coinbase slash their advertising budgets. In an email to Insider, Casey reiterated that the incident does not impact CoinDesk's business. Are you a crypto or media insider with insight to share? Disclosure: Axel Springer is Insider's parent company.

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors' nerves after the sudden collapse of FTX. Since FTX's rapid winddown two weeks ago, investors have worried about a crypto contagion affecting every corner of the industry. "We have weathered previous crypto winters," Silbert wrote, adding that "while this one may feel more severe, collectively we will come out of it stronger." They've each expressed shock at FTX's apparent deceit of investors and customers and emphasized that client assets are secure. It also absorbed the $1.1 billion debt that the bankrupt crypto hedge fund Three Arrows Capital owed Genesis.

☆ Digital Currency Group Says Revenue Will Fall This Year
▼ + stars: | 2022-11-22 | by ( Peter Rudegeair | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Barry Silbert, chief executive officer of Digital Currency Group, says in an investor letter that the company has ‘ weathered previous crypto winters.’Digital Currency Group Inc. said 2022 revenue is on track to reach $800 million, down about 20% from what the cryptocurrency-focused conglomerate expected to generate last year. DCG is the parent company of Genesis Global Capital, a crypto lending firm that paused redemptions and loan originations on Nov. 16 after it couldn’t meet client withdrawal requests. DCG owes Genesis around $575 million that is due in May 2023, in addition to a $1.1 billion promissory note to Genesis due in June 2032, DCG Chief Executive Barry Silbert said in a letter to investors that was viewed by The Wall Street Journal.

☆ Grayscale refuses to share proof of reserves due to 'security concerns' as shares trade at a 45% discount to bitcoin
▼ + stars: | 2022-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Grayscale, the asset manager running the world's largest bitcoin fund, said in a statement that it won't share its proof of reserves with customers. Grayscale's flagship fund is the Grayscale Bitcoin Trust, known by its GBTC ticker. The firm pointed to a letter sent by Coinbase CFO Alesia Haas on Nov. 18, which breaks down an accounting of the tokens held at Coinbase Custody. In a tweet, the firm added that the "laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered." Barry Silbert's Digital Currency Group is the parent company of Grayscale, Genesis, and CoinDesk.

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