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☆ The Second-Biggest Bank Failure
▼ + stars: | 2023-03-10 | by ( Karl Russell | Christine Zhang | ) www.nytimes.com time to read: +5 min

A bar chart of U.S. bank failures since 2001, showing that Silicon Valley Bank’s collapse was the second-biggest in U.S. history in terms of assets. Before Silicon Valley Bank, the last firm to fail was in late 2020, as the coronavirus was ravaging the country. It’s unclear whether the collapse of Silicon Valley Bank will spread to the broader industry. Silicon Valley Bank 209 17. Silicon Valley Bank 209 Fifth Third Bank 17.

☆ SVB debacle sparks rush to defensive options on fears of contagion
▼ + stars: | 2023-03-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

A California regulator shut Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agency's statement. With many stocks in the sector falling sharply on Friday, traders rushed in to defensive bets. SVB is battling cash burn due to declining deposits from startups struggling with a venture capital funding drought. While investors had largely shrugged off Silvergate’s troubles as strictly crypto-related, "(SVB Financial Group) was a giant wake-up call about the effects of rising rates and an inverted yield curve," Sosnick said. Reporting by Saqib Iqbal Ahmed in New York Editing by Ira Iosebashvili and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ This half-century old fund seeks out global value and has Warren Buffett's style all over it
▼ + stars: | 2023-03-03 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

Warren Buffett has inspired generations of value investors, and one 53-year-old, market-beating mutual fund has his legacy all over it. For almost three decades, starting in 1979, the fund was run by another acolyte of value, Jean-Marie Eveillard. Since 1979, First Eagle Global has returned more than 12% annually, even including the 5% load fee charged on the first $25,000 invested. The fund employs three main elements when it comes to security selection within the universe of global value, Brooker said. When we're not able to find things that make sense to us, that meet our underwriting criteria, we'll wait in cash," Brooker said.

☆ Warren Buffett’s must-read annual letter arrives Saturday. Here’s what to expect from the investing legend
▼ + stars: | 2023-02-24 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Andrew Harnik | APWarren Buffett's loyal following of value investors is about to hear from the legend himself, at a crucial time when interest rates have soared and recession fears are raging. He believed that when interest rates are high, it could be a major "gravitational pull" on values. "We have a roughly 15-year period of abnormally and historically low interest rates. "Interest rates are the main determinant of equity prices, to quote Buffett, so I think I'm looking for and expecting a discussion on interest rates." "Private equity and others who are thinking of making acquisitions would have to go into the market to borrow [at] higher interest rates.

☆ Soros Fund adds First Horizon, Horizon Therapeutics and bond ETF
▼ + stars: | 2023-02-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Soros disclosed a $325.3 million stake, or 2.9 million shares, in biotech firm Horizon Therapeutics (HZNP.O), which was bought by Amgen (AMGN.O) in December for nearly $28 billion. The firm also bought 2.8 million shares, valued at $90 million, in home health assessment firm Signify Health (SGFY.N). It added $209.1 million, or 8.5 million shares, in Memphis-based financial services company First Horizon, which was acquired by Toronto-Dominion Bank (TD.TO) roughly a year ago for $13.4 billion. Shares in Zoom Technologies Inc (ZTNO.PK) and Airbnb Inc (ABNB.O) were sold, while it reduced its holdings in Amazon.com (AMZN.O), by 54.5%, to 901 million shares. The regulatory filing also showed Soros bought $255 million in an investment grade corporate bond ETF.

☆ Here are Warren Buffett's latest moves to the Berkshire Hathaway stock portfolio
▼ + stars: | 2023-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Omaha-based conglomerate slashed its shares in Bank of New York Mellon by 60% in the fourth quarter to a bet worth $1.1 billion. Meanwhile, it also cut its US Bancorp stake by 90% to $291 million by the end of 2022. The filing reflects moves made in the fourth quarter and holdings as of the end of 2022. The chip stock gained nearly 9% in the fourth quarter, but the rebound in the new year was even more dramatic with shares up over 30% year to date. Meanwhile, Buffett's Chevron stake dipped marginally last quarter, worth $29.3 billion at the end of the fourth quarter, the filing showed.

☆ BNY Mellon says investors 'absolutely interested' in digital assets
▼ + stars: | 2023-02-08 | by ( Samuel Indyk | ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - Bank of New York Mellon's head of digital assets Michael Demissie said on Wednesday that digital assets were "here to stay", citing a 2022 study of the custodian bank's clients. "What we see is clients are absolutely interested in digital assets, broadly," BNY Mellon's Demissie said, speaking on a panel on cryptocurrency at Afore Consulting's 7th Annual FinTech and Regulation Conference. Demissie cited a survey of BNY Mellon clients conducted in October 2022 that found that more than 90% of them expected to invest in tokenised assets in the near future. Cryptocurrency markets plunged in 2022, as rising interest rates and a series of high-profile collapses at crypto firms made investors cautious. We need responsible actors who can offer reliable services that live up to investors trust."

☆ Meta follows Chevron with a huge buyback that likely signals more are to come
▼ + stars: | 2023-02-02 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Investors also like returning capital, and that $40 billion share buyback announcement certainly fit into that category. With a market cap of $407 billion, that $40 billion is about 10% of the market value. And that is on top of the $10.97 billion buyback that Meta has left from a prior authorization. That $40 billion is not as big as Chevron's $75 billion buyback , but it is enough to start the first quarter of 2023 with a bang. Oddly, we have had heard nothing from politicians in Washington about the Meta buyback .

☆ BNY Mellon to cut 3% of workforce this year - source
▼ + stars: | 2023-01-13 | by ( Manya Saini | ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Bank of New York Mellon Corp (BK.N) is planning to cut around 3% of its workforce this year, a source familiar with the matter told Reuters on Friday, joining a number of Wall Street firms in trimming headcount to cope with turbulent markets. The layoffs, first reported by the Wall Street Journal, translate to about 1,500 jobs of the bank's total reported headcount of 51,700 as of end-2022. Shares in BNY Mellon were up 2.4% in afternoon trading. BNY Mellon reported a 38% drop in fourth-quarter profit to $509 million. Chief Executive Robin Vince in a post-earnings call with analysts acknowledged that the company was facing inflationary headwinds, and added that the bank's expense growth was high.

☆ Morning Bid: Money in the bank
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +5 min

Kicking off the fourth-quarter corporate results season in earnest, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon and Wells Fargo are among the countries biggest banks updating on Friday. It will take some twist to puncture the optimism on peak inflation and peak Federal Reserve interest rates, however. Futures markets still see rates topping out below 5% by midyear and pencil in a half point of rate cuts between then and yearend. The yen surged on speculation the Bank of Japan could revise its ultra-loose monetary policy again at next week's policy meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Stocks making the biggest moves midday: JPMorgan Chase, Wendy's, Virgin Galactic, Delta Air Lines, Tesla and more
▼ + stars: | 2023-01-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Wells Fargo - The bank stock dipped 0.1% after the firm reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Lockheed Martin — The defense stock slipped more than 3% after Goldman Sachs downgraded shares to sell from a neutral rating. Northrop Grumman shares also dove 5% on Goldman's downgrade to a sell from neutral rating. Copa — Shares of the Latin American airline jumped 4.9% following an upgrade to overweight from a neutral rating by analysts at JPMorgan.

☆ Here are Thursday's biggest analyst calls: Meta, Apple, Tesla, Netflix, Roku, Disney, Exxon & more
▼ + stars: | 2023-01-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are the Thursday's biggest calls Wall Street: Credit Suisse upgrades AECOM to outperform from neutral Credit Suisse said the company is a key beneficiary of infrastructure stimulus. UBS reiterates Apple as buy UBS said it's sticking with its buy rating on the stock but is concerned about App Store revenue declines. Credit Suisse upgrades Boeing to neutral from underperform Credit Suisse said in its upgrade of Boeing that it sees "stronger aircraft deliveries." RBC names Meta a top 2023 pick RBC said it sees "multiple expansion" on the horizon for Meta shares. " Rosenblatt reiterates Disney as buy Rosenblatt said activist investor Nelson Peltz's push for a Disney board seat could help shares.

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☆ Important inflation data and big bank earnings could create volatility for markets in week ahead
▼ + stars: | 2023-01-06 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Other speakers include Atlanta Fed President Raphael Bostic Monday. On Thursday, Philadelphia Fed President Patrick Harker, Richmond Fed President Tom Barkin and St. Louis Fed President Bullard all speak at separate events. Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins have appearances Friday. The most important inflation report in the week ahead is the consumer price index, released Thursday. Import prices 10:00 a.m. Consumer sentiment 10:00 a.m. Minneapolis Fed President Neel Kashkari 10:20 a.m. Philadelphia Fed's Harker 9:00 a.m. Boston Fed President Susan Collins

☆ Citi strategist expects weakness in early 2023 is a buying opportunity. Here are his large-cap stock picks
▼ + stars: | 2023-01-05 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

With recession risks in focus for investors positioning for 2023, Citi strategist Scott Chronert refreshed his large-cap stock picks for the year ahead. According to a Tuesday note, the strategist projects the broader market index will hit 3,700 mid-year, while rising to 4,000 at year-end. For investors, that means any volatility in the first part of 2023 could be used to their advantage. Chronert added T-Mobile to the bank's large cap focus list, saying the telecommunications stock is a defensive pick. Meanwhile, HCA Healthcare is a defensive pick expected to benefit from "improving labor supply" this year, according to the note.

☆ Wolfe Research downgrades Goldman Sachs, sees greater upside in other banks such as Wells Fargo
▼ + stars: | 2023-01-04 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

There's "less compelling" upside for Goldman Sachs in 2023, according to Wolfe Research. The stock has done very well in that time (+72%), outperforming the S & P (+36%) and BKX (+8%)," Chubak wrote in a Wednesday note. "However, as we head in 2023, we see less compelling upside in shares, prompting us to move to the sidelines," Chubak wrote. Shares of Goldman Sachs declined 10% in 2022, outperforming the S & P 500, which was down about 19% in the same period. Shares of Goldman Sachs rose slightly in Wednesday premarket trading.

☆ Here's what mattered in hedge funds and asset and wealth management in 2022
▼ + stars: | 2022-12-28 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

To be sure, some big investors like macro hedge funds have been notable exceptions to the market gloom. As we do our own account settling for the year, here is some of our best reporting on the buy-side: hedge funds, asset managers, and wealth management. Tiger, Tiger burning bright. Four years later, the hedge fund, founded by two former Millennium executives, has yet to live up to the lofty expectations for it. Among the money managers benefiting from these political moves are Bank of New York Mellon and Federated Hermes.

☆ 31 stocks that mutual funds are heavily betting on, driving their best-performing year since 2007 according to Goldman Sachs
▼ + stars: | 2022-11-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Mutual funds are set to have their best year of outperformance relative to benchmarks since 2007. The report indicates that 56% of large-cap mutual funds outperformed their benchmarks compared to a 36% outperformance rate seen since 2007. Meanwhile, 66% of large-cap value funds outperformed the benchmark Russell 1000 Value index. Below are 31 of the 50 stocks listed in Goldman Sachs' Mutual Fund Overweight Positions basket. The list is based on the investment bank's analysis of 548 large-cap core, growth, and value mutual funds with $2.5 trillion in equity assets.

☆ Buffett's Berkshire sheds large portion of US Bancorp stake
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

In a regulatory filing, Berkshire said it owned just over 53 million U.S. Bancorp shares, for a 3.6% stake, on Oct. 31, down from 144.7 million shares, or 9.8%, on Dec. 31, 2021. Berkshire began investing in the Minneapolis-based bank in 2006, according to regulatory filings. U.S. Bancorp and Buffett's assistant did not immediately respond to requests for comment after market hours. Berkshire owned $126.5 billion of the iPhone maker's shares on Sept. 30. On Nov. 14, Berkshire is expected in a regulatory filing to disclose more information about its U.S.-listed stock holdings.

Berkshire Hathaway sold a portion of U.S. Bancorp , a bank stock that the conglomerate has held since late 2007, a regulatory filing with the Securities and Exchange Commission showed. The conglomerate reported owning 52.5 million shares of U.S. Bancorp as of Oct. 31, roughly 3.5% of the bank's outstanding shares, the filing showed. The filing indicates that Berkshire has sold 84.9 million shares, currently valued at $3.8 billion. Buffett first bought 23.3 million shares of U.S. Bancorp in the fourth quarter of 2007 . The conglomerate still owned a sizable stake in Bank of New York Mellon at the end of the second quarter.

☆ Bid deadline for India's Future Retail extended due to low interest -sources
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 21 (Reuters) - The resolution professional for India's debt-laden Future Retail Ltd (FRTL.NS) has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. The deadline had ended on Oct. 20, but has been extended to Nov. 3, according to an updated document released by the resolution professional (RP). Register now for FREE unlimited access to Reuters.com RegisterFuture Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has been in bankruptcy proceedings after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries (RELI.NS). The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS).

☆ Morgan Stanley gives its favorite buy and sell picks into earnings reports
▼ + stars: | 2022-10-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A highly anticipated corporate earnings season has just kicked off, and Morgan Stanley has highlighted which stocks to buy — or avoid. Given this backdrop, Morgan Stanley analysts looked for stocks that could experience big swings based on near-term catalysts, some positive and others negative. Morgan Stanley sees upside for Arcutis Biotherapeutics if the biotech company's two phase-two studies for its drug Zoryve are successful. "We would expect significant investor focus on these data sets, and our statistical analysis suggests a high probability-of-success (POS) for both trials," wrote Morgan Stanley analyst Vikram Purohit. Meanwhile, Logitech is one of the stocks Morgan Stanley expects to decline due to negative earnings.

☆ Stock futures rise after Nasdaq notches best day since July
▼ + stars: | 2022-10-17 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

Stock futures rose Monday evening after the Nasdaq Composite posted its best daily performance since July. S&P 500 futures jumped 0.49% and Nasdaq 100 futures climbed 0.55%. The Nasdaq surged 3.43% as tech stocks rebounded, led by names such as Amazon, Meta Platforms and Microsoft. More big bank earnings are on deck. Johnson & Johnson, Netflix and United Airlines will also announce results that day.

☆ Wall St futures higher with focus on earnings
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow 0.78%, S&P 0.93%, Nasdaq 1.12%Oct 17 (Reuters) - U.S. stock index futures were higher on Monday, after a roller-coaster week, as investors focused on the third-quarter earnings season to assess the impact of decades-high inflation and rising interest rates on corporate profit. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report their results later in the week. Analysts now expect profit for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv IBES data. ET, Dow e-minis were up 231 points, or 0.78%, S&P 500 e-minis were up 33.5 points, or 0.93%, and Nasdaq 100 e-minis were up 120.75 points, or 1.12%. Investors now await another test for gilts from a new tax proposal due later in the day from Kwarteng's successor Jeremy Hunt.

☆ Robo-Adviser Betterment Launches Customized Crypto Portfolios
▼ + stars: | 2022-10-12 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Betterment LLC, the largest independent online financial adviser, is launching four thematic crypto investing portfolios for its retail and adviser customers. The product launch, scheduled for Wednesday, is the latest sign of mainstream acceptance of cryptocurrencies despite a $2 trillion wipeout in the crypto market since last November. Bank of New York Mellon Corp., the country’s oldest bank, said Tuesday that it would begin safeguarding clients’ cryptocurrencies.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

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