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☆ PacWest falls 30% as regional banks stocks slide to new lows
▼ + stars: | 2023-05-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks fell sharply Tuesday as the fallout from the third major bank failure this year continued to put pressure on the sector. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase. First Republic is the third failure of a large regional bank this year, following Silicon Valley Bank and Signature Bank in March. Most other regional banks reported smaller deposits declines, however, and some like PacWest reported that deposits began rebounding in late March. Another issue for the regional banks is the possibility of more Fed rate hikes.

☆ PacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Shares of PacWest and Western Alliance each fell more than 25%, leading bank stocks lower on Tuesday. "This part of the crisis is over," JPMorgan's Jamie Dimon said after his bank took over First Republic. Shares of PacWest and Western Alliance fell as much as 26% and 27%, respectively. The S&P Regional Banks Select Industry Index fell 7%, while the KBW Regional Banking ETF fell 6%. The crash in regional bank shares comes a few days after First Republic Bank failed and was taken over by the Federal Deposit Insurance Corporation and its assets sold to JPMorgan.

☆ US stocks fall as investors prepare for another interest rate hike from the Fed
▼ + stars: | 2023-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks fell about 1% on Tuesday as investors prepare for another interest rate hike despite an ongoing banking crisis. The Federal Reserve is expected to hike interest rates by 25 basis points at its Wednesday FOMC meeting. Regional bank stocks were crushed on Tuesday just one day after JPMorgan acquired First Republic Bank. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Investors also have their eyes on corporate earnings, with Apple set to report quarterly results after the market close on Thursday.

☆ Dow slides by almost 600 points as bank shares nosedive
▼ + stars: | 2023-05-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

The Dow fell about 550 points, or 1.6% by midday Tuesday. Western Alliance Bank fell about 16.3% and New York Community Bancorp declined 6.6%. Wells Fargo fell 3.9%, Citigroup slipped 2.3% and Bank of America declined 3.6%. Since investors are already expecting a quarter-point rate hike on Wednesday, Fed commentary will be the focus for markets, Eye said. Investors will be watching for clues about the state of credit conditions following three bank failures, as well as about the Fed’s planned trajectory for future rate hike decisions.

SummarySummary Companies ASEAN+3 finance leaders meet in Incheon, South Korea, TuesdayJapan hopes to propose strengthening currency swap linesExpansion will offer better safeguards vs pandemic, disastersINCHEON, May 2 (Reuters) - Asian finance leaders on Tuesday will debate ways to beef up regional safeguards to better address emergency funding needs during pandemics and natural disasters, as global recession fears and volatile financial markets cloud the economic outlook. Japan, which co-chairs this year's meeting of ASEAN+3 nations with Indonesia, hopes to discuss strengthening currency swap lines, Finance Minister Shunichi Suzuki told reporters on Friday. Japan is keen to propose a facility that enhances usage of existing currency swap lines, and allows members to tap funds in times of emergencies such as pandemics and natural disasters, said three sources with direct knowledge of the matter. But the swap lines have never been used, including during the COVID-19 pandemic, giving rise to calls from within the group to make the system more easily accessible in the event of shock events. The ASEAN+3 finance leaders, including Suzuki and Bank of Japan (BOJ) Governor Kazuo Ueda, are meeting on the sidelines of the ADB's annual meeting in Incheon in South Korea this week.

☆ First Republic Bank Shows That the Banking Crisis Might Not Be Over Yet - The New York Times
▼ + stars: | 2023-05-01 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

The problem now, as I wrote in early March when Silicon Valley Bank was taken over by regulators, is that the math has gone bad for them. They’re losing their cheap funding and they’re still stuck with low-yielding investments that they acquired when interest rates were historically low. Market forces have already brought down Silicon Valley Bank, Signature Bank and First Republic Bank, the slowest antelopes in the herd. In terms of assets, not adjusted for inflation, those are three of the four biggest bank failures in U.S. history. The SPDR S&P Regional Bank exchange-traded fund, which tracks the stocks of the regional banks, has fallen 28 percent since the start of the year.

☆ Stocks making the biggest moves premarket: First Republic, JPMorgan Chase, SoFi Technologies & more
▼ + stars: | 2023-05-01 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A view of the First Republic Bank logo at the Park Avenue location, in New York City, March 10, 2023. Check out the companies making headlines before the bell:First Republic Bank , JPMorgan Chase — First Republic shares were halted during premarket trading after falling more than 45%. The move comes after JPMorgan took control of First Republic after the beleaguered bank was taken over by regulators. SPDR S&P Regional Banking ETF — The regional banking fund fell 0.4% in premarket trading as investors reacted to the failure of First Republic. Norwegian Cruise Line — The cruise line stock jumped 3% after Norwegian Cruise Line Holdings beat first-quarter expectations on the top and bottom lines.

NEW YORK, May 1 (Reuters) - The weekend rescue of troubled lender First Republic Bank (FRC.N) has done little to allay options traders' concerns about the overall health of U.S. regional banks. Traders who had bought upside calls on regional banks on Friday appeared to be exiting those positions as the regulator-engineered rescue of First Republic failed to catalyze a rally in the mid-cap bank sector. SPDR S&P Regional Banking ETF shares were down 2% at $41.70 in afternoon trading. At the individual stock level, traders were focused on regional lender PacWest Bancorp (PACW.O) on Monday. With PacWest shares down 7%, put options, typically used for bearish bets, outnumbered call options, usually employed for bullish bets, 4-to-1, according to Trade Alert data.

☆ Stocks making the biggest moves midday: JPMorgan Chase, General Motors, Exxon Mobil & more
▼ + stars: | 2023-05-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

NEW YORK, NEW YORK - APRIL 24: A person walks past a First Republic bank branch in Manhattan on April 24, 2023 in New York City. First Republic , JPMorgan Chase — First Republic shares and were halted after JPMorgan Chase acquired the ailing bank and most of its assets after regulators seized control. General Motors — The automaker gained 2% after Morgan Stanley upgraded General Motors to overweight from equal weight and called the stock oversold. — Regional bank stocks were volatile on Monday as investors reacted to the seizure and sale of First Republic Bank over the weekend. However, management said on the company earnings call Monday that demand for loans originating from the fourth quarter would see a lower monetization level due to higher interest.

☆ Premarket stocks: Google and Microsoft fight over the future of AI
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Microsoft, Google and a number of smaller rivals are in a race to integrate generative artificial intelligence technology (similar to ChatGPT) into their search functions and other applications. Both companies see it as an integral part of their future, but it was apparent on Tuesday that Microsoft and Google aren’t in agreement about what that future will look like. Analysts have expressed worry that Google is falling behind the competition when it comes to AI innovation. First Republic shares plunge 50%The past few weeks have been brutal for First Republic Bank (FRC). First Republic Bank also said Monday that it expects to cut its workforce by 20-25% this quarter.

☆ First Republic may not survive, even after two multibillion-dollar bailouts
▼ + stars: | 2023-04-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —First Republic Bank is in a fight for its survival. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday. First Republic said in its latest earnings call that is exploring its strategic options, Wall Street code for searching for a white knight. First Republic CEO Michael Roffler attempted to assure investors in an earnings call Monday that the bank had enough liquidity to do that. That’s what happened to Silicon Valley Bank on March 10 when the California Department of Financial Protection and Innovation took possession of and closed Silicon Valley Bank and on March 12 Signature Bank was closed by the New York State Department of Financial Services.

☆ Blackstone is in talks to help regional banks with lending
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

NEW YORK, April 20 (Reuters) - Blackstone Inc (BX.N), the biggest manager of private equity and real estate assets, said on Thursday it was discussing partnerships with U.S. regional banks to help them with constraints in areas such as car loans and home improvement financing. "As regional banks experienced outflows of deposits, we are seeing real-time opportunities to partner with them at scale," Blackstone President Jonathan Gray said on the firm's first-quarter earnings call. "The regional banks generally play a very large role in home improvement loans, auto loans and equipment finance. He did not identify the banks Blackstone is speaking to. The firm has shifted its focus in real estate to resilient sectors such as logistics and rental housing.

☆ Western Alliance stock surges as results allay deposit fears
▼ + stars: | 2023-04-19 | by ( Noel Randewich | ) www.reuters.com time to read: +3 min

April 19 (Reuters) - Shares of Western Alliance Bancorp (WAL.N) surged 24% on Wednesday after the U.S. regional bank posted stronger-than-expected earnings and said its deposits had stabilized, helping allay fears that last month's banking crisis could envelop more lenders. Wedbush Securities raised its rating on Western Alliance to "outperform" from "neutral" and added the bank to its "Best ideas list", among stocks including Apple (AAPL.O) and Microsoft (MSFT.O). Western Alliance's results soothed concerns about the stability of regional banks following worst U.S. banking crisis since 2008. The rally in Western Alliance following its report stood out among several regional banks that have posted quarterly results this week. Western Alliance's stock remains down over 40% from early March, before Silicon Valley Bank's collapse.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The Dow Jones Industrial Average (.DJI) fell 79.62 points, or 0.23%, to 33,897.01; the S&P 500 (.SPX) lost 0.35 points, or 0.01%, at 4,154.52; and the Nasdaq Composite (.IXIC) added 3.81 points, or 0.03%, at 12,157.23. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.8%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. The S&P 500 posted 16 new 52-week highs and one new lows; the Nasdaq Composite recorded 59 new highs and 123 new lows.

☆ Western Alliance's stock surges as results allay deposit fears
▼ + stars: | 2023-04-19 | by ( Noel Randewich | ) www.reuters.com time to read: +3 min

"We are seeing positive news from a regional bank that was in the crosshairs of the whole crisis. Western Alliance's results soothed concerns about the stability of regional banks following worst U.S. banking crisis since 2008. The rally in Western Alliance following its report stands out among several regional banks that have posted their quarterly results this week. Citizens Financial Group Inc (CFG.N) was trading near flat after reporting a quarterly profit early on Wednesday that missed Wall Street's estimates. Western Alliance's stock remains down over 40% from early March, before Silicon Valley Bank's implosion.

Major equity indexes have been largely stable during the early stages of a first-quarter earnings season that investors expect to show tepid results. The defensive utilities group (.SPLRCU) gained most among S&P 500 sectors, rising 0.7%. S&P 500 companies overall are expected to post a 4.8% decline in first-quarter earnings from the year-earlier period, according to Refinitiv IBES. Shares of Western Alliance Bancorp (WAL.N) surged 23% after the company posted stronger-than-expected earnings, helping lift the SPDR S&P Regional Banking ETF (KRE.P) 4%. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 48 new highs and 111 new lows.

☆ White House hails Yemen steps after meeting with Saudi crown prince
▼ + stars: | 2023-04-14 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Senior aides to U.S. President Joe Biden on Friday hailed progress toward resolving conflict in Yemen after "constructive" talks in Saudi Arabia with Crown Prince Mohammed Bin Salman. The meetings included Biden's top Middle East adviser, Brett McGurk, and his Yemen envoy, Tim Lenderking, and took place on Thursday and Friday, said Adrienne Watson, a spokesperson for the White House National Security Council. "The U.S. side confirmed its support for the defense of Saudi Arabia against threats from Yemen and elsewhere." The White House summary did not mention the surprise decision earlier this month by Saudi-led OPEC+ to cut oil production. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

☆ Here's how one investor is trading Friday's bank earnings: Some favorite picks and an ETF
▼ + stars: | 2023-04-13 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Longtime investor and trader Jim Lebenthal said he's favoring big banks over small lenders heading into the earnings season. "The big banks should have been beneficiaries of what went on last month with Silicon Valley Bank and Signature Bank, meaning they got deposit inflows from the smaller banks," Lebenthal said. "I think we should favor the big banks over the smaller banks just because of their overall strength." Are there further deposit outflows not just from small banks to big banks, but from all banks to money market funds?" The investor called JPMorgan the "creme de la creme" in the banking system and said he owns Citigroup as a value and turnaround play.

As another earnings season picks up, Bank of America says investors may find upside opportunities in certain underowned stocks that could beat expectations. The SPDR S & P Regional Banking ETF has tumbled 27.1% so far this year. Medical device maker Resmed also made the list, with a z-score of 0.8 and relative weight value of 0.1. The stock's relative weight in fund holdings versus the broad market index is 0.1. The Bermuda-based insurance group's relative weight in active fund holdings, versus the S & P 500, is 0.6.

[1/2] White House National Security Advisor Jake Sullivan speaks during a daily press briefing at the White House in Washington, D.C., U.S., November 10, 2022. REUTERS/Tom BrennerWASHINGTON, April 11 (Reuters) - U.S. national security adviser Jake Sullivan spoke with Saudi Arabia's Crown Prince Mohammed bin Salman on Tuesday and discussed Iran and steps aimed at ending the war in Yemen, the White House said. The foreign ministers of Iran and Saudi Arabia met in Beijing last week after agreeing to end their diplomatic rift following years of hostility that fuelled conflicts across the Middle East. Mr. Sullivan reaffirmed President (Joe) Biden’s unwavering commitment to ensure Iran can never acquire a nuclear weapon," the White House said in a statement late on Tuesday. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

☆ Premarket stocks: Main Street investors bet on comeback for regional banks
▼ + stars: | 2023-04-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank stocks. At the same time, he said, institutional investors, the so-called “smart money,” have been trading out of volatile regional bank stocks. That could mean bad news for those who are betting they’ll see big returns on regional bank stocks. This is a risky move for retail investors, said Iachini, and a speculative play. We’re not seeing a meaningful recovery, at least yet, for regional bank stocks, he said.

Companies HP Inc FollowApril 11 (Reuters) - A U.S. appeals court on Tuesday revived a lawsuit alleging HP Inc (HPQ.N) defrauded shareholders by secretly using unprofitable tactics to boost sales of its printing supplies in 2015 and 2016. Circuit Court of Appeals reversed a judge's ruling dismissing the lawsuit as filed too late. The SEC said in 2020 that some HP regional managers used incentives to accelerate sales they expected to materialize in later quarters. It also said sales managers sold steeply discounted supplies to distributors known to resell HP products outside their own territories, "cannibalizing" sales from local distributors and violating company policy. Circuit Court of Appeals, No.

☆ Iran to send delegation to Saudi Arabia for embassy reopening- ISNA
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +1 min

DUBAI, April 9 (Reuters) - An Iranian technical delegation will visit Saudi Arabia this week to prepare for the reopening of Iran's embassy in Riyadh, the semi-official ISNA news agency reported on Sunday. The announcement comes days after the foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years, after China brokered a deal to restore relations between the top regional powers. "The Iranian technical delegation will visit Tehran's embassy in Riyadh and make arrangements for the reopening of Iran's embassy in Saudi Arabia," ISNA reported. The Saudi foreign ministry had said on Saturday that officials had visited Iran to discuss procedures for reopening Riyadh's diplomatic missions in the Islamic Republic. "The Saudi delegation visited the Saudi embassy in Tehran this morning," ISNA added.

☆ BMO's chief strategist says you have to 'sift through the rubble' in the banking sector. Here are the smaller names he likes
▼ + stars: | 2023-04-05 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

First Citizens BancShares and Glacier Bancorp are smart smaller bank stocks to own as investors re-examine the pummeled financial sector, according to Brian Belski, chief investment strategist at BMO Harris. "Unfortunately, you have to kind of sift through the rubble to find ... the best names," he said on CNBC's " Halftime Report ." That's despite the fact that small- and mid-size banks will likely see massive consolidation more broadly, Belski added. Three out of the five analysts with ratings on First Citizens say the stock is worth buying, according to Refinitiv. But after its recent drop, the average analyst expects the stock to rally almost 25% in the next year.

☆ Wells Fargo's top short-term trade ideas for the second quarter
▼ + stars: | 2023-04-05 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

As the second quarter kicks off, Wells Fargo's equity research team has some favorite long plays. As investors look to keep the winning spirit alive in the new quarter, Wells Fargo's equity research team compiled a list of best long plays. But Wells Fargo said the company could absorb incremental market share following Silicon Valley Bank's closure given its position in the technology sector and sophisticated management. Spotify will likely introduce a price increase within the U.S. in the second or third quarter, Wells Fargo said. Paramount struggles from industry-wide challenges such as the decline of linear, while also struggling to scale its direct-to-consumer offerings to reach profitability, Wells Fargo said.

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