DIRS.INFO The most relevant business & tech news

Bank of America is jumping back on the Western Alliance Bancorp bandwagon. Analyst Ebrahim H. Poonawala resumed coverage on the bank with a buy rating. Bank of America dropped its rating on the stock as Western Alliance got caught up in the broader regional bank sell-off after the failure of Silicon Valley Bank and Signature Bank — which was then followed by the collapse of First Republic. Western Alliance shares have lost more than 58% over the past three months. WAL 3M mountain Western Alliance shares Poonawala noted that while Western Alliance "is not out of the woods yet," the bank's management has shown "remarkable execution thus far in navigating the post SVB turmoil."

☆ Brief Rocket Fire Disrupts Gaza Cease-Fire. How Long Can the Truce Last?
▼ + stars: | 2023-05-14 | by ( Patrick Kingsley | ) www.nytimes.com time to read: +1 min

A cease-fire between Israel and Palestinian fighters in the Gaza Strip was largely upheld on Sunday, aside from a brief exchange of fire in the evening, and routine returned hours after the two sides agreed to end a five-day escalation that killed at least 33 people in Gaza and two in Israel. But across the region, the question was when, rather than if, the cease-fire would break. The escalation, at least the 11th involving Gaza since 2006, came just nine months after the previous days-long battle between Israel and militias in the coastal enclave. The Israeli military said that a single Palestinian rocket was fired into an open area near Gaza on Sunday evening, causing no damage but reminding residents of the fragility of the truce. Hard-line Palestinian militias that officially call for Israel’s destruction still dominate Gaza and maintain a strong presence in the West Bank — bolstering the Israeli rationale for exerting control over both territories.

☆ Why the US needs regional banks
▼ + stars: | 2023-05-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But those mega-banks lack the dexterity and regional specialization that small businesses crave, which is partly why Corporate America and policy makers alike are worried about the continued turmoil among regional banks. In just two months, a spark of panic has turned into a conflagration that has put America’s regional banks on notice. All of those banks share a status in common as a “regional” or “sector-specific” lender. By definition, regional banks are more specialized and focused. Without raising the cap, Hockett argues, we risk letting the Wall Street banks gobble up their smaller competition when those regional lenders fail.

☆ A conservative group just asked a federal court to end the student-loan payment pause immediately — partly because 'some junior associates at major law firms saw their six-figure salaries increase' du
▼ + stars: | 2023-05-11 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Conservative nonprofit Mackinac Center asked a federal court to immediately end the student-loan payment pause on Thursday. The ongoing payment pause is currently set to end this summer. In April, the group filed its initial lawsuit against the Education Department to end the pause and prevent a further extension. Additionally, in Thursday's complaint, the group claimed that not every student-loan borrower required the relief the payment pause brought. Nationwide debt relief that fails to distinguish between the two groups provides an unlawful windfall to the latter.

☆ Premarket stocks: This is how the banking crisis ends
▼ + stars: | 2023-05-05 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

London CNN —US regional bank stocks look set to rebound Friday but are still down sharply this week, accentuating fears that federal regulators have not yet contained a crisis in the sector that could shake the financial system. Breaking it down: Wall Street is on the hunt for any signs of vulnerability in the banking system after the high-profile demise of Silicon Valley Bank, Signature Bank and First Republic Bank in a matter of weeks. While authorities stepped in to protect depositors at those banks, investors were left with stocks that were suddenly worthless. “I believe it really only ends after we get some type of government intervention,” Michaud told me. The value of short positions in regional bank stocks reached $15.1 billion in mid-April, up from about $13.7 billion one year ago, according to data from S3 Partners.

☆ UBS says it's time to start picking off some of the safer regional banks on the cheap
▼ + stars: | 2023-05-04 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The selloff in regional banks may have created a buying opportunity for certain investors in some of the safer, large-cap names, UBS said in a note Thursday. PacWest is the latest regional bank to lead the sector lower following the news late Wednesday that it is weighing its options , including a possible sale. The rout began in March with the collapse of Silicon Valley Bank and subsequent deposit outflows in regional banks. However, regional banks were under pressure again Thursday. The SPDR S & P Regional Bank ETF (KRE) dropped more than 8%.

☆ Cantor's Howard Lutnick says the banking crisis isn't over and the Fed is done hiking rates
▼ + stars: | 2023-05-04 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

The Federal Reserve should be done hiking interest rates after considering the impacts of the bank crisis, said Howard Lutnick, chairman and CEO of Cantor Fitzgerald and BGC Partners. Lutnick said on CNBC's "Squawk Box" that the exodus of deposits from regional banks is the equivalent to a full percentage point in interest rate hikes from the Federal Reserve. "Of course they're done," Lutnick said of the central bank's rate hike campaign. Lutnick said the banking crisis is still a problem, even as regulators have worked to calm customers, and indirectly investors, in recent weeks. Commercial bank deposits have fallen about $894 billion since March 2022, according to seasonally adjusted data from Fed .

Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark. Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark.

☆ 'Self-fulfilling prophecy is a risk' in regional bank crisis, Evercore ISI says
▼ + stars: | 2023-05-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks have fallen sharply this week after the failure and sale of First Republic, with the SPDR S & P Regional Banking ETF (KRE) tumbling 8.9% in just two days, on Monday and Tuesday. KRE 5D mountain Regional bank stocks have fallen after First Republic's failure. But even if the immediate concerns have been put to rest, now the falling bank stocks could create a new round of issues, according to Evercore ISI. ... regional banks' troubles are earnings issues for most, rather than liquidity issues," Pancari said. He added that "select regionals appear oversold," highlighting Fifth Third Bancorp as one of Evercore ISI's favorite mid-sized banks.

☆ CNBC Daily Open: JPMorgan takes over First Republic
▼ + stars: | 2023-05-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

A branch of First Republic Bank in New York City, U.S.Markets were remarkably quiet following the second-biggest bank failure in U.S. history. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets were remarkably quiet following the second-biggest bank failure in U.S. history. Subscribe here to get this report sent directly to your inbox each morning before markets open.

On Monday morning, the federal government took over a third failing bank — this time, First Republic. Jeanna Smialek, an economy correspondent for The Times, discusses whether we are at the end of the banking crisis or the start of a new phase of financial pain.

☆ Are we in a recession? Elon Musk says the pile of failed banks proves it.
▼ + stars: | 2023-05-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

As for today, let's see what Elon Musk and Larry Summers have to say about the state of the economy. In any case, ex-Treasury Secretary Larry Summers said recession odds for the next year are now sitting at 70%. These six factors suggest the stock market bottomed last October. Morgan Stanley's top equity strategist Mike Wilson thinks investors are banking too hard on a potential Fed rate cut this year. That discrepancy could set the stock market up for a sell-off, in his view.

☆ CNBC Daily Open: JPMorgan rides to the rescue
▼ + stars: | 2023-05-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

A posted announcement from the FDIC about the seizure of First Republic Bank and sale to JPMorgan Chase is displayed on a window at a First Republic Bank office on May 01, 2023 in San Francisco, California. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In sum: First Republic's failure and takeover by JPMorgan is a big deal (and good one for the biggest bank in the U.S.!) Subscribe here to get this report sent directly to your inbox each morning before markets open.

WASHINGTON, May 1 (Reuters) - JPMorgan Chase & Co's (JPM.N) deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business on Monday, President Joe Biden hailed the sale of the troubled San Francisco-based lender, saying it would protect all depositors and avert a government bailout. "A poorly supervised bank was snapped up by an even bigger bank — ultimately taxpayers will be on the hook," Warren tweeted. "No recent administration has done more to promote competition, address (the) concentration process across industries," she told a White House briefing. Jean-Pierre added that Biden administration officials valued the fact that community banks offer services to those who might not otherwise have banking access.

☆ JPMorgan is buying First Republic Bank after it was taken over by regulators
▼ + stars: | 2023-05-01 | by ( Kaja Whitehouse | Huileng Tan | ) www.businessinsider.com time to read: +5 min

First Republic Bank was put into receivership by regulators early Monday. First Republic Bank will be taken over by JPMorgan after being seized by regulators, marking the third regional bank to be taken over by federal regulators following a consumer panic that took down Silicon Valley Bank in March. The FDIC said early Monday that JPMorgan submitted a bid for all of First Republic's deposits of $103.9 billion. As part of the transaction, First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan on Monday. JPMorgan is assuming all of First Republic Bank's deposits — including uninsured ones — as well as most of its assets, said FDIC and JPMorgan in their statements.

☆ First Republic Is Sold: What to Know
▼ + stars: | 2023-05-01 | by ( Lora Kelley | ) www.nytimes.com time to read: +1 min

The federal government seized First Republic Bank and sold it JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe. Widely viewed as the most at-risk bank since Silicon Valley Bank and Signature Bank failed in March, First Republic lost $102 billion in deposits last quarter (more than half the $176 billion it held at the end of last year). Over that period, the bank also borrowed some $92 billion, mostly from government-backed lending groups and the Federal Reserve. First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares in droves. JPMorgan will “assume all of the deposits and substantially all of the assets of First Republic Bank,” the Federal Deposit Insurance Corporation said it an statement, adding that its insurance fund would have to pay out an estimated $13 billion to cover First Republic’s losses.

☆ Millions of student-loan borrowers could find out in the next 2 months if they will get Biden's debt relief. Here's what's at stake — beyond a reduction to balances.
▼ + stars: | 2023-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Supreme Court is expected to issue a decision on Biden's student-debt relief by the end of June. They could have debt relief right now if it weren't for these lawsuits." And it looks like the Education Department is planning for those payments to resume with or without relief. The implementation of targeted debt relief reformsThe Education Department has some other things in the works, aside from broad student-debt relief. Share your student debt story with this reporter at asheffey@insider.com.

☆ What’s next for troubled First Republic Bank
▼ + stars: | 2023-04-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank is still an independent bank. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by their customers left the lenders unable to cover customers’ demands for withdrawals. Nervous major depositorsThe financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter. In its earnings statement, the bank said insured deposits declined moderately during the quarter and have remained stable from the end of last month through April 21. So when customers lose confidence in a bank and rush to withdrawal their money, what is known as a “run on the bank,” it can cause even an otherwise profitable bank to fail.

☆ How to trade Deutsche Bank and Barclays quarterly results based on history
▼ + stars: | 2023-04-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Two of Europe's largest banks — Britain's Barclays and Germany's Deutsche Bank — are set to announce their first-quarter earnings later on Thursday. In such a scenario, CNBC Pro's analysis found that shares, on average, outperformed the FTSE 100 index by 2.7 percentage points on the day. The stock also beat the benchmark by 2.5 percentage points over a week since the results, and 13.9 percentage points a month out. BARC-GB 1Y line Meanwhile, Deutsche Bank shares have more often than not performed poorly compared to the DAX index , according to CNBC Pro's analysis. Deutsche Bank shares were trading at 9.52 euros per share ($11.87) on Wednesday afternoon.

☆ Premarket stocks: Here's what we know about First Republic Bank
▼ + stars: | 2023-04-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —First Republic Bank has been teetering on the edge for weeks. The San Francisco-based lender could be next in the line to collapse, following in the footsteps of former competitors Silicon Valley Bank and Signature Bank. The FDIC, Federal Reserve, White House and First Republic did not respond to requests for comment about those reports. The stock’s trading was halted numerous times both days as its rapid decline triggered volatility-triggered timeouts by the New York Stock Exchange. “It’s becoming clearer each day” that First Republic is “toast,” said Don Bilson at Gordon Haskett, in a note Wednesday.

Meta posted $28.65 billion in revenue, topping analysts' $27.66 billion estimate, according to Refinitiv data. Revenue topped estimates, coming in at $741 million versus analysts' estimate of $708.5 million. Ebay said it sees second-quarter per share earnings between 96 cents to $1.01, while analysts had estimated 99 cents per share. Ebay's estimated current-quarter revenue of $2.47 billion to $2.54 billion topped analysts' consensus projection of $2.43 billion. Pioneer Natural Resources — The oil and gas company fell 2.2% after first-quarter earnings topped estimates while revenue missed.

☆ 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.

☆ Stocks making the biggest moves premarket: Activision Blizzard, Chipotle, First Republic Bank & more
▼ + stars: | 2023-04-26 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

The company said Tuesday its upcoming quarterly revenue will range from $700 million to $750 million, compared to the expected $765.2 million from analysts surveyed by StreetAccount. The company reported an adjusted loss of $1.27 per share and $17.92 billion in revenue. Activision Blizzard — Activision Blizzard shares dropped about 10.4% in the premarket after a UK regulator blocked Microsoft's purchase of the video game publisher. ServiceNow will be announcing its quarterly earnings Wednesday after the bell. The gain came after fellow tech-related giant Microsoft reported quarterly earnings that exceeded expectations, boosting sentiment for Amazon.

The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. However, the company's $592.2 million quarterly revenue fell below the $593.9 million anticipated by Wall Street. Although the company's quarterly adjusted earnings and revenue topped analysts' expectations, investors may have been disappointed in its muted full-year outlook. Danaher's GAAP operating profit of $1.79 billion fell below analysts' estimates of $2.12 billion, according to FactSet. General Motors — Shares fell 3.3% after the automaker lowered its guidance for net income attributable to stockholders in 2023.

☆ Standard Chartered CEO warns of risks in the banking sector that haven't 'come home to roost'
▼ + stars: | 2023-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Standard Chartered 's chief executive warned Monday that the banking sector may face fresh issues, even as the immediate risks from last month's market turmoil have subsided. Bill Winters said other issues could "come home to roost in some form of a crisis" as imbalances in some banks are exposed. I don't think we can put the issue behind us," Winters told CNBC's Joumanna Bercetche. Swift intervention by regulators last month prevented the collapse of Silicon Valley Bank — and later, Credit Suisse — from escalating into a wider banking crisis. "That exposed some underlying flaws in business models, or exacerbated flaws that we knew were there but maybe didn't appreciate how serious they were," he said.

Search resuls for: "Bank —"

25 mentions found