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☆ Bank of America, Huntington National Stand Out for Large Reductions in Uninsured Deposits
▼ + stars: | 2023-07-24 | by ( Jonathan Weil | Shane Shifflett | ) www.wsj.com time to read: 1 min

The Federal Deposit Insurance Corporation is doing what it was designed to do when banks like Silicon Valley and Signature go under: cover insured deposits. Here’s how the FDIC works and why it was created. Photo illustration: Madeline MarshallWhen Silicon Valley Bank ran into financial trouble, its customers ran for the exits because most of their deposits weren’t insured. In the weeks after, dozens of banks tweaked their numbers to reduce the portions of their deposits that they said were uninsured.

Persons: Madeline Marshall Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank Locations: Silicon

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

(Reuters) -Comerica and Huntington Bancshares on Friday sharply cut their interest income growth forecasts for 2023, the latest U.S. banks to sound the alarm over faltering loan demand and spike in deposit costs. NII - the difference between what banks make on loans and pay out on deposits - rose for nearly all banks reporting earnings for the April-June quarter, with Comerica and Huntington also topping profit estimates. Mid-sized lender Regions Financial, which also reported results on Friday, said its deposit costs had risen in the second quarter. Comerica slashed its 2023 NII growth forecast to a range of 1% to 2% from 6% to 7% estimated earlier, and its shares fell 3.8%. Its shares slipped 1.3% in late-morning tradeRegions Financial kept its 2023 NII forecast unchanged but its stock declined 3.4%.

Persons: Huntington Bancshares, Mike Segar, Huntington, ”, Christopher Marinac, Janney Montgomery Scott, James Herzog Organizations: Reuters, Comerica, Huntington, Wall, New York Stock Exchange, REUTERS, Federal, Financial, ” Comerica Locations: Manhattan, New York City , New York, U.S

☆ Huntington Bank CEO on Q2 bank earnings, loan demand and the state of the consumer
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHuntington Bank CEO on Q2 bank earnings, loan demand and the state of the consumerStephen Steinour, Huntington Bank CEO, joins 'Power Lunch' to discuss the bank's earnings, loan demand and the state of the consumer.

Persons: Stephen Steinour Organizations: Huntington Bank

☆ Huntington Bancshares beats Q2 profit estimates on interest income strength
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

July 21 (Reuters) - Huntington Bancshares (HBAN.O) beat Wall Street estimates for second-quarter profit on Friday, as it earned more from rising interest rates and saw strong demand for its commercial loans. "There is increasing optimism around a very modest slowdown, (or) recession," the bank's CEO Stephen Steinour said, citing stimulus spending from the government. "The interest rate outlook has continued to change," said Steinour, adding there are expectations that rates will remain higher for a longer period. Huntington earned $0.35 per share in the second quarter versus analysts' average estimate of $0.34 per share, according to Refinitiv IBES data. Total deposits at Huntington were $148 billion, up nearly 2% from the first quarter.

Persons: Huntington, Stephen Steinour, NII, Niket, Saeed Azhar, Shweta Agarwal, Deepa Babington Organizations: U.S . Federal Reserve, Comerica, Fifth Third Bancorp, Thomson Locations: U.S, Columbus , Ohio, Huntington, Bengaluru, New York

☆ Morning Bid: Dollar flexes into Fed week, calm returns
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +4 min

Another unexpectedly tight weekly reading from the U.S. labour market sowed some lingering doubts that we're on the cusp of 'peak Fed' just yet. The tech wobble saw the Nasdaq (.IXIC) recoil 2% in its biggest drop since March. A quieter earnings schedule is topped by American Express - but nearly all the other banks have been impressive over the past week. Pessimists think the Fed is not done tightening yet and any further rate hikes after next week will just hasten a downturn in 2024. That has sobered up the Treasury market a touch after a couple of weeks of disinflation relief.

Persons: Mike Dolan, jockeying, we're, Dow Jones industrials, Johnson, Pessimists, Huntington Bancshares, Janet Yellen, Angus MacSwan Organizations: Big Tech, Tesla, Netflix, Nasdaq, American Express, Treasury, Bank of Japan, Comerica, Regions, Roper Technologies, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Huntington, Schlumberger, Canada, Hanoi

☆ China's sagging economy looms over quarterly results around the world
▼ + stars: | 2023-07-20 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

July 20 (Reuters) - China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple (AAPL.O), big chipmakers and luxury retailers as they report quarterly results in the next few weeks. China accounted for 36% of NXP's revenue last year and half of Texas Instruments' revenue. Analysts estimate NXP reporting a 3.2% drop in quarterly revenue, with Texas Instruments' revenue tumbling 16%, which would be its steepest drop since 2009, according to Refinitiv. The specialty glass maker blamed "anticipated recession-level demand" for weak results in its previous quarterly report last April. Coffee maker Starbucks (SBUX.O) in May reported quarterly results that beat estimates, powered by recovering demand in China.

Persons: Ross Mayfield, Baird, Cartier, Richemont, Bernstein, Tesla, Jonathan Golub, hobble, David Klink, Noel Randewich, Chavi Mehta, Caroline Valetkovitch, Mimosa Spencer, David Gaffen, Nick Zieminski Organizations: Apple, U.S, Shanghai, ABB, HK, NXP Semiconductors, Texas, Texas Instruments, . Credit Suisse Chief, Equity, Corning Inc, Samsung Electronics, Huntington Private Bank, Reuters, Thomson Locations: China, U.S, Swiss, Asia, ., China . U.S, Washington, Beijing, Oakland , California, Bangalore, New York, Paris

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ These are the 3 key things that will impact the stock market in the week ahead
▼ + stars: | 2023-07-15 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

A lot was riding on these important measures of inflation after the scorching-hot ADP jobs report last week. Here are 3 things you need to know for the week ahead: 1. Industrial production and capacity utilization, also out Tuesday, shines a light on manufacturing, which attributes about 12% to U.S. GDP. Six months is generally considered to represent a balance between supply and demand in the housing market. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Stocks, Morgan Stanley, Johnson, Jeff Miller, Lockheed Martin, Charles Schwab, JB Hunt, Goldman, Baker Hughes, Ally, Kinder Morgan, Zions, Philip Morris, Abbott, ABT, Jim Cramer's, Jim Cramer, Jim, Scott Olson Organizations: Nasdaq, Dow Jones Industrial, Housing, CPI, Halliburton, HAL, Johnson, of America Corp, Lockheed, Lockheed Martin Corp, Novartis International AG, PNC Financial Services Group, Inc, PNC, Charles Schwab Corp, Bank of New York Mellon Corporation, BK, Synchrony, Interactive, Goldman Sachs Group, U.S . Bancorp, ASML, Citizens Financial, T Bank Corp, Northern Trust Corporation, Horizon National Corp, Business Machines Corp, IBM, United Airlines, Netflix, Steel Dynamics, Alcoa, Discover Financial Services, Crown, International Corp, Equifax Inc, Las Vegas Sands Corp, Liberty Energy Inc, Philip Morris International Inc, Taiwan Semiconductor Manufacturing Company, American Airlines Group Inc, Travelers Companies, SAP, Nokia Corp, Truist Financial Corporation, Company, McLennan Companies, Infosys Technologies Ltd, Newmont Mining Corp, Fifth Third Bancorp, Pool Corporation, Alfa Laval, Webster Financial Corp, Blackstone, Financial Corp, PPG Industries, CSX Corp, CSX, Berkley Corp, Swift Transportation Holdings Inc, American Express Co, AutoNation Inc, Interpublic, of Companies, Autoliv Inc, Huntington Bancshares, Financial Corporation, Roper Technologies, Comerica, Jim Cramer's Charitable, CNBC, Getty Locations: U.S, Las, ZION, Horton, Freeport, Marsh, ALFVY, W.R, Lemont , Illinois

NEW YORK, July 14 (Reuters) - Amazon shoppers snagged deals on food delivery, travel and healthcare during a two-day Prime Event that ended on Wednesday, highlighting the potential for growth in services at an e-retailing giant long focused on goods. Amazon did not immediately respond to a request for comment on the shift to include services. Amazon offered a 28% discount for a one-year subscription to its One Medical service for U.S. Prime members who signed up before the Prime Day event ended. Experimenting with more Prime Day deals on services and discounted memberships could bolster Amazon's advertising services, Lipsman said. Investors expect ad revenue to reach $11.2 billion in the third quarter, which will include Prime Day data, according to Refinitiv data.

Persons: David Klink, we’re, Klink, Amazon's Grubhub, Grubhub, Andrew Lipsman, Lipsman, Arriana McLymore, Howard Goller Organizations: YORK, Adobe Analytics, Huntington National Bank, Walmart, Paramount, Priceline, Booking Holdings, Priceline's Hotel Express, Amazon, Intelligence, Merchants, Thomson

July 7 (Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September. It also declined to consider PDVSA's request to bar the attachments from the district court case. Reporting by Gary McWilliams; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Venezuela's, Crystallex, Gary McWilliams, Daniel Wallis Organizations: Petroleum, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals, Rusoro Mining, PDV, Thomson Locations: Venezuela, Delaware

☆ Oil prices steady as rate hike fears offset signs of tightening supply
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: +1 min

A view of oil platform Emmy off the coast of Huntington Beach at dusk Thursday, October 14, 2021. Oil prices were largely unchanged on Friday, but set to post weekly gains, as fears of higher U.S. interest rates that could dampen energy demand were offset by signs of tighter supply after a larger-than-expected fall in U.S. oil stocks. The total cuts now stand at more than five million barrels per day, equating to 5% of global oil output. However, oil prices were capped on strengthening expectations the U.S. central bank is likely to raise interest rates at their July 25 to 26 meeting after holding rates steady at 5% to 5.25% in June. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Organizations: Brent, U.S, West Texas Intermediate, Energy Information Administration, Federal Locations: Huntington Beach, U.S, Saudi Arabia, Russia, OPEC

MediaNews Group | The Riverside Press-Enterprise via Getty ImagesOf the many acts that can get an Amazon merchant kicked off the site, few are as devastating as selling stolen goods. But suspended sellers, who spent years building their businesses on Amazon, told CNBC they had no idea they were selling stolen products. In an email to CNBC, Amazon said it's working with authorities and doesn't comment "on matters that are the subject of active law enforcement investigations." Tracing the stolen goods supply chainIn tracing the supply chain for suspended sellers, some patterns started to emerge. "Chances are stolen goods or similar ASINs/serial numbers are being bled in to every supply line," the employee wrote.

Persons: Levoit humidifiers, Frank —, Frank, Kenzo Sobrie, Dyson, blenders, they'd, Joe Quinlivan, Sellers, they've, Chris McCabe, Ricky Sala, what's, Sala, he'd, Tien Ngo, Ngo, Stride, Daniel Acker, ASINs, Armen Babayan, illicitly, Babayan, KZ, Juniper, couldn't, Cameron Webb, Kevin Cole, didn't, He's, Sobrie Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Retailers, LG, KZ International, California, Patrol, KZ, CHP, Amazon.com Inc, Amazon Robotics, Bloomberg, Oregon Prep Center, Facebook, FBI, Washington State Office, Ngo Wholesale Distributors, Ngo, Co, Wholesale, Los, Juniper Holdings, Telegram Locations: Eastvale , California, KZ's, Huntington Beach , California, Westborough , Massachusetts, Los Angeles, Miami, The Miami, New York, Washington, Santa Fe Springs, Los Angeles County, Garden Grove, Orange County, California, Huntington Beach, California , Florida, New Jersey

☆ Opinion | The American Empire in the Fog of Ukraine
▼ + stars: | 2023-06-30 | by ( Ross Douthat | ) www.nytimes.com time to read: +2 min

In a critique of the political thinker James Burnham, penned in the wake of World War II, George Orwell wrote:Power worship blurs political judgment because it leads, almost unavoidably, to the belief that present trends will continue. Whoever is winning at the moment will always seem to be invincible. But a war that seems stalemated, that grinds without dramatic shifts, poses a somewhat different challenge to political judgment; the observer is always tempted to discern a certain trend, a sweeping historical judgment, amid a state of ebb and flow and wartime fog. The war in Ukraine is a case study, yielding very different big-picture arguments based on developments from month to month and even week to week. The same pattern applies to analysis of how the war fits in the global power picture.

Persons: James Burnham, George Orwell, Orwell, Yevgeny Prigozhin, Samuel Huntington’s, Francis Fukuyama’s Locations: South Asia, Asia, Tobruk, Cairo, Berlin, London, Ukraine

☆ Stocks making the biggest moves midday: Dollar Tree, Amazon, FedEx and more
▼ + stars: | 2023-06-21 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

People walk by a Dollar Tree store on December 11, 2018 in the Brooklyn borough of New York City. FedEx — The delivery company fell 1.7% after quarterly revenue missed expectations and announced CFO Mike Lenz would retire on July 31. Adjusted earnings were better than expected at $4.94 per share against the anticipated $4.89, while forward guidance was around flat. Advanced Micro Devices — Shares of the chipmaker pulled back nearly 5%, on track for their biggest intraday loss in two weeks. Dollar Tree — Shares of Dollar Tree popped more than 3% after the discount retailer reiterated its fiscal second-quarter 2023 earnings guidance.

Persons: Mike Lenz, MicroStrategy, Tesla, Rivian, Goldman, OneSpaWorld, Walt Disney, Needham, Laura Martin, Bob Iger, Raymond James, Uniqure, hemophilia, Yun Li, Michelle Fox, Jesse Pound, Sarah Min, Brian Evans Organizations: Federal Trade Commission, Amazon, FedEx, Securities and Exchange Commission, Barclays, GlaxoSmithKline —, Petrobras —, Walt Disney —, AMD Locations: Brooklyn, New York City, bitcoin, Netherlands

1. tritium — a radioactive form of hydrogen used in nuclear weapons:With this kind of nuclear waste, I’m not referring to water containing the radioisotope tritium that nuclear plants regularly release. — Nuclear Waste Is Misunderstood (April 28, 2023)2. ennead — a group of nine:The remaining nine partners wanted to more accurately signify their collaborative process. — Architecture Now Building New Names (Sept. 29, 2010)3. wahine — a Polynesian woman or a female surfer:And I wasn’t the only smitten wahine. Rats in particular found plenty of bird eggs and chicks to feed on, including those of two endemic species: the South Georgia pintail, a small duck; and the South Georgia pipit, the island’s only songbird. — Abundance, Exploitation, Recovery: A Portrait of South Georgia (April 18, 2022)10. natant — swimming or floating:I love the word natant.

Persons: ennead, wahine, tomtit, Massenet — Minor, monomania, —, ”, Rebecca Morris, Peter Bradley’s, tippet, — Dave Whitlock Organizations: Surf Industry Manufacturers Association, Audubon Society, Science, Georgia pintail, Sun Locations: Los Angeles, Georgia, South Georgia

☆ As regional bank stock rally regains steam, investors should watch out for these spoilers
▼ + stars: | 2023-06-13 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

With the Federal Reserve expected to pause its rate-hiking campaign at this week's meeting, regional banks stocks have made a comeback, but that doesn't mean all the trouble is in the rearview mirror. Still, the upward march resumed on Tuesday, begging the question of what's ahead for bank stocks. As the Treasury sells tens of billions of dollars in Treasury bills, it could pressure bank deposits. Graseck predicts that a reacceleration of deposit outflows would snuff out the bank stock rally. In addition, regional bank earnings estimates, which had been cut severely in March and April, had leveled off in May.

Persons: Jack Ablin, Ablin, outflows, SVB, Aditya Bhave, Bhave, Morgan Stanley, Betsy Graseck, Graseck, Nicholas Colas, Huntington Bancshares, Matt O'Connor, KeyCorp, Albin Organizations: Federal Reserve, Fed, Cresset, Silvergate, Silicon Valley Bank, Signature Bank, PacWest Bancorp, Bank of America, Treasury, DataTrek Research, Citizens Financial Group, Truist, Morgan Stanley U.S, Financials, CRE Conference, Deutsche Bank, TFC Locations: Silicon, Federal, U.S, 2Q23, New York

The debt deal capped national security spending in fiscal 2024 at $886 billion, which is what U.S. President Joe Biden requested. Ordinarily, some of the $16 billion worth of unfunded priorities would get tacked on, as well as billions worth of lawmaker initiatives. In recent years Congress has increased defense spending by more than any president requests, generally by tens of billions of dollars. This year, the debt ceiling deal could make that more difficult. That Ukraine supplemental spending request is now expected to include a broader range of military spending and could include some items and pet projects left behind.

Persons: Joe Biden, Abrams, Lockheed Martin, Biden, Mackenzie Eaglen, Eaglen, Mike Stone, Patricia Zengerle, David Holmes Organizations: U.S, Department of Defense, General Dynamics, Lockheed, Huntington Ingalls Industries, Congressional, Pentagon, Congress, Democratic, Republican, American Enterprise Institute, Thomson Locations: Ukraine, Washington

The pan-European STOXX 600 index (.STOXX) rose 0.78% after closing at a two-month low in the previous session. The yield on benchmark U.S. 10-year Treasury notes dropped to 3.605%, while the yield on the 30-year Treasury bond was down at 3.8348%. The dollar index fell 0.47%, with the euro up 0.51% at $1.0743. Spot gold added 1.0% at $1,982.03 an ounce, while U.S. gold futures gained 0.85% at $1,980.50 an ounce. Reporting by Chibuike Oguh in New York Editing by Nick Zieminski and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: David Klink, Christine Lagarde, Chibuike Oguh, Nick Zieminski, Richard Chang Organizations: YORK, U.S . House, U.S, Treasury, Federal Reserve, Republicans, Senate, Huntington Private Bank, Dow Jones, Nasdaq, Labor Department, European Central Bank, Brent, West Texas, Thomson Locations: New York

☆ Panera Bread parent announces CEO transition as it prepares for 'eventual IPO'
▼ + stars: | 2023-05-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Customers patronize an open Panera Bread location in the Walt Whitman Mall on March 26, 2020 in Huntington Station, New York. JAB Holding, the investment arm of the Reimann family, bought Panera Bread in 2017 for $7.5 billion, taking it private. In the press release, Panera Brands said the leadership changes are "in preparation for its eventual IPO." Panera Bread, the largest chain in the portfolio, has long been known as a technology leader in the restaurant industry. Panera Bread has also been testing A.I.

To qualify for the bonus, you must have an eligible account — a Chase personal checking account, Chase personal savings account, or J.P. Mortgage Wealth Management non-retirement account. To be eligible for the $600 checking account bonus, you can't own a Huntington checking account. Banks paying $500 or more to open a business bank accountHuntington Bank: $1,000In addition to its personal checking account cash bonuses, Huntington Bank also has three business checking account promotions. You must be a new business checking account customer to qualify for the Huntington Bank Unlimited Plus Business Checking Account bonus by May 22, 2023. Chase: up to $500Chase also is offering a business bank account bonus of up to $500 for new business customers who open the Chase Business Complete Checking account.

☆ Walmart investors eye margins amid grocery focus
▼ + stars: | 2023-05-16 | by ( Siddharth Cavale | ) www.reuters.com time to read: +3 min

Home improvement chain Home Depot (HD.N) cut its annual forecast on Tuesday, indicating weakness for retailers who sell discretionary merchandise. Yet many shoppers have turned to Walmart for its low-priced basics such as toilet paper, milk, green beans and eggs. Investors such as Charles Sizemore, chief investment officer of Sizemore Capital Management, are looking for any specific hit to Walmart's so called gross profit margin. David Klink, senior equity analyst at Huntington Private Bank, which holds $77 million in Walmart shares, said that if Walmart can re-affirm its margin targets, "that would be very well appreciated by investors." Analysts on average are expecting the retailer to post first quarter margins of 3.7%, according to UBS.

☆ Major investors loaded up on regional bank stocks during a turbulent first quarter
▼ + stars: | 2023-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Einhorn's Greenlight Capital took small stakes in New York Community Bancorp and First Citizens Bancshares in the first quarter, with each bet worth about $20 million, according to a regulatory filing. New York Community Bancorp's subsidiary, Flagstar, acquired Signature Bank assets after that bank was shuttered , while First Citizens bought a large portion of Silicon Valley Bank assets . New York Community shares are up nearly 20% this year, while First Citizens' stock has jumped more than 68% on the year. 'Big Short' Burry of "Big Short" fame snapped up a slew of regional banks last quarter, including New York Community Bancorp , Capital One Financial , Western Alliance , PacWest Bancorp and Huntington Bancshares during the first quarter. To make matters more confusing, the conglomerate dumped its remaining stakes in Bank of New York Mellon and U.S. Bancorp .

☆ ‘Big Short’ Michael Burry bought shares in a slew of regional banks last quarter amid banking crisis
▼ + stars: | 2023-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, known for calling the subprime mortgage crisis, bought shares in a number of regional banks last quarter, betting the industry could weather the crisis, according to a new regulatory filing. The famed investor said in mid-March, after the collapse of Silicon Valley Bank , that he expected the banking crisis to be over soon without severe damage. However, on May 1, First Republic was seized by regulators to become the biggest bank collapse since the 2008 financial crisis. Burry bought $2 million worth of First Republic Bank shares last quarter, the filing, which reflects Scion's holdings as of March 31, showed. Burry was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name.

☆ A Navy jet just landed on the aircraft carrier USS Nimitz for the 350,000th time, but the famous flattop's days are numbered
▼ + stars: | 2023-05-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

A fighter jet landed on the USS Nimitz for the 350,000th time — a historic milestone. The aircraft carrier became the first in active service to hit that mark after 48 years in the Navy. Aircraft carrier USS Dwight D. Eisenhower has recorded 326,600 arrested landings, the next highest total. Craig Sicola, commanding officer of the aircraft carrier USS Nimitz (CVN 68), front seat, and Cmdr. Craig Sicola, commanding officer of the aircraft carrier USS Nimitz (CVN 68), front seat, and Cmdr.

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