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☆ Yen sinks as rates outlook diverges; New Zealand dollar tumbles
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

Yen, euro and U.S. dollar banknotes of various denominations. Meanwhile, the risk-sensitive New Zealand and Australian dollars weakened amid heightened U.S.-China tensions over Taiwan, with Beijing a key trading partner for the Antipodean nations. The yen slipped 0.4% against the U.S. dollar to 132.70, extending its decline from Friday, when data showed the U.S. economy continued to add jobs at a brisk pace in March. Barring an upside surprise in U.S. consumer price data on Wednesday, the dollar has limited room to rise against the yen from current levels, they added. Meanwhile, the New Zealand dollar slumped about 0.7% to $0.62325, and the Aussie slipped 0.13% to $0.6665.

☆ Tesla stock tumbles 5% after the EV maker cuts prices again
▼ + stars: | 2023-04-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Tesla stock fell as much as 5% on Monday following news of more price cuts for electric vehicles. The EV maker announced over the weekend that it will reduce vehicle prices by as much as $5,000. Others are using it to support forecasts that Tesla stock isn't attractive to buy at current levels. Still, earlier price cuts from Tesla helped boost vehicle sales, as it reported a 36% increase in first-quarter deliveries last week. In April so far, Tesla stock has dropped roughly 14%, following the 68%-gain it made through the first three months of 2023.

☆ C3.ai tumbles 26% after letter from short seller
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 4 (Reuters) - C3.ai's (AI.N) stock tumbled 26% on Tuesday in its biggest one-day drop since the artificial intelligence company's 2020 IPO, with investors dumping the shares after short seller Kerrisdale Capital alleged "serious accounting and disclosure issues". C3.ai has "utilized highly aggressive accounting to inflate its income statement metrics in order to meet sell-side analyst estimates for revenue and certain profit metrics, and to conceal significant deterioration in its underlying operations", Kerrisdale said in a letter to Deloitte & Touche LLP, C3.ai's auditor. C3.ai did not immediately respond to a request for comment about the allegations. Reporting by Noel Randewich; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ European stocks extend recovery as banking fears ebb
▼ + stars: | 2023-03-28 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The continent-wide STOXX 600 index (.STOXX) climbed 0.4%, extending its rebound after last week's market rout caused by the collapse of Credit Suisse and two mid-sized U.S. lenders. European banks (.SX7P) rose 1.2%, adding to Monday's 1.4% gain. Credit Suisse shares rose 1.7%. The European banks index was on track for its worst monthly showing since March 2020, when financial markets were roiled by pandemic fears. Embracer (EMBRACb.ST) tumbled 13.8% to the bottom of the STOXX 600 after the Swedish gaming group pushed back dates for expected completion of several deals announced last year.

☆ World stocks gyrate as bank contagion fears bite
▼ + stars: | 2023-03-24 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

"The growing sense of unease about the global banking system is heightening volatility in stock markets around the world," said Nigel Green, chief executive of deVere Group, a financial advisor. The failure of U.S. regional banks Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) this month triggered fears of a banking contagion and prompted U.S. Treasury Secretary Janet Yellen on Thursday to pledge action to safeguard bank deposits. JP Morgan Chase (JPM.N) dropped 1.52%, the S&P 500 banks index (.SPXBK) was down 0.33%, while the KBW regional bank index (.KRX) climbed 2.92%. "I don't expect this volatility (in bank stocks) to subside anytime soon," said Peter Doherty, head of investment research at private bank Arbuthnot Latham in London. Doherty said issues of "contagion risk within the U.S. banking sector" were undoubtedly weighing on appetite for bank stocks elsewhere.

☆ Deutsche Bank Stock Tumbles on Contagion Fears
▼ + stars: | 2023-03-24 | by ( Patricia Kowsmann | Anna Hirtenstein | ) www.wsj.com time to read: 1 min

Shares of Deutsche Bank fell as much as 15%, though they later regained some ground. Investors sparked a furious selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and were recently down 10%. The cost to insure against its default using credit-default swaps soared to their highest levels since 2020.

The outages have in recent days led to growing concern that French and regional supplies of fuels, in particular diesel, could tighten in the coming weeks. Reuters GraphicsThe profit margin for refining crude oil into diesel has jumped by nearly 40% over the past month. The Ekofisk North Sea crude grade, produced at a field in Norway where TotalEnergies has equity, relies on France for two-thirds of its export stream, Rauball said. Meanwhile, prices for crude grades from Nigeria, one of France's top suppliers, have dropped by around $1/bbl in the past two weeks, traders said. "It's a buyer's market, with WTI and Azeri crude offered way down to sell," a trader of West African crude said.

☆ Wall Street ends sharply lower on bank contagion fears
▼ + stars: | 2023-03-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

For the week, while the benchmark S&P 500 ended higher than last Friday's close, the Nasdaq and the Dow posted weekly declines. "(The sell-off) is a bit of an overreaction," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. Those concerns have spread to Europe, as Credit Suisse (CSGN.S) shares stumbled over liquidity worries, prompting policymakers to scramble to reassure markets. First Republic Bank (FRC.N) plunged after the bank announced it was suspending its dividend, reversing Thursday's surge that was sparked by an unprecedented $30 billion rescue package from large financial institutions. First Republic's peers, PacWest Bancorp (PACW.O) and Western Alliance (WAL.N), both ended the session sharply lower.

The boost was shortlived and fears of a banking crisis gripped the market on Friday, with shares of First Republic Bank (FRC.N), which also suspended its dividend payout, dropping 24.5%. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 9% each in the week. Investors are now looking ahead to the Federal Reserve's interest rate decision, due next week, to gauge how it will tame inflation. Money market participants now see a 67% chance of the Fed raising rates by 25 basis points on March 22. . Declining issues outnumbered advancers by a 5.46-to-1 ratio on the NYSE by a 3.56-to-1 ratio on the Nasdaq.

Shares of First Republic fell 20.7% in early trading after the bank suspended its dividend payout. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 2% each. "Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. "Until you stop the deposit flight from regional banks into the systemically important banks that are too big to fail, it doesn't matter how much money you pour into the bucket." The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded seven new highs and 75 new lows.

☆ First Republic tumbles as $30 billion rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 17% in early trading on Friday after being briefly halted as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Founded in 1985, First Republic had $212 billion in assets and $176.4 billion in deposits as of the end of last year, according to its annual report. "Judging by the market's reaction, it appears that maybe the damage has been done to the brand reputation of First Republic. First Republic said it borrowed up to $109 billion from the U.S. Federal Reserve between March 10 and March 15.

SummarySummary Companies First Republic Bank tumbles on suspending dividendFedEx jumps on full-year profit forecast raiseFutures mixed: Dow down 0.30%, S&P down 0.11%, Nasdaq up 0.10%March 17 (Reuters) - U.S. stock index futures were mixed on Friday as investors remained wary about a potential banking crisis despite the country's largest banks throwing troubled regional lender First Republic Bank a lifeline. Big U.S. banks were mixed, with JPMorgan and Citigroup (C.N) flat, while Wells Fargo (WFC.N) edged 0.1% higher. European Central Bank supervisors saw no contagion to euro zone banks from the recent market turmoil, a source said. Investors are now looking ahead to the Federal Reserve's interest rate decision, due next week, to gauge how it will tame inflation amid a banking crisis. Money market participants now see an 83% chance of the Fed raising rates by 25 basis points on March 22.

☆ First Republic Bank tumbles, drags down shares of other regional lenders
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

March 16 (Reuters) - First Republic Bank (FRC.N) fell about 30% on Thursday, leading shares of other regional lenders lower, as fears of a banking crisis loomed large. "Short sellers are attacking banks they think are weak, unfortunately First Republic has not done a very good job of pushing back. The regional banking sector has been reeling from the collapse of Silicon Valley Bank on worries that nervous customers may rush to withdraw their deposits, potentially triggering a liquidity crisis. Bloomberg reported on Wednesday that First Republic was weighing options to shore up its liquidity and that larger rivals might show interest in taking over the bank. "So when you're looking at regional banks, this net interest margin situation is much more damning."

☆ Playing defense as market tumbles — 10 stocks that outperform in recessions
▼ + stars: | 2023-03-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

As the market tumbles and recession risks rise, it's time to start playing defense and buying stocks that are poised to outperform in the later innings of the U.S. market cycle, according to Wolfe Research. Bond yields have fallen, oil prices have steeply dropped and stock market volatility has surged. With that in mind, here are 10 of the stocks that Wolfe Research believes outperform the rest of the market during a recession. It has an estimated 2023 P/E of 24.7x and an EV/2023 estimated EBITDA of 16.4x. The drugmaker has an estimated 2023 P/E of 37.2x and an EV/2023 estimated EBITDA of 28.7x.

☆ Oil tumbles 6%, heads for worst day since July as banking crisis routs markets
▼ + stars: | 2023-03-15 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Oil prices fell Wednesday, as traders feared a brewing banking crisis could dent global economic growth. "Now near the mid-$60s, WTI crude's plunge is at the mercy of how much worse the macro picture gets." It also raised concern over the state of the global banking system less than a week after two U.S. regional banks failed. Entering this week, traders had priced in at least a 25 basis-point rate hike. Correction: Oil was headed for its worst day since July.

☆ First Republic Bank stock tumbles on credit downgrade and deposit worries
▼ + stars: | 2023-03-15 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —First Republic Bank’s credit rating was downgraded on Wednesday by both Fitch Ratings and S&P Global Ratings on concerns that depositors could pull their cash despite the federal intervention. Fitch also placed another regional bank, PacWest Bancorp, on watch for a potential credit ratings downgrade of its own. The moves reflect continued worries about the banking system in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Both credit ratings firms pointed to the large amount of deposits at First Republic that are uninsured because they are above the $250,000 FDIC limit. Moody’s Investors Service on Tuesday cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, including First Republic.

☆ AMC tumbles as shareholders approve plan to convert APE preferreds
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) tumbled about 17% on Tuesday after shareholders voted in favor of converting the company's preferred stock into common shares. The approval of the measures at Tuesday's shareholder meeting comes as AMC faces an April 27 hearing in a lawsuit claiming it circumvented shareholders who were against adding more shares. The preferred shares, which trade under the symbol "APE," have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. The common stock was down 17.3% at $4.51 following the vote, putting it on track for its worst day in almost two years. The preferred shares were up 6.9% at $1.85.

☆ Charles Schwab tumbles as drop in margin balances fans concerns after SVB collapse
▼ + stars: | 2023-03-13 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

March 13 (Reuters) - Charles Schwab (SCHW.N) on Monday reported a 28% decline in average margin balances and a 4% fall in total client assets for February, piling more pressure on the company amid fears over the fallout from the collapse of Silicon Valley Bank. The company's shares tumbled as much as 18% in volatile trading after markets opened with multiple halts and resumptions. Average margin balances fell to $60.6 billion last month, while total client assets slipped to $7.38 trillion, Charles Schwab. A failed share sale at the tech lender had drained $42 billion in deposits in a single day and sucked out liquidity. U.S. lenders First Republic Bank (FRC.N) and Western Alliance (WAL.N) also sought to calm investor worries over their liquidity and deposits on Friday.

☆ 2-year Treasury yield tumbles as investors assess the state of the economy following SVB fallout
▼ + stars: | 2023-03-13 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by close to 14 basis points to 3.5562%. The yield on the 2-year Treasury was last trading at 4.2739% after declining by over 31 basis points. U.S Treasury yields declined on Monday as investors assessed the state of the economy after the collapse of Silicon Valley Bank and looked to key inflation data due this week. Investors processed the fallout from the collapse of Silicon Valley Bank and considered its impact on the economy. February's consumer inflation report and the latest reading of the core inflation rate are expected Tuesday, followed by wholesale inflation data on Wednesday.

☆ Jim Cramer's top 10 things to watch in the stock market Monday: Banks slide, market tumbles
▼ + stars: | 2023-03-13 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Regulator action quells systemic risk from banks ( an outcome I pushed before Sunday evening's announcement) that had deposit risk and duration risk in the bond portfolios. Citi upgrades Charles Schwab (SCHW) to buy from neutral (hold) but lowers price target to $75 per share from $83. Boosts price target to $155 per share from $148. Hikes price target to $375 per share from $360. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Dow tumbles 345 points as the biggest bank failure since 2008 rattles nerves
▼ + stars: | 2023-03-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Stocks dropped sharply Friday after regulators closed Silicon Valley Bank. The bank failure is the biggest since the 2008 financial crisis and has sparked contagion fears. The index's financial sector was the worst performing on Friday as regulators shut down Silicon Valley Bank to prevent a run on the tech-startups lender. The bank collapsed after this week saying higher interest rates spurred billions in losses on a $21 billion bond portfolio. "Silicon Valley Bank was heavily reliant on the tech industry, catering mainly to startups and the investors that fund them.

☆ Investor dash for cash pumps U.S. money market funds to record high - BofA
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 10 (Reuters) - Assets invested in U.S. money market funds have reached a new all-time high of $4.9 trillion this year, as soaring short-term interest rates have sent investors rushing into cash, BofA Global Research said on Friday. Money market funds invest in highly liquid near-term instruments such as cash and short term debt securities. So far this year, investors have put $192 billion into cash, adding $18.1 billion in the week to Wednesday, BofA said. They invested $68.1 billion in cash a week earlier, more than at any time since the depths of the pandemic in 2020. Market expectations for further rate hikes from the U.S. Federal Reserve, which have sent U.S. yields higher, have also made money market funds more attractive.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tumbles as Silvergate announces it will wind down operations: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Dave Weisberger, CEO of CoinRoutes, reacts to the announcement that Silvergate will liquidate.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin tumbles 3%, and IMF warns against making crypto legal tender: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Lee Reiners, policy director at the Duke Financial Economics Center, explains why crypto's harms outweigh its benefits.

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