Tag: JPMorgan Chase & Co

May12023 by Waqas-ChNo Comments

Congress reacts to bank failure

Chairman Sherrod Brown, D-Ohio, left, and ranking member Sen. Tim Scott, R-S.C., arrive for the Senate Banking, Housing and Urban Affairs Committee hearing discussing recent bank failures, April 27, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesWASHINGTON — Lawmakers who sit atop key banking committees praised the federal takeover of First Republic Bank on Monday, and held up the sale of its assets to JP Morgan Chase as a successful public-private collaboration to protect the U.S. financial system."This prompt and cost-effective sale of the bank protects depositors, limits contagion and ensures that no cost is borne to our nation's taxpayers," said Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee.The Republican chairman of the committee...

Apr292023 by Waqas-ChNo Comments

JPMorgan Chase, Bank of America asked for bids

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A First Republic bank branch in Manhattan on April 24, 2023 in New York City.Spencer Platt | Getty ImagesU.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will calm markets and cap a period of uncertainty for regional lenders.JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported those banks' interest late Friday.related investing newsOther companies are likely to step up. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the m...

Apr232023 by Waqas-ChNo Comments

Bed Bath & Beyond files for bankruptcy protection

Business

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.Johnny Milano | Bloomberg | Getty ImagesBed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after it failed in several last-ditch efforts to raise enough money to keep the company alive.The beleaguered home goods retailer has been warning of a potential bankruptcy since early January, when it issued a "going concern" notice that it may not have the cash to cover expenses after a dismal holiday season. Shares of the company closed at 29 cents Friday, giving it a market value of $136.9 million. The stock is down about 88% this year. Last April, it was trading around $20 a share.The company's 360 namesake stores and 120 Buybuy Baby locations will remain open as...

Apr102023 by Waqas-ChNo Comments

Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City. Spencer Platt | Getty ImagesThe S&P 500 fell Monday as fears of a recession grew on Wall Street, and investors looked ahead to key inflation data this week.The broader index slid 0.65%. The Dow Jones Industrial Average traded 15 points lower, or 0.05%. The Nasdaq Composite lagged, falling 1.26%.Tech stocks struggled, with shares of Apple falling 1.9% and Google-parent Alphabet sliding 1.7%. Tesla shares fell 3.6% after the company said it will cut prices again on some electric vehicles.Markets are coming off a choppy week as investors digested signs of a weakening labor market. However, the March jobs report on Friday showed a resilient economy and moderate inflation, which pushed sto...

Mar172023 by Waqas-ChNo Comments

$30 billion First Republic rescue plan should temper future bank runs

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The move by major banks on Thursday to extend a much needed lifeline to First Republic should help reignite confidence in the sector after a difficult week, Wall Street says. A group of 11 prominent banking players, including Bank of America , Citigroup , JPMorgan and Morgan Stanley , pledged Thursday to inject $30 billion worth of deposits into First Republic in an effort to rescue the struggling firm . "We view the move by the industry as a positive step to stem contagion amid the regional bank crisis," wrote Evercore ISI's John Pancari in a Thursday note. "We believe the move sends a message of broader stability for the sector and should help further temper depositor fears," and enables the "bank to fight another day." First Republic shares have plummeted 58% this week, after the fai...

Feb102023 by Waqas-ChNo Comments

Jim Cramer’s top 10 things to watch in the stock market Friday: Stocks stumble, again

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My top 10 things to watch Friday, Feb. 10 1. The hangover from market gains earlier this year and a realization that travel and leisure are the last remaining strengths of this economy are hitting stocks. Bond yields are up early Friday, so the Dow Jones Industrial Average , the S & P 500 and the Nasdaq are set to open lower. The Dow is on track for back-to-back weekly losses. The S & P 500 and Nasdaq are pacing to break multiweek winning streaks. 2. Expedia (EXPE): Weak quarter. Travel or weather, which one is the blame? Management says the latter hurt fourth-quarter results. The company says 2023 began with record app usage. 3. Lyft (LYFT) shares are losing a third of their value early Friday after the ride company's weak forward guidance . Updated non-GAAP results calculation...

Nov252022 by Waqas-ChNo Comments

How the industry lost $7.4 trillion in one year

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Pedestrians walk past the NASDAQ MarketSite in New York's Times Square.Eric Thayer | ReutersIt seems like an eternity ago, but it's just been a year.At this time in 2021, the Nasdaq Composite had just peaked, doubling since the early days of the pandemic. Rivian's blockbuster IPO was the latest in a record year for new issues. Hiring was booming and tech employees were frolicking in the high value of their stock options.Twelve months later, the landscape is markedly different.Not one of the 15 most valuable U.S. tech companies has generated positive returns in 2021. Microsoft has shed roughly $700 billion in market cap. Meta's market cap has contracted by over 70% from its highs, wiping out over $600 billion in value this year.In total, investors have lost roughly $7.4 trillion, based o...