Tag: Morgan Stanley

Mar242023 by Waqas-ChNo Comments

Ex-Morgan Stanley advisor charged in alleged NBA fraud

Courtney Lee #5 and Chandler Parsons #25 of the Houston Rockets come together during their game at Staples Center on April 6, 2012 in Los Angeles, California.Andrew D. Bernstein | National Basketball Association | Getty ImagesFormer Morgan Stanley advisor Darryl Cohen was arrested on Thursday morning for allegedly defrauding current and former NBA players including Jrue Holiday, Chandler Parsons and Courtney Lee.Cohen is charged with one count of conspiracy to commit wire fraud and one count of wire fraud, according to federal prosecutors. Each count carries up to a 20-year prison sentence. He is also facing investment advisor fraud charges, which carry a maximum five-year prison sentence. Three others, including former NBA players agent Charles Briscoe, were also charged.In the indictm...

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...

Mar32023 by Waqas-ChNo Comments

Leylah Fernandez urges athletes to become financially literate

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Leylah Annie Fernandez of Canada returns a backhand against Anastasia Pavlyuchenkova of Russia during their singles first round match in the Internazionali BNL D'Italia at Foro Italico on May 09, 2022 in Rome, Italy.Alex Pantling | Getty ImagesLeylah Fernandez is no ordinary 20-year-old. She is ranked among the top tennis players in the world. She's won two Women's Tennis Association titles and was a U.S. Open finalist in 2021.But Fernandez is also making a name for herself off the court – and she's passionate about financial literacy.This week, Fernandez was in New York as Morgan Stanley and the WTA announced a new, multi-year global partnership. The program fosters inclusivity and expands access to the game of tennis. In addition, the partnership will include financial literacy and pl...

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...

Dec282022 by Waqas-ChNo Comments

Ferrari outshines EV makers like Tesla

Business

The Ferrari SP38 seen at Goodwood Festival of Speed 2022 on June 23rd in Chichester, England.Martyn Lucy | Getty ImagesThis year wasn't about which auto manufacturer stock performed the best. It was about which stock managed to escape the worst of the year's selling pressure.After significant growth in auto stocks in 2021, this year proved daunting with the EV startup bubble popping, low vehicle inventories and rising interest rates. That was in addition to fears of a recession and overall "demand destruction" for industry sales.Many of the world's largest automakers performed well financially this year, but it wasn't enough to offset the outside economic concerns that their most profitable days may be behind them."We are preparing for a challenging FY23 outlook for auto earnings on dem...

Dec192022 by Waqas-ChNo Comments

2022 didn’t go as expected for bank investors. Stocks to watch for 2023

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Banks finally got a long-awaited boost to interest rates this year after a decade of toiling in a low-rate environment. It didn't go as planned. A year ago, big lenders including Bank of America and Wells Fargo were the top picks of the analyst community because they were expected to benefit from higher rates . Loan growth coupled with vast deposit bases would drive gains in interest income as the Federal Reserve hiked rates, the thinking went. While that trend played out, the bull case was spoiled by inflation at four-decade highs, which forced the Fed to boost rates more than expected , triggering concerns of a recession. In a downturn, banks are exposed to surging loan defaults, reduced loan demand and write-downs on assets. That's why the KBW Bank Index slumped 23% through mid-Decem...