Market Movers rounds up the best trade ideas from investors and analysts throughout the day. The major indexes closed in positive territory for a second straight day Tuesday. Several regional banks rebounded as well after Treasury Secretary Janet Yellen said the government could backstop more deposits if the banking crisis worsens. The pros discussed several … Read more
A sign is posted on the exterior of a First Republic Bank office on March 16, 2023 in San Francisco, California. Justin Sullivan | Getty Images Major bank chief executives are gathering in Washington for a two-day scheduled meeting starting on Tuesday, with the future of First Republic Bank to be discussed, sources familiar with … Read more
Federal Reserve Chair Jerome H. Powell testifies before a U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., March 7, 2023. Kevin Lamarque | Reuters The Federal Reserve is expected to raise interest rates Wednesday by a quarter point, but … Read more
A sign of Credit Suisse bank is seen at their headquarters in Zurich on March 20, 2023. Fabrice Coffrini | AFP | Getty Images A number of Credit Suisse bondholders said Tuesday that they were considering legal action after $17 billion of the bank’s additional tier-one (AT1) bonds were wiped out as part of its … Read more
A recap of Monday’s best stock picks on CNBC. Source link
While traders are taking the regulatory backstop of deposits as a positive sign for markets, Morgan Stanley’s Mike Wilson expects otherwise. “With the back-stopping of bank deposits by the Fed/FDIC, many equity investors are asking if this is another form of QE and therefore ‘risk on,’” Wilson said to clients in a Monday note. “We … Read more
The Swiss government gets an “A” for its speed in addressing the Credit Suisse problem, but it doesn’t resolve the U.S. banking crisis. The question of whether the government should (or Congress has the will) to insure every deposit in the U.S. is still very much in the air. The primary focus for U.S. markets … Read more
Axel Lehmann, chairman of Credit Suisse Group AG, left, and Colm Kelleher, chairman of UBS Group AG, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023. Pascal Mora | Bloomberg | Getty Images In equal parts “shotgun wedding” and arranged marriage, UBS agreed to buy stricken domestic rival Credit Suisse for 3 … Read more
The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. Arnd Wiegmann | Getty Images News | Getty Images Shares of Credit Suisse collapsed 62% on Monday morning, while UBS dropped nearly 14% after the latter secured a 3 billion Swiss franc ($3.2 billion) “emergency rescue” of its embattled … Read more
One stock that’s bucking all macro concerns in 2023, and has been for years, is Taser maker Axon Enterprise . Axon shares are up nearly 30% this year, putting them on track for their eighth consecutive annual gain. Last year, the stock climbed 5.7% — while the S & P 500 dropped 19%. The stock … Read more