Bank stocks have sold off this year on fears that a looming recession will rock the sector with surging loan defaults. But that reflex is an example of recency bias and ignores a few key differences in the US financial industry after the 2008 financial crisis, Oppenheimer analyst Chris Kotowski said Friday in a research … Read more
Citigroup offices in New York City. Adam Jeffery | CNBC Check out the companies making headlines in midday trading. Pinterest – Shares of the image-sharing social media company surged 15% on a report from the Wall Street Journal that Elliott Management has acquired a more than 9% stake. Citigroup – Citigroup rallied 11% after second-quarter … Read more
The appeal for high-dividend stocks is growing fast as the market’s turmoil and surging inflation shows no signs of easing. Most on Wall Street expect a bumpy road ahead with low, if not negative, returns as the central bank rapidly hikes interest rates to combat soaring prices at the risk of slowing the economy. During … Read more
Traders on the floor of the NYSE, June 29, 2022. Source: NYSE Consumer inflation data and the start of the second quarter earnings season could be two catalysts that make for a bumpy ride in markets in the week ahead. PepsiCo’s earnings are the first major report of the week Tuesday, and Delta Air Lines … Read more
Berkshire Hathaway Chairman and CEO Warren Buffett. Andrew Harnik | AP The 91-year-old “Oracle of Omaha” scooped up Citi shares while they have been underperforming the rest of the financial sector in the past 12 months. The stock is down nearly 40% while the Financial Select Sector SPDR Fund is off by 12% over the … Read more
As surging inflation puts significant pressure on margins, Bernstein names stocks with pricing power that could outperform.
Daily Journal, the Los Angeles-based newspaper company tied to Charlie Munger, just slashed its holding in Chinese ecommerce giant Alibaba in half.
A trader on the NYSE, March 11, 2022. Source: NYSE Markets face what could be a hot inflation report in the week ahead and a batch of big bank earnings to start the earnings season. JPMorgan Chase and BlackRock kick off the financial industry’s first-quarter earnings releases Wednesday, with Citigroup, Wells Fargo, Morgan Stanley and … Read more
Key events, including Federal Reserve Chair Jerome Powell’s testimony before Congress, are contributing to the rally.
JPMorgan reported rising wages and technology spending during its quarterly report.