Archive for Wall Street

  • JPMorgan, UBS have also highlighted potential hit from dispute
  •  Wall Street’s cautious comments come as U.S. stocks outperform

While U.S. equity investors have kept their cool during this year’s escalation of trade tensions, the warnings from Wall Street are only getting louder.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are the latest to weigh in, highlighting the potential danger to Corporate America if a full-blown trade war erupts. In separate notes published this week, strategists at both firms issued estimates on the possible hit to earnings, with Goldman chief strategist David Kostin going as far as calling for a bear market under a scenario where the U.S. imposed 10 percent tariffs on all imports…

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Bankers, ex-pharma officials buy rights to sell drugs in China as the government loosens regulations.

growing herd of former Wall Street bankers and drug industry veterans from the West are rushing to cash in on China’s embrace of biotechnology.

For years, China has been seen as a backwater in the pharmaceutical business. Despite its vast potential market, cumbersome regulations kept brand-name treatments from reaching patients for years after they became available elsewhere. Facing a bureaucratic gauntlet, many drugmakers either waited or didn’t bother to seek approval for blockbuster therapies in China at all…

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This month’s decline in 10-year yields stems from a host of factors, investors and portfolio managers say

Short Squeeze Roils Wall Street’s Favorite Bond Trade

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It’s a start: After a decade as a deadbeat who failed to repay victims of his boiler room fraud, Jordan Belfort agreed to fork over almost $19,500 in royalties from a sequel to his “Wolf of Wall Street” memoir, which was turned into a movie.

But, it’s a long way from the $97 million prosecutors say he still owes…

The Wolf of Wall Street Agrees to Fork Over Some of His Book Royalties

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There used to be a strict hierarchy: Traders made money and won glory while programmers wrote code and stayed out of sight. Those days are over.

Wall Street Erases the Line Between Its Jocks and Nerds

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  • TD Securities closes wagers on euro, kiwi, Swedish krona
  •  Morgan Stanley sees further EM currency downside versus dollar

Politics have foiled the best-laid plans of Wall Street’s currency strategists.

Turmoil in Turkey as well as strife between Italian leaders and the European Union have forced dollar bears to throw in the towel on bets that the rest of the world’s currencies would continue to play catch-up with the greenback in 2018. A continued flight to safety propelled the Bloomberg Dollar Spot Index to a 13-month high on Monday…

Wall Street’s Bet on Global Currencies Is Bloodied With the Dollar Soaring

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A day after Elon Musk declared that he might try to convert Tesla into a private company, Wall Street banks raced to figure out how such a transaction might work and how they might get a piece of the action.

Executives at banks including Goldman Sachs and Citigroup are discussing ways a deal could be structured, angling to land the potentially prestigious assignment of taking the maker of electric cars off public markets, according to people familiar with the discussions. Bankers and lawyers on Wall Street said any deal is likely to be valued at $10 billion to $20 billion…

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  • U.S. benchmark gauge will finish the year at 3,200: Canaccord
  •  Strong earnings growth and rising confidence will help rally

As U.S. equities flirt with a fresh all-time high, the most optimistic strategist on Wall Street is doubling down on his view that the S&P 500 Index will soar 12 percent in less than five months.

By the end of this year, the index will reach 3,200 points as the economy and earnings drive the next leg of the bull market, according to Canaccord Genuity LLC’s Tony Dwyer. Reset global expectations and a demographic tailwind will also fuel a second-half ramp-up, the strategist said, after the gauge climbed to within a percentage point of surpassing its January peak…

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She re-imagined the CFO job and played a key role in persuading employees, customers and investors to believe in the company again.

Clad in jeans and a gray sweatshirt, Amy Hood stands before a room of 140 Microsoft recruits. The feeling in the air is a bit like the first day of school, and new hires are taking selfies outside in front of a big Microsoft logo.

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  • Square, PayPal performance suggest e-payments expanding market
  •  Analysts see potential for growth, greater future returns

The financial technology sector has seen a slew of positive notes from Wall Street analysts this week as earnings season kicks off.

Once known for poor performance from high-profile initial public offerings at LendingClub Corp. and On Deck Capital Inc., payments companies like Jack Dorsey’s Square Inc. and PayPal Holdings Inc. are attracting support for the industry…

Wall Street Is Suddenly Bullish on Fintech Stocks

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CEO Hock Tan’s $18.9 billion purchase of software company CA is deviation from previous acquisitions

Broadcom Inc. shares fell nearly 14% on Thursday, showing the challenge Chief Executive Hock Tan faces in persuading investors that his $18.9 billion purchase of the software company CA Technologies makes sense for the chip giant.

The deal, announced late Wednesday, was a surprise even for observers familiar with Mr. Tan’s long history of acquisitions. The CEO built Broadcom into a chip powerhouse largely by acquiring companies. He keeps the parts he desires, wringing efficiencies out of the them, and sheds the rest..

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Wall Street firm is giving trading executive Ted Pick an expanded role that includes investment banking

Morgan Stanley offered more clues into its slow-burning succession race, elevating a top trading executive seen as a favorite to eventually replace Chief Executive James Gorman.

Ted Pick, Morgan Stanley’s trading chief, will add oversight of investment banking, a move that puts him in charge of half of the firm’s revenue and cements his frontrunner status…

Morgan Stanley Elevates CEO Contender

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  • Favorite emerging-market stocks, bonds crumble under dollar
  •  ‘People woke up to a different world,’ says Aberdeen’s Athey

The half that began with “melt-up” euphoria ended with melt-down fear.

Investors breezed into 2018 expecting to pick up easy returns from steadily rising asset prices. Instead, they’re nursing losses on bets that had delivered the biggest gains from a decade’s worth of buoyant liquidity.

Emerging economies began the year as a market darling only to be toppled by a surge in the dollar and rising political risks. A brewing trade war has dashed expectations synchronized global growth would keep pumping up equities. China, long seen as the world’s growth engine, slipped into a bear market

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  • More than 20 banks announce higher dividends after stress test
  •  Goldman, Morgan Stanley freeze total payouts at earlier levels

Tougher Federal Reserve stress tests forced some of Wall Street’s top banks to rein in ambitious plans for pumping out cash to shareholders. But even those diminished returns spell a record payout to investors.

As the central bank’s annual stress tests ended Thursday, the nation’s four largest lenders — JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. — said they will distribute more than $110 billion through dividends and stock buybacks, sending their stocks higher in late trading. Even shares of Goldman Sachs Group Inc. and Morgan Stanley — which the Fed blocked from boosting total payouts — held steady…

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  • Ken Chenault opens Danny Meyer’s Bay Room at 28 Liberty Street
  •  Jed Walentas, Holy Ghost! at Domino Park with tacos, bocce

The preview party for Domino Park started with some tough choices: watch the sun dapple on the East River as a train chugged over the Williamsburg Bridge, or hustle over to the Roberta’s stand for pizza; play bocce near a row of black gum trees; or queue up for an L train Lemonade.

Then a friendly person pointed out the wine cart where rose was being poured from a tap…

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It’s the only place to find this beef in the U.S.

Don Wagyu, the first restaurant in New York devoted solely to Wagyu beef sandwiches, is located on South William Street in Manhattan’s Financial District, a five-minute walk from the New York Stock Exchange. When it opens on June 27, there will be three sandwiches (or sandos) on offer in the 1,000-square-foot space. Each is made from a different prized wagyu beef. The cheapest, made from a hybrid of Japanese and American cows, Washugyu, will cost about $25. On the other end of the spectrum is the A5 Ozaki, all sourced from a single farm in Japan. That sandwich will cost around $185.

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How inclusion riders could jump from Hollywood to finance

Women remain rare in the upper echelons of financial firms. So the biggest pension funds and university endowments — the financial equivalent of A-list movie actors — should consider imitating Hollywood’s “inclusion riders,” Andrew argues in his latest column. That means only backing investment firms that are working to address the diversity gap:

DealBook Briefing: Wall Street Should Look to Hollywood for Equality Tips

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  • Analysts hedge their bets, but see 60%-70% chance of upgrade
  •  MSCI cut Argentina to frontier market status in 2009

It hasn’t been easy being an Argentine stock investor, but Wall Street analysts aren’t losing hope.

The country’s stocks are headed for the worst year in almost a decade after a currency rout, adding to the anticipation over a decision by index provider MSCI Inc, which tomorrow will announce if it will reclassify stocks to emerging market status. An upgrade will allow funds which track over $1 trillion to invest in the country’s equities, leading to about $3.8 billion of inflows to the local stock market, according to an estimate by JPMorgan Chase & Co…

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Verger Capital asks hedge funds about policies on pay and harassment.

Your average hedge fund or venture capital shop might not care if it’s run like a boys’ club. But what if the funds’ biggest clients were to start paying attention?

Consider Verger Capital Management, which oversees $1.7 billion for nonprofit investors, most notably Wake Forest University’s endowment. It recently surveyed the 89 outside money managers it hires about their investment policies when it comes to environmental, social, and governance issues, or ESG. Think fracking or guns. Although Verger isn’t necessarily screening all such businesses out of its portfolio, it sees them as a potential source of risk. “We don’t want to be the moral police,” says Chief Executive Officer Jim Dunn. “We just want to understand what’s in the portfolio right now.’’

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Wall Street’s front-line regulator intends to keep pushing big banks to improve their ethics.

The new president of the Federal Reserve Bank of New York, John C. Williams, on Monday gave his backing to his predecessor’s campaign to clean up bank culture. “I do commit to continue the New York Fed’s leadership on this in future years,” he said at a New York Fed conference on bank governance…

New York Fed Will Remain Focused on Bankers’ Ethics

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SAN FRANCISCO — Some of the biggest names on Wall Street are warming up to Bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world.

The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential…

Bitcoin Sees Wall Street Warm to Trading Virtual Currency

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  • Compass Point sees ‘untold repercussions’ from unwinding deal
  •  Withdrawal would test U.S.-Israel relations, Horizon says

President Donald Trump says he will announce his decision on Iran Tuesday at 2 p.m. Geopolitical jitters — along with the start of the summer driving season and positive jobs data — had helped push oil above $70 a barrel for the first time since November 2014. Stocks pared gains and oil futures dipped as investors weighed the forthcoming announcement. The U.K. and Israel are making their final pitches as Trump mulls an exit…

How Wary Wall Street Is Sizing Up Trump’s Plan for Iran Decision

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  • 25-year-old has funded channel with $20,000 made from bitcoin
  •  Analysts should ‘step up’ with ‘better questions,’ he says

That’s how long he was in the spotlight during the bizarre Tesla Inc.earnings call last week, when a petulant Elon Musk cut off “boring” Wall Street analysts asking about the cash-burning company’s finances and declared: “We’re going to go to YouTube.”

 YouTube Nerd Taunts Wall Street After Wild Tesla Call

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If Elon Musk was trying to amuse himself at the expense of the analyst and investor community with his performance on Tesla’s Q1 call Wednesday evening, it’s mission accomplished to the extent he’s amused by befuddlement and frustration.

On the off chance you missed the call, you can read our full take here or you can just watch the following summary:

‘M-A-R-S’! A Disillusioned Wall Street Picks Up The Pieces After Elon Musk’s ‘Downright Bizarre’, Extraterrestrial Conference Call

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Berkshire Hathaway, often largely invisible, has an increasingly visible brand name as its real-estate business expands

Warren Buffett’s Berkshire Hathaway Inc. is a big name on Wall Street. Increasingly, it’s a fixture on Main Street too.

The Omaha conglomerate was the nation’s second-largest residential real-estate brokerage last year, making Berkshire Hathaway a presence on neighborhood yard signs from Los Angeles to New York. It has franchised the Berkshire Hathaway HomeServices name to 1,330 offices and more than 45,000 agents…

Warren Buffett’s Berkshire Is Now America’s Second Largest Real-Estate Broker

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Bain Capital bought a 50 percent stake in the hip shoemaker, hoping to build on its success. It didn’t go as planned.

When popular footwear seller Toms Shoes LLC scored a $313 million investment from private equity giant Bain Capital back in 2014, the retailer was poised to grow in a serious way. Valued at more than $600 million, Toms was seen by Wall Street as a rising star.

Then everything went sideways…

Even Wall Street Couldn’t Protect Toms Shoes From Retail’s Storm

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Model 3 production updates and cash burn are top of mind as Tesla reports earnings. But a lot of other questions are hanging.

Tesla Inc. reports first-quarter earnings Wednesday after the market closes. Between now and then, investors, customers, followers and doubters will be chattering about what Chief Executive Officer Elon Musk has in store come late afternoon. Given the tumult of recent weeks, the main focus will likely be on production of the Model 3, the key to Tesla’s plan to bring electric vehicles to the masses and eventually reach profitability. But there are a lot of other questions, too.

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  • The asset manager is shifting about 1,050 jobs to Nashville
  •  It’s part of a trend as financial firms look to reduce costs

New York is losing more than a thousand financial-industry jobs — and Manhattan’s loss is Music City’s gain.

AllianceBernstein Holding LP is moving its corporate headquarters and about 1,050 jobs to Nashville, Tennessee, the company said in a filing Wednesday, concluding a months-long search that evaluated 30 cities on attributes including housing, cost of living, education and weather…
Wall Street Slaps Down NYC Again With AllianceBernstein’s Move to Nashville

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  • More than 1,000 staff may go to Nashville, local report says
  • It’s part of a trend as firms in New York look to lower costs

New York’s hold on finance and investing jobs keeps slipping.

On Tuesday, word began leaking in both Manhattan and Nashville, Tennessee, that AllianceBernstein Holding LP plans to relocate its headquarters from the city known for Broadway shows to one more famous for country music. The firm’s senior leaders including Chief Executive Officer Seth Bernstein will move, according to the Wall Street Journal. And they may be joined by more than 1,000 staff, the Nashville Post reported…
Wall Street Job Exodus Grows as AllianceBernstein Move Leaks
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WASHINGTON (Reuters) – U.S. President Donald Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil, the White House said on Monday…

Trump postpones decision on metals tariffs for Canada, EU, Mexico

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Last year, Wells Fargo investors were angry. How angry? Well, after the cavalcade of scandals that sullied the former banking Boy Scout’s name and abruptly cut short its CEO’s career, angry enough to withhold a whopping quarter of their votes from some of the board members who’d presided over the disaster. Take that!

Last year (and the early going of this year) have also been bad, but the nightmare of 2016 appears to have inured Wells’ bedraggled stockholders to pain. Plus, unlike in early 2017, there’s been some good news of late, although the bank can hardly take much credit for that windfall from the Treasury Department. No matter: Whatever the reason, Wells Fargo’s owners aren’t putting up a fight anymore

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Deutsche Bank said on Thursday that it would shrink its operations in the United States and Asia and focus on Europe, effectively abandoning its ambition to be a member of Wall Street’s big leagues.

The decision, after years of losses, scandals, and management turmoil, ends a 20-year quest by Germany’s largest bank to compete eye to eye with the likes of Goldman Sachs and JPMorgan Chase…

Deutsche Bank Abandons Wall Street Ambitions, and Focuses on Europe

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Good Thursday. Here’s what we’re watching:

• Deutsche Bank is finally, and drastically, shrinking itself.

• Facebook can afford to clean up its act.

• Is the problem with I.P.O.s a ‘middle-market tax’?

• On today’s earnings calendar: Amazon, Microsoft, PepsiCo and Lazard…

Three Reasons Deutsche Bank Didn’t Exit Wall Street Earlier: DealBook Briefing

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