Citigroup Inc. announced Wednesday that it decided to pursue an initial public offering (IPO) of its “Banamex” consumer, small business and middle-market banking operations in Mexico. The banking giant said the business will keep its name Banco Nacional de México (Banamex) after the IPO, which is expected to take place in 2025. The IPO will…
Here are some of the more prominent movers on Tuesday: Stock gainers: Lowe’s Companies Inc.’s stock LOW, +2.18% jumped 1.7% in afternoon trading, after the home improvement retailer beat fiscal first-quarter profit expectations. While same-store sales fell more than forecast, they outperformed rival Home Depot Inc. HD, +1.75%, and the lowered full-year profit guidance range…
Shares of Lowe’s Companies Inc. dropped Tuesday, after the home-improvement retailer beat fiscal first-quarter profit and sales expectations but cut its full-year outlook, citing lower demand for discretionary items. Net income for the quarter to May 5 was $2.26 billion, or $3.77 a share, after income of $2.33 billion, or $3.51 a share, in the…
During my lengthy career in finance, I picked up several market heuristics that have generally proven more useful than not. Every January, for example, I remember the “five-day rule,” which holds that if the S&P 500’s SPX, -0.14% accumulated performance is positive over the first five days of the new year, there is around an…
The financial fallout from half-empty U.S. office buildings has begun to be reflected in prices for bonds backed by luxury office buildings. From New York City’s famed Park Avenue to San Francisco’s California Street, properties long considered fortress investments are reeling as efforts to return more staff to office buildings in big cities stall. Recent…
The radio came blaring on when I started my car, the voice of a politician hitting me in the face as I settled in. His message amounted to “Default is a bargaining point. We’re not going to get all the way there, but we need it on the table to force the other side to…
I often think that if you took away cable news, social media and the politicians who care more about getting on TV than solving problems, the debt crisis the U.S. is in would have been solved a long time ago. Instead, polticians have let things drag out to the point where the possibility of an actual…
“ To stay in business, these banks did the only thing they could. ” In the wake of the failures of Silicon Valley Bank, Signature Bank and Republic National Bank, a common misconception is that these banks failed because they grew too quickly. On Tuesday, former Silicon Valley Bank CEO Greg Becker testified in a U.S….
“ Tight lending conditions and loans refinanced at higher, unsustainable rates could potentially stifle construction and development. ” As the U.S. emerges from the COVID-19 pandemic, much attention has been given to rising inflation and the interest-rate hikes to combat it. But there is another looming threat with equally impactful and widespread implications for consumers…
Banks and insurance companies still have time to come to grips with their commercial real-estate exposure, but the clock is ticking on the debt-ceiling standoff, said Rich Sega, global chief investment strategist at Conning. “We are still in the early days on that,” Sega said of potential stress from a weakening commercial real-estate market. “We…
Wall Street’s main artery for financing commercial real estate has sputtered this year as higher interest rates and sagging property values darken the outlook for borrowers with an estimated $2 trillion of debt coming due through 2024. Issuance of commercial mortgage-backed securities, or bonds sold by Wall Street banks to finance commercial buildings, has fallen…
As we’re constantly reminded, once something ends up on the internet, it stays there, for better or worse. You can also say that such content is largely beyond the control of any particular individual or organization. Take, for instance, the open letter published and endorsed by more than 30,000 signers so far, including Tesla TSLACEO…
This toxic political standoff could easily go down to the wire, threatening the U.S. with its first-ever technical default, writes Brett Arends.
The numbers: Total bank lending rose to $12.09 trillion in the seven days ended April 12 from $12.08 trillion in the prior week, the Federal Reserve reported Friday. This is the second straight weekly increase. Deposits at banks fell to $17.18 trillion from $17.26 trillion in the prior week. They are down from $17.43 billion…
Here’s a thought for investors: If the Federal Reserve raises interest rates to 5% or more would that wreck the economy and stock prices ? The U.S. stock market has been rallying to start 2023, clawing back a big chunk of the painful losses from a year ago. The bullish tone has been linked to…
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Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at [email protected]. Say you want to buy a house, but you already have a house. You need short-term access to some…
Shares of Delta Air Lines Inc. reversed lower Thursday, after first-quarter profit came up shy of expectations even as revenue rose above forecasts, and as the air carrier said its current quarter was off to “strong” start. The company reported before the opening bell a net loss that narrowed to $363 million, or 57 cents…
U.S.-traded shares of Alibaba Group Holding Ltd. sank Wednesday following a report that SoftBank Group Corp. has moved to sell most of its stake in the Chinese tech giant. Citing an analysis of regulatory filings, the Financial Times reported Wednesday that Japan’s SoftBank JP:9984 has sold about $7.2 billion in Alibaba shares this year through…
National CineMedia Inc., the nation’s largest movie-theater advertising network, filed for Chapter 11 bankruptcy late Tuesday. Earlier in the day, CineMedia stock NCMI shot more than 50% higher after movie-theater operator AMC Entertainment Holdings Inc. AMC disclosed that it owned a significant chunk of the company. See: National CineMedia…