Citi to pursue IPO of Banamex, resume ‘modest level’ of stock repurchases

Citi to pursue IPO of Banamex, resume ‘modest level’ of stock repurchases

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…

Lowe’s, PacWest, Yelp stocks rally while BJ’s and Zoom Video shares fall, and other stocks on the move

Lowe’s, PacWest, Yelp stocks rally while BJ’s and Zoom Video shares fall, and other stocks on the move

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…

Lowe’s stock falls after earnings beat, but outlook was lowered

Lowe’s stock falls after earnings beat, but outlook was lowered

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…

Opinion: There’s still time to ‘sell in May and go away’ if higher inflation stays around

Opinion: There’s still time to ‘sell in May and go away’ if higher inflation stays around

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…

Debt on trophy office buildings is starting to buckle as loans come due

Debt on trophy office buildings is starting to buckle as loans come due

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…

Opinion: ‘Putting the Treasury on the brink of default is about as dumb as politics gets’

Opinion: ‘Putting the Treasury on the brink of default is about as dumb as politics gets’

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…

Opinion: The U.S. debt-ceiling standoff is a threat, but we’ve seen this movie before

Opinion: The U.S. debt-ceiling standoff is a threat, but we’ve seen this movie before

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…

Opinion: Commercial real estate faces a ‘perfect storm’ — and loans are coming due

Opinion: Commercial real estate faces a ‘perfect storm’ — and loans are coming due

“ 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…

Why the debt ceiling standoff is a worry for insurance companies

Why the debt ceiling standoff is a worry for insurance companies

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…

Commercial real-estate’s debt machine is broken down

Commercial real-estate’s debt machine is broken down

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…

Opinion: Elon Musk and others may try, but controlling AI is an impossible mission

Opinion: Elon Musk and others may try, but controlling AI is an impossible mission

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…

Banks increased lending for second straight week, Fed data show

Banks increased lending for second straight week, Fed data show

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…

‘A 5% interest rate is not going to break the market,’ says Goldman Sachs strategist

‘A 5% interest rate is not going to break the market,’ says Goldman Sachs strategist

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…

These money and investing tips look at what’s driving the markets right now

These money and investing tips look at what’s driving the markets right now

Don’t miss these top money and investing features: Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS 3 S&P 500 sectors say a new bull market is near. These 8 stocks are top picks. Financials and industrials typically perform best at the end of bear…

I need money now. Should I use my stocks as collateral for a portfolio loan?

I need money now. Should I use my stocks as collateral for a portfolio loan?

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…

Delta stock turns red after airline provides ‘strong’ outlook but misses profit forecasts

Delta stock turns red after airline provides ‘strong’ outlook but misses profit forecasts

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…

Alibaba shares fall as SoftBank reportedly sells most of its stake

Alibaba shares fall as SoftBank reportedly sells most of its stake

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…

In-theater advertiser National CineMedia files for Chapter 11 bankruptcy

In-theater advertiser National CineMedia files for Chapter 11 bankruptcy

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…