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Fitch Downgrade

All articles tagged with #fitch downgrade

finance1 year ago•1 min saved

"New York Community Bancorp Faces Market Turmoil and Leadership Shake-Up"

New York Community Bancorp's shares dropped over 6% after a Fitch downgrade and a Citigroup price target cut, following a surprise fourth-quarter loss due to higher provisions linked to its commercial real estate portfolio. The bank's struggles reflect broader industry exposure to the troubled commercial real estate sector, with other mid-sized banks also feeling the heat. However, analysts believe the issues at NYCB are specific to its balance sheet and not reflective of other banks, suggesting that the recent turmoil has created attractive entry points for investors in other U.S. banking stocks.

via Reuters|

#banking-industry #citigroup #finance

finance2 years ago•0 min saved

Buffett Unfazed by Fitch Downgrade, Continues T-Bill Buying Spree

Warren Buffett, CEO of Berkshire Hathaway, is unfazed by the Fitch downgrade of the U.S. government's credit rating, stating that his company is still purchasing $10 billion worth of Treasury bills every week.

via Barron's|

#berkshire-hathaway #finance #fitch-downgrade

finance2 years ago•4 min saved

"U.S. Downgrade Sparks Sell-Off: Stock Futures Remain Steady"

Stock futures were relatively unchanged after Fitch Ratings downgraded the United States' long-term rating, leading to a sell-off in the market. Futures tied to the S&P 500 and Nasdaq 100 fell slightly, while Dow Jones Industrial Average futures climbed. In after-hours trading, chipmaker Qualcomm's shares slipped after missing revenue expectations, while DoorDash saw a rise in shares after beating revenue expectations. The tech-heavy Nasdaq Composite experienced its worst day since February, with tech stocks tumbling due to a spike in bond yields. Investors are now focusing on earnings reports from Apple and Amazon. European markets opened lower, and China's service sector activity expanded for the seventh consecutive month. Australia's trade surplus in July was higher than expected, while Hong Kong's business activity contracted for the first time in 2023. Kakao Corporation's net profit slumped in the second quarter, and bullish sentiment in the market is becoming a growing concern, according to the Investors Intelligence survey.

via CNBC|

#earnings-season #finance #fitch-downgrade

finance2 years ago•3 min saved

"Stock Market Today: Live Updates on Dow Jones Futures, Earnings Movers, and U.S. Debt Downgrade"

U.S. stock futures fell after Fitch downgraded the U.S.'s long-term ratings, citing expected fiscal deterioration. Traders also assessed the latest batch of second-quarter earnings results. Advanced Micro Devices rose 2% after reporting better-than-expected quarterly results, while SolarEdge Technologies tumbled 12% after missing revenue expectations. Earnings season is more than halfway over, with results coming in stronger than expected. The lackluster first day of trading in August saw the S&P 500 decline 0.27% and the Nasdaq Composite decline 0.43%. Fitch's downgrade and ongoing market volatility have contributed to investor sentiment.

via CNBC|

#earnings-season #finance #fitch-downgrade