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business2 years ago

"Tech Giants Microsoft and Alphabet Lead Stock Market Movers"

Alphabet's stock rose over 6% after beating Wall Street's Q2 earnings expectations and announcing a new role for its CFO; Microsoft's stock dropped about 4% despite beating estimates, as it reported slowing revenue growth in its cloud business and provided lower-than-expected guidance; PacWest's shares surged more than 28% after news of its acquisition by Banc of California to form a new firm called Pacific Western; Snap's stock plummeted over 18% due to weak guidance for the current quarter, despite surpassing Q2 expectations; Coca-Cola's shares climbed over 2% after reporting quarterly earnings and revenue that exceeded estimates and raising its full-year outlook.

via CNBC|
#alphabet#business#coca-cola
finance2 years ago

PacWest sells troubled loan portfolio to Ares in $3.5 billion deal.

PacWest announced a $3.5 billion sale of loans to alternative investment manager Ares Management, providing another lift to a regional bank hammered during the industry chaos earlier this year. PacWest is one of several regional lenders that struggled to keep depositors following the March 10 failure of Silicon Valley Bank. Since then, those stocks rallied for four of the last six weeks on optimism that the worst was over for regional banks.

via Yahoo Finance|
#asset-sale#bank-stress#deposit-withdrawals
finance2 years ago

Ares Management's $3.5 Billion Acquisition Boosts PacWest Stock.

PacWest's stock rose more than 6% after announcing a $3.5 billion sale of loans to Ares Management, the latest move by the regional bank to shrink its balance sheet. PacWest is one of several regional lenders that struggled to keep depositors following the March 10 failure of Silicon Valley Bank. However, since then, regional bank stocks have rallied on optimism that the worst was over for regional banks. PacWest has lost 17% of its deposits in the first quarter and posted a loss of $1.2 billion. Year to date its stock is still down 68.5% as of Friday’s close despite rallying from its lows in the spring.

via Yahoo Finance|
#ares-management#asset-sales#deposits
business2 years ago

Top Stock Market Movers: Apple, Micron, Meta, PacWest, and More

Apple's stock fell after Loop Capital downgraded it to hold from buy, predicting that the company will fall short of its June quarterly revenue guidance. Meta was fined a record 1.2 billion euro by European privacy regulators over the transfer of EU user data to the U.S. Micron Technology's shares sank more than 4% after China's Cyberspace Administration barred operators of "critical information infrastructure" in China from purchasing products from Micron. PacWest's shares rose 3.5% after the bank sold $2.6 billion worth of construction loans to a Kennedy-Wilson Holdings subsidiary. Nike and Foot Locker's shares declined in premarket trading after Foot Locker missed on the top and bottom lines in its first fiscal quarter and lowered its guidance.

via CNBC|
#apple#business#foot-locker
finance2 years ago

PacWest's Stock Continues to Decline Amidst Short-Selling Ban Discussions.

Regional lender PacWest is under additional pressure premarket, falling 3.3% to $4.38 in premarket trading, as regulators consider a ban on short-selling of bank stocks amid concerns over the economic outlook and falling commercial real estate values. While some argue that short-selling can harm market quality and stability, others contend that it balances the market ecosystem by shining a spotlight on companies that may deserve more scrutiny.

via Seeking Alpha|
#bank-stocks#finance#market-stability
finance2 years ago

Dow and Tesla Rise in Pre-Market Trading Amid Positive News.

Stocks were mostly unchanged in Friday morning trading as investors weighed the possibility of easing US-China tensions following talks between senior officials this week. The S&P 500 was up 0.3%, and Dow industrials and Nasdaq Composite both edged about 0.2% higher. Tesla shares rose 2.7% after Elon Musk announced he had hired a new CEO for Twitter. PacWest climbed 2% after plunging nearly 23% Thursday. Bond yields were little changed.

via The Wall Street Journal|
#bond-yields#finance#pacwest
business2 years ago

Disney's Streaming Losses Drag Down Dow and S&P 500

The Dow and S&P 500 closed lower due to Walt Disney's subscriber loss and PacWest's decline in deposits. Meanwhile, Alphabet's shares rose, lifting the Nasdaq. PacWest's decline in deposits also led to a drop in other regional bank shares, reviving concerns about the industry's health. The energy sector also fell with oil prices. The U.S. Federal Deposit Insurance Corporation said around 113 of the country's largest lenders will bear the cost of replenishing the $16 billion in coverage the agency has forked out for the crisis.

via Reuters|
#business#dow-jones#pacwest
finance2 years ago

PacWest stock drops 23% following deposit loss.

PacWest, a California-based regional bank, saw its stock plunge 23% after losing 9.5% of deposits last week due to heightened customer fears about the safety of their deposits. The bank pledged $5.1 billion to the Federal Reserve's discount window to increase its liquidity position for potential deposit outflows and reduce its dividend to strengthen its financial position. The bank has also been considering a sale or capital raise, which has contributed to investor scrutiny and pressure on the stock. Other regional banks, such as Western Alliance, have also experienced pressure from depositors and investors in recent months.

via Yahoo Finance|
#deposits#finance#liquidity