U.S. bankers want federal regulators to investigate the short-selling of financial institutions as regional banks get clobbered in the stock market. The American Bankers Association (ABA) penned a May 4 letter to Securities and Exchange Commission (SEC) chair Gary Gensler, requesting that the regulatory body probe the substantial short sales of bank stocks that the…
ANALYSIS: Why Short Sellers are Winning Big on Bets Against Bank Shares
May 5, 2023
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Business & MarketsCompaniesFDICFirst Republic BankMarketsPacWestpersonal financeSilicon Valley BankstocksWestern Alliance Bancorp
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News analysis Regulators seized First Republic Bank on May 1 and sold off its assets to JPMorgan Chase, wiping out the bank’s shareholders and making First Republic the third U.S. regional bank to fail this year. But while depositors have been made whole and bank stockholders suffer sudden, catastrophic losses, short sellers in bank shares…
Regional Bank Stocks See Sharp Rebound After Jobs Report Posts Huge Beat
Regional bank shares rallied sharply premarket and extended those gains in early trading Friday after a bruising session the day prior, as a government jobs report beat market forecasts for both payroll growth and the unemployment rate despite banking sector turmoil and a slowing economy. PacWest led the charge in the regional bank stock rebound,…
Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
May 5, 2023
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Business & MarketsCompaniescongresseconomic policieseconomyFDICGoldman SachsInvestmentJustice DepartmentMarketsPolicies & ImpactsPoliticsSecurities and Exchange CommissionSilicon Valley BankUS
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…
SEC Moves to Curb Stock Buybacks, Drawing Criticism From Companies and Investors
May 5, 2023
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Business & MarketsCompanieseconomic policieseconomyExecutive BranchInvestmentMarketsPolicies & ImpactsPoliticsSecurities and Exchange Commissionstock buybacksU.S. Chamber of CommerceUS
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The Securities and Exchange Commission (SEC) moved to curtail the use of stock buybacks, drawing much criticism from corporate lobbyists. The regulator on May 3 announced changes to share-repurchase disclosure rules that would increase transparency, competition, and efficiency in the $25 trillion marketplace for hedge fund and private equity fund advisors. The new updates will amend Form…
Apple Posts Quarterly Revenue Decline; iPhone Sales Solid
Apple once again posted an, until now, rare revenue decline in its latest fiscal quarter, but said its overall business improved from the December quarter and sales of its iPhones were solid. The results reported Thursday were better than Wall Street’s muted expectations and Apple’s stock rose in after-hours trading. The latest numbers come after…
Stock Market Today: Wall Street Sinks as Bank Fears Flare
NEW YORK—Stocks sank on Wall Street Thursday as worries cranked higher about a cracking U.S. banking system. The S&P 500 fell 0.7 percent to add to its loss for the week so far. The Dow Jones Industrial Average dropped 286 points, or 0.9 percent, and is now down for the year, while the Nasdaq composite…
Closing Prices for Crude Oil, Gold and Other Commodities (May 4)
May 4, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery fell 4 cents to $68.56 a barrel Thursday. Brent crude for July delivery rose 17 cents to $72.50 a barrel. Wholesale gasoline for June delivery rose 1 cent $2.33 a gallon. June heating oil rose 1 cent $2.24 a gallon. June natural gas fell 7 cents to $2.10…
Shell Beats Forecasts With $9.65 Billion Profit in First Quarter
May 4, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyEuropeinflationInvestmentMarketsquarterly earningsRussia-Ukraine WarShell OilUKWorld
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…
Western Alliance Bank Shares Plunge, Denies Looking for Buyer Amid Banking Sector Turmoil
Western Alliance Bancorp has said Thursday there’s no truth to reports that it’s exploring a possible sale of some or all of its business as shares of the bank plunged 45 percent in early trading, before clawing back some of the losses, which comes amid a broader regional bank stock rout. In a statement Thursday,…
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