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Assessing Earnings, Inflation & Growth

  • Assessing Earnings, Inflation & Growth Assessing Earnings, Inflation & Growth 10:26
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2:28 a.m. Nov. 2, 2021 - By Steve Gelsi
Apollo net income falls 5%Apollo Global Management Inc. said Tuesday its third-quarter net income fell to $249.16 million, or $1.01 a share, from $263.24 million, or $1.11 a share, in the year-ago quarter. Revenue rose to $1.08 billion from $1.02 billion. Distributable earnings rose to $752.1 million, or $1.71 a share, from $205.1 million, or 47 cents a share in the year-ago quarter. Analysts expected Apollo to earn $1.10 a share. AUM for the private equity firm rose to $481.1 billion from $433.1 billion. Total dry powder for deals stood at $46.9 billion. Shares of Apollo are up 55.8% this year, compared to a rise of 22.8% by the S&P 500.
9:00 a.m. Oct. 27, 2021 - By Tomi Kilgore
Financial stocks suffer broad weakness as Treasury yields drop, Capital One's results disappoint investorsFinancial stocks took a broad hit Wednesday, as investor disappointment over Capital One Financial Corp.'s third-quarter results and the biggest drop in benchmark Treasury yields in three months acted as drags on the sector. The SPDR Financial Select Sector ETF fell 1.2% in afternoon trading with 57 of 65 equity components trading lower, while the S&P 500 tacked on 0.2%. Capital One's stock tumbled 7.5% to pace the losers even after the financial services company reported that rose above expectations, helped by a $770.0 million reserve release. If the reserve release was excluded, the company would have posted a net income decline, and earnings per share would have been reduced by about $1.75. Among other more heavily weighted components of the financial ETF (XLF), shares of Bank of America Corp. shed 1.3%, JPMorgan Chase & Co. gave up 1.9%, Wells Fargo & Co. fell 0.4%, Citigroup Inc. lost 0.7% and Goldman Sachs Group Inc. gave up 1.0%. The fell 8.4 basis points to 1.535%, the biggest one-day drop in yields since July 19, after data showing a decline in durable goods data. Lower long-term yields can eat into bank profits, as that can lower the spread banks earn as they fund longer assets, such as loans, with shorter term liabilities.
3:20 a.m. Oct. 25, 2021 - By Steve Gelsi
Raymond James cheers Business First Bancshares results with double upgradeShares of Business First Bancshares rose 2.5% in premarket trades Monday after Raymond James upgraded the stock by two notches, to strong buy from market perform, on the heels of the lender's third-quarter results. Analyst William J. Wallace IV set a price target of $33 and cited the bank's net interest income and loan growth of 8%. "We were pleased to see core trends continue to improve at the bank, and as loan growth looks to be more than just pent-up demand, we are increasing our core growth expectations," Wallace said. "We expect Business First will continue to generate above-peer growth and anticipate continued improvement of profitability levels as the bank unlocks further benefits of scale and continues to diversify its loan portfolio into the attractive growth markets of Dallas and Houston." Business First Bancshares are up 27.5% this year, compared to a rise of 21% by the S&P 500.
9:41 a.m. Oct. 20, 2021 - By Steve Gelsi
Citizens net income up 69% as ROTCE risesCitizens Financial Group Inc. said Wednesday its third-quarter net income rose to $530 million, or $1.18 a share, from $314 million, or 68 cents a share, in the year-ago quarter. Adjusted earnings rose to $1.22 a share from 73 cents a share. Revenue fell to $1.66 billion from $1.75 billion. Analysts expected the regional bank to earn $1.16 a share on revenue of $1.64 billion, according to data from FactSet. The company's adjusted return on total capital employed rose to 14.2% from 9% -- a measure that's been a focus of CEO Bruce Van Saun. Shares of Citizens are up 3.4%. Prior to Wednesday's gains, the shares had gained 37.3% so far this year, compared to an increase of 41.8% by the KBW Nasdaq Bank Index .
3:13 a.m. Oct. 18, 2021 - Barrons.com
Assessing Earnings, Inflation & GrowthBarron's Carleton English analyzes big bank earnings and Guy Lebas, Janney Montgomery Scott's chief fixed income strategist, discusses treasury yields, inflation and interest rates. Plus, Omar Aguilar, Schwab Asset Management's CIO, offers his outlook for wage growth.
2:55 a.m. Oct. 18, 2021 - By Steve Gelsi
State Street net income rises by 29%State Street Corp. said Monday its third-quarter profit increased to $714 million, or $1.96 a share, from $555 million, or $1.45 a share, in the year-ago period. Excluding items, profit in the latest period totaled $2 a share. Revenue rose to $2.99 billion from $2.78 billion. Analysts expected the financial services firm to earn $1.89 a share, with non-GAAP income of $1.92 a share and revenue of $2.96 billion. State Street said it plans to resume its share repurchase program in the second quarter of 2022. It suspended the effort in September and raised $1.9 billion of capital through a common stock issuance to finance its $3.5 billion acquisition of BBH Investor Services. Shares of State Street are up 27.4% this year, compared to a rise of 19% by the S&P 500.
4:01 a.m. Oct. 15, 2021 - By Tomi Kilgore
Charles Schwab stock rises toward another record after profit, revenue rise above forecastsShares of Charles Schwab Corp. climbed 1.1% toward another record in premarket trading Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a five-fold increase in trading revenue. Net income rose to $1.53 billion, or 74 cents a share, from $698 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 84 cents beat the FactSet consensus of 81 cents. Revenue grew 86.7% to $4.57 billion, topping the FactSet consensus of $4.52 billion. Net interest revenue increased 51.2% to $2.03 billion, just shy of the FactSet consensus of $2.04 billion, while trading revenue soared 432.6% to $964 million to beat forecasts of $897.3 million. Total client assets as of Sept. 30 was $7.61 trillion, up from $6.69 trillion at the end of 2020. The stock, which closed at a record $78.11 on Thursday, has run up 47.3% year to date, while the S&P 500 has gained 16.8%.
3:45 a.m. Oct. 15, 2021 - By Steve Gelsi
Goldman Sachs beats Wall Street target as investment banking revenue jumpsGoldman Sachs Group Inc. on Friday reported third-quarter net income of $5.28 billion, or $14.93 a share, compared to $3.23 billion, or $8.98 a share, in the year-ago period. Net revenue increased to $13.6 billion from $10.8 billion. Net interest income climbed to $1.56 billion from $1.08 billion. Goldman Sachs was expected to earn $10.14 a share on revenue of $11.72 billion, according to a survey by FactSet. Goldman's investment banking unit nearly doubled its revenue to $3.55 billion from $1.93 billion. CEO David Solomon said the firm "saw strong operating performance" and that its "opportunity set continues to be attractive across all of our businesses." Goldman Sachs shares are up 48.3% so far this year, compared to an increase of 18.2% by the S&P 500 and a rise of 38% by the KBW Bank Index .
6:13 a.m. Oct. 14, 2021 - By Steve Gelsi
Bank of America profit boosted by reserve releaseBank of America said Thursday its third-quarter earnings rose to $7.7 billion, or 85 cents a share, from $4.9 billion, or 51 cents a share, in the year-ago period. Revenue increased to $22.8 billion from $20.3 billion. Net interest income rose 10% to $11.1 billion. The bank released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. A survey of analysts by FactSet estimated earnings of 71 cents a share on revenue of $21.68 billion and net interest income of $10.6 billion. CEO Brian Moynihan said the bank results were "strong" as the economy continued to improve and its businesses regained the organic customer growth momentum seen before the pandemic. The stock rose 2% in pre-market trades. Shares of Bank of America are up 42.3% in 2021, compared to a rise of 16.2% by the S&P 500.
4:50 a.m. Oct. 14, 2021 - By Steve Gelsi
Citigroup earnings rise 48%, beating analyst estimates Citigroup Inc. said Thursday its net income climbed 48% to $4.6 billion, or $2.15 per share, from $3.1 billion, or $1.36 a share, in the year-ago quarter. Revenue fell 1% to $17.2 billion including a pre-tax loss of about $680 million tied to the sale of its Australia consumer business unit. Excluding this item, revenue increased 3% amid growth in its institutional clients unit. The bank released $1.1 billion in loan loss reserves. Net interest revenue dropped 3% to $1.85 billion from $1.91 billion. Analysts expected Citi to earn $1.71 a share on revenue of $16.98 billion, according to a survey by FactSet. A lower cost of credit drove earnings, partially offset by lower revenue and higher expenses. Shares of Citi rose 1.5% in pre-market trades. The stock is up 14% this year, compared to a rise of 16.2% by the S&P 500.
2:48 a.m. Oct. 14, 2021 - By Steve Gelsi
Morgan Stanley fattens profit by $1 billion as investment banking revenue jumps Morgan Stanley on Thursday said its third-quarter net income rose to $3.7 billion or $1.98 a share, from $2.7 billion, or $1.66 a share, in the year-ago period. Revenue increased to $14.8 billion from $11.7 billion a year ago. Analysts expected the investment bank to earn $1.69 a share on revenue of $13.93 billion. Chairman and CEO James P. Gorman said Morgan Stanley "delivered another very strong quarter, with robust revenues and improved efficiency" with a return on producing a return on average tangible common shareholders' equity (ROTCE) of 20%, highlighted by its "standout performance" in its investment bank and record net new assets of $135 billion in wealth management. The firm's investment banking revenue rose about 68% to $2.85 billion from $1.7 billion. Shares of Morgan Stanley rose 1.8% in pre-market trades. The stock is up 43.8% this year, compared to a gain of 16.2% by the S&P 500.
2:06 a.m. Oct. 14, 2021 - By Ciara Linnane
Wells Fargo earnings top estimates as it releases $1.7 billion from loan loss reservesWells Fargo & Co. Inc. said Thursday it had net income of $5.122 billion, or $1.17 a share, in the third quarter, up from $3.216 billion, or 70 cents a share, in the year-earlier period. Revenue fell to $18.834 billion from $19.316 billion. The FactSet consensus was for EPS of $1.00 and revenue of $18.273 billion. The bank said it released $1.7 billion from its credit loss reserve, equal to a 30 cents bump in EPS. It also booked a charge of $250 million, or 5 cents a share, for an enforcement action taken by the Office of the Comptroller of the Currency relating to unsound practices in home lending. The bank said average loans fell to $854.0 billion from $931.7 billion a year ago. Average deposits rose to $1.451 trillion from $1.399 trillion. "Charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020," Chief Executive Charlie Scharf said in a statement. Net interest income fell to $8.909 billion from $9.379 billion a year ago, due to lower loan balances. Noninterest income edged down to $9.925 billion from $9.937 billion, as improved results in private equity and venture capital and higher card, deposit-related and investment banking fees were offset by lower mortgage-banking revenue, lower gains on the sale of securities and lower markets revenue. In the bank's retail operations, home lending fell to $2.012 billion from $2.527 billion. "The decline in mortgage banking income was primarily due to lower gain on sale margins and lower originations, as well as a decline in servicing fees, partially offset by higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year," the bank said. Shares were up 0.5% premarket and have gained 53% in the year to date, while the S&P 500 has gained 16%.
2:07 a.m. Oct. 13, 2021 - By Steve Gelsi
JPMorgan Chase beats EPS consensus by wide margin as it releases another $2.1 billion of loan loss reservesJPMorgan Chase & Co. on Wednesday said its third-quarter net income increased to $11.69 billion, or $3.74 a share, from $9.44 billion, or $2.92 a share, in the year-ago period. Revenue increased to $29.65 billion from $29.3 billion while net revenue managed increased to $30.44 billion from $29.94 billion. Net interest income increased by 1% to $13.2 billion. The earnings included credit reserve releases of $2.1 billion. Analysts expected the bank to earn $3 a share on revenue of $29.79 billion, with net interest income of $13.1 billion, according to a FactSet survey. Chairman and CEO Jamie Dimon said the results were "strong" as the economy continues to show good growth, despite the dampening effect of the Delta variant and supply chain disruptions. Shares of JPMorgan Chase rose 0.3% in premarket trades and are up 30% this year, compared to a rise of 15.8% by the S&P 500 .
6:28 a.m. Sept. 13, 2021 - By Victor Reklaitis
House Democrats propose hike in capital-gains tax to 25% for high earners as of MondayThe Democratic-run House Ways and Means Committee on Monday released and a that propose an increase in the capital-gains tax rate for high-income individuals to 25%. The preexisting rate of 20% would apply to transactions made before Monday, according to their legislative text and summary. That's after President Joe Biden's proposed budget in May backed a and assumed the increase took effect in late April.
5:24 a.m. Aug. 14, 2021 - By Catey Hill
I’m 66, get $26,300 a year in Social Security and want to live in a small city by the ocean — so where should I retire? Looking for ideas on the best place for you to retire? Email HelpMeRetire@marketwatch.com A retirement near the beach can be had for less than you might think.
1:30 a.m. July 28, 2021 - By Ciara Linnane
Citizens Financial to acquire Investors Bancorp in deal valued at about $3.5 billionCitizens Financial Group Inc. said Wednesday it has agreed to acquire Investors Bancorp Inc. in a deal with an implied value of about $3.5 billion. Under the terms of the deal, Investors Bancorp shareholders will receive 0.297 of a Citizens stock and $1.46 in cash for each share owned, and will own 14% of the combined company The deal is expected to close in the first or second quarter of 2022. Citizens is expecting the deal to immediately boost per-share earnings, lifting 2023 EPS by about 6.4%. It's expected to drive about $130 million of fully phased-in annual cost savings. Citizens recently acquired 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A. in a deal that has given it a presence in the New York City, and Philadelphia metropolitan and New Jersey markets, adding about one million customers. "The combined Citizens franchise will operate across some of the most attractive retail and commercial banking markets in the United States characterized by large and dense population centers, areas of high-income households and centers of robust business activity," the bank said in a statement. Investors Bancorp shares jumped 5.6% premarket and have gained 23% in the year to date, while the S&P 500 has gained 17%.
9:21 a.m. July 26, 2021 - Barrons.com
Gearing Up for Big Tech EarningsKatie Stockton, founder of Fairlead Strategies, discusses where investors can still find value amid record highs and ongoing volatility. Plus, Michael Sonnenfeldt, founder of Tiger 21, on the investment strategies of today's most successful entrepreneurs. And, Alexandra Wilson-Elizondo of Mackay Shields analyzes how to maneuver today's credit markets.
1:21 a.m. July 20, 2021 - By Tomi Kilgore
Synchrony Financial profit rises above expectations, but NII falls shortSynchrony Financial reported Tuesday a second-quarter profit that rose well above expectations, boosted by a reserve release of nearly $900 million, while net interest income fell below forecasts. The consumer financial services company's stock was still inactive in premarket trading. Net income rose to $1.23 billion, or $2.12 a share, from $37 million, or 6 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.39. Net interest income (NII) fell 2.5% to $3.31 billion, while the FactSet consensus was for an increase to $3.47 billion, as the 25 basis point increase in net interest margin to 13.78% fell short of expectations of 14.01%. Purchase volume increased 35% to $42.1 billion, loan receivables increased by $100 million to $78.4 billion and average active accounts grew 2% to 65.8 million. Provision for credit losses was down 112%, driven by $878 million reserve release and as net charge-offs as a percent of average loan receivables fell to 3.57% from 5.35%. "Customer payment rates continue to remain elevated, however, due to the impact of government stimulus and industry-wide forbearance measures," said Chief Financial Officer Brian Wenzel. "While this hindered loan receivables growth and yield, it supported continued strength in credit performance and led to lower provision for credit losses." The stock has rallied 29.1% year to date, while the SPDR Financial Select Sector ETF has advanced 19.1% and the S&P 500 has gained 13.4%.
2:48 a.m. July 15, 2021 - By Tomi Kilgore
Morgan Stanley stock falls after profit and revenue beat expectations, but trading fell shortShares of Morgan Stanley slumped 1.6% in premarket trading Thursday, after the brokerage and money management company reported profit and revenue that beat expectations, but trading revenue that fell well short of forecasts. Net income was $3.51 billion, or $1.85 a share, after $3.20 billion, or $1.96 a share, in the year-ago period. That topped the FactSet consensus for earnings per share of $1.66. Revenue rose 8.0% to $14.76 billion, above the FactSet consensus of $13.97 billion, as wealth management revenue jumped 29.6% to $6.10 billion to beat expectations of $5.91 billion while institutional securities revenue fell 13.5% to $7.09 billion but topped forecasts of $6.76 billion. Trading revenue dropped 31% to $3.30 billion, missing the FactSet consensus of $4.02 billion. Equity underwriting revenue grew 21.5% to $1.07 billion, above expectations of $1.05 billion, while fixed income underwriting dropped 9.5% to $640 million to top forecasts of $546 million. The stock has rallied 34.9% year to date through Wednesday, while the SPDR Financial Select Sector ETF has advanced 23.8% and the S&P 500 has gained 16.5%.
3:16 a.m. July 14, 2021 - By Tomi Kilgore
Citigroup stock gains after profit beats expectations, while revenue falls amid 'normalization' in market activityShares of Citigroup Inc. inched up 0.3% in premarket trading Wednesday, after the moneycenter bank reported a second-quarter profit that rose nearly six-fold to beat expectations, while revenue fell amid a "normalization" in market activity and lower average card loans. Net income increased to $6.2 billion, or $2.85 a share, from $1.1 billion, or 38 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of $1.97. Revenue fell 12% to $17.47 billion, but topped the FactSet consensus of $17.22 billion. Global consumer banking revenue declined 7% to $6.82 billion, just shy of the FactSet consensus of $7.02 billion, while institutional clients group revenue dropped 14% to $10.39 billion to miss expectations of $10.53 billion. Corporate and other revenue was down 8% to $267 million but beat expectations of negative $47.2 million. Markets and securities services revenue slumped 30% to $4.82 billion, as fixed income revenue slid 43% to $3.21 billion while equity markets revenue grew 37% to $1.06 billion. "The pace of the global recovery is exceeding earlier expectations and with it, consumer and corporate confidence is rising," said Chief Executive Jane Fraser. "While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead." Citigroup's stock has gained 10.9% year to date through Tuesday, while the SPDR Financial Select Sector ETF has climbed 24.4% and the S&P 500 has advanced 16.4%.
3:05 a.m. July 14, 2021 - By Ciara Linnane
Wells Fargo Q2 earnings boosted by $1.6 billion release of loan loss reservesWells Fargo & Co. blew past earnings estimates for the second quarter, as it released 1.6 billion from loan loss reserves thanks to a continued economic recovery from the coronavirus pandemic. The San Francisco-based lender posted net income of $6.04 billion, or $1.38 a share, for the quarter, after a loss of $3.846 billion, or $1.01 a share, in the year-earlier quarter. Revenue rose to $20.270 billion from $18.286 billion. The FactSet consensus was for EPS of 98 cents and revenue of $17.757 billion. "Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained," Chief Executive Charlie Scharf said in a statement. Net interest income fell 11% to $8.800 billion, below the $8.935 billion FactSet consensus, while noninterest income rose 37% to $11.470 billion, above the $8.847 billion FactSet consensus. In the consumer banking division, home lending rose 40% to 2.072 billion, while credit card lending was up 14% to $1.363 billion. In the corporate and investment bank, revenue fell 18% with markets revenue down 45% on lower trading activity across most asset classes mostly because of market conditions, the bank said. Wealth management revenue rose 10% to $3.536 billion. Following the recent Federal Reserve stress tests, Wells is expecting to raise its third-quarter dividend to 20 cents a share from 10 cents a share, subject to board approval. It plans to repurchase about $18 billion in shares during the four-quarter period starting in the third quarter. Shares were up 0.6% premarket and have gained 43% in the year to date, while the S&P 500 has gained 16%.
2:02 a.m. July 14, 2021 - By Tomi Kilgore
Bank of America stock drops after profit beats expectations but revenue falls shortShares of Bank of America Corp. dropped 2.2% in premarket trading Wednesday, after the moneycenter bank reported a second-quarter profit that rose above expectations but revenue fell short, weighed by misses in the consumer banking and global markets businesses. Net income nearly tripled to $8.96 billion, or $1.03 a share, from $3.28 billion, or 37 cents a share, in the year-ago period, to beat the FactSet consensus of 77 cents. Total revenue fell 4% to $21.5 billion, missing the FactSet consensus of $21.8 billion, as net interest income fell 6% to $10.2 billion to miss expectations of $10.4 billion. Consumer banking revenue grew 4.3% to $8.19 billion, below the FactSet consensus of $8.26 billion; global banking revenue was virtually flat at $5.09 billion to top expectations of $4.66 billion; global markets revenue dropped 11.8% to $4.72 billion, missing expectations of $4.76 billion. Fixed income, currencies and commodities revenue declined 38% to $2.0 billion while equities revenue grew 33% to 41.6 billion. "Consumer spending has significantly surpassed prepandemic levels, deposit growth is strong, and loan levels have begun to grow," said Chief Executive Brian Moynihan. The stock has rallied 31.5% year to date through Tuesday, while the S&P 500 has gained 16.3%.
2:44 a.m. July 13, 2021 - By Tomi Kilgore
Goldman reports big profit and revenue beats, boosts dividend by 60%Shares of Goldman Sachs Group Inc. edged up 0.3% in premarket trading Tuesday, after the bank reported big second-quarter profit and revenue beats, as weakness in the global markets business was offset by strength in asset management, investment banking and consumer and wealth management, and boosted its dividend by 60%. Net income soared to $5.35 billion, or $15.02 a share, from $197 million, or 53 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $10.25. Total revenue rose 15.7% to $15.39 billion, well above the FactSet consensus of $12.31 billion, as market-making revenue fell 43.4% to $3.27 billion while investment banking revenue grew 26.2% to $3.45 billion and investment management revenue increased 16.5% to $1.91 billion. Equity underwriting revenue jumped 17.6% to $1.24 billion, above the FactSet consensus of $1.13 billion, amid strong initial public offering activity. Fixed income, currency and commodities revenue tumbled 45% to $2.32 billion, but topped expectations of $2.31 billion, while equities revenue fell 12% to $2.58 billion to beat expectations of $2.32 billion. Separately, Goldman raised its quarterly dividend to $2.00 a share from $1.25 a share, with the new dividend payable Sept. 29 to shareholders of record on Sept. 1. Goldman's stock has slipped 0.9% year to date through Monday, while the Dow Jones Industrial Average has gained 14.3%.
2:06 a.m. July 13, 2021 - By Tomi Kilgore
J.P. Morgan Chase stock falls after profit more than doubles but revenue declinesShares of J.P. Morgan Chase & Co. fell in 1.1% in premarket trading Tuesday, after the banking giant reported second-quarter a profit that more than doubled and revenue that beat expectations, even as markets revenue fell 30%, while net interest income fell below forecasts. Net income rose to $11.95 billion, or $3.78 a share, from $4.69 billion, or $1.38 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.20. The bank said $3.0 billion of credit reserve releases boosted EPS by 75 cents. Net revenue fell 7.2% to $31.40 billion but beat the FactSet consensus of $29.97 billion, while net interest income fell 8% to $12.9 billion to miss expectations of $13.0 billion. Consumer and community banking revenue grew 3.3% to $12.76 billion, beating the FactSet consensus of $12.42 billion, and corporate and investment bank revenue dropped 19.3% to $13.21 billion but beat expectations of $12.19 billion. Fixed income markets revenue dropped 44% to $4.1 billion, missing expectations of $4.16 billion, while equity markets revenue rose 13% to $2.7 billion to be expectations of $2.31 billion. "This quarter we once again benefited from a significant reserve release as the environment continues to improve, but as we have said before, we do not consider these core or recurring profits," said Chief Executive Jamie Dimon. The stock has run up 24.3% year to date through Monday, while SPDR Financial Select Sector ETF has rallied 25.8% and the Dow Jones Industrial Average has advanced 14.3%.
7:26 a.m. July 9, 2021 - By Tomi Kilgore
Sentage Holdings stock blasts off with a near 9-fold gain in its public debutShares of Sentage Holdings Inc. blasted off Friday, as the China-based financial services provider went public with a near ninefold gain. The company raised $20 million as it offered 4 million shares in its initial public offering, which priced late Thursday at $5 a share, at the low end of the expected range of between $5 and $6 a share. The stock's first trade on the Nasdaq was at $42.99 at 11:14 a.m. Eastern for 14,242 shares. At that price, the company was valued at $601.9 million. Network 1 Financial Securities was the lone underwriter of the IPO. The stock has pared some gains since the open, and was last up 632% at $36.60. The company recorded net income of $1.6 million on revenue of $3.6 million in 2020, after net income of $1.8 million on revenue of $4.0 million in 2019. The company went public at a time that the Renaissance IPO ETF has gained 0.5% over the past three months, while the iShares MSCI China ETF has lost 4.7% and the S&P 500 has gained 5.6%.
9:18 a.m. June 5, 2021 - By Quentin Fottrell
My husband of 30 years hid income with his mother’s help. When confronted he said, ‘I’m a liar. I’ve been doing this for 10 years!’ ‘I want to protect the last of my inheritance and two money-market accounts currently in my name’‘I want to protect the last of my inheritance and two money-market accounts currently in my name.’
12:18 p.m. June 2, 2021 - By Greg Robb
Fed to sell corporate bond holdings purchased during pandemicIn a milestone for the government's response to the COVID-19 pandemic, the Federal Reserve announced Wednesday it plans to begin selling the portfolio of corporate bonds purchased last year as part of efforts to keep financial markets functioning during the shutdown of the economy. The little-used program, the Secondary Market Corporate Credit Facility, provided an important psychological boost for markets, said Guy LeBas, chief fixed income strategist for Janney, on Twitter. The coming sales are unrelated to monetary policy, a Federal Reserve official said. Portfolio sales will be gradual and orderly, and "will aim to minimize the potential for any adverse impact on market functioning," the Fed said, in a statement. The New York Fed will announce more details before sales begin. As of the end of April, the Fed held $8.6 billion in corporate bond ETFs and $5.2 billion of individual corporate bonds.
7:09 a.m. May 30, 2021 - By Quentin Fottrell
My wife and I defrauded the government by hiding income. Now we’re divorcing, and she’s threatening to ruin us both ‘She left me for her pandemic boyfriend. She was caught at our vacation home with him’‘She left me for her pandemic boyfriend. She was caught at our vacation home with him.’
1:55 p.m. May 29, 2021 - By Alessandra Malito
I’m 52, won’t live past 80 and have $1.6 million. ‘I am tired of both the rat race and workplace politics.’ Should I retire? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
5:35 a.m. May 25, 2021 - By MarketWatch
What you need to know about the race to the first Bitcoin ETFSeveral bitcoin ETFs have been filed with the U.S. Securities and Commission, but none have been approved. Cryptocurrency skeptics and supporters have cited benefits and concerns about what the approval of a bitcoin ETF may mean for investors.
4:11 p.m. May 20, 2021 - By Quentin Fottrell
I’m worth $3 million, and separating from my much wealthier partner of 33 years. What kind of financial settlement can I expect? ‘When same-sex marriage became a possibility in New York, he declined to consider it because he did not want to take on any possible financial obligations that a future divorce might entail’‘When same-sex marriage became a possibility in New York, he declined to consider it because he did not want to take on any possible financial obligations that a future divorce might entail.’
1:53 a.m. May 18, 2021 - By Tomi Kilgore
Flywire sets IPO terms, which could value the payments platform company at $2.4 billionFlywire Corp. set terms of its initial public offering, in which the Boston-based payments enablement and software company is looking to raise up to $208.8 million. The company said it will offer 8.7 million shares in the IPO, which is expected to price between $22 and $24 a share. At that pricing, the company could be valued at up to $2.40 billion. The stock is expected to list on the Nasdaq under the ticker symbol "FLYW." The company listed 13 underwriters, led by Goldman Sachs, J.P. Morgan, Citigroup and BofA Securities. Flywire recorded a net loss of $8.7 million on revenue of $45.0 million for the quarter ended March 31, after net income of $781,000 on revenue of $32.7 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 22.6% over the past three months while the S&P 500 has gained 6.4%.
7:41 a.m. May 16, 2021 - By Quentin Fottrell
My ex-wife passed away. I’m the beneficiary on her life insurance. Her family wants me to pay her funeral expenses and won’t leave me alone ‘I blocked my ex-in-laws, and now I received a threatening voicemail from a blocked number, so I’ve taken it upon myself to notify the authorities’‘I blocked my ex-in-laws, and now I received a threatening voicemail from a blocked number, so I’ve taken it upon myself to notify the authorities.’
7:34 a.m. May 16, 2021 - By Quentin Fottrell
My boyfriend talked me into depositing my paychecks into his bank account, and paying for a car in his name. What can I do? ‘He financed a brand-new car in his name for me — it cost over $45,000. I made aggressive payments every month and even took money from my 401(k) to pay off the car’‘He financed a brand-new car in his name for me — it cost over $45,000. I made aggressive payments every month and even took money from my 401(k) to pay off the car.’
4:07 p.m. May 10, 2021 - By Quentin Fottrell
My wife’s brother, 60, lives with his mom. He thinks the house belongs to him. What should happen after my mother-in-law dies? ‘Should they let him have the house or rent it? Should they make him pay for the house?’‘Should they let him have the house or rent it? Should they make him pay for the house?’
12:47 p.m. May 9, 2021 - By Quentin Fottrell
I have a ‘mundane’ First World problem: Should I buy a $30,000 bracelet during a global pandemic? ‘My husband said I should buy it’‘‘My husband said I should buy it.’
9:39 a.m. May 8, 2021 - By Alessandra Malito
I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
7:42 a.m. May 8, 2021 - By Alessandra Malito
My parents are unprepared for retirement — how can I help them? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.comHave a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
7:18 a.m. May 8, 2021 - By Alessandra Malito
We have $190,000 in retirement savings and want to use the COVID-related distribution rules to pay off $40,000 in debt — should we? The CARES Act allows some savers Americans to take money out of their retirement accounts — but advisers say they should proceed with cautionThe CARES Act allows some savers to take money out of their retirement accounts — but advisers say they should proceed with caution.
6:54 a.m. May 8, 2021 - By Alessandra Malito
How do super savers know when they can quit their jobs? These people on the path to early retirement took their time, even when they had the money to leaveThese people on the path to early retirement took their time, even when they had the money to leave
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