A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto Chris Helgren | Reuters Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic. Here’s the statement
Month: April 2020
A United Parcel Service worker delivers packages on April 29, 2020 in New York City. Stephanie Keith | Getty Images Half of the S&P 500 companies have reported earnings for the first quarter and this has been the strangest earnings season imaginable. Consider: Global activity has ground to a halt in some sectors, but
Take a look at some of the biggest movers in the premarket: Twitter (TWTR) – Twitter reported quarterly profit of 11 cents per share, a penny a share above estimates. Revenue and the number of monetizable daily active users beating forecasts as well. Twitter is not giving any guidance for the current quarter or the
Getty Some 3.8 million Americans filed for unemployment benefits in the week ending April 25, bringing the country’s total to more than 30 million in a little over a month. But the money they will receive from the government might not be enough to cover their full rent or mortgage payments. According to the National
Phynart Studio Prior to the Covid-19 pandemic, an astounding 53% of the American population felt anxious about personal finances. Undoubtedly, that percentage has grown significantly, with more than 26 million Americans becoming unemployed since then. The statistics are alarming, but it is not time to panic — it’s time to plan. Although many financial plans
The belly of the municipal yield curve is experiencing little constructive activity as participants rely on the Federal Reserve for short-end support and put their trust in the ultimate recovery of issuers with long-end investment. The primary digested a massive $1.12 billion bond offering from New York Power Authority. The entire deal was structured to
General Electric reported Wednesday a steep decline in first-quarter revenue as the industrial giant took a hit amid the coronavirus pandemic. The company posted total revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That’s below a Refinitiv estimate of 8 cents per
A woman walks in the rain outside the New York Stock Exchange (NYSE) in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York, April 13, 2020. Andrew Kelly | Reuters I know this sounds strange, but this was a good day for the stock market, even with
Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing lost $1.70 per share, larger than the $1.61 per share predicted by Wall Street analysts, with revenue also below estimates. Boeing also announced plans to cut commercial jet production rates as well as reduce payroll. General Electric (GE) –
Photo: Getty Now that April 1, 2020 has come and gone, I have a question to ask all landlords: Was the rent check in the mail? I also have one for tenants: Did you send the rent? In a more normal time, this would not be such a serious thing to write about. This is
A sale pending sign is posted in front of a home for sale in San Francisco, California. Justin Sullivan | Getty Images Home sales took a deep dive in March as the coronavirus pandemic shut down much of the economy and homebuyers and sellers pulled out of the normally busy spring market. Signed contracts to
The secondary market saw yields rise again by at least five or six basis points. New deals were priced but issuers faced yield concessions. The market isn’t facing 50-basis-point swings, but its footing is still off as participants grapple with the long-term effects of the pandemic. Additionally, the market will potentially see bonds maturing in
Almost all markets across the world have been in turmoil owing to the economic uncertainties brought about by the coronavirus pandemic, and in that regard, the crypto market has been no different. However, one of the major cryptocurrencies to have made a remarkable recovery since hitting its lowest levels in March is Ethereum (ETH), and
CNBC’s Jim Cramer on Monday doubled down on his preference for stock picking over index investing. The former hedge fund manager presented a list of market bright spots that span more than one dozen industries he said are working in this coronavirus-plagued market. “You want to remember this list the next time the market rolls
Take a look at some of the biggest movers in the premarket: 3M (MMM) – 3M reported quarterly earnings of $2.16 per share, beating the consensus estimate of $2.03 a share. The health-care and safety products maker’s revenue also beat forecasts, but the company withdrew its full-year outlook due to virus-related uncertainties. Caterpillar (CAT) –
Award-winning architect Lauren Rottet in the Presidential Suite of the Surrey Hotel in New York. EDOUARD ZAK PHOTOGRAPHY One of the most-celebrated architects in the world, Lauren Rottet is the genius behind the design of many exceptional hotels around the world, from the Hotel Alessandra in Houston, Texas, the Surrey Hotel in New York City,
A for sale sign is seen near a house for sale in South Pasadena, California on April 24, 2020. Frederic J. Brown | AFP | Getty Images Home prices were not only gaining in February, the gains were increasing steadily. Nationally, prices were 4.2% higher annually for the month, up from a 3.9% gain in
A Puerto Rico COVID-19 medical task force recommended the staged opening of the island’s economy. The task force presented its recommendations to Gov. Wanda Vázquez Garced, who appointed its members. It said that those areas with the least likely transmission of the virus should be opened first, progressively followed by others with that had higher
Charles Munger David A. Grogan | CNBC Charlie Munger, vice chairman of Berkshire Hathaway, will not be taking questions at the company’s annual shareholder’s meeting alongside Warren Buffett as the coronavirus pandemic forces changes to the widely anticipated event. Instead, it will be Greg Abel, Berkshire’s vice chairman of non-insurance operations, taking previously submitted questions
Check out the companies making headlines before the bell: AutoNation – AutoNation will return $77 million it received in forgivable loans from the Paycheck Protection Program. The car retailer said it had intended to use the funds entirely for payroll, but decided to return the money after the Small Business Administration issued new guidelines for
Getty Since the CARES Act instituted mortgage forbearance for borrowers of government-secured home loans, misinformation and malpractices have abounded. To correct some of that, today the Federal Housing Finance Agency, which oversees mortgage buyers Freddie Mac and Fannie Mae, released a statement reiterating that borrowers in forbearance are not obliged to repay the missed monthly
Contractors construct a wood deck while working on a home under construction in the Norton Commons subdivision in Louisville, Kentucky, U.S., on Monday, March 23, 2020. Luke Sharrett | Bloomberg | Getty Images Home sales nearly ground to a halt at the end of March, as the coronavirus pandemic forced an economic shutdown that scuttled
The coronavirus has had a marked impact on the municipal market, with historical price deterioration on even some of the strongest, highest-rated paper. To understand buying opportunities or when making a decision to hold or sell an existing position, data-driven research on a municipality with a focus on key economic factors, relative to other municipalities,
Saudi Aramco crude oil storage at Ras Tunura, Saudi Arabia. Planet Labs The coronavirus crisis led to an unprecedented collapse in demand for oil and U.S. prices have rapidly fallen over the past week. In order for the price to stabilize, U.S. producers have to further cut their production or be forced to curb it
A woman wearing a face mask at her house. Robin Utrecht | Echoes Wire | Barcroft Media via Getty Images As the economy shut down, businesses diverted spending to technology, while cutting back more broadly on other outlays including their payments to suppliers, according to data tracking business-to-business spending. Even before the state shutdowns took
TOPLINE Despite the coronavirus pandemic causing unprecedented financial disruptions and a major shift in the lives of American consumers, a slowdown in new cases has made Wall Street more optimistic about eventually reopening the economy— and here are 19 stocks poised to thrive in the post-coronavirus world once widespread quarantine orders are lifted, according to
Spencer Platt | Getty Images The coronavirus economic shock has left Americans downbeat about stock market investing, even after the major market rebound off March lows, according to a new survey from Gallup. Only 21% of Americans think stocks or mutual funds are the best long-term investment — down six points from 2019 — which
The secondary muni market was dislocated Friday with high-grade block trading showing swings in yields and rate volatility and price discovery remain problematic for investors and issuers alike. After a week of large issuers bringing sizable deals, Friday did not fully commit to a more stabilized muni market. The news out of Washington did not
A Sierra Wireless display at a trade show. Source: Sierra Wireless Lion Point Capital, run by alumni of Elliott Associates, Perry Capital and Starboard Value, struck an agreement this month with Sierra Wireless, a struggling telecom hardware maker that’s trying to become a software company. We believe Lion Point has a good chance at getting
A masked pedestrian carrying water bottles walks past the Charging Bull statue in lower Manhattan on April 02, 2020 in New York City. Bruce Bennett | Getty Images The stock market is struggling to make headway, as a big week of events rolls around, including a Federal Reserve meeting, the first look at post-shutdown economic
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