Tag Archives: Wall Street

Premarket stocks: Electric vehicle hype is still driving car stocks | CNN

Car sales at major automakers are plunging due to a shortage of computer chips that’s forced factory shutdowns and crimped supply.

But that’s not fazing Wall Street, which remains laser-focused on investment in electric vehicles that could power future growth.

What’s happening: General Motors (GM), Chrysler-owner Stellantis and Honda (HMC) all recently said that sales fell sharply over the past three months due to supply chain disruption. The latest update from Ford (F) is due Monday.

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Stocks week ahead: Wall Street dealmakers have never been busier | CNN

There’s never been a better time for companies to raise funding from hot markets or make moves to scoop up their competitors.

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That’s been a huge boon to investment bankers, who are gearing up for another summer of juggling dealmaking with vacations.

What’s happening: The US market for initial public offerings has been on fire this year, setting post-2000 records in the first and second quarters, according to Renaissance Capital. In the April to June period alone, there were 113 IPOs raising nearly $40 billion.

“It was the busiest quarter for IPOs in over two decades, a record that was just broken last quarter, as well as the biggest second quarter by proceeds ever,” the group wrote in a report published Friday.

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4 years after Occupy Wall Street, big banks are hurting | CNN Money

Four years ago, police started evicting Occupy Wall Street protesters from Zuccotti Park in New York City.

Justin Wedes remembers it well. It was one of several times he was arrested for protesting as an Occupy Wall Street leader.

“I think there’s a general sentiment, even amongst many on Wall Street, that our current political and economic system isn’t working,” says Wedes, who has now returned to his hometown of Detroit.

The Occupy tent cities are gone, but the movement has had a lingering effect on American politics — and even Wall Street itself.

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The Fed is handcuffing itself. Here’s how | Money CNN

Wall Street is in the throes of a wild guessing game. The question on everyone’s minds: September or December?

That’s because the U.S. Federal Reserve has said that its historic rate hike will come this year. And Wall Street has pinned its hopes on exactly those two months.

Few believe it could be October. That’s not because Fed chief Janet Yellen is afraid of Halloween.

It’s entirely because unlike its September and December meetings, the Fed doesn’t hold a press conference following its October meeting. Investors know that these televised events — which occur just four times a year — are the perfect time for Yellen to carefully explain to the world the rationale behind key decisions that could

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Wall Street Gathers at Bitcoin Conference to Figure Out What Exactly Bitcoin Is | Bloomberg

I’ve been to quite a few bitcoin gatherings, where the standard attire is a sweaty T-shirt and sneakers. This week’s Digital Currencies conference in New York was different. It felt more like a Wall Street confab than the usual fellowship of the neckbeards.

The suits were out in full force at the bitcoin convention on July 29, organized by American Banker. In attendance were representatives from Visa, Citigroup and other financial institutions.

The professionals there were by no means bitcoin faithful. Most bankers’ views on the digital currency — or virtual commodity, depending on who you ask — ranged from puzzled to noncommittal. Lester Joseph, manager of the global financial crimes intelligence group at Wells Fargo, said the bank doesn’t have a grand plan for bitcoin.

“We don’t really have a strategy,” Joseph said during a panel called the Nexus Between Banking and Bitcoin Companies. “We just try to understand it and try to manage the risk.”

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BofA Intern Death and Wall Street’s Culture | Daily Intelligencer

There’s a game played among young Wall Street analysts, usually late at night after everyone but the janitors have gone home. It goes by various names, but the one I’ve heard most often is “Misery Poker.” The rules are simple: If your workload is worse than your colleagues’, you win. So “I’m staffed on two deals, and I haven’t left before midnight in a week” might prompt a raise of “Oh, yeah? Well, I’m staffed on three deals, and I stayed past 2 a.m. six nights out of the last eight.”

Usually Misery Poker is played with a wink to its ridiculousness. These are 22-year-old investment bankers, after all, not battlefield medics or single moms working three jobs. All of them are being well compensated for the pain they endure. But last weekend, when a London-based Bank of America intern dropped dead, reportedly after pulling three all-nighters in a row, we learned what happens when a game of Misery Poker goes high-stakes.

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The Obama Deception: Why Cornel West Went Ballistic – Chris Hedges | Truthdig

“He makes a bee line to me right after the talk, in front of everybody,” West says. “He just lets me have it. He says, ‘You ought to be ashamed of yourself, saying I’m not a progressive. Is that the best you can do? Who do you think you are?’ I smiled. I shook his hand. And a sister hollered in the back, ‘You can’t talk to professor West. That’s Dr. Cornel West. Who do you think you are?’

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Confusion Over Fate Of Inflation Reaches All Time Record: Are Bonds Actually Wrong? | zero hedge

This means that either consumers and bonds are at record odds over how they view the inflationary environment in the future, or that there is no real bond market in the short end

Confusion Over Fate Of Inflation Reaches All Time Record: Are Bonds Actually Wrong? | zero hedge.

The truth behind the AIG bailout | GDS Publishing

Until now, when making a case for the AIG bailout, the US government has always maintained that had the financial services giant been left to fail, its credit default swap (CDS) obligations would have caused huge losses to its counterparties, resulting in all-out financial collapse.

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