Text size First Republic shares closed down 47% in Monday trading. The stock is now down more than 90% so far in March. Eric Thayer/Bloomberg Shares of Bank of the First Republic are still in freefall even after the banking industry provided the lender with billions of dollars in cash. That money could be enough … Read more
Arrives within a week You’re here was a rotten credit rating at Moody’s, even though Tesla’s financial performance was much better by Moody’s own calculations. That changed Monday night after Moody’s upgraded its rating on the electric vehicle maker. Still, investors might wonder why the rating isn’t even higher. Elon Musk seems to be the … Read more
Text size Rivian’s enterprise value is behind fellow electric vehicle start-ups Lucid, Polestar and Fisker. Kevin Dietsch/Getty Images Stock in Electric Truck Starter Rivian Automotive is trading terribly, over 80% off its IPO price of $78 per share and over 90% off all-time highs. The shares are also trading much worse than shares of other … Read more
Jonathan Amy, a 74-year-old semi-retired neurologist in McLean, Va., is still awaiting a refund of nearly $10,000 on his 2020 taxes. His accountant electronically filed his extension statement in September 2021 and received a notification of acceptance from the Internal Revenue Service. Finally, last month, Mr. Amy contacted the Taxpayer Advocate Service, an independent watchdog … Read more
US policymakers watched with suspicion the hasty rescue of Credit Suisse CS -6.94% Group AG this weekend, hoping that its takeover by UBS Group HER stem a fall in financial stocks triggered by the recent failure of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve … Read more
Text size The Federal Reserve’s interest rate decision on Wednesday will be the main event of a week with several notable earnings reports and investor days, as well as the latest economic data. The Federal Open Market Committee concludes a two-day meeting Wednesday afternoon, with a decision expected at 2 p.m. ET. President Jerome Powell … Read more
One option would be to buy all of Credit Suisse and then turn its local Swiss operations into an independent entity, the sources said. UBS would retain Credit Suisse’s valuable wealth management business. Discussions are ongoing and the contours of the deal could still change as UBS and Swiss regulators flesh out the details of … Read more
Main Street businesses and American families will likely find it harder to get a loan due to turmoil in the banking sector, economic growth and the risk of recession. “The risk in terms of SVB’s spark is real,” said Greg Daco, chief economist at EY-Parthenon, a strategy advisory unit of Ernst & Young LLP. The … Read more
The deal could be completed on Sunday if not earlier, the people said. Regulators have offered to waive the usual shareholder voting requirement to speed up the sale, one of the people said. Discussions were quick and a remaining sticking point was the ownership status of the major Swiss retail arm of Credit Suisse, the … Read more
But on Friday, shares of First Republic fell again, losing more than 30% and leaving analysts wondering if it has a future as a standalone bank. What happened to the First Republic Bank? First Republic was one of the banks to be swept away by the contagion that followed the March 10 bankruptcy of Silicon … Read more