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  • GameStop stock up nearly 50% on surprise quarterly profit, higher sales

    The share of GameStop Corp. rose 48% in the extended session on Tuesday after the specialty retailer reported surprising quarterly earnings and sales that beat Wall Street’s expectations. The retailer is “aggressively focused on improving profitability year-over-year while still pursuing pragmatic long-term growth,” Chief Executive Matt Furlong said during the post-results talk with the company. […]

  • Silicon Valley Bank’s former parent company says FDIC seized about $2 billion in cash

    Silicon Valley Bank’s former parent company cannot access about $2 billion it deposited with the bankrupt bank after regulators froze the company’s accounts and are investigating whether it should bear costs related to the bank’s bankruptcy . Lawyers for SVB Financial Group, the holding company that formerly controlled the now-defunct bank, alleged Tuesday at the […]

  • What the Fed’s next move means for mortgages, loans and credit cards

    The bar Americans must clear to get approved for loans and credit cards is likely to rise along with interest rates, due in part to the fallout from the collapse of Silicon Valley Bank. The Federal Reserve is expected to raise rates again on Wednesday, though some economists say it could go on hiatus this […]

  • Fund managers fear a ‘systemic credit event’ as the biggest threat to markets: BofA

    Published: March 21, 2023 at 8:53 a.m. ET Fund managers fear a systemic credit crunch is the biggest tail risk this month, Bank of America strategists said, citing data from their latest poll. The bank’s most recent global survey of fund managers found that 31% of the 212 fund managers surveyed chose the biggest threat […]

  • Barney Frank was right about Signature Bank

    Mar 20, 2023 6:26 PM ET A person walks past a Signature Bank in New York City, March 20. Photo: sarah yenesel/Shutterstock We never thought we’d be writing that headline. But on Sunday, the Federal Deposit Insurance Corp. known that New York Community Bancorp‘s Flagstar Bank will fully acquire Signature Bank‘s cash deposits, except those […]

  • Amazon plans to lay off another 9,000 employees

    Chief Executive Andy Jassy said in a statement that the company has added a significant number of employees in recent years, a move he defended as necessary given what was happening in Amazon’s business at the time. “Given the uncertain economy we live in, and the uncertainty that exists for the foreseeable future, we have […]

  • JPMorgan CEO Jamie Dimon leads efforts to create new First Republic Bank Rescue Plan

    Discussions, while tentative, focused on how the industry could arrange an investment that would bolster the bank’s capital, according to people familiar with the matter. One of the options on the table, people said, is an investment in First Republic by the banks themselves. Eleven major banks joined forces last week to deposit $30 billion […]

  • US stocks rise, but First Republic Bank slides

    In trading at 4pm ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 was up 0.9%. The tech-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday, but so far have remained relatively isolated from the banking crisis. Authorities have been trying to halt a dangerous drop in […]

  • From Zero to Hero – WSJ

    President Joe Biden at the University of Nevada, Las Vegas, March 15. Photo: Ethan Miller/Getty Images Isn’t it bizarre that so many people who cause problems then turn around and become heroes who solve the same problems they caused? Between the $1.9 trillion US bailout from the Biden administration and the green-laden $738 billion Inflation […]

  • Senator Elizabeth Warren is calling for an independent inquiry into the Fed’s banking regulations

    Published: March 19, 2023 at 7:05 PM ET Senator Elizabeth Warren is calling for an independent investigation into the Federal Reserve and “the entire regulatory system” following the banking sector’s worst crisis in more than a decade. On Sunday, the Massachusetts Democrat told ABC News’ This Week that the chaos of the past few weeks […]