Streetbeat News

Regulatory

AXP

C

COF

OMF

SYF

WMT

BMO Capital Markets analyst James Fotheringham downgraded American Express (AXP), Capital One (COF), and Synchrony Financial (SYF) due to credit quality concerns, among other issues. AXP was downgraded to Underperform with a price target of $157, implying a -17% downside. COF was downgraded to Market Perform with a $124 target, a 6% downside, partly due to the potential impact of a lawsuit from Walmart (WMT). SYF was also downgraded to Market Perform with a $40 target, with potential earnings impact from CFPB's late fee rule. Citigroup (C) was downgraded to Market Perform with a $57 target, and OneMain Holdings (OMF) maintained at Market Perform with a $50 target.

Portfolio Pulse from Nabaparna Bhattacharya

January 10, 2024 | 8:47 pm

SPY

Federal Reserve Bank of New York President John Williams emphasized the importance of banks being prepared to use the Fed's discount window in times of need. This facility is designed to provide liquidity to banks facing short-term funding difficulties, ensuring the stability of the financial system. Williams' remarks highlight the Fed's readiness to support banks during periods of stress, which is crucial for maintaining confidence in the banking sector.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:47 pm

SPY

Federal Reserve Bank of New York President John Williams commented that the usage of the Bank Term Funding Program (BTFP) is not surprising and should not be a cause for concern. He emphasized the continuous availability of the Discount Window as a source of liquidity for banks.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:46 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) stock is trading higher due to recent developments in artificial intelligence and its investment in OpenAI. Microsoft's Quantum team has discovered a new material for solid-state battery electrolytes using AI, and the company is introducing an AI feature in Windows 11's Notepad. The European Commission is assessing Microsoft's $16 billion investment in OpenAI for potential review under EU Merger Regulation. MSFT shares are currently trading above their 50-day moving average and near their 52-week high.

Portfolio Pulse from Erica Kollmann

January 10, 2024 | 8:46 pm

SPY

Federal Reserve Bank of New York President John Williams stated that the Bank Term Funding Program (BTFP) successfully achieved its goal during a period of acute stress. The BTFP was designed to provide liquidity to banks, ensuring they could meet the needs of all their depositors. Williams emphasized the importance of the program in maintaining stability and confidence in the banking system.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:43 pm

BA

U.S. Transportation Secretary Pete Buttigieg emphasized the need for Boeing to ensure 100% safety in every plane delivered. He communicated this directly to Boeing's CEO, stressing the importance of establishing full confidence in their aircraft.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:42 pm

SPY

Federal Reserve Bank of New York President John Williams stated that the prospects of rate cuts by the Fed are closely tied to the performance of the economy. He emphasized that the speed of any potential rate cuts will depend on economic conditions. Williams also mentioned that as inflation decreases, interest rates are expected to follow suit. He agreed that the outlook for Fed rate cuts makes sense, but the timing of such cuts will be determined by the state of the economy.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:40 pm

ARKK

BTCUSD

Cathie Wood, CEO of ARK Invest, anticipates the potential approval of the Ark21Shares Bitcoin ETF (ticker 'ARCB') as a significant event for Bitcoin. She targets $4 billion in inflows from institutional investors, despite a longer due diligence process. Wood remains optimistic about the future of digital asset ETFs, though acknowledges the SEC's role in the process. She previously predicted a $1 million Bitcoin price in the next 5-7 years.

Portfolio Pulse from Khyathi Dalal

January 10, 2024 | 8:39 pm

JPM

Chris Giancarlo, former CFTC chairman known as 'CryptoDad', predicts $50-100 billion inflows into Bitcoin ETFs, with a potential $5 billion in AUM for approved ETFs like BlackRock's within a month. J.P. Morgan CEO Jamie Dimon, however, remains critical of Bitcoin, citing its use in illicit activities despite J.P. Morgan being an authorized participant for BlackRock's spot Bitcoin ETF. The European Central Bank has labeled Bitcoin a 'speculative asset', but interest in spot Bitcoin ETFs remains high.

Portfolio Pulse from Khyathi Dalal

January 10, 2024 | 8:32 pm

SPY

Federal Reserve Bank of New York President John Williams stated that the Fed's balance sheet reduction is proceeding as intended. He also mentioned that the banking sector's liquidity is not yet scarce, but emphasized that further efforts are necessary to return inflation to the Fed's target level.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 8:29 pm