PacWest Powers Regional-Bank Rally, Easing Some of the Pain
PacWest Bancorp ended the week with a bang, leading a rebound of US regional-banking stocks after a bruising week of losses, amid signals that some of the selling has been overdone.
Bloomberg Business
Icahn Enterprises Issues Dividend After Hindenburg Attack
Icahn Enterprises LP, under pressure from short seller Hindenburg Research, said it would pay a dividend of $2.00 per unit to investors, sending shares higher by the most since 2008.
French Finance Minister Pledges Faster Debt Reduction
French Finance Minister Bruno Le Maire pledged to accelerate the pace of debt reduction, a week after the country’s credit rating was cut.
Apple Buoys Wall Street, Keeping Doubts on Future Growth at Bay
Apple Inc. rallied Friday after an iPhone rebound helped quarterly earnings beat estimates, even as overall sales at the world’s most valuable company remain in decline.
Binance Faces US Probe of Possible Russian Sanctions Violations
The Justice Department is investigating whether Binance Holdings Ltd. was used illegally to let Russians skirt US sanctions and move money through the world’s biggest cryptocurrency exchange, according to people familiar with the matter.
Bruised Banks Fuel Short-Covering Rally in Stocks: Markets Wrap
The chaotic week for financial markets ended with a rally in risk assets — possibly driven by short-covering — as regional banks rebounded from a brutal rout and solid jobs data tempered fears of a recession. Treasuries fell.
JPMorgan Defends Regional Banks Even as Negative Sentiment Hits 2008 Highs
The extreme skepticism over regional bank stocks has gone so far that it prompted one of the few holdouts on Wall Street to turn bullish on a trio of the hardest-hit lenders.
Hot Jobs Report Raises Odds Fed Keeps Rates Higher for Longer
The unexpected pickups in US hiring and wages last month increase chances the Federal Reserve will hold interest rates high for longer and potentially keep the door open to an 11th straight hike in June.
Western Digital Customer Data, Credit Cards Accessed in Hack
Western Digital Corp. said hackers got access to an internal database for its online store which contained personal information such as names, addresses and partial credit card details of customers.
Creditor Fights Only Benefit Lawyers, Corbin CIO Says
The rise of fights among creditors is ultimately a zero-sum game that only benefits lawyers, according to Craig Bergstrom, the chief investment officer of Corbin Capital, which manages around $8.5 billion.
