China has long dominated the global market for rare earth metals, which are required components of many devices, including the one you're reading this article on.
The NYCB saga continues
Shares of New York Community Bancorp fell 24% in afternoon trading on Friday. The stock is down 53% for 2024 through Thursday.
MarketWatch/Google photo illustration
Late Thursday, the New York City Bancorp,
Alessandro Dinello, who was appointed Chairman of the Bank's Board of Directors in early February, will take over as CEO following the resignation of Thomas Cangemi, the bank announced.
But what really surprised investors was that the bank also said it had identified “material weaknesses” in its loan reviews.
New York Commercial Bank followed up on Friday by announcing the appointment of George F. Buchanan III as vice president and chief risk officer and Colin McCollum as the company's chief audit officer.
This story has continued to develop since Jan. 31, when the New York central bank surprised investors by cutting its dividend and reporting a net loss in the fourth quarter as it built reserves to cover potential losses in its commercial and multifamily residential real estate loan portfolios.
DiNello was previously CEO of Flagstar Bancorp of Troy, Michigan, which was acquired by New York Community Bancorp in December 2022. New York Community also purchased deposits and loans from the failed Signature Bank of New York in March 2023 through a deal arranged by the depository institution Federal. Insurance company
The two acquisitions brought New York Commercial Bank's total assets to $116.3 billion as of December 31 from $59.6 billion two years earlier. Crossing the $100 billion threshold means the bank must begin submitting annual capital plans to the Federal Reserve this year.
NYCB's stock price is already down 53% for 2024 through Thursday. The stock fell another 24% in Friday afternoon trading.
The obvious question now is whether or not it's time for New York Community Bancorp's board of directors to sell the bank. Citigroup analyst Keith Horowitz believes New York Commercial Bank will have to solve its problems “on its own.”
Continue reading: Regional bank stocks fell due to the Central Bank of New York, led by banks exposed to real estate in New York City
Something you may not know about Nvidia
Last week, Nvidia Corp. NVDA,
It had the biggest success in terms of AI with another great quarter for sales and profits. This week, Jeremy Owens used information provided by the Dow Jones market data team to show that what Nvidia accomplished financially over the previous year had never been accomplished before.
Nvidia was among the topics covered on the On Watch podcast this week.
more: Nvidia stock sees one advantage shared by only two other chipmakers
Artificial intelligence and real estate
Artificial intelligence has created a bright spot for commercial real estate in the United States
Getty Images/iStockPhoto
With so much coverage of the dire condition of office buildings with high vacancy rates, it is good to remember that there are pockets of opportunity in commercial real estate. Joy Weltermuth spoke about the “new gold rush” in the CRE market, driven by artificial intelligence.
Artificial Intelligence News
snowflake this week,
The cloud services provider explained the importance of looking to the future. The stock fell 18% on Thursday after Snowflake surprised the market with a CEO change. But what may upset investors more is that the company's revenue forecasts were lower than analysts expected.
is reading: The snowflake may remain in the penalty box.
More tech news and opinions:
Non-technical winner: Beauty vs. Beast AI – This beat Nvidia over five years
A new competitor in the weight-loss drug space is taking action after its shares fall
Market Watch / Viking Therapeutics
Viking Therapeutics Inc. shares. VKTX,
More than doubled after the company reported positive results from a Phase 2 trial of its weight-loss drug VK2735, a GLP-1 receptor agonist that will likely compete with Ozempic and Wegovy, which are made by Novo Nordisk A/S NVO.
and Monjaro, made by Eli Lilly & Co. LLY,
A positive “two-sided event” for a company that has yet to report any revenue or earnings makes Viking Therapeutics an obvious takeover target.
But again, any such move became more expensive this week. Viking took advantage of investor enthusiasm by issuing 6.47 million new shares on Wednesday, Ciara Linnane reported.
Regarding concentration warnings in the “Great Seven” stock market…
Investors need to consider the risks of having too many eggs in one basket.
Getty Images
Alarms have been raised about the “Great Seven” companies – Microsoft Corp. MSFT,
Apple Inc. AAPL,
Nvidia, Amazon.com Inc. AMZN,
Meta Platforms Inc. Meta,
google alphabet company,
And Tesla company TSLA,
– It constitutes a large percentage of the US stock market. The $500 billion SPDR S&P 500 ETF Trust SPY's portfolio is 29% concentrated in these companies.
But Steve Goldstein mentioned that the United States actually has one of the least concentrated stock markets in the world.
More stock market coverage:
How much money do you need to buy a $400,000 home?
Aarthi Swaminathan crunched the numbers and offered advice to buyers: This is how much money you'd need to buy a $400,000 home with a 7% mortgage.
More housing coverage and advice:
-
What a million dollars buys in the world's most expensive real estate markets
-
I'm losing money on my rental property, which has a $420,000 mortgage and a 7.9% interest rate. Should I sell?
Bitcoin boom
Terence Horan, Dow Jones
bitcoin bitcoin dollar,
It traded north of $64,000 on Wednesday. As of Thursday, the price of the virtual currency had risen 46% for 2024 to $61,429.
In her Distributed Ledger column, Frances Yu explained the differences between Bitcoin's 2024 rally and the cryptocurrency's record 2021.
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