First Republic Bank’s debt cut to junk by Moody’s

Moody’s Investors Service downgraded its credit rating on First Republic Bank to junk late Friday, citing a “deterioration in the bank’s financial profile.” First Republic’s FRC, -32.80% debt rating was cut to B2 from Baa1, Moody’s said. Fitch Ratings and S&P Global Ratings downgraded First Republic Bank’s debt earlier this week. The downgrade reflects “the … Read more

SVB Financial stock tumbles on reports of funds advising clients to pull money from bank

SVB Financial Group SIVB, -60.41% fell more than 22% in the extended session Thursday as reports surfaced that several funds are advising clients to pull their money from Silicon Valley Bank. Bloomberg News late Thursday reported that Founders Fund, the San Francisco-based venture-capital fund co-founded by Peter Thiel, has advised companies to do just so. … Read more

Meet the Twenty Most Influential in Fund Management

The first Financial News list of the Twenty Most Influential in Fund Management celebrates the people shaping the sector across Europe. To keep up to date with all the latest coverage of the asset management sector, sign up for FN’s weekly newsletter. It follows a tough year for the industry, with Russia’s invasion of Ukraine prompting … Read more

Citigroup’s top European M&A dealmaker Harding-Jones to depart

Citigroup’s top M&A banker in Europe, and one of the few women to occupy such a senior role in the City, is leaving the Wall Street bank. Alison Harding-Jones, head of M&A for Europe, the Middle East and Africa and vice-chair of its banking, capital markets and advisory unit, has stepped down, according to an … Read more

T Rowe Price’s Europe boss: ‘We don’t want assets for the sake of assets’

Like most of its peers, T Rowe Price had a rough 2022. The Baltimore-headquartered asset manager ended the year with assets down almost 25%. Financial News spoke with Robert Higginbotham, head of global distribution and the firm’s most senior executive in Europe, about some of last year’s challenges, plans to grow outside the US, and how … Read more stock rockets as CEO Siebel touts ‘dramatic change’ in sentiment amid AI hype

Shares of Inc. were surging 14% in after-hours action Thursday after the software company, which deals in enterprise artificial intelligence, issued an upbeat forecast and cited “substantially improving” market sentiment. “As we enter into our fourth quarter, we are seeing tailwinds from improved business optimism and increased interest in applying AI, +2.80% solutions … Read more

Opinion: Bulls may be losing enthusiasm for stocks, but these 3 potential takeover plays could land in the money

The U.S. stock market, as measured by the S&P 500 Index SPX, -0.73%, had finally broken out over triple resistance at 4100, on Feb. 1. But the S&P 500 has had trouble adding to that breakout. Instead, the market has pulled back and retested what is now support at 4100 numerous times this week. So … Read more

Why Biden’s 4% buyback tax could boost stock prices and dividends

The Biden administration’s new stock buyback tax will have little impact on the overall stock market. It might even actually help it. I’m referring to the new 1% excise tax on share repurchases that went into effect on Jan. 1. This tax has set off alarm bells in some corners of Wall Street, on the … Read more

Opinion: Opinion: The annual inflation rate was not 7.1% in November; it was 3.7%

The Federal Reserve should declare an immediate cease fire in its war against inflation and hold its benchmark interest rate steady instead of raising the federal funds by a half percentage point to a range of 4.25% to 4.50%, as expected at its meeting that ends Wednesday. With the relatively benign report on the consumer … Read more

10-year yield hits session highs after weakest auction since 2009

10-year Treasury note yields jumped to their highest levels of the session on Monday after an auction of $32 billion in 10-year notes saw the weakest demand, by one measure, since December 2009. The newly auctioned notes were sold with a “tail” of 3.7 basis points compared to the when-issued yield. That’s the largest tail … Read more