29 Jan

US Banks Are Optimistic about the New Tax Plan

WRITTEN BY Peter Barnes

US banks plan to invest more

Despite the $32.9-billion hit the top five banks took in their fourth-quarter earnings, US banks (XLF) are generally very positive about the new tax plan. Marty Chavez, a finance director at Goldman Sachs (GS), said that the growth in earnings per share and return on equity are long-term positives for shareholders. Marianne Lake, a finance director at JPMorgan Chase (JPM), said the tax plan would help the bank pursue investment opportunities. Paul Donofrio, a finance director at Bank of America Merrill Lynch (BAC), said the companies might be interested in more mergers and acquisitions transactions. He added that the bank would invest and raise more capital.

US Banks Are Optimistic about the New Tax Plan

JPMorgan Chase’s investment plan

In order to take advantage of the new tax law and favorable regulatory environment, JPMorgan Chase announced a $20-billion investment plan. The plan includes raising wages for 22,000 employees by an average of 10%, hiring ~4,000 employees, opening 400 new branches, and expanding its business.

AIG to buy Validus Holdings

With the aim of strengthening its reinsurance business, AIG (AIG) is set to buy property and casualty reinsurer Validus for $5.56 billion in cash. AIG’s offer at $68 per share represents a 45.5% premium to Validus’ last closing price. AIG will report its 4Q17 earnings on February 8.

Goldman Sachs isn’t setting up a bitcoin trading desk

Goldman Sachs (GS) has ruled out previous reports that it’s setting up a trading desk for bitcoin and other cryptocurrencies.

Latest articles

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Yesterday, Tyson Foods (TSN) and fellow meat producers Pilgrim’s Pride (PPC) and Sanderson Farms (SAFM) took a hit to their stocks after news came out about an investigation over price-fixing allegations.

On June 24, RH (RH) was trading at $115.01, implying a rise of 21.2% since its announcement of its first-quarter earnings results on June 12. Despite the surge in its stock price, the company is still trading at a discount of 29.1% to its 52-week high.

26 Jun

Roku Stock Fell Close to 7.0% Yesterday

WRITTEN BY Aditya Raghunath

Roku stock fell 6.8% yesterday to close trading at $93.25 per share. Roku stock has lost over 9.0% in market value in the last two trading days. Prior to this pullback, Roku stock was up a whopping 235.0% year-to-date.

26 Jun

Beyond Meat Stock Up Today on New Product Launch

WRITTEN BY Rajiv Nanjapla

Today, Beyond Meat (BYND) announced that its new product, Beyond Beef, will hit markets across the US later this week.

FedEx (FDX) ended fiscal 2019 on a dismal note and reported a significant YoY decline in fourth-quarter earnings. The delivery giant posted adjusted EPS of $5.01, which was 15.2% lower than the year-ago quarter’s earnings of $5.91. The company cited sluggish revenue growth and increased expenses as the main reason behind the dismal bottom-line performance.