Goldman Sachs, Coinbase and more
Check out some of the top engines on the premarket: Goldman Sachs ( GS ): Goldman gained 2.6% in premarket trading after upbeat earnings and revenue. Second-quarter earnings were $7.73 per share, compared with a consensus estimate of $6.58 per share. Goldman’s profits fell from a year ago, however, as the pace of trading slowed. Synchrony Financial ( SYF ) — Shares of the financial services company rose 3.5% in premarket trading after it reported better-than-expected second-quarter profit and revenue. The synchronicity pointed to optimistic loan growth and credit trends, and consumers remain strong. Coinbase (COIN): Coinbase rose 6.5% in…
Read More »FCA staff criticize leadership failures in internal survey
Staff at the Financial Conduct Authority have criticized the regulator’s leadership in an internal survey. Sixty percent said they had no confidence in the regulator’s executive committee, according to the staff survey seen by Financial News, up 36% from last year. 59% said the executive committee did not communicate effectively with employees and 31% said management did not make their expectations clear. Only 39% thought management “genuinely seeks and responds to suggestions” and 40% said management did not have a clear vision of where the organization was going. The staff survey had more than 2,700 responses, or 77% of FCA’s…
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Live news updates from July 18: Goldman wins by almost half, Tugendhat knocked out of Tory leadership race
July has become a month of unexpected plebiscites. First there’s the mind-boggling: the UK’s ruling Conservative party will allow a vote of confidence in itself on Monday. This “sideshow” as the FT’s parliamentary team dubbed it last week, which is certain to be won by the ruling party, is best seen as an effort to instill unity among Tory MPs after the Prime Minister’s tumultuous implosion Boris Johnson. Which brings us to “Super Monday”, plenty of showdowns and another vote to further whittle down the field of Tory MP candidates seeking to be the new leader – and therefore prime…
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Financial News names William Blair’s Jack Blomfield a rising star in investment banking
Jack Blomfield, partner at William Blair and managing director of the firm’s London office, was named in Financial News’ Rising Stars of Investment Banking list published on 18 July. The list honors the top 25 emerging investment bankers under the age of 40 serving the UK and European markets. Blomfield, who joined William Blair in 2010 as an analyst, helps lead service coverage sector in Europe, originating and executing mergers and acquisitions operations. In January, he became one of the youngest bankers to become a partner at William Blair, a leading global business team. Blomfield has been instrumental in expanding…
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Tech News Today for Financial Advisors: Google Splits, IBM Reports
Silicon Valley has certainly lost its groove this year. Many of the growth companies have suffered massive drops in their stock prices. The sector has also experienced an increase in layoffs. By lowering stock prices, splits like Google’s on Monday may generate more interest from retail investors. Photo illustration by Barron’s Advisor; Dreamtime (2) But maybe things have become too negative? Over the past few weeks, the tech has managed a decent rally. Even the harassed ARK Innovation ETF (ARKK) has posted a 13% gain since the beginning of July. Whether this will last is impossible to say. Second quarter…
Read More »Hundreds of crypto companies fail FCA money laundering test
Only 13% of crypto companies that applied for authorization under the Financial Conduct Authority’s money laundering rules over the past two years have been successful. The regulator has received a large number of applications under the Fifth Anti-Money Laundering Directive – 5MLD – introduced in January 2020, bringing crypto service providers into the rules requiring additional checks on customers and risks of dirty money to be supervised. TO READ Binance fined more than €3m by Dutch regulator amid push to expand into Europe But only 35 of 273 applications to the UK watchdog under the scheme have succeeded. The FCA…
Read More »Quality companies are getting stronger, but their stocks are falling
Michael Brush is a MarketWatch columnist. At the time of publication, I had no position in any of the securities mentioned in this column. Brush has suggested LNG, Nvidia and Chipotle Mexican Grill in his stock newsletter, Brush Up on Stocks If you’re a long-term investor, this year’s sale is good news because it offers a great opportunity to pick up quality companies at a discount. But wait a second. If a company is “high quality”, why would its stock be affected? “Portfolio managers have been selling what they can rather than what they want to sell, and high quality…
Read More »Traders hope this big week of earnings and Fed news sets the tone for the rest of the second half
Earnings and Powell. This is the most important week of the third quarter, with the biggest earnings and the Federal Reserve meeting that will set the tone for the entire second half of the year. For the Fed, the problem is that no one is quite sure which version of Jay Powell will appear at Wednesday’s press conference. Will Jay Powell be the fire-breathing inflation killer, or the Powell who sees signs that inflation is easing, or someone in between? For Evercore ISI’s Julian Emanuel, the 9.1% CPI means Powell has to be “resolutely hawkish,” but he will use the…
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