Shares of New York Community Bancorp plummeted over 40% following reports that the regional bank is actively seeking a cash infusion. According to Reuters and the Wall Street Journal, the bank is exploring options to raise funds from external investors in order to bolster its balance sheet. As of now, NYCB has not provided any… Continue reading New York Community Bancorp tumbles 40% and is halted as troubled bank reportedly seeking cash infusion

Federal Reserve Chair Jerome Powell reiterated during congressional appearances his expectation of interest rates declining this year but refrained from specifying when. Powell emphasized policymakers’ caution regarding inflation risks, stating that any adjustments to the policy rate target range would be contingent on data assessment, the evolving outlook, and risk balance. He echoed the Federal… Continue reading Powell reinforces position that the Fed is not ready to start cutting interest rates

Nikki Haley, former South Carolina Governor and Republican presidential candidate, withdrew from the 2024 presidential race following Super Tuesday’s primary contests where she only won Vermont. Admitting defeat, she suspended her campaign, signaling the unofficial beginning of the general election. In her announcement, she expressed gratitude for the support received but acknowledged the time to… Continue reading Nikki Haley ends presidential campaign with ‘no regrets,’ ceding GOP nomination to Trump

Bitcoin has surged to a new all-time high, surpassing $69,000, marking a significant milestone in the cryptocurrency’s history. Fueled by excitement over bitcoin exchange-traded funds (ETFs) and the upcoming halving event, this year’s rally has accelerated, with the flagship crypto’s previous record of $68,982.20 recorded on November 10, 2021. Alex Thorn, head of research at… Continue reading Bitcoin rockets to an all-time high above $69,000, surpassing 2021 record

Target announced its forthcoming launch of a paid membership program, Target Circle 360, set to debut next month, taking cues from rivals Amazon and Walmart. This subscription service will offer perks such as unlimited free same-day delivery for orders over $35, arriving in as little as one hour with no delivery fees, as well as… Continue reading Target launches paid membership program as it chases new revenue streams

The Supreme Court unanimously overturned a Colorado court ruling that prevented Donald Trump from appearing on the state’s Republican presidential primary ballot due to a provision in the U.S. Constitution regarding individuals involved in insurrection. This decision effectively prohibits any state from disqualifying Trump or any other candidate from a presidential ballot by citing the… Continue reading Supreme Court rules states can’t remove Trump from presidential election ballot

In February, Ford Motor Company experienced a notable 10.5% increase in U.S. sales compared to the same period in 2023, primarily driven by surges in hybrid and all-electric vehicle (EV) sales. The company reported selling 174,192 cars and trucks, with EV sales soaring by 81% and hybrid models seeing a 32% uptick. This spike aligns… Continue reading Ford sales jump 10.5% in February, led by gains in hybrids and EVs

New York Community Bancorp experienced a significant decline of over 26% in its shares following the announcement of a leadership transition and revelations regarding internal control issues. The regional lender disclosed that Alessandro DiNello, its executive chairman, would immediately assume the roles of president and CEO. This move comes amidst mounting concerns about the bank’s… Continue reading Shares of NYCB fall more than 20% after bank discloses ‘internal controls’ issue, CEO change

Microsoft has unveiled a new collaboration with French startup Mistral AI, positioning itself to expand its presence in the dynamic artificial intelligence sector. The partnership entails Microsoft’s investment of 15 million euros in the burgeoning 10-month-old Mistral AI, aiming to facilitate its growth into global markets and explore fresh commercial avenues. As part of the… Continue reading Microsoft invests in Europe’s Mistral AI to expand beyond OpenAI

Shares of Snowflake plummeted by 20% in morning trading following the announcement of CEO Frank Slootman’s retirement and the appointment of Sridhar Ramaswamy, Google’s former ad chief, as his successor. Slootman will retain his position as chairman of the board. The drop in shares was compounded by the company’s fourth-quarter earnings report, which fell below… Continue reading Snowflake shares drop 20% on CEO’s retirement, weak guidance

In January, inflation aligned with expectations, as indicated by the Federal Reserve’s key gauge used in interest rate deliberations. The personal consumption expenditures price index, excluding food and energy, rose 0.4% for the month and 2.8% annually, consistent with forecasts. Concurrently, the headline PCE, encompassing food and energy, increased by 0.3% monthly and 2.4% annually,… Continue reading Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago

In a new court filing, lawyers for Sam Bankman-Fried are advocating for a shorter sentence, akin to the 10-year term served by “junk bond king” Michael Milken, instead of the 100 years suggested by a presentence investigation report. Bankman-Fried’s attorneys propose a sentence ranging from 63 to 78 months in prison, citing his neurodiversity, selflessness,… Continue reading FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of ‘harm and extortion’ in prison