financebanking
In a recent update, Hindenburg Research revealed that Kotak Mahindra Bank, a prominent private sector lender and brokerage firm in India, played a crucial role in the offshore fund structure used to short Adani stocks. The US-based research firm questioned the Securities and Exchange Board of India’s (Sebi) omission of Kotak Mahindra Bank’s name in its observations, suggesting possible protection of the influential businessman Uday Kotak. Hindenburg questions Sebi’s omission of Kotak Mahindra BankHindenburg Research’s blog post on July 2 disclosed that Kotak Mahindra Bank, founded by Uday Kota...
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The B. Riley Financial (NASDAQ: RILY) stock price has been one of the worst performers in the financial services industry this year. It has crashed by over 16.8% this year while the S&P 500 and Nasdaq 100 indices have jumped by more than 14% and are sitting at their all-time highs. Highly shorted and high dividend yieldB. Riley Financial shares have tumbled this year as concerns about the company continued. One of the biggest crises was its investment in Franchise Group, the parent company of Vitamin Shoppe, Pet Supplies Plus, American Freight, and Buddy’s Home Furnishings. The small investmen...
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Lloyds (LON: LLOY) share price has stalled in the past few weeks as investors focus on the upcoming UK election and Bank of England (BoE) interest rate decision. It was trading at 55.6p on Monday, down by almost 3% from its highest point this year. UK election aheadLloyds Bank, the parent company of Halifax, MBNA, Scottish Widows, and MBNA, has been one of the best-performing FTSE 100companies this year. Its stock has jumped by over 40% from its lowest point in 2023, joining other top-performing banks like NatWest and Barclays. Lloyds has done well because the UK economy has been more resilien...
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Robinhood Markets, Inc. (HOOD), the financial services company known for its user-friendly app and zero-commission trading, has come a long way since its involvement in the meme-stock frenzy a few years ago. Social media was abuzz with the story of Keith Gill buying a stake in Chewy. Even GameStop (GME), the original initiator of the meme-stock saga was in the news a few weeks ago as Keith Gill resurfaced with a fresh stake in the company. One might mistakenly think that another familiar name would pop up on the mention of these stocks: Robinhood! After all, it was Robinhood that made it easie...
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PayPal (NASDAQ: PYPL) stock price is falling apart as attempts to recover find substantial resistance. It has plunged to a low of $58.25, its lowest point since March 7th. It is also nearing a bear market as it collapsed by almost 20% from its highest point this year. Concerns about PayPal continuePayPal’s share price has crashed hard after peaking during the pandemic. In this period, the stock has fallen from over $300 to below $60 today. Along the way, its market cap has dropped from over $300 billion to about $60 billion. PayPal’s performance is mostly because the company is no longer the g...
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Morgan Stanley is pushing further into artificial intelligence adoption with a new assistant expected to save thousands of hours for the bank’s financial advisors. The assistant, called Debrief, is designed to log detailed records of advisors’ meetings and automatically generate draft emails and summaries of discussions. The bank plans to roll out the program to its approximately 15,000 advisors by early July, marking a significant step for generative AI use in a major Wall Street firm. Enhancing advisor efficiency with OpenAIDebrief, built using OpenAI’s GPT-4, will significantly reduce the t...
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Regis Corporation (NASDAQ: RGS) has seen a massive spike in its share price growth in the past 24 hours, rising $15.45 – over 300%. On June 25, Regis’ stock price soared 304.73% to close at $20.52 during the US trading session, before correcting down slightly by $0.70 to trade at $19.82 in after hours trading – still a significant leap up from the previous day’s close of just $5.07 on June 24. But why the sudden surge in Regis’s stock price? Success refinancing of over $100 millionYesterday, the haircare and hair salons company announced that it has secured a new credit facility worth $105 mil...
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Affirm Holdings Inc (NASDAQ: AFRM) gained more than 10% on Monday after a Goldman Sachs analyst issued a super bullish note in its favour. Shares of the buy now, pay later company are still over 30% for the year. Affirm stock could climb to $42Will Nance initiated coverage of Affirm Holdings today with a “buy” rating. His $42 price objective suggests a 40% upside on its previous close. The analyst is constructive on AFRM shares as he expects “strong growth rates to support its premium valuation in the intermediate term”. Affirm stock, he added, is well-positioned to capitalise on continued gro...
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Yesterday, multinational insurance corporation Prudential (PRU) announced a new, two-year share buyback programme, to the tune of $2 billion. The company revealed on its website on June 23 that it would commence the first $700 million tranche of the buyback, with an arrangement through Goldman Sachs International. The programme, and its return of $2 billion in capital, is scheduled to be completed no later than mid-2026. Buybacks to start immediatelySeparately, Prudential also announced on June 23 that it was beginning the initial $700 million tranche of the programme immediately. Of this firs...
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American Express Company (NYSE: AXP) is in focus this morning after announcing two new acquisitions. Shares of the credit card company have gained more than 25% since their year-to-date low in mid-January. American Express to acquire TockAMEX is buying Tock – a Chicago-based provider of reservation, table, and event management technology for about $400 million. The financial technology company is taking over Tock from Squarespace that acquired it in 2021. Matthew Tucker – the head of Tock said in a press release today: We believe that as part of American Express, Tock will deliver enhanced val...
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