Streets

Libor replacement reaches Wall Street’s leveraged loan market

Libor transition updates

Bank of America has started marketing the first leveraged loan tied to the interest rate that is set to replace Libor, in a milestone for the industry as it transitions away from the disgraced lending benchmark.

The US bank has helped tee up a $3.25bn financing package that includes a $750m syndicated loan based on Sofr — the secured overnight financing rate — to fund the $4.5bn takeover of chicken producer Sanderson Farms by Cargill and Continental Grain, according to people

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Wall Street’s Art Cashin reflects on 9/11 and what it took to rebuild

A day before the 20th anniversary of 9/11, veteran trader Art Cashin reflected Friday on the impact of the terrorist attacks on Wall Street, the country and him personally.

Cashin, who has been an NYSE member since 1964, was in lower Manhattan on the morning of Sept. 11, 2001. He remained in the stock exchange building all day, even as the NYSE and Nasdaq did not open for trading, a rare occurrence, because of the attacks.

Phone service was severely impaired in Manhattan that day, but those at Cashin’s post somehow remained operational, he said Friday on CNBC’s “Squawk on

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Amazon’s $267 Billion Summer Wipeout Tests Wall Street’s Love

(Bloomberg) — It’s rare to see just about everyone on Wall Street agree on something, but that’s the case when it comes to Amazon.com Inc.

Every single analyst who rates the stock — all 55 of them — recommends clients buy it, according to Bloomberg data. Active fund managers “are even more overweight” the name now than they were a year ago, per a Bank of America report on Aug. 10.

Yet that ubiquitous bullishness is being put to the test as last month’s unexpectedly weak sales forecast complicates the company’s growth narrative. In a summer when Amazon co-founder Jeff

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Tesla Q2 earnings blow away Wall Street’s expectations

It was far more than double the $438 million it made in the first quarter, and more than 10 times the net income it reported a year ago. And it answered a major criticism of investors who’ve been bearish on the stock over the strength of Tesla’s results.
Notably, Tesla didn’t depend on selling regulatory credits to other automakers to achieve its blockbuster earnings. Those credits were responsible for just $354 million in revenue in the quarter. In previous quarters, even when Tesla reported positive adjusted earnings, its net income depended on selling credits to rivals that needed to buy
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Ahead of Tesla results, Cathie Wood says Wall Street’s valuing it all wrong

It’s a softer start to the week, with stocks tilting south, and a slump for China and Hong Kong stocks amid a technology crackdown. Bitcoin headed the other way, thanks in part to a help-wanted ad from Amazon.com.

Speaking of tech, we’ve got all the heavy hitters rolling out results this week — Apple
AAPL,
Microsoft
MSFT,
Google parent Alphabet
GOOGL,
Facebook
FB,
Amazon
AMZN
and Tesla
TSLA,
with the electric-car maker’s results due after the close of markets on Monday.

Our call of the day comes from Cathie Wood, founder of ARK Invest, whose

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Japan stocks track Wall Street’s solid finish to close week higher

Japan’s benchmark Nikkei average closed up 0.66 percent at 29,066.18 on Friday, while the broader Topix gained 0.80 percent at 1,962.65.


FILE PHOTO: First trading day of stock market in Tokyo

TOKYO: Japanese shares closed higher on Friday, as cyclicals and technology stocks tracked a strong finish on Wall Street, although the gains were capped by concerns over the country’s economic recovery and amid a cautious outlook of U.S. equities.

The Nikkei share average rose 0.66per cent to close at 29,066.18, while the broader Topix advanced 0.80per cent

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Obama Was Always in Wall Street’s Corner

Former president Barack Obama wants you to now believe that he was actually mad about giant Wall Street handouts that he voted for, then arm-twisted lawmakers to expand — and then rescinded when some of the money might have gone to help homeowners. Obama’s foray into pure fiction is not only absurd — it is a reminder that history can repeat itself if we allow reality to be memory-holed.

Obama’s comments came in a new interview with the New York Times’ Ezra Klein.

“When we came into office, the economy was in a free fall,” the former president

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Wall Street’s New Cop Signals More Scrutiny of Crypto, SPACs

Wall Street’s main regulator is signaling that the Biden era will spell tougher oversight for cryptocurrencies and blank-check companies, two of the white-hot market’s most talked-about asset classes.

U.S. Securities and Exchange Commission Chairman Gary Gensler on Wednesday told lawmakers that special purpose acquisition companies and digital coins posed significant policy and investor-protection questions. He referred to SPACs, shell companies that list on stock exchanges for the purpose of buying other firms and making them public, as “blank-check IPOs.”

The financial world has been anxiously waiting to see how Gensler will steer the SEC at a time when retail investors

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Wall Street’s Work Till You Drop Culture Under Attack : NPR

Right out of college Anita Ramaswamy was hired for her dream job as an analyst at a big bank on Wall Street. She frequently worked until midnight, including during the pandemic.

Courtney Pedroza for NPR


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Courtney Pedroza for NPR


Right out of college Anita Ramaswamy was hired for her dream job as an analyst at a big bank on Wall Street. She frequently worked until midnight, including during the pandemic.

Courtney Pedroza for NPR

Last year, Anita Ramaswamy hit her breaking point.

She had just joined a Wall Street investment bank in November, working remotely from

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WWE body slams Wall Street’s forecasts

World Wrestling Entertainment Inc. easily beat Wall Street forecasts for first-quarter adjusted profit. 
 

WWE, as the media and entertainment company focused on wrestling is called, also reported net income of $43.8 million for the period, up from $26.2 million. 

Earnings were up to 51 cents from 31 cents on a per-share basis. Profit following adjustments also amounted to 51 cents a share. 

Ticker Security Last Change Change %
WWE WORLD WRESTLING ENTERTAINMENT, INC. 54.23 -1.99 -3.54%

CLICK HERE TO READ MORE ON FOX BUSINESS
 

Revenue fell to $263.5 million from $291 million. The company

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