Baird believes that shares of Zions Bancorp have been unduly punished. Analyst David George upgraded the regional bank to outperform from neutral. George’s $65 price target implies an upside of nearly 39% from Zions’ Thursday close. Shares of Zions plunged 13% on Thursday alone after the bank said it would write off $50 million because of two loans taking out by fraudulent borrowers. The incident put the bank’s borrowing practices under more scrutiny amid rising fears that lending practices on Wall Street have grown too lax. ZION YTD mountain ZION YTD chart However, in a Friday note George called the…
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Another breakup is on the horizon. Later this month, Honeywell will separate its Solstice Advanced Materials unit. Honeywell shareholders as of Oct. 17 will receive one share of Solstice for every four shares of Honeywell. The two companies will begin trading independently on Oct. 30, with Solstice under the ticker SOLS and Honeywell keeping its current ticker, HON. The upcoming spin is the first step in Honeywell’s multi-stage breakup plan. In the second half of 2026, Honeywell will separate its remaining automation and aerospace businesses, in a move that was first pushed for by the activist investment management firm Elliott…
Oracle’s extended rally, which has been driven by the company’s increasingly central position in the artificial intelligence boom, hit pause on Friday, with the stock tumbling 7%, its worst day since January.The slide came a day after the software company revealed a long-term outlook, boosted by AI, at an analysts’ meeting that was part of the Oracle AI World conference in Las Vegas.Oracle said on Thursday that it expects $166 billion in cloud infrastructure revenue in the 2030 fiscal year, up from $18 billion in fiscal 2026. The company now sees $21 in adjusted earnings per share on $225 billion…
Signage outside Western Alliance Bank headquarters in Phoenix, Arizona, March 13, 2023.Caitlin O’Hara | Bloomberg | Getty ImagesBig banks including JPMorgan Chase and Goldman Sachs had just finished taking victory laps after a blockbuster quarter when concerns emerged from an obscure corner of Wall Street, sending a collective shiver through global finance.Regional bank Zions late Wednesday disclosed a near total wipeout on $60 million in loans after finding “apparent misrepresentations” from the borrowers. The next day, peer Western Alliance said that it had sued the same borrower, a commercial real estate firm called the Cantor Group, for alleged fraud.The result…
Spot gold has advanced for a ninth consecutive week — an exceedingly rare circumstance. To wit: In the past 50 years, gold has advanced nine weeks in a row five times (four prior instances plus the current one). There are 2,601 rolling 9-week periods in the past 50-years: October 1975 to October 2025. As such, the incidence rate of a 9-week advance is 0.19%. The table below depicts what occurred in the following one month, three months later, six months, 12 months and 24 months after the four other times gold advanced for nine consecutive weeks. Food for thought/for your corkboard:…
Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB20 leads Carlos Sainz of Spain driving (55) the Ferrari SF-24 and Lando Norris of Great Britain driving the (4) McLaren MCL38 Mercedes into turn 1 at the start during the F1 Grand Prix of Mexico at Autodromo Hermanos RodriguezPeter Fox – Formula 1 | Formula 1 | Getty ImagesApple and Formula 1 announced a five-year media rights deal Friday that will bring every F1 race to Apple TV beginning in 2026.Apple TV will provide coverage of all Formula 1 events, including practice, qualifying and Sprint sessions, as…
Russ Vought, Director of the US Office of Management and Budget (OMB), speaks at the National Conservative Convention in Washington D.C., Sept. 3, 2025. Dominic Gwinn | Afp | Getty ImagesThe U.S. Army Corps of Engineers will immediately pause, and consider canceling, over $11 billion in projects due to the government shutdown, Trump administration budget chief Russell Vought said Friday.”The Democrat shutdown has drained the Army Corps of Engineers’ ability to manage billions of dollars in projects,” Vought, the director of the White House Office of Management and Budget, said in an X post.The paused funds pertain to “lower-priority projects”…
Gold miner Newmont and artificial intelligence hardware supplier Amphenol are among the companies reporting quarterly results next week with momentum on their side. The third-quarter earnings season is off to a strong start, with results from major banks earlier this week helping lift the market even amid recent volatility tied to macroeconomic concerns and credit worries. According to FactSet’s John Butters, the S & P 500 will likely report earnings growth above 13% for the third quarter. That would mark the fourth straight quarter of double-digit profit growth for the broad market index. To find the companies with earnings momentum…
Check out the companies making the biggest moves midday: AppFolio — The cloud-based business software provider climbed 7% after an upgrade to overweight from equal weight at KeyBanc, with a 12-month price target of $285, according to FactSet’s StreetAccount service. AST SpaceMobile — Shares in the space-based broadband cellular network dropped 6% after more than doubling in the past month. Barclays double downgraded its investment rating to underweight from overweight while leaving its price target at $60, StreetAccount said. Revolution Medicines — The late-stage clinical oncology company jumped 10% after saying the Food and Drug Administration granted a voucher for…
Chancellor of the Exchequer Rachel Reeves speaks on stage during the Labour Party conference on Sept. 29, 2025, in Liverpool, England. Ian Forsyth | Getty ImagesU.K. Finance Minister Rachel Reeves has reiterated her commitment to the government’s self-imposed fiscal rules, but said it must be honest with the public about the challenges the country faces.Speaking to CNBC’s Karen Tso on the sidelines of the IMF’s Annual Meeting in Washington, D.C., on Friday, Reeves cited the Russia-Ukraine conflict, tensions in the Middle East and the impact of global trade barriers as key challenges.”The key thing for me is that as Chancellor,…
