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In this article BAC Follow your favorite stocks CREATE FREE ACCOUNT The 2008 financial crisis had a devastating impact on Bank of America . Shares of the bank were trading for as low as $2.53 in 2009 and net income dropped from a high of $21 billion in 2006, to just $4 billion in 2008. "Bank of America was one reason why much of the investing public and consumers and government lost faith and trust in banking," recalled Mike Mayo, a bank analyst at Wells Fargo. "If the government did not intervene for Bank of America and the other banks, Bank of America would have failed." Fast forward to today, BofA is thriving despite concerns over inflation and threats of a possible recession. The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008. "As the rates have gone up and if the recession is shallow, then we're going to see widening spreads and the ability of Bank of America to have significant earnings from net interest inco...

Target issued a recall for more than 200,000 weighted blankets after two children in North Carolina died from asphyxiation, federal officials and Target said Thursday. The girls, ages 4 and 6, died in Camp Lejeune, North Carolina, after they were trapped in the blankets in April, the U.S. Consumer Product Safety Commission said in a news release. Target urged people who bought the 6-pound Pillowfort brand blankets to stop using them immediately and contact the store for a refund. “A young child can become entrapped by unzipping and entering the blanket , posing a risk of death by asphyxiation,” the company said. "We send our deepest condolences and support to the family that lost their loved ones," a company spokesperson added in an emailed statement. "As soon as we became aware of the situation, we acted quickly to begin removing Pillowfort Weighted Blankets from our assortment and have pulled all of these items from sale." Target received four reports of childr...

The Securities and Exchange Commission today announced that former federal prosecutor Antonia M. Apps will become Regional Director of the New York Regional Office next month. Thomas Smith and Maurya Keating, who have served as Acting Co-Directors, remain as Associate Regional Directors of the Enforcement and Examinations programs, respectively. Ms. Apps previously served as an Assistant U.S. Attorney in the Southern District of New York’s Criminal Division where she investigated and prosecuted securities fraud cases involving hedge funds, networking firms, broker-dealers, public companies and banks. "Antonia brings a wealth of experience to our New York Regional Office," said SEC Chair Gary Gensler. "I am pleased she has decided to join the SEC and look forward to working with her. I’d also like to thank Thomas Smith and Maurya Keating for serving as Acting Co-Directors of this office." "Antonia's diverse background as a securities fraud prosecutor, ...

Southwest Airlines aircrafts are seen at Baltimore/Washington International Thurgood Marshall Airport (BWI) on December 22, 2021 in Baltimore, Maryland. Alex Wong | Getty Images Check out the companies making headlines in midday trading. Southwest — Shares dropped more than 4% after the company canceled 70% of its scheduled flights and warned that mass disruptions would continue "for the next several days." Airlines had canceled thousands of U.S. flights over the last week in the midst of severe snow, ice, high winds and cold around the country. related investing news The Investing Club's top 5 things to watch in the market Tuesday: Stocks edge up, China, Tesla Jeff Marks 3 hours ago Las Vegas Sands , Wynn Resorts — The casino stocks rose following China's announcement that it will end quarantine for international travelers starting Jan. 8. Shares of Las Vegas Sands and Wynn Resorts have outsized exposure to the country given their operations in Macao. They added...

In this article CTAS BB SIX FDX RAD NKE CCL Follow your favorite stocks CREATE FREE ACCOUNT Vehicles sit parked outside of a Rite Aid Corp. store Luke Sharrett | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Rite Aid  — Shares of Rite Aid dropped nearly 14% in midday trading after the pharmacy operator reported a quarterly loss, though a smaller-than-expected one, and lowered its full-year financial guidance citing seasonal markdowns among other issues. related investing news Wolfe Research downgrades Roblox, cites growth worries after November update Sarah Min an hour ago Nike — Nike shares jumped more than 13% after the company easily topped earnings and revenue estimates for its most recent quarter. The athletic apparel and footwear maker's results gave a boost to other athleisure stocks. Under Armour gained more than 6%, Skechers rose 5% and Lululemon added 3.8%. FedEx — The delivery giant saw shares rise more than 4% as investors ...

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. The seasonally adjusted annualized pace was 4.09 million units. That is weaker than the 4.17 million units housing analysts had predicted, and it was a much deeper fall than usual monthly declines. Sales were down 35.4% year over year, marking the tenth straight month of declines. That was the weakest pace since November 2010, with the exception of May 2020, when sales fell sharply, albeit briefly, during the early days of the Covid pandemic. In November 2010, the nation was mired in the great recession as well as a foreclosure crisis. These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Rates are now about one percentage point lower than they were at the end of October, but still a little more than twice what they were at the start of this year. Housin...

Workers in protective gear handle a coffin and coffin case at Dongjiao Funeral Parlor, reportedly designated to handle Covid fatalities, in Beijing, China, on Monday, Dec. 19, 2022. Bloomberg | Bloomberg | Getty Images Hong Kong-listed shares of China's biggest cemeteries operator and funeral service rose to their highest level in more than a year as the country struggles with a wave of Covid infection s. Fu Shou Yuan International Group stock reached a 2022 high at 7.04 Hong Kong dollars a share as of Friday's close — having surged about 80% in two months – as the country abruptly ended most of its Covid control measures and saw case numbers surge. Loading chart... Despite widespread reports of a spike in Covid deaths that's straining hospitals and funeral homes, China's official Covid death toll remains low. Health authorities there re-defined Covid deaths to include only people who die from pneumonia or respiratory failure — a contrast with most other countries...

In this article MLKN UAA MU Follow your favorite stocks CREATE FREE ACCOUNT Shoppers pass an Under Armour store in White Plains, New York. Scott Mlyn | CNBC Check out the companies making headlines after the bell :  Micron Technology — The semiconductor stock slumped about 2% in after-hours trading after earnings and revenue for its fiscal first quarter fell short of Wall Street's expectations. Micron Technology also said it expects a wider-than-expected adjusted loss of 62 cents a share for the current period. Under Armour — Under Armour's stock seesawed in extended trading following news that Marriott International President Stephanie Linnartz will join the athletics apparel company as its next CEO. Shares last traded about 1% lower. MillerKnoll — MillerKnoll's stock jumped 6% in extended trading after the office furniture maker beat top and bottom line estimates for its fiscal second quarter. Guidance for the current quarter fell roughly in line with expectations f...

The Securities and Exchange Commission today charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX), for their roles in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform co-founded by Samuel Bankman-Fried and Wang. Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing. According to the SEC’s complaint, between 2019 and 2022, Ellison, at the direction of Bankman-Fried, furthered the scheme by manipulating the price of FTT, an FTX-issued exchange crypto security token, by purchasing large quantities on the open market to prop up its price. FTT served as collateral for undisclosed loans by FTX of its customers’ assets to Alameda, a crypto hedge fund owned by Wang and Bankman-Fried and run by Ellison. The complaint alleges that, by manipulating the price of FTT, Bankman-Fried and Elli...

In this article UAA KMX TSN MU Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 1:26 01:26 News Update – Pre-Markets News Briefing Check out the companies making headlines before the bell: CarMax (KMX) – The auto retailer's stock slumped 12.7% in the premarket after its quarterly profit and revenue fell well short of estimates. CarMax earned 24 cents per share, compared with a consensus estimate of 70 cents, and its comparable used-vehicle sales were down 22.4% versus FactSet's consensus forecast of a 16.9% slide. Micron Technology (MU) – Micron shares fell 2.9% in premarket trading after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron's results were impacted by declining demand for electronics, and the company announced it will cut about 10% of its workforce. Under Armour (UAA) – The athletic apparel maker named Marriott executive Stephanie Linnartz as its new CEO, effective on ...

Damian Williams, US attorney for the Southern District of New York, speaks during a new conference at the US Attorney's Office-Southern District of New York (SDNY) in New York, US, on Tuesday, Dec. 13, 2022. Jeenah Moon | Bloomberg | Getty Images Federal prosecutors endorsed plans to allow two former Sam Bankman-Fried lieutenants, Gary Wang and Caroline Ellison, to post bail after both pleaded guilty to supporting a multibillion-dollar fraud allegedly perpetrated by former FTX CEO Bankman-Fried, court documents show. Gary Wang was the chief technology officer of FTX. Caroline Ellison was the co-CEO of Alameda Research, Bankman-Fried's crypto trading firm. The duo would be required to post $250,000 in bail each, surrender their passports and restrict their travel to the continental United States. In return, the pair conceded their role in supporting an $8 billion fraud that left millions of customers without their investments and destabilized the crypto industry. Prosecutors ...

Mt. Fuji and Tokyo skyline, Japan. Jackyenjoyphotography | Moment | Getty Images Americans are poised to travel overseas in a big way in 2023. Households are continuing to unleash two or three years' worth of pent-up demand as Covid-19 fears wane and the last vestiges of pandemic-era border restrictions have eased. The U.S. dollar also remains relatively strong versus currencies like the euro, hybrid work yields more flexibility for big trips and some airlines have added new long-haul routes to overseas destinations, according to travel experts. "The travel industry is just going gangbusters," said Erin Florio, executive editor of Condé Nast Traveler. Why travel abroad is poised 'for a big comeback' D3sign | Moment | Getty Images Thirty-one percent of Americans are more interested in international than domestic travel, according to a recent poll by tourism market research firm Destination Analysts. That was a six-point increase from February and a year-to-date ...

New legislation working its way through Congress could improve retirement security for U.S. workers. The plan is part of a government spending bill, and it includes a provision that would automatic ally enroll eligible employees into their company's retirement plan. The hallmark of the legislation, called the Secure Act 2.0, would see companies enrolling workers in a 401(k) retirement plan, deducting at least 3% — but no more than 10% — of an employee's pretax earnings, which would be deposited into the 401(k) account. Employees could always opt out of the program. The legislation would also allow employers to factor in employees who make student loan payments when considering 401(k) contributions. And it would provide tax incentives for small businesses — the vast majority of firms in the U.S. — to begin offering 401(k) plans by increasing the tax write-offs available to those businesses for offering access to a retirement plan. "It will deliver billions in additional...