US Weekly IPO and SPAC Monitor: Structure Therapeutics, Lead Real Estate and NeurAxis

Four IPOs are scheduled to price in the week ahead. Chronic disease biotech Structure Therapeutics (GPCR) leads the week’s deals. The company is headquartered in California with R&D operations in China. Also on the calendar is holdover Lead Real Estate (LRE) may price in the week ahead. Nano-cap NeurAxis (NRXS) may also price. Four deals priced this week TXO Energy Partners LP (TXO), the year’s first energy IPO. QuantaSing Group (QSG), Genelux (GNLX) and Brera Holdings (BREA) also priced. A … Continue reading “US Weekly IPO and SPAC Monitor: Structure Therapeutics, Lead Real Estate and NeurAxis”

US Weekly IPO and SPAC Monitor: TXO Energy, QuantaSing, Genelux and Brera FC

Four IPOs are scheduled to price in the week ahead. TXO Energy Partners LP (TXO) leads the week’s deals, the year’s first energy IPO. Chinese edtech QuantaSing Group (QSG) is due to price after being delayed. Solid tumor biotech Genelux (GNLX) and Italian amateur football club operator Brera Holdings (BREA) are expected. Holdovers Lucy Scientific Discovery (LSDI) and BullFrog AI Holdings (BFRG) may also price in the week ahead. Early-stage Canadian psychotropics company Lucy plans to raise $8 million at … Continue reading “US Weekly IPO and SPAC Monitor: TXO Energy, QuantaSing, Genelux and Brera FC”

Morgan Stanley Wealth Management Counterbalance to Investment Banking Fall

Morgan Stanley reported better than expected fourth quarter earnings before the bell Tuesday despite much lower-than-expected revenue from investment banking. MS received record revenues in wealth management business, which includes online trading platform ETrade, were up 6% to more than $6.6bn. MS’s investment-banking group revenues, which now houses Eaton Vance, dropped 17% to $1.5bn but topped analyst estimates of $1.3bn. Morgan Stanley shares, rose 2.92% to $77.00 premarket. The bank set aside $87 million for credit losses, compared with just … Continue reading “Morgan Stanley Wealth Management Counterbalance to Investment Banking Fall”

Goldman Sachs Hemorrhaging Profits for Fifth Straight Quarter

Goldman Sachs, America’s largest investment bank reported worse than expected fourth quarter earnings Tuesday, profits are down two-thirds from its previous quarter. $GS shares were trading down to $348.67 ▼ -25.33 (-6.77%) in the morning. This has been a horror stretch for the ‘Giant Squid’ with GS cutting jobs and bonuses at a rate not seen since the financial crisis. Goldman’s results highlight a mixed quarter for US money center banks. Profit fell at most major banks and Goldman suffered the … Continue reading “Goldman Sachs Hemorrhaging Profits for Fifth Straight Quarter”

US Weekly IPO and SPAC Monitor: Edtech QuantaSing, Psychotropics Lucy Scientific Discovery

Three IPOs are scheduled to price in the week ahead. Chinese edtech QuantaSing Group (QSG), Canadian psychotropics company Lucy Scientific Discovery (LSDI) and holdover BullFrog AI Holdings (BFRG) are asll on the docket. Last week we saw the first pricings of the new year, led by Skyward Specialty Insurance Group (SKWD), the first deal to raise over $100 million since Mobileye (MBLY) in October of last year. MGO Global (MGOL) priced, and Nasdaq uplifting Atlas Lithium (ATLX) was completed. Israel … Continue reading “US Weekly IPO and SPAC Monitor: Edtech QuantaSing, Psychotropics Lucy Scientific Discovery”

Citigroup Record Fixed Income Sales & Trading Revenue Cushion Earnings

Citigroup reported Beter than expected fourth quarter earnings Friday before the market open along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC). Citigroup profit fell by 21% in the fourth quarter of 2022, and like JPMorgan set aside more money for credit losses preparing for a weaker economic backdrop. On the positive side fixed income trading posted record fourth-quarter revenue. $C again saw strong gains from US personal banking with … Continue reading “Citigroup Record Fixed Income Sales & Trading Revenue Cushion Earnings”

JPMorgan Earnings Boosted by Higher Interest Rates but Sets Aside $2.29 billion for Loan Losses

JPMorgan Chase JPM, America’s largest bank kicked off the banking sector’s fourth quarter earnings season on Friday before the market opened. $JPM reported net income of $11 billion, or $3.57 per share, up from $10.4 billion, or $3.33 a share, a year ago, beating the $3.08 per share forecast by analysts. Chief Executive Jamie Dimon warned the bank was preparing for what it now expects to be a mild recession, setting aside another $1.4 billion for potential worsening loan losses. … Continue reading “JPMorgan Earnings Boosted by Higher Interest Rates but Sets Aside $2.29 billion for Loan Losses”

Another Swing and a Miss from Wells Fargo Earnings

Wells Fargo reported disappointing fourth quarter earnings before the bell Friday along with three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). WFC Net income fell 50% to $2.86 billion, or 67 cents a share, from $5.75 billion, or $1.38 per share, a year ago. Wells Fargo continues to be hurt by a variety of legacy regulatory and legal settlements. WFC also set aside another $957 million in provisions for potential credit losses, … Continue reading “Another Swing and a Miss from Wells Fargo Earnings”

Bank of America Earnings Beat, Benefiting Most from the Federal Reserve’s Interest Rate Hikes

Bank of America, America’s second largest investment bank reported better than expected fourth earnings Friday. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) also reported. Bank of America said revenue rose to $24.5 billion in the quarter, 11% higher from the year-ago quarter. Earnings of $7.1 billion, or 85 cents a share were slightly ahead of the $7 billion the bank earned last year. Net interest income climbed 29% to $14.7 billion for … Continue reading “Bank of America Earnings Beat, Benefiting Most from the Federal Reserve’s Interest Rate Hikes”

Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo

America’s big money center banks kick of fourth quarter earnings this week. FactSet expects the ‘Big 7’ to post $28 billion in fourth-quarter profits, which is down 15% from a year earlier. JPMorgan Chase (JPM), Citigroup (C) and Bank of America (BAC). and Wells Fargo (WFC) reporting Q4 results on Friday. Goldman Sachs (GS) and Morgan Stanley (MS) will report next Tuesday January 17 and PNC Financial Services Group, Inc. (PNC) and Charles Schwab Corp (SCHW) on January 18. Truist … Continue reading “Big Banks Kick Off Fourth Quarter Earnings Season with Citigroup, JPMorgan, Bank of America and Wells Fargo”