Birkenstock Holding Plc, the 249-year-old footwear brand, stumbled onto Wall Street last week in a debut that could quash the fledgling rebound of initial public offerings. The maker of cork-soled sandals closed down 12.6% on Wednesday for the worst first-day showing in a US IPO of $1 billion or more...
Wealth Enhancement Group has added a new location in Los Angeles with its acquisition of KCS Wealth Advisory, an independent registered investment advisor, the firm announced Thursday. The deal brings Wealth Enhancement Group $373 million in assets under management and provides both firms with additional resources to enhance client services,...
Wells Fargo & Co. beat analysts’ expectations for net interest income in the third quarter and again raised its full-year guidance as the bank continues to benefit from higher interest rates. The San Francisco-based bank earned $13.1 billion in NII — revenue collected from loan payments minus what depositors are...
JPMorgan Chase & Co. posted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank. NII was $22.9 billion in the three months through Sept. 30, above analysts’ expectations. The biggest...
A team of three advisors has taken the decision to break away from Morgan Stanley to launch an independent RIA firm. Founding partners Trent Leyda, Kay Campione, CFP and Jim Beindorf, CPA, along with associate team members Susie Zimmerman, Heather Tritt and Tara Carabello, were The Leyda Group at the...
US stocks can avoid a dire outlook as long as bond yields stay below a historic high of 5%, according to Bank of America Corp. strategist Michael Hartnett. The strategist — among the more bearish voices on Wall Street — said the S&P 500 index can continue to trade above...
When US banks kick off the third-quarter earnings season Friday, it will mark the first in a long line of hurdles the group needs to clear in order to assuage investor fears. Bank stocks are hovering near the lowest level of the year, a mark hit in May following First...
Oil rose sharply Friday on fears that the fighting between Israel and Hamas could destabilize the Middle East and crimp global supply as Iran said a new front to the conflict was possible. West Texas Intermediate rose above $85 a barrel on Friday and is up about 3% this week....
All year, Wall Street pros have been sinking record sums of cash into the world’s largest Treasury ETF in a high-conviction bet that interest rates have peaked. All year they’ve been wrong, with an estimated $10 billion loss — yet that’s not stopping a cohort of dip buyers braving...
Jeff Bezos is adding a mansion in South Florida’s “Billionaire Bunker” to his real estate empire, months after buying the house next door. The Amazon.com Inc. founder, the world’s third-richest person, agreed to pay $79 million for a seven-bedroom mansion in Indian Creek, a man-made barrier island in the Miami...