Wall Street Today | Bank of America's quarterly profit rises 28%
U.S. leveraged-loan price index soars to the highest since 2007
U.S. leveraged loans continue to hold sway over investors looking for protection against inflation and rising rates, with average prices on the debt reaching the highest level since July 2007.
The S&P/LSTA Leveraged Loan Price Index jumped 0.05% to 99.07 on Wednesday as buyers pile into the risky debt. Demand for the asset class has been robust for some time as its floating-rate benchmarks prove to be a big draw in a potentially volatile increasing-rate environment.
Microsoft's Activision Blizzard deal to power its Netflix-of-Gaming aspirations
Microsoft Corp.'s acquisition of Activision Blizzard Inc. aims to shake up the game industry by expanding the software giant's library of blockbuster videogames and bolstering its efforts to entice consumers to its cloud-gaming service.
The planned $75 billion deal would be Microsoft's biggest ever and its most ambitious investment yet in its plan to turn its Game Pass subscription service into the Netflix of gaming. Once the acquisition closes, Microsoft said it would be the world's third-largest game company by sales.
Nasdaq falls more than 1%, entering correction territory
U.S. stocks gave up early gains and turned lower, extending a recent stretch of losses that have pulled major indexes down to start the year.
The technology-heavy $Nasdaq Composite Index(.IXIC.US$ shed 1.1%, to 14340.26. It finished the day 10.7% below its all-time closing high, set in November. A decline of greater than 10% is considered a correction for a stock index.
The $S&P 500 Index(.SPX.US$ fell 1%, to 4532.76. The $Dow Jones Industrial Average(.DJI.US$ lost 1%, to 35028.65.
Morgan Stanley posts higher profit, capping mixed quarter for big banks
A booming market for deals and brisk demand for financial advice lifted $Morgan Stanley(MS.US$ fourth-quarter earnings and helped the Wall Street firm set a full-year profit record.
The bank posted a profit of $3.7 billion, up 9%, or $2.01 a share. Analysts expected $1.94 a share, according to FactSet. Revenue rose 7% to $14.5 billion in the quarter, which fell just short of expectations.
Bank of America's quarterly profit rises 28%
$Bank of America(BAC.US$ profit rose 28% in the fourth quarter, boosted by record investment-banking revenue and recovering appetite for borrowing from businesses and consumers.
The second-largest U.S. bank earned $7.01 billion, up from $5.47 billion a year earlier. Per-share earnings of 82 cents topped the 77 cents that analysts polled by FactSet had expected.
Bitcoin sags in 2022 under weight of stock selloff and Fed policy
The Federal Reserve is casting a shadow over cryptocurrencies. Like stocks, cryptocurrencies have extended a selloff to start the year because of expectations that the central bank will raise interest rates as early as March.
Bitcoin, the largest cryptocurrency, is down 8.7% year to date, according to CoinDesk, and the second-largest, Ether, is down 14%. That has spilled over to publicly traded crypto companies. $Coinbase(COIN.US$ is down 12% so far this year. $Marathon Digital(MARA.US$ is down 21%. $Riot Platforms(RIOT.US$ is down 16%.
Sony shares tank over 12% after Microsoft and Activision's $68.7 billion tie-up plan
$Sony(SONY.US$ shares fell more than 12% in Tokyo on Wednesday after $Microsoft(MSFT.US$ announce to buy Activision. $Sony(SONY.US$ stock moved 5% lower in Wednesday's U.S. trading session after declining 7% on Tuesday.
Investors likely fear rising competition to Sony's PlayStation division as well as the potential for $Microsoft(MSFT.US$ to pull some popular games from the Japanese entertainment giant's platforms.
Peloton insiders sold nearly $500 million in stock before its big drop, SEC filings show
$Peloton Interactive(PTON.US$ executives and insiders sold nearly $500 million worth of their stock before its big decline, according to filings with the Securities and Exchange Commission.
Peloton stock is down more than 80% from its highs last year, and it hit a 52-week low of $29.11 on Tuesday. Yet the company's CEO and other executives sold millions of shares at prices over $100 a share in the months leading up to the big declines.
Source: Bloomberg, CNBC, WSJ
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