With efforts by the Swiss government and central bank, UBS $UBS Group (UBS.US)$ will acquire Credit Suisse $Credit Suisse (CS.US)$ Group for 3 billion Swiss francs. Compared with last Friday's closing price, it is equivalent to a 40% discount. Shareholders can only get 1 UBS share for every 22.48 Credit Suisse shares they hold.
Credit Suisse's US $17 billion AT1 bonds were wiped out. This bonds is similar to preferred shares. In the ...

Since 11 major banks brought 30 billion to save First Republic Bank FRC $First Republic Bank (FRC.US)$, it fell 26% in less than a day.
The George Washington University School of Law professor emeritus pointed out that the market may interpret that this $30 billion in new deposits may have prevented depositors from leaving, but it has not added any new equity capital to the bank, and the risk for shareholders is still very high. "" Wedbush...

Wednesday night, Credit Suisse $Credit Suisse (CS.US)$ asked the Swiss National Bank for 50 billion Swiss francs, equivalent to 54 billion U.S. dollars. However, this is not borrowing, but exercising rights, means that Credit Suisse can access the fund if necessary. The company stated this move is only to strengthen its liquidity. Credit Suisse's soared 40% in the open. The company also announced that it will repurchase 3 billi...

Silicon Valley Bank SVB Financial Group $SVB Financial (SIVB.US)$ fell 60% more was caused by the management’s letter released on Thursday. The letter stated that the company has sold most of its securities and decided to issue 1.75 billion new shares to adjust the company's entire financial structure. The management said the continuous high interest rate, the downward pressure on the market, and the high rate of burning money of customer...

Apple has started a secret "layoff" plan. According to the New York Post: despite that Apple $Apple (AAPL.US)$ has avoided large-scale layoffs like many big techs, it was also quietly cutting costs. This part includes reducing the number of contract workers. Insiders say that Apple is now directly firing the contract workers without waiting for the contract to expire. Some of the contract workers said they felt cheated by the Apple management.
Stating t...

On Feb 16, Thursday afternoon, Tesla $Tesla (TSLA.US)$ announced the recall of 360,000 vehicles, which also caused the company to give up most of the gains in the morning, and the reason for the recall was related to autonomous driving.
According to the company's recall notice, Tesla's Autopilot system FSD Beta may cause car accidents, including going straight on the turning lane, stopping-and-not-moving in front of stop signs, driv...

$0.25. Total bookings accumulated $13.5b, up 20% YoY. Net profit $320 million, 6 times more than previous than a year ago of $55 million. Net profit margin of 17%. Active Users historic high, and the company foresees this trend would continue throughout Q1 of 2023.
So where do these consumers live? Airbnb $Airbnb (ABNB.US)$ says more customers are choosing to travel abroad and to densely populated cities. ...

On Monday, Ford $Ford Motor (F.US)$ announced major collaboration with China's battery leader, CATL (Contemporary Amperex Technology), to build a new factory in Michigan. The factory worth about $3.5 billion, and is expected to be completed in 2026, providing 2,500 jobs. After completion, the factory will be used to produce lithium iron phosphate batteries. Ford's Vice President of EV said most of lithium iron phosphate bat...

Lyft $Lyft Inc (LYFT.US)$ reported Q4 revenue of $1.18b, up 21% YoY, more than analyst estimated $1.16b. Adjusted EPS $0.29, more than analyst estimated $0.13. User-wise, Lyft reported 8.7% increase YoY, total users reached 20.36 million but is unchanged compared to Q3, and less than pre-pandemic level. In 2019, Lyft had 22.9 million users. On profit, Lyft’s adjusted EBITDA $127b, more than the company’s guidance.
At first glance, the financial ...