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Rising Interest Rates

Rising Interest Rates

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The Federal Reserve may raise interest rates from their historic lows of 0.25% toward their historical average of 5%.

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  • Bloomberg10 hours ago

    Online Brokerages Slide as Bernie Sanders Talks New Taxes

    (Bloomberg) -- Shares of online brokers including TD Ameritrade Holding Corp. and E*Trade Financial Corp. slid after Democratic presidential candidate Bernie Sanders proposed canceling the nation’s outstanding $1.6 trillion of student debt and offsetting the cost with a tax on Wall Street transactions.The Sanders plan would include a 0.5% tax on stock transactions, a 0.1% tax on bond trades and a .005% tax on derivatives transactions.The financial transaction tax (FTT) “boogeyman” appearing on the campaign trail is weighing on the group, Compass Point senior policy analyst Isaac Boltansky said via email. “Whether clients are interested or not in the student loan proposal, the use of the FTT as a pay-for signaled that the issue would play a meaningful role in the Democratic presidential conversation.”A new tax would probably hurt trading volume, Bloomberg Intelligence analyst Andrew Silverman said. A financial transaction tax may “cause the asset values of publicly offered stocks, bonds and futures to decline because the tax could cause demand to decline,” Silverman said.Even so, Silverman sees such a tax as unlikely to pass anytime soon, “and even then only if Congress moves significantly to the left and the president is a Democrat, too.”Shares of E*Trade fell as much as 3.7% Monday, to the lowest since March 22. TD Ameritrade dropped as much as 3.6%, to the lowest since January 2.Charles Schwab Corp. fell as much as 3.5%, to the lowest since December 26. Analysts have recently flagged Schwab’s interest-rate sensitivity, with Deutsche Bank earlier this month cutting its rating on the stock to hold. Deutsche Bank at that time kept TD Ameritrade and E*Trade rated buy, given their “better interest rate sensitivity profiles, leverage to customer trading, and at least a modest possibility of a merger scenario between the two.”Earlier in June, Cowen warned that the prospect of a financial transaction tax would get more attention ahead of the first Democratic presidential debate, presenting a recurring risk for exchanges and financial firms. Analyst Jaret Seiberg flagged candidates who’d previously called for a transaction tax, include Senator Kirsten Gillibrand and Senator Elizabeth Warren. In May, Sanders had introduced legislation that would impose a tax on trades of all stocks, bonds and derivatives.Other stocks with declines on Monday included Tradeweb Markets Inc., down as much as 4.5%, Nasdaq Inc., with a drop of as much as 2%, and Virtu Financial Inc., down as much as 2.9%.To contact the reporter on this story: Felice Maranz in New York at fmaranz@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Hedge Funds Are Selling BOK Financial Corporation (BOKF)
    Insider Monkey12 hours ago

    Hedge Funds Are Selling BOK Financial Corporation (BOKF)

    The elite funds run by legendary investors such as David Tepper and Dan Loeb make hundreds of millions of dollars for themselves and their investors by spending enormous resources doing research on small cap stocks that big investment banks don't follow. Because of their pay structures, they have strong incentives to do the research necessary […]

  • Prosperity Bancshares, Inc.'s (NYSE:PB) 2.6% Dividend Yield Looks Pretty Interesting
    Simply Wall St.12 hours ago

    Prosperity Bancshares, Inc.'s (NYSE:PB) 2.6% Dividend Yield Looks Pretty Interesting

    Today we'll take a closer look at Prosperity Bancshares, Inc. (NYSE:PB) from a dividend investor's perspective. Owning...

  • Zacks.com featured highlights include: Hibbett Sports, Comtech, Quanta Services, Principal Financial and Zions
    Zacks15 hours ago

    Zacks.com featured highlights include: Hibbett Sports, Comtech, Quanta Services, Principal Financial and Zions

    Zacks.com featured highlights include: Hibbett Sports, Comtech, Quanta Services, Principal Financial and Zions

  • Amid Bay Area exodus, California governor takes on Texas, Tennessee
    American City Business Journals16 hours ago

    Amid Bay Area exodus, California governor takes on Texas, Tennessee

    California Gov. Gavin Newsom urged Bay Area business leaders to focus on the advantages of doing business in the Golden State while also promising action on the state's homeless problem that's garnering national headlines.

  • Best Brokers For Active Stock Traders? These 3 Ranked Highest For 2019
    Investor's Business Daily17 hours ago

    Best Brokers For Active Stock Traders? These 3 Ranked Highest For 2019

    Among active traders, three online stock brokers earn the highest ratings. Find out what makes them stand out.

  • Which Online Brokers Rank The Best For Options Trading?
    Investor's Business Daily17 hours ago

    Which Online Brokers Rank The Best For Options Trading?

    You might think that the best online brokers rated for options trading would be the ones with the highest rated options platforms. But you would be wrong.

  • Here's Why Western Alliance (WAL) is a Solid Investment Pick
    Zacks18 hours ago

    Here's Why Western Alliance (WAL) is a Solid Investment Pick

    Strong prospects, steady loan and deposit growth, and analysts' bullish stance make Western Alliance (WAL) stock a wise investment choice.

  • Investing.com20 hours ago

    Stocks - Wall Street Flat as U.S-Iranian Tensions Counter Trade Talk Progress

    The S&P; 500 inched down 0.7 points by 9:53 AM ET (13:53 GMT). The Dow was up 60 points and tech-heavy Nasdaq composite fell 5 points.

  • How to Trade on the Hong Kong Stock Exchange
    Investopedia2 days ago

    How to Trade on the Hong Kong Stock Exchange

    Hong Kong has come a long way. As a British colony, it was described as a “barren rock” by former British foreign secretary and prime minister Lord Palmerston. Today, the Hong Kong Stock Exchange is reportedly the fifth largest in the world.

  • Financial Jobs Aren’t Just in New York
    Bloomberg3 days ago

    Financial Jobs Aren’t Just in New York

    (Bloomberg Opinion) -- There were 755,436 people working in financial activities in the New York metropolitan area last year, more than twice as many as in the next-biggest area for such jobs, metro Los Angeles. But this amounted to just 8% of New York-area jobs. There are other metropolitan areas where finance makes up a much larger share of employment than that.What the location quotient numbers in the above chart mean, basically, is that in Bloomington, you’re almost four times as likely to encounter people who work in finance as in the country as a whole, and more than 2 1/2 times as likely to encounter them as in the nation’s financial capital. Which makes sense, given that the small Illinois city (2018 metro area population: 188,597) is the home base of insurance giant State Farm; Country Financial, another large insurance and financial group, is also headquartered there. A whopping 22% of the area’s jobs are in financial activities (nationwide, the percentage is 5.6%).Related: Where Microbrewery Jobs Are OverflowingBig insurers explain a lot about these rankings: There’s Principal Financial Group Inc. in Des Moines (along with 80 other insurance and financial services companies); the Hartford Financial Services Group Inc., Cigna Corp. and Aetna (since late last year a subsidiary of CVS Health Corp.) in and around Hartford; Mutual of Omaha in Omaha; USAA in San Antonio. In Sioux Falls, the specialty is credit cards — Citibank famously moved its card operations to the city in 1981 to take advantage of new South Dakota laws that allowed it to charge higher interest rates, and both Citibank and Wells Fargo are now officially based there (their parent companies, Citigroup Inc. and Wells Fargo & Co., are not). The Phoenix, Jacksonville, Omaha, Tampa, San Antonio, Salt Lake City and Dallas areas also all house big financial-services back-office operations. Bridgeport-Stamford-Norwalk — aka Fairfield County, Connecticut — has insurance and investment banking but also a lot of hedge funds, which helps explain why it has the nation’s highest financial-sector average annual wage, at $244,083.Just to round things out, Dubuque has the headquarters of Heartland Financial USA Inc., which owns community banks in 12 states; a Prudential Retirement call center; and a couple of local financial institutions. Birmingham is home to two sizable regional banks, Regions Financial Corp. and Banco Bilbao Vizcaya Argentaria SA subsidiary BBVA Compass. Oh, and New York has some financial institutions, too.Financial activities as defined by the Bureau of Labor Statistics include real estate and rental and leasing, which doesn’t entirely square with what most of us think of as finance. But when I narrowed things down to finance and insurance, Des Moines and Sioux Falls disappeared from the statistics, as the BLS often suppresses local data “to protect the identity, or identifiable information, of cooperating employers.” And I hated the idea of leaving out Des Moines and Sioux Falls, as anyone would.Still, it’s worth redoing the above exercise with a couple of narrower categories that accord better with the notion of high finance. Here are the 10 metropolitan areas with the highest employment location quotients for investment banking and securities dealing:OK, Durham-Chapel Hill was a bit of a surprise at the top of this list; the main explanation seems to be that Credit Suisse Group NA’s Raleigh campus, the firm’s second-largest office in the Americas, is not in Raleigh but in nearby Durham County. Still, the location quotients for metro New York and neighboring Fairfield County stand out, too, and in absolute terms there are seven times as many investment banking jobs in the New York area as in No. 2 metro Chicago. In other words, the commanding heights of investment banking in the U.S. are mostly where everybody thinks they are — although the pay is highest in the San Francisco area, where the investment bankers who take tech companies public tend to work.Finally, here’s the top 10 for portfolio management:It’s obviously no shock to see Bridgeport-Stamford-Norwalk in the top spot, although that location quotient really is something. Santa Fe, the U.S. metropolitan area with the most-altitudinous central city, at 7,199 feet (2,194 meters), is a little less obvious. The most famous hedge fund in town (Prediction Company, started in 1991 by a couple of physicists affiliated with the Santa Fe Institute) shut down last year, but a number of other money managers and private equity funds are located there, presumably because their founders like mountain air and art. The Virginia college town of Charlottesville exerts a similar if damper appeal; my Bloomberg Opinion colleague Joe Nocera wrote about the doings of a hedge fund kingpin there in March.There’s a clear wage divide on this list between places where money managers cluster, driving average pay above $300,000 a year, and those where the great majority of jobs are in administration, customer service and the like, such as metro Philadelphia, home to the largest mutual fund complex, Vanguard Group Inc. The Terre Haute metropolitan area clearly fits in the latter category,  although it’s not clear where those 147 portfolio management employees work. Terre Haute-based First Financial Corp. is the area’s biggest financial services employer by far, but it’s chiefly a banking company.The point here, other than just taking advantage of the fun data that the BLS releases every three months from the Quarterly Census of Employment and Wages, is that while the standard picture of a U.S. financial sector concentrated in and around New York isn’t all wrong, there are other places around the U.S. that depend even more on financial services jobs to pay the bills.Coming Sunday: A booming local health-care industry isn’t always a good thing.To contact the author of this story: Justin Fox at justinfox@bloomberg.netTo contact the editor responsible for this story: Brooke Sample at bsample1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Does International Bancshares Corporation (NASDAQ:IBOC) Have A Particularly Volatile Share Price?
    Simply Wall St.4 days ago

    Does International Bancshares Corporation (NASDAQ:IBOC) Have A Particularly Volatile Share Price?

    Anyone researching International Bancshares Corporation (NASDAQ:IBOC) might want to consider the historical volatility...

  • Do International Bancshares's (NASDAQ:IBOC) Earnings Warrant Your Attention?
    Simply Wall St.4 days ago

    Do International Bancshares's (NASDAQ:IBOC) Earnings Warrant Your Attention?

    For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

  • With EPS Growth And More, International Bancshares (NASDAQ:IBOC) Is Interesting
    Simply Wall St.4 days ago

    With EPS Growth And More, International Bancshares (NASDAQ:IBOC) Is Interesting

    Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...

  • Hedge Funds Have Never Been This Bullish On Lear Corporation (LEA)
    Insider Monkey4 days ago

    Hedge Funds Have Never Been This Bullish On Lear Corporation (LEA)

    A market surge in the first quarter, spurred by easing global macroeconomic concerns and Powell's pivot ended up having a positive impact on the markets and many hedge funds as a result. The stocks of smaller companies which were especially hard hit during the fourth quarter slightly outperformed the market during the first quarter. Unfortunately, […]

  • Rapidly growing bank challenges 'perception that a large organization cannot genuinely connect with the community'
    American City Business Journals4 days ago

    Rapidly growing bank challenges 'perception that a large organization cannot genuinely connect with the community'

    The McKinney-based bank provides a wide range of commercial banking services for businesses, professionals and individuals in four market regions in Texas and Colorado. Its revenue has grown 96 percent in three years and neared the $450 million mark in 2018.

  • Glacier Bancorp (GBCI) is a Top Dividend Stock Right Now: Should You Buy?
    Zacks4 days ago

    Glacier Bancorp (GBCI) is a Top Dividend Stock Right Now: Should You Buy?

    Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Glacier Bancorp (GBCI) have what it takes? Let's find out.

  • Pick These 7 Low Price-to-Sales Stocks for Optimum Returns
    Zacks4 days ago

    Pick These 7 Low Price-to-Sales Stocks for Optimum Returns

    A stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

  • Tap These 5 Value Stocks With Impressive EV/EBITDA Ratios
    Zacks4 days ago

    Tap These 5 Value Stocks With Impressive EV/EBITDA Ratios

    We have screened value stocks based on EV/EBITDA ratio that offers a clearer picture of a company's valuation and earnings potential.

  • Fed Interest Rate Cut on the Horizon: What it Means for Banks
    Zacks4 days ago

    Fed Interest Rate Cut on the Horizon: What it Means for Banks

    With the Fed opening the door for interest rate cut soon, banks will be at a disadvantageous position amid already challenging operating backdrop.

  • LPL Financial Brokerage & Advisory Assets Fall Sequentially
    Zacks4 days ago

    LPL Financial Brokerage & Advisory Assets Fall Sequentially

    Decline in brokerage and advisory assets will hamper LPL Financial's (LPLA) revenue growth to some extent.

  • Here's Why I Think Regions Financial (NYSE:RF) Is An Interesting Stock
    Simply Wall St.4 days ago

    Here's Why I Think Regions Financial (NYSE:RF) Is An Interesting Stock

    For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

  • I Ran A Stock Scan For Earnings Growth And Regions Financial (NYSE:RF) Passed With Ease
    Simply Wall St.4 days ago

    I Ran A Stock Scan For Earnings Growth And Regions Financial (NYSE:RF) Passed With Ease

    Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of...

  • Announcing: E*TRADE Financial (NASDAQ:ETFC) Stock Increased An Energizing 117% In The Last Five Years
    Simply Wall St.4 days ago

    Announcing: E*TRADE Financial (NASDAQ:ETFC) Stock Increased An Energizing 117% In The Last Five Years

    The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...

  • Deal of the Week: Prosperity to acquire North Texas bank in $2.1B deal
    American City Business Journals4 days ago

    Deal of the Week: Prosperity to acquire North Texas bank in $2.1B deal

    Houston-based Prosperity Bancshares Inc. (NYSE: PB), parent of Prosperity Bank, will acquire Plano, Texas-based LegacyTexas Financial Group Inc. (Nasdaq: LTXB), parent of LegacyTexas Bank, in a cash-and-stock deal valued at approximately $2.1 billion. It's expected to be the second-largest bank merger in the history of Texas, according to Prosperity. LegacyTexas shareholders will receive 0.528 shares of PB and $6.28 cash for each LegacyTexas share, subject to certain conditions.