{"id":66718,"date":"2023-03-17T08:55:32","date_gmt":"2023-03-17T12:55:32","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=66718"},"modified":"2023-03-17T08:55:32","modified_gmt":"2023-03-17T12:55:32","slug":"coffee-with-greta-banks-slide-again","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/03\/17\/coffee-with-greta-banks-slide-again\/","title":{"rendered":"Coffee With Greta: Banks Slide Again"},"content":{"rendered":"

DJIA Futures: <\/b>-257 (-0.8%)<\/span><\/p>\n

SPX Futures:<\/b> -27 (-0.7%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-34 (-0.3%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are lower as regional bank shares continue to slide.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Banks Take Advantage Of Emergency Fed Program<\/span><\/h2>\n

Regional bank shares are tumbling again today after several took billions in short-term loans from the Fed this week.\u00a0<\/span><\/p>\n

First Republic Bank <\/b>(FRC) shares are down 19.4% ahead of the open, leading the 3.2% decline in the <\/span>SPDR S&P Regional Banking ETF <\/b>(KRE).\u00a0<\/span><\/p>\n

The drop comes after First Republic shares rallied nearly 10% on Thursday after a group of 11 banks pledged to deposit $30 billion into the bank.\u00a0<\/span><\/p>\n

Those institutions include <\/span>Bank of America<\/b> (BAC), <\/span>Wells Fargo<\/b> (WFC), <\/span>Citigroup<\/b> (C), <\/span>JPMorgan Chase<\/b> (JPM), <\/span>Goldman Sachs <\/b>(GS), and <\/span>Morgan Stanley<\/b> (MS).\u00a0<\/span><\/p>\n

But news of banks taking advantage of the Fed\u2019s emergency program then broke after the close on Thursday, sending the sector lower again.\u00a0<\/span><\/p>\n

Banks borrowed a total of $11.9 billion from the Bank Term Funding Program this week.\u00a0<\/span><\/p>\n

They also borrowed nearly $153 billion in shorter-term loans through the Fed\u2019s discount window.\u00a0<\/span><\/p>\n

FedEx Jumps On Earnings Beat, Higher Outlook<\/span><\/h2>\n

FedEx <\/b>(FDX) shares are rallying 11.1% in premarket trade after beating fiscal Q3 expectations and hiking its full-year guidance.\u00a0<\/span><\/p>\n

Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n

    \n
  • Adjusted EPS: $3.41 vs $2.73 expected<\/span><\/li>\n
  • Revenue: $22.17 billion vs $22.74 billion expected<\/span><\/li>\n<\/ul>\n

    FedEx also hiked its full-year outlook and said its cost-cutting efforts are offsetting lower demand in some of its units.\u00a0<\/span><\/p>\n

    The company now expects adjusted EPS of $14.60 to $15.20 in fiscal 2023 vs $13.00 to $14.00 previously.\u00a0<\/span><\/p>\n

    Analysts were forecasting full-year adjusted EPS of $13.56<\/span><\/p>\n

    Coming Up: Leading Economic Index, Consumer Sentiment<\/span><\/h2>\n

    There is still more important economic data on the way today.<\/span><\/p>\n

    The Conference Board releases its February leading economic index at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

    That index is expected to fall 0.4% after declining 0.3% in January.\u00a0<\/span><\/p>\n

    The University of Michigan also reports March consumer sentiment and inflation expectations at 10:00 a.m.<\/span><\/p>\n

    Consumer sentiment is expected to be unchanged this month at 67.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: -257 (-0.8%) SPX Futures: -27 (-0.7%) NASDAQ Futures: -34 (-0.3%) Good morning friends! Futures are lower as regional bank shares continue to slide.\u00a0 Let\u2019s get right to it! Banks Take Advantage Of Emergency Fed Program Regional bank shares are tumbling again today after several took billions in short-term loans from the Fed this week.\u00a0 First Republic Bank (FRC) shares are down 19.4% ahead of the open, leading the 3.2% decline in the SPDR S&P Regional Banking ETF (KRE).\u00a0 The drop comes after First Republic shares rallied nearly 10% on Thursday after a group of 11 banks pledged to deposit $30 billion into the bank.\u00a0 Those institutions include Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS).\u00a0 But news of banks taking advantage of the Fed\u2019s emergency program then broke after the close on Thursday, sending the sector lower again.\u00a0 Banks borrowed a total of $11.9 billion from the Bank Term Funding Program this week.\u00a0 They also borrowed nearly $153 billion in shorter-term loans through the Fed\u2019s discount window.\u00a0 FedEx Jumps On Earnings Beat, Higher Outlook FedEx (FDX) shares are rallying 11.1% in premarket trade after beating fiscal Q3 expectations and hiking its full-year guidance.\u00a0 Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $3.41 vs $2.73 expected Revenue: $22.17 billion vs $22.74 billion expected FedEx also hiked its full-year outlook and said its cost-cutting efforts are offsetting lower demand in some of its units.\u00a0 The company now expects adjusted EPS of $14.60 to $15.20 in fiscal 2023 vs $13.00 to $14.00 previously.\u00a0 Analysts were forecasting full-year adjusted EPS of $13.56 Coming Up: Leading Economic Index, Consumer Sentiment There is still more important economic data on the way today. The Conference Board releases its February leading economic index at 10:00 a.m. ET.\u00a0 That index is expected to fall 0.4% after declining 0.3% in January.\u00a0 The University of Michigan also reports March consumer sentiment and inflation expectations at 10:00 a.m. Consumer sentiment is expected to be unchanged this month at 67.<\/p>\n","protected":false},"author":41,"featured_media":66722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-66718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=66718"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66718\/revisions"}],"predecessor-version":[{"id":66725,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/66718\/revisions\/66725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/66722"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=66718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=66718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=66718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}