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JPM

JP Morgan Chase & Co. New York Stock Exchange
$134.25
Open: $0.00 High: $0.00 Low: $0.00 Close: $0.00
Range: 0 - 0
Volume: 0
Market: Closed
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JPM
JP Morgan Chase & Co. 270 Park Avenue New York NY, 10017 http://www.jpmorganchase.com
JPMorgan Chase & Co is a financial services firm and a banking institution. It is engaged in investment banking, commercial banking, treasury and securities services, asset management, retail financial services, and credit card businesses.
  • CEO: James S. Dimon
  • Employees: 255,313
  • Sector: Financial Services
  • Industry: Banks
JPM News
Latest news about the JPM
  • Saudi Arabia Removes Central Banker, Lays Out Wealth Fund Goals

    (Bloomberg) -- Saudi Arabia replaced its central bank governor and said that it would more than double the size of its sovereign wealth fund by 2025 in a series of late-night announcements ahead of the crown prince’s flagship investment conference.Ahmed Alkholifey was removed from his position heading the monetary authority. He is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016. The reason for the change wasn’t provided.Al-Mubarak had most recently been a minister of state and served as the kingdom’s sherpa during its presidency last year of meetings of the Group of 20 industrialized economies. He was also previously chairman of Morgan Stanley’s Saudi Arabia unit. Alkholifey was simultaneously appointed an adviser to the royal court.The central bank and the sovereign fund are set to play an increasingly important role in powering the domestic recovery as the government looks to boost an economy hit by the twin shocks of the coronavirus pandemic and low oil prices. The central bank’s mandate was recently expanded to include supporting economic growth, while the crown prince has said the wealth fund would invest $40 billion a year domestically.What Bloomberg Economics Says...“As the governor of a central bank with a pegged currency, the role isn’t the classic one of setting interest rates. The importance of the post is in being the custodian of the country’s foreign exchange reserves.”\-- Ziad Daoud, chief emerging-markets economistSaudi Arabia pegs its currency to the dollar and tends to move in lockstep with the U.S. Federal Reserve. The change in leadership is unlikely to affect the central bank’s policy, with most levers of decision making in the kingdom controlled by Crown Prince Mohammed Bin Salman.Saudi Arabia’s central bank has already been one of the key vehicles for providing stimulus to the economy as the coronavirus pandemic and low oil prices hobble the private sector. The monetary authority has extended over 100 billion riyals ($27 billion) to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.Lead RoleThe central bank also controls the kingdom’s reserves, which are among the largest in the world at 1.7 trillion riyals. But its historic role as manager of the country’s savings is being eclipsed by the Public Investment Fund, Saudi Arabia’s $400 billion sovereign wealth fund chaired by the crown prince.The PIF, as the fund is known, received a $40 billion transfer from the central bank in March for new investments as it looked to capitalize on a slump in global markets caused by the onset of the coronavirus pandemic. It later disclosed it had spent about $10 billion buying stakes in blue-chip Western firms, which it sold a few months later as markets recovered.In a separate announcement on Sunday, Prince Mohammed said that the sovereign wealth fund aims manage 4 trillion riyals by 2025, making it one of the biggest government controlled investors in the world.If the PIF reaches that goal, it would eclipse the current size of China Investment Corp. and be a similar to Norway’s giant sovereign fund.Since unveiling plans in 2016 to transform the fund into one of the cornerstones of a program to reshape the Saudi economy, it’s already more than tripled in size.Under the leadership of Yasir Al-Rumayyan, a close adviser to the crown prince, the fund has shifted investment priorities from holdings in state-owned companies to building up stakes in Uber Technologies Inc. and Jio Platforms Ltd., the digital services business controlled by Indian billionaire Mukesh Ambani.The PIF rejigged some of its top leadership positions last month as it prepared to play a greater role in the local economy.Investment ShowcaseThe wealth fund will host its annual investor conference within days, with the global pandemic making most of the proceedings virtual. Since its launch in 2017, the Future Investment Initiative has played host to hundreds of corporate titans including JPMorgan Chase and Co.’s Jamie Dimon and Softbank’s Masayoshi Son. The event has helped establish the fund’s reputation as a major source of international investment.Over the next five years, the PIF’s strategy looks set to shift homeward. Prince Mohammed reiterated a pledge that the fund would pump 150 billion riyals or more into the local economy each year, and added that it would create 1.8 million jobs directly and indirectly by 2025 -- a nod to the anxiety surrounding the 15% unemployment rate among Saudi citizens.(An earlier version of this story corrected currency conversion in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Brexit: Winners and Losers

    As post-Brexit discussions between the U.K. and Europe heat up, we analyze the ongoing winners and losers from these negotiations.

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  • Seven Banks Escape With Minor Fines in Mexico Antitrust Case

    (Bloomberg) -- Mexico’s antitrust watchdog has fined seven banks a total of $1.5 million, only 4% of potential penalties, after finding evidence of price-rigging in the peso bond market early last decade, according to documents seen by Bloomberg News.Deutsche Bank AG, Barclays Plc, Bank of America Corp., Citigroup Inc.’s local unit Citibanamex, Banco Bilbao Vizcaya Argentaria SA, Banco Santander Mexico SA and JPMorgan Chase & Co. were fined a combined 29.4 million pesos out of a potential 680 million, the document showed. Deutsche Bank and Barclays got the two biggest fines at 8.7 million pesos and 6.35 million pesos, respectively.The ruling, to be published as early as Monday, follows a four-year investigation by antitrust commission Cofece that was aided by a whistle-blower who came forward in May 2015, the documents showed. Investigators said they found evidence in electronic chats from 2010 to 2013 of cartel behavior in the secondary market.Eleven traders were fined a total of 5.7 million pesos out of a possible 108.5 million pesos.A spokesperson for Cofece didn’t respond to a request for comment. The agency is barred from speaking publicly about its rulings until all the parties involved have been notified.JPMorgan, Bank of America, Citigroup and Deutsche declined to comment. A Santander Mexico spokesperson said it would comment when the decision was made public. The other banks didn’t immediately respond to a request for comment.The fines are tiny compared to the billions of dollars Barclays and Deutsche paid back in 2015 to settle charges with U.S., U.K. and European regulators. While Cofece can fine companies as much as 10% of their revenues when they engage in cartel-like behavior, banks and traders were fined under a less-harsh statute that set maximums at 200,000 times the country’s daily minimum wage.The commission ruled Jan. 14 and began notifying banks last week.In late 2019, the commission’s investigative unit said it found evidence of collusion after a three-year probe that examined 10 years of trader chats and bank records. Cofece looked into potential collusion by banks in central-bank auctions and when selling to funds and clients, the documents showed. But charges were limited to the secondary market.New RulesIn the wake of the price-fixing probes that followed the 2008-09 global financial crisis, banks implemented tighter restrictions on chat rooms that make collusion harder.Cofece is under political pressure after Mexican President Andres Manuel Lopez Obrador said this month that lawmakers should fold the functions of the country’s autonomous regulators into federal ministries.Barclays and JPMorgan agreed last year to pay a combined $20.7 million to settle charges in New York that stemmed from information gathered in the Cofece probe. The U.S. judge later threw out charges against the rest of the banks, arguing he didn’t have jurisdiction over alleged manipulation in Mexico.Mexico’s securities and banking regulator did its own investigation and fined six global banks and traders in late 2018 a total of a little over $1 million for manipulating bond-trading volumes.(Updates with details from documents in third and seventh paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • 10 Blue Chip Dividend Stocks Hedge Funds Are Buying

    In this article, we presented the 10 blue-chip dividend stocks hedge funds are buying. Click to skip ahead and see 5 Blue Chip Dividend Stocks Hedge Funds are Buying. 2020 was one of the worst years for dividend and dividend growth stocks as pandemic and economic meltdown have strongly impacted cash flow generation of dividend-paying […]

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  • GameStop Stock Is Just the Latest Sign of a Speculative Frenzy

    This sort of action was prevalent last August, just before the big techs that drive the Nasdaq Composite topped out.

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  • Short Squeeze Sends GameStop Shares to 2007 Levels. What Happens Next.

    (GME) stock rocketed above its 2007 peak Friday in a move that one short selling expert thinks could possibly kill investor interest in shorting the videogame retailer. Pointing to an earlier squeeze where a moderate amount of older short sellers covered their positions as the stock surged in recent weeks, S3 Partners’ Ihor Dusaniwsky told Barron’s he thinks today’s action has piled up mark-to-market losses for even newer short sellers betting on a price decline.

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  • January Is on Track to Be a Blockbuster Month for IPOs

    The latest offerings to hit the market are a Brazilian private-equity firm and a Chinese maker of e-cigarettes.

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  • Tesla's too high to buy now; Beyond Meat perking up; GameStop shorts feeling pain: veteran trader

    Joining Yahoo Finance's Zack Guzman and Jared Blikre is Brian Shannon, CMT and founder of www.alphatrends.net, who breaks down the price action and levels of interest for Beyond Meat (BYND), Tesla (TSLA) and GameStop (GME).

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  • Stock Market Today: Nasdaq Scratches Out Another Record Finish

    The Nasdaq came out of a mixed day with yet another fresh high. More interesting were Friday's moves by IBM, Intel and GameStop.

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  • 3 Crypto Stocks To Bull Trade In The Face Of Bitcoin Bearishness

    Cryptocurrencies were smoking hot in 2020. Now, after a bit of a dousing, is it time to buy into this emerging market? That decision looks more approachable with an eye on the stock market and three diversified companies offering crypto exposure, as well as solid strides elsewhere. This week a shot was fired over the bow at cryptocurrencies, with specific ammunition aimed at Bitcoin and Ethereum by treasury secretary nominee Janet Yellen. In a nutshell, on Tuesday the soon-to-be government brass suggested “curtailing” the crypto market given its ties to illicit wheeling and dealings. The warning was taken as a sure indication the new administration intends to crack down on digital currencies. And as one of Wall Street’s more favored investments in recent months, the comments didn’t go unnoticed. It even sparked criticism from staunch Bitcoin supporter Cathie Wood, whose outspoken and spot-on aggressive bet on Tesla (NASDAQ:TSLA) and other cutting edge investments has made her ARK Invest funds among today’s most profitable ETFs in the market.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Yellen’s remarks also unsurprisingly stoked crypto bulls to action. Given Bitcoin’s huge run-up of more than 900% since its March Covid-19 low, some messy-looking and less sure-footed profit-taking followed in its wake. But were investors right to be spooked? If like the ARK Invest founder and CEO who noted Yellen was “on policy watch as bitcoin soared from ~$1,000 – ~$20,000 in 2017”, you might also find Yellen’s latest warning as bullishly “reassuring.” 7 Great Sub-$20 Stocks to Buy After Inauguration Day Here are 3 crypto stocks to buy in the face of Bitcoin bearishness: JPMorgan Chase (NYSE:JPM) Nvidia (NASDAQ:NVDA) Overstock (NASDAQ:OSTK) If, unlike Cathie Wood, you’re the kind of investor that isn’t ‘all-in’ on cryptos, but still wants exposure, the following three companies stocks may be just what you need. And who knows, Janet’s latest and modest backpedaling might eventually assist as well. Crypto Stocks to Buy: JPMorgan Chase (JPM) Source: Charts by TradingView The first of our crypto stocks to bull trade are shares of JPMorgan Chase. The top banker’s CEO Jamie Dimon was a notorious critic of the crypto market during the asset group’s initial and infamous rally in 2017. More recently, he said Bitcoin is still “not my cup of tea.” But JPM stock is a “do as I do, not as I say” stock with regards to crypto. Behind the curtain JPM is an outfit that’s embraced crypto’s tethered blockchain technology given its broad applications within the banking business. JPMorgan has also created its own cryptocurrency called JPM Coin. Technically speaking, shares recently broke out of a corrective cup-shaped base formed over the last year, but have since pulled slightly back to test the bullish pattern for support. With stochastics trending nicely, this crypto stock and market heavyweight is a buy today. Favored Strategy: March $125/$150 Collar Nvidia (NVDA) Source: Charts by TradingView Nvidia is the next of our crypto stocks to buy. Behind much of Bitcoin’s mining activities you’re bound to find NVDA’s high-powered processors as they’re critical to demanding work which requires solving complex algorithms. Thus far, crypto’s reemergence over the past year hasn’t spelled additional demand for Nvidia’s GPUs. But the situation does have Wedbush’s Chief Technology Strategist’s watching attentively for a potential growth driver. I’d simply call crypto NVDA’s unnecessary ace up its sleeve given the semiconductor outfit’s success in other growth markets from data centers to gaming or autonomous automobiles and artificial intelligence. Technically, this crypto stock has been consolidating for nearly five-months. An irregular double-bottom has been followed up by mostly lateral price movement since mid-November. More recently, a confirmed weekly doji low inside the base backed by an oversold bullish stochastics crossover supports buying NVDA on weakness today. 7 Great Sub-$20 Stocks to Buy After Inauguration Day Favored Strategy: March $575/$625 Bull Call Spread Overstock (OSTK) Source: Charts by TradingView Overstock is the last of our crypto stocks to buy. It’s also bar none, the most controversial. The e-commerce retailer’s founder and former CEO would fit right in with today’s conspiracy membership at QAnon. But to turn a blind eye to OSTK today looks like a big investment mistake. Aside from making a huge comeback in its retail business during Covid-19, this crypto play is an early adopter of allowing bitcoin transactions for buying all those essential and nonessential goods online. Overstock is also involved in cryptos vis-à-vis its Medici Ventures and tZERO businesses. Given the forceful upward sloping trend for online shopping and varied exposure to the crypto market, OSTK definitely has some ammo to move successfully forward. Given a valuation of just under $3 billion, maybe even more so. More assuredly and following today’s successful daily confirmation of a two-month candlestick reversal pattern to complete a slightly ill-formed Gartley pattern, going long this crypto stock looks like smart business. Favored Strategy: June $80/$110 Bull Call Spread Stocks owned: On the date of publication, Chris Tyler holds, directly or indirectly, positions in listed Bitcoin and Ethereum stocks (GBTC, ETHE and ETCG), but no other securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100% the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. The post 3 Crypto Stocks To Bull Trade In The Face Of Bitcoin Bearishness appeared first on InvestorPlace.

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  • Why GameStop Stock Has Gone on an Epic Tear

    GameStop has rocketed 2,419% since April. However, recent heat under GME shares has been fueled not just by good news, but also doubters calling it quits.

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  • GameStop closes up 51% after chaotic day of trading

    GameStop (GME) shares closed 51% higher at $65.01 each on Friday after an apparent crush on short-sellers.

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  • Jamie Dimon’s Best Deal Would Be More JPMorgan Stock, Mayo Says

    (Bloomberg) -- Jamie Dimon has made no secret about his hunt for acquisitions, stirring all kinds of speculation about what deals may be in the works for JPMorgan Chase & Co. The best thing might be if the bank simply bought more of its own stock, Wells Fargo bank analyst Mike Mayo says.“JPMorgan should top JPMorgan’s shopping list,” Mayo said in a phone interview. He pointed out that the bank has some $30 billion in excess capital -- and warned its chief executive officer not to let that “burn a hole in your pocket.”The bank’s fourth-quarter results showed “best-in-class performance,” and it shouldn’t buy something that won’t get as good a return as its own shares, Mayo said. Plus, asset-management deals are often costly as buyers pay for the business and for talent, making it best for JPMorgan “to keep doing what it’s doing,” he said.JPMorgan has rallied 5.4% so far this year, more than twice the S&P 500’s gain.Others have cast their eyes in different directions.On Tuesday, Odeon’s Dick Bove said he felt “reasonably certain” JPMorgan was poised to buy a large non-bank, citing a vigorous discussion about competitive threats during last week’s earnings call. Urging investors to open their horizons about what the bank might buy, he suggested Target Corp. or even Twitter Inc. Speculation about JPMorgan’s desire for an asset manager, with DealReporter calling Invesco Ltd. a “potential partner,” lifted Invesco shares on Wednesday.JPMorgan was said to have lost out to Morgan Stanley in its $7 billion bid for asset manager Eaton Vance Corp., according to the Financial Times. Morgan Stanley has also purchased E*Trade Financial Corp. Morgan Stanley shares have advanced 7.8% this year.A JPMorgan representative declined to comment.Earlier this month, JPMorgan said it could buy back as much as $4.5 billion of shares this quarter after the Federal Reserve lifted an industry ban on repurchases. At that time, Dimon said he “would love to spend more on investments,” which would be the “best and highest possible use of our capital.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • GameStop's stock is surging again, putting it on track for its best month ever

    Shares of GameStop Corp. on Friday afternoon were extending a recent surge, putting the videogame retailer on track for its best monthly gain, up over 220%, in its history. The historic surge in shares of the company, which went public in 2002, comes as an army of traders on a popular social platform Reddit have been striving to drive values higher, according to a Bloomberg report, even as short seller Citron Research has attempted to make a case why valuations for GameStop make it a sell rather than a buy. However, a planned livestream hosted by Citron, intended for Wednesday originally, was canceled, and Citron has complained about "hacking" of its livestream events and its Twitter account recently. A report in Bloomberg News referred to Citron's technical issues as a backlash from a Reddit community that is rabidly bullish on GameStop. Shares of GameStop began a parabolic rise last week, and the upsurge was attributed by some to a short squeeze, where investors who are betting that the stock price will fall in value are forced to buy shares they have borrowed in their bearish bets, which can have the effect of amplifying a stock's rise. Market participants also see the rally in GameStop as evidence of a bubble forming in segments of the market, with the Federal Reserve and government providing liquidity and support for the COVID-19-stricken financial market and maintaining interest rates at or near 0% -- a recipe that bears have said has encouraged speculative investments. GameStop has had a powerful run due to lockdowns meant to limit the COVID spread, with more people playing videogames. Its surge in January surpasses its 66% surge in August, FactSet data show.

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  • How the Internet Sent GameStop Stock Up 1,000% — And Where It’s Going Next

    In December, I wrote an article suggesting investors write covered calls on GameStop (NYSE:GME): buy GME stock and profit from the fat premiums on call options. It’s a conservative tech investor’s way of making money on a stock that’s too hot to buy, but too strong to ignore. Source: Northfoto / Shutterstock.com Investors following that strategy would have seen a 25% gain in three weeks — not bad for an options strategy with capped upside. But with shares now up 1,000% since last year, people are starting to ask themselves: “How did we get here in the first place?” The answer is a complicated mix of finance, momentum and a virtual game of chicken. So, here’s how we got to where we are, and where GME stock might head next. GME Stock: Back From the Dead In a year where both Microsoft’s (NASDAQ:MSFT) Xbox and Sony’s (NYSE:SNE) PlayStation finally released digital-only versions of their consoles, you might think that GameStop stock investors would have panicked. For years, the company had resisted calls to modernize. Instead, the brick-and-mortar relic stayed alive thanks to its cash cow: the lucrative used-game market. And now that many next-generation game consoles will no longer need physical games, GME stock looked set to fall.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Great Sub-$20 Stocks to Buy After Inauguration Day GameStop shares, however, did precisely the opposite of what you might expect. Proving that no amount of wisdom can predict the madness of crowds (or internet users), shares rose 150% by the time I suggested taking gains off the table. Since then, the stock has proceeded to triple. Why Is GME Stock Up 1,000%? Long-term investors with a sense of humor might remember the Financial Times suggesting that the then-dying RadioShack could start selling fruit baskets or turning stores into Zumba studios to survive. (A small town in Weaverville, CA seems to have done just that.) That’s because, in the world of brick-and-mortar retail, those that don’t adapt end up like Blockbuster and Circuit City — sitting in bankruptcy court and explaining lawyer fees to angry investors. For years, GameStop seemed destined for the same scrapheap. Though management successfully lobbied Microsoft in 2013 to keep disc drives in the Xbox One, they failed to use that lifeline to migrate toward online and mobile games. But don’t discount the short-term. The release of the blockbuster PlayStation 5 and Xbox Series X threw Wall Street’s tea leaves into disarray. With both consoles selling out within minutes, analysts scrambled to revise GameStop’s estimates for the near term. Wall Street now expects sales to rise 4.5% this quarter, representing a reversal after years of decline. And bullish retail investors went wild, sending the stock from the $4 range to $14. The Internet Spins GME Stock Out of Control But retail investors weren’t done quite yet. By December, a strange phenomenon started to appear: Open interest in GME calls had reached unprecedented levels as online investors egged each other on. In other words, investors were not only betting GME stock would go up but also that gains would come sooner rather than later. And whenever this happens, investors can inadvertently start a feedback loop. That’s because buying call options en-masse also force market makers to buy the underlying security — in this case, GME shares. It’s a process known as delta hedging, where market makers like the New York Stock Exchange look to keep a neutral position. Meanwhile, rising share prices force short sellers out of their positions, causing them to become buyers in what’s known as a “short squeeze.” That forces up shares even further, causing even more online users to (self-reportedly) buy in, and so on. Eventually, the company’s shares end up as a caricature of its intended price. And how long can the mania go? A) If someone’s had the misfortune of going short, the feedback loop will usually continue just long enough to force them out of their position at a loss. B) If they’re long, the loop will last just long enough to when they’ve convinced themselves that the stock is a long-term winner. And C) if they don’t own the stock and decide to buy in, that’s usually the precise moment that the bottom falls out. Lessons From GNC It’s not the first time a brick-and-mortar store caused such an investor frenzy. Almost a decade ago, GNC found itself in the eye of the protein-supplement storm. What was once the purview of bodybuilders suddenly saw its 15-minutes of fame. Pantries across the U.S. stocked up on the protein “miracle cure” for everything from weight loss to muscle building, and GNC’s stock rose from $15 in 2012 to almost $60 by the end of 2013. Back then, however, options trading was far more limited. Robinhood was only just getting started, and most retail investors didn’t have the tools needed to send market makers and short sellers into an upward-spiraling feedback loop. Even as bearish short interest in GNC stock mounted, short squeezes rarely amounted to more than 20% price jumps. GameStop, on the other hand, makes GNC look like child’s play. Today, GameStop has a 109% short interest ratio, meaning there are more shares sold short than exist. And GME’s open interest of nearly 850,000 options is seven times greater than Best Buy’s (NYSE:BBY) 115,000, even though GME is less than a tenth of the latter company’s size. While Citron Research’s $20 price target for GameStop could be right, there’s nothing that can stop retail investors pushing GME to $60 and beyond in the short term. There simply aren’t enough shares to sell short. What’s Next for GME Stock? It’s impossible to know how far GME can rise from here. The company now trades for 373 times its Shiller price-to-earnings (P/E) ratio, a measure of long-term value. Today, shares are looking less like Best Buy’s steady-state 36x multiple and more like Amazon’s (NASDAQ:AMZN) high-growth 355x. So, when your company’s share value isn’t attached to real life, what’s to stop it from rising to 600 times or more? The 17th-century Dutch-tulip-bulb mania offers a sobering reminder of humanity’s ability to ignore reality. At their peak, the most expensive bulbs could cost more than a house. Those insisting to profit from GME should consider selling options and hedging with a position in the underlying security — much like what professional market makers do. With implied volatility close to 180%, GME options are selling for fat margins; at-the-money 2022 calls cost almost $16. But don’t go naked short or long GameStop and expect easy wins. As we collectively stumble through 2021, it would be wise to remember this: GME stock could continue a run to $60 and beyond if the short squeeze (and internet cheerleaders) continue their gleeful mischief. But unless GameStop management uses the momentum to revamp its business, it would all be for nothing. Because, as hundreds of defunct brick-and-mortar companies can attest, if you won’t stop yourself from pursuing an outdated business model, then a bankruptcy court will eventually do it for you. On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. The post How the Internet Sent GameStop Stock Up 1,000% — And Where It’s Going Next appeared first on InvestorPlace.

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  • 2020 Was a Rough Year for Short Sellers

    As stocks rose on retail investor-fueled euphoria, short sellers faced with mounting losses and high borrowing fees were forced to close their positions and buy.

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  • ECB Seeks New Gauges by March to Aid Pandemic Stimulus Plans

    (Bloomberg) -- European Central Bank officials have asked staff to propose new ways to measure financial conditions in the euro area, potentially assisting future decisions on how much stimulus the region’s pandemic-hit economy needs.The central bank’s Monetary Policy Committee was tasked with making proposals in time for the March policy meeting, according to people familiar with the debate. Some officials want new ways to measure the impact of the ECB’s record-low interest rates and asset purchases on credit conditions, the people said, who asked not to be identified as the discussions were private.An ECB spokesman declined to comment on the discussions.The ECB ramped up its monetary policy support to the economy in December and partly justified the decision with the need to preserve “favorable” financing conditions for businesses and households. As the meaning of that term hasn’t been made clear yet, investors have little insight into what conditions would prompt further action from the Frankfurt-based central bank.President Christine Lagarde was quizzed on Thursday about which indicators officials are considering in their judgment, to which she responded saying she and her colleagues would take a broad approach.“Our assessment of favorable financing conditions is not driven by any single indicator,” she said. “It is a holistic approach. It takes into account multiple indicators. Bank lending is one, credit conditions is one, corporate yields is one, sovereign bond yields is one, and it is by combining all of those that we try to assess whether financing conditions are favorable or not.”Chief economist Philip Lane oversaw discussions on various options during their meeting this week -- ranging from choosing a more or less loose set of indicators to building fixed indexes, the people said. They also highlighted that -- whatever the conclusion -- sufficient flexibility and room for judgment needed to be maintained. Not all ECB officials agreed on the need for new gauges.“We see a big risk that the adoption of an intermediate target -- i.e. financial conditions -- takes the focus away from the ultimate target -- i.e. inflation,” Greg Fuzesi, an economist at JPMorgan Chase & Co., said in a report. “In particular, the current level of financial conditions is clearly not calibrated to boost inflation to the target over a normal timeframe.”The euro edged lower on Friday morning and Italian bonds extended declines, pushing the spread on the nation’s 10-year yields over German debt to the highest since November.During a separate seminar on policy instruments that’s part of the ECB’s strategic review, officials also discussed the future of its asset-purchase plans, and whether elements of the pandemic emergency purchase program should remain and be applied to an older asset-purchase program.Some officials argued combining features of the PEPP and the Asset Purchase Program would allow the ECB to maintain some flexibility on securities buying that proved successful in keeping in check the spreads of Italian, Spanish, Greek and other sovereign debt yields during the pandemic. Others insisted the pandemic program should remain a temporary tool.The seminar discussed other broad concepts, including yield-curve control, as part of continued talks tied to the ECB’s strategy overhaul, rather than proposals to be immediately put to use. The ECB is set to present some of the conclusions from that exercise after the summer.(Updates with comment from economist in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Bitcoin Losses Gather Pace, With Prices Nearing Three-Week Low

    (Bloomberg) -- Bitcoin closed in on the lowest in three weeks as the cryptocurrency’s sizzling rally gives way to pessimism that prices are too high.Bitcoin tumbled as much as 11.3% Thursday, sliding below $31,000. The largest digital asset has trended lower ever since breaking through $40,000, and losses have accelerated in the past two days.While soaring crypto prices fueled a speculative mania among the Robinhood crowd, it’s also made professional investors reluctant to buy at the top. Prices are still more than double the levels from early November and some technical analysts have argued that a retracement is overdue. It last traded below $30,000 on Jan. 5.“Bitcoin has already achieved the fastest-ever price appreciation of any must-have asset,” wrote JPMorgan Chase & Co. strategists John Normand and Federico Manicardi in a report on Thursday. “Current prices are so far above production costs that mean-reversion lower in returns is a recurring concern.”Bitcoin was down 10% to $31,459 as of 4:51 p.m. in New York. Prices are on track for their first back-to-back weekly decline since early October.Adding to the anxiety, a report in a trade blog suggested that there had been what’s known as a double purchase, where the same “coin” is used in two separate transactions. Industry veterans downplayed the notion.“This is part of the normal operation of the blockchain to allow for a highly parallel system,” said Jacob Illum, chief scientist at researcher Chainalysis. “Occasionally, the Bitcoin blockchain will have competing mined blocks, but only one chain-forming from competing blocks will be accepted by the network.”However, should a double spending event actually occur, it would be a cause for concern in the market, according to Edward Moya, senior market analyst at Oanda.Chart patterns suggest the market is consolidating within a “bullish pennant” formation, according to Matthew Weller, head of research at Gain Capital Group LLC. A sharp move higher could push prices above $50,000, while a break lower would point to a deeper retracement below $30,000, he predicted.“It would likely take a more severe drop to erase the established uptrend,” Weller wrote in a note.Despite the selloff, Wall Street hasn’t lost interest in the new asset class. On Wednesday, BlackRock Inc. filed paperwork to add Bitcoin futures as an eligible investment in two funds, the first time the money manager is offering clients exposure to cryptocurrency.Read More: BlackRock Takes First Step Into Crypto Exposure in Two Funds(Updates prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • 2 Big Fintech Stories to Watch

    In this episode of Industry Focus: Financials, Fool.com contributor Matt Frankel, CFP, and host Jason Moser look at fourth-quarter earnings from Wells Fargo (NYSE: WFC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C).

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  • GameStop's stock spikes up after short seller Citron cancels livestream, then pulls back

    Shares of GameStop Corp. spiked higher midday trading Thursday, before erasing most of their gains, as widely followed short-seller Citron Research's planned livestream, in which five reasons to sell the video game and consumer electronics retailer's stock were expected to be highlighted, was canceled. The livestream, which was originally planned for Wednesday at 11:30 a.m. Eastern, was delayed to Thursday so as not to interfere with President Joe Biden's inauguration. But given technical difficulties, the livestream was delayed slightly, then canceled. "Too many people hacking Citron twitter, will record and post later today. $GME going to $20 buy at your own risk," Citron tweeted. The stock was trading up about 3.0% just before 11:30 a.m. ET, then spiked up as much as 14.4% to an intraday high of $44.75 as the livestream failed to proceed, before paring gains. The stock was recently up 0.9%. It has tripled (up 201.8%) over the past three months, while the S&P 500 has gained 12.2%.

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