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Billionaire investor Bill Ackman said Friday that Bank of America BAC will buy Signature Bank SBNY on Monday, as bigger systemic banks continue in their efforts to rescue distressed smaller banks.

The CEO of Pershing Square Capital Management has recently campaignedfor an unlimited systemwide guarantee on deposits, in contrast to Treasury Secretary Janet Yellen, who reaffirmed the $250,000 insurance cap this week.

Until a full deposit insurance isachieved, the cost of capital for smaller banks will rise, forcing them to merge or be bought by bigger institutions, in Ackman's view.

I am hearing that Bank of America is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I dont think this is good for America,Ackman wrote on Twitter.

Benzinga has contacted Bank of America for comment on Ackman's remarks.

Read next:Elon Musk Reacts As Bill Ackman Flags First Republic's Risk Spreading To Largest Banks: '…Astounding'

Goldman SachsAnalyst Remains Optimistic: The hedge fund manager also said Twitter that First Republic Bank FRC 's "default risk is now being spread to our largest banks and added that spreading the risk of financial contagion to achieve a false sense of confidence in FRB is bad policy.

Bank of America participatedin the consortium of large banks injecting a total of $30 billion into First Republic Bank this week.

Ackman downplayed the efficacy of the $30-billion capital infusion into FRB and stated that "half measures don't work when there is a crisis of confidence."

According to Goldman Sachs equity analyst Ryan Nash, the plan to inject capital into FRBwill allow the firm to manage short-term deposit withdrawals in an orderly fashion, although earnings will likely be negatively impacted.

Bank of America BAC , Citigroup C , JP Morgan Chase & Co. JPM , and Wells Fargo WFC were the main contributors to the FRC deposit injection, each providing $5 billion.

Goldman Sachs GS and Morgan Stanley MS each contributed $2.5 billion, while Bank of New York Mellon Corp BK , State Street Corp STT , PNC Financial Services Group Inc PNC ,

Truist Financial Corp TFC , and UBS Group AG UBS each chipped $1 billion.Each bank provided 3% of its tangible common equity (TCE), Nash said in the note.

BankingStocks Continue Selloff:Friday was another bloodbath for banking stocks. FRC plunged 32%, WFC fell 4%, BAC was down 3.8%, JPM fell 3.7%, MS lost3.4%, GS tumbled3.3%, and C retreated by 3%.

S&P 500 financial companies: price performance on March 17, 2023. Chart: TradingView

The Financial Select Sector SPDR FundXLF lost 3% on Friday, underperforming versus all other sectors, and hitting the lowest level since mid-October 2022.

The SPDR S&P Regional Banking ETF (NYSE:KRE) fell 6% on Friday and has now shed 30% of its value in the last two weeks. KRE is trading at levels not seen since the COVID-19 vaccine was discovered in November 2020.

KRE weekly price chart and RSI. Chart: TradingView

Photo via Shutterstock.

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Fire and flops: Six Stanley Cup playoff teams that are either impressing or disappointing

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Fire and flops: Six Stanley Cup playoff teams that are either impressing or disappointing

The first week-plus of the 2024 Stanley Cup playoffs has already provided much in the way of excitement and bone-crunching action. The average playoff game has featured 89.5 combined hits by both teams — nearly double the league average (45.5) from the regular season, according to ESPN Stats & Information.

With so much chaos, there are plenty of teams that have exceeded — or fallen short of — expectations already.

For instance, the defending champion Vegas Golden Knights have been mighty impressive, taking a 2-1 lead over a Dallas Stars team that had led the league in goal differential during the regular season. But on the disappointing side, the Toronto Maple Leafs have fallen behind 3-1 in their series against the Boston Bruins, and the Los Angeles Kings are in a 3-1 hole versus the Edmonton Oilers.

Let’s run through the clubs that fit into each category, based on their playoff goal differentials as compared with what we’d expect from their pre-series power ratings and their opponent’s (adjusting for home-ice advantage). We’ll also highlight a player who has contributed to the state of his team, for good or bad, in the playoffs thus far.

We’ll start with the positive side of things. Here are three teams that have impressed the most:

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Polestar shows off 5 GT charging capabilities, replenishing 10-80% in just ten minutes [Video]

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Polestar shows off 5 GT charging capabilities, replenishing 10-80% in just ten minutes [Video]

Polestar is showcasing the charging capabilities of the upcoming Polestar 5 sports sedan using a prototype model and StoreDot’s Extreme Fast Charging (XFC) technology. This is the first EV to test StoreDot’s ultra-fast charging technology, and the initial tests are quite promising.

When it arrives, the Polestar 5 will be—you guessed it—the fifth model in the Geely-owned automaker’s EV portfolio. The all-electric sports sedan’s inception stems from the Precept concept, and Polestar continues to be one of the few automakers that actually evolves its concepts into production vehicles.

The production prototype version of the Polestar 5 debuted in late 2021, equipped with carriage doors and a “Smart Zone” grille that houses many of the sensors for the EV’s ADAS. In July 2023, a camouflaged prototype of the 5 appeared publicly at the Goodwood Festival of Speed, touting 884 horsepower and Polestar’s 800V architecture that will enable ultra-fast charging speeds.

By November 2023, we learned that EV battery specialist StoreDot would trial its new 100in5 battery technology in the Polestar 5, giving the 4-door GT charging capabilities of garnering 100 miles of range in just 5 minutes.

These fast-charging cells have since become the nucleus of StoreDot’s I-BEAM XFC concept design, which is targeting mass production later this year. Before the Polestar 5 and fast-charging architecture hit the market, however, both Polestar and StoreDot are showing off those capabilities, and they’re quite impressive.

  • Polestar 5 charging
  • Polestar 5 charging

Polestar 5 prototype surpasses 370 kW charging rate

Per Polestar, the first verification prototype of the 5 GT successfully demonstrated the promised charging rates enabled by StoreDot’s XFC technology, charging from 10-80% in just ten minutes. The companies shared that the 5 held a consistent charge rate during the session, starting at 310 kW before surpassing 370 kW.

By comparison to the current market, those are some of the higher charge rates achieved by a BEV and offer encouraging results for a future in which drivers can park, recharge, and get back on the road more similarly to the time it would take to stop and refill an ICE vehicle at a gas station. Polestar CEO Thomas Ingenlath shared a similar sentiment:

Time is one of life’s greatest luxuries, and as a manufacturer of luxury electric performance cars, we need to take the next step to address one of the biggest barriers to EV ownership – charging anxiety. With this new technology, on longer journeys when drivers do stop they’ll be able to spend less time charging and be back on the road faster than before. In fact, that stop time will be more akin to what they experience with a petrol car today.

The Polestar 5 prototype houses a specially commissioned 77 kWh pack, with charging speeds bolstered by StoreDot’s silicon-dominant cells. However, the automaker says the battery pack has the capability to be increased to at least 100 kWh, enabling the BEV to recoup 200 miles of range in a ten-minute charge.

When the Precept became the Polestar 5, the automaker aimed to reach the market in 2024. However, the company’s current focus is on the two SUVs that will precede the GT – the Polestar 3 and 4. While we await the Polestar 5’s arrival on the market, you can check out its prototype’s charging capabilities in the video below:

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Source: Buffs RB Edwards to transfer to K-State

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Source: Buffs RB Edwards to transfer to K-State

Kansas State football landed Colorado‘s leading rusher from last season, as running back Dylan Edwards committed to the Wildcats on Sunday, a source confirmed to ESPN.

Edwards also appeared to confirm the news, posting a photo of himself in a Kansas State uniform on X.

As a true freshman, Edwards rushed for 321 yards for the Buffaloes in 2023. He also caught 36 passes for 299 yards and four touchdowns. Three of those receiving touchdowns came in his Colorado debut, when the Buffaloes knocked off TCU 45-42 in the season opener.

Edwards was ranked the No. 140 overall recruit in last year’s class. The Derby, Kansas, native committed to play for both Kansas State and Notre Dame before signing with new Colorado coach Deion Sanders.

Edwards will likely play behind Kansas State running back DJ Giddens, who rushed for 1,226 yards and 10 touchdowns last season, while also giving the Wildcats a proven receiving threat out of the backfield.

Kansas State plays at Colorado on Oct. 12 next season.

247 Sports first reported the news of Edwards’ commitment.

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