New York Community Bank recently reported a quarterly loss of $335 million due to an increase in soured commercial loans and higher expenses. This loss, amounting to 45 cents per share, was a significant contrast from the $2.0 billion net income reported a year earlier. CEO Joseph Otting highlighted the bank’s transition towards becoming a
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Johnson & Johnson recently announced plans to pay $6.5 billion over a span of 25 years to settle the majority of lawsuits in the U.S. regarding the alleged link between their talc-based products and ovarian cancer. This settlement, which is subject to the approval of the claimants involved, aims to resolve a significant portion of
In a landmark move, the Biden administration has announced the forgiveness of over $6.1 billion in student debt for 317,000 former students of The Art Institutes. This decision comes after years of scrutiny over the once giant chain of for-profit schools and its parent company, the Education Management Corporation (EDMC). The U.S. Department of Education,
With the recent rise in mortgage rates, consumers are searching for ways to lower their monthly payments. This has led to a surge in applications for adjustable-rate mortgages (ARMs), which offer lower interest rates compared to fixed-rate mortgages. However, ARMs are considered riskier as they come with the uncertainty of future market rates. Last week,
Super Micro shares plunged by 15% in after-hours trading following the release of its fiscal third-quarter results that fell slightly below expectations. Despite providing an optimistic outlook for its top-line performance, the server maker’s revenue of $3.85 billion missed the mark, with analysts anticipating $3.95 billion. Despite the revenue miss, Super Micro reported adjusted earnings
NBCUniversal, under the umbrella of Comcast, has made a substantial offer to regain the rights to air National Basketball Association (NBA) games after a 22-year hiatus, as reported by The Wall Street Journal. The offer averages $2.5 billion per year, significantly higher than the current $1.2 billion paid by Warner Bros. Discovery, the current rights
Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That’s good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. What’s more, prospective yields on those investments — whether through liquid savings or timed deposits such as certificates of
When Amazon reports its first-quarter earnings after the bell on Tuesday, analysts are expecting some notable figures. According to LSEG, anticipated earnings per share are 83 cents with revenue expected to reach $142.5 billion. Wall Street is particularly attentive to a few key numbers, such as Amazon Web Services revenue projected to hit $24.5 billion,
The housing market continues to face challenges as strong demand and tight supply push home values higher. According to the S&P CoreLogic Case-Shiller national home price index, home prices in February surged by 6.4% year over year, marking the fastest rate of price growth since November 2022. The 10-city composite rose by 8%, while the
The U.S. Department of the Treasury recently announced that Series I bonds will pay an annual interest rate of 4.28% from May 1 through October 2024. This rate is linked to inflation and represents a decrease from the 5.27% annual rate that was offered since November. Despite the decrease, the current rate is still slightly