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New York Community Bancorp (NYCB) receives a $1 billion investment from a group of investors led by Mnuchin. (00:26) Tesla (TSLA) could lose more production from Germany than expected after arson attack. (01:57) Fortnite maker Epic Games announced that Apple (AAPL) has banned its developer account. (02:37)
This is a summary transcript of the podcast.
New York Community Bancorp (NYSE:NYCB) has raised more than $1 billion from a group of investors led by former Treasury Secretary Steven Mnuchin's firm, the company announced Wednesday.
Former Comptroller of the Currency Joseph Otting will become CEO of NYCB. The company is also proceeding with the reorganization of its board of directors.
Other investors include Hudson Bay Capital, Liberty Strategic Capital, Reverence Capital and Citadel Securities.
Under the terms of the transaction, New York Community Bancorp (NYCB) will sell common stock to investors at a price of $2.00 per share and a series of convertible preferred stock at a conversion price of $2.00, for a total investment of $1.0 billion. 50 million dollars. . Investors also received 60% warrant coverage to purchase non-voting common stock equivalents at an exercise price of $2.50 per share (a 25% premium over the price paid for the common stock). things) can also be obtained.
Secretary Mnuchin said the $1 billion investment “provides sufficient capital in the future should we need to increase NYCB's reserves to match or exceed the coverage ratios of large banks.” I am confident.”
The transaction is expected to close on March 11th. NYCB announced that it will hold a conference call today at 8 a.m. ET to discuss the equity capital raising.
NYCB fell 42% on Wednesday, but the stock was suspended at 12:34 p.m. pending the news. After a series of trading halts, the stock rose into positive territory, but stopped again at +9.3% at 3:18 p.m. NYCB ultimately closed at +7.45%.
Tesla (NASDAQ:TSLA) may experience longer-than-expected downtime at its Gigafactory near Berlin, according to reports from Germany.
Tesla (TSLA) officials told Bild that full power will not be restored to the company's factory by the end of next week after an arson attack destroyed a major power transmission tower. Car production is expected to be halted until the end of next week due to difficult repairs needed to sabotage large pylons and power systems. Thousands of homes near the Gigafactory are also without power.
Germany's Gigafactory manager Andre Thierry reportedly estimated that the production loss at the factory, which produces as many as 1,400 Model Ys per day, would be “a high nine-figure sum.”
Apple (NASDAQ:AAPL) has terminated Epic Games' developer account. This poses a problem for the Fortnite maker and his plans to release its own third-party app store on iOS within the European Union.
In a blog post published on Wednesday, Epic shared a letter sent by Apple's (AAPL) attorney that accused Epic of being “clearly untrustworthy” and that Apple (AAPL) agreed that Epic had signed a contract. He said he did not believe that the above commitments would be honored.
“This is a serious violation of DMA and shows that Apple has no intention of allowing true competition on its iOS devices,” Epic said.
The exchange comes in the wake of Apple's decision to allow alternative app stores on iOS to comply with EU digital market laws. Epic immediately made plans to launch Fortnite in the EU with its own app store and on his iOS.
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In Catalyst Watch of the day,
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Rivian Automotive (RIVN) will unveil its next-generation vehicle, called the R2, at an event in Laguna Beach, California. This electric SUV model is expected to be smaller and cheaper than the R1S and R1T. The company has indicated that this model could be sold in the $40,000 to $60,000 range. Mass production of the R2 is not scheduled until 2026.
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General Electric Company (GE) will host the GE Aerospace Investor Day event, with the Aerospace Leadership Team scheduled to speak.
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Cigna Group (CI) will hold an Investor Day in New York City.
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Mattel (MAT) will host a virtual investor presentation providing strategic business updates and plans for 2024.
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VYNE Therapeutics (VYNE) Chief Scientific Officer Dr. Ian Stewart will deliver an oral presentation highlighting positive data from the Phase 1b trial of VYN201 in vitiligo at the 2024 World Vitiligo Foundation Annual Scientific Symposium in San Diego. We will make an announcement.
Wall Street's three major stock averages ended Wednesday well below their trading highs. The focus was on Congressional testimony from Federal Reserve Chairman Jerome Powell, in which the central bank chief reiterated that policymakers are in no hurry to cut interest rates.
Nasdaq (COMP.IND) rose 0.58%. The S&P 500 (SP500) rose 0.51%, regaining the 5,100 point level. The Dow Jones Industrial Average (DJI) rose 0.20%.
Nine of the S&P's 11 sectors ended in the green.
Now let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are in the green ahead of today's opening bell. Crude oil fell 0.9% to more than $78 per barrel. Bitcoin fell 0.3% to over $67,000.
In global markets, the FTSE 100 is down 0.25% and the DAX is flat.
The day's biggest pre-market movers were The Honest Company (NASDAQ:HNST), which rose 27% after reporting fourth-quarter earnings, driven by a 10% increase in sales. Both are higher than expected, with recent increases.
Today's economic calendar:
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At 10 a.m., Federal Reserve Chairman Jerome Powell will give his semiannual monetary policy testimony before the Senate Banking Committee.
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1:30 p.m. Cleveland Fed President Loretta Mester will speak virtually on the economic outlook as part of the European Economic and Financial Center's Distinguished Speaker Series.
