Stocks trending after hours: Goldman Sachs, Lyft, Mind Medicine and more

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Goldman Sachs (GS), Morgan Stanley (MS), Bank of America (BAC), Citigroup (C): Wall Street banks were hit with $1.8 billion in fines Tuesday tied to probes into how the firms failed to monitor employee use of unauthorized messaging apps. The Securities and Exchange Commission announced 16 firms, including Goldman Sachs, Citigroup, Bank of America and Morgan Stanley, will pay $1.1 billion in fines. The Commodity Futures Trading Commission announced fines against 11 banks totaling $710 million.

Mind Medicine (MNMD): The biopharmaceutical company announced a proposed public offering of common shares. RBC Capital Markets and Cantor are acting as lead joint book-running managers for the offering. Shares sank more than 30% in extended trading following a Bloomberg report that shares will be offered at $4.25 each.

Lyft (LYFT): The ride-hailing company is freezing all U.S. hiring amid the stock’s recent slump and economic downturn, according to The New York Post. Lyft shares have declined 68% so far this year.

Blackberry (BB): Shares fell more than 2% in extended trading after BlackBerry’s second-quarter revenue missed Wall Street’s expectations. Sales fell 4% for the quarter to $168 million. Revenue from its Internet of things (IoT) unit rose 28% from a year ago to $51 million while cybersecurity sales totaled $111 million.

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Fed to take rates higher than previously expected; more pain ahead – Reuters poll

The Federal Reserve will hike its key interest rate to a much higher peak than predicted two weeks ago and the risks are skewed towards an even higher terminal rate, according to economists polled by Reuters. That change in expectations came after the Fed raised rates by 75 basis points last week for the third straight meeting and foresaw going higher than it had previously thought to tame inflation, which is running over four times above target. Since then, already battered global stocks went much deeper into bear market territory – a decline of 20% or more – on fears of recession and most currencies weakened further against the multi-decade high dollar.

Warren Buffett’s Berkshire Makes List of Undervalued,  Stocks

The CBOE Volatility Index has skyrocketed 89% so far this year. Morningstar put together a list of stocks with one- and three-year betas of 0.8 or lower. Then it screened for stocks that are undervalued, according to Morningstar analysts’ fair value estimates.


Stock Bear Market Will Get Whole Lot Worse When Credit Cracks

(Bloomberg) — As crazy as it sounds, all the turmoil that’s ripped through Wall Street over the past week has still left debt markets in Corporate America relatively unscathed.Most Read from BloombergGermany Suspects Sabotage Hit Russia’s Nord Stream PipelinesPutin’s Mobilization Hits Russia’s Economy in Its Weak SpotsAlzheimer’s Progression Slowed by Drug in Major TrialUS Housing Prices Fall for First Time Since 2012Everything-Selloff on Wall Street Deepens on 98% Recession OddsThat’s bad news


U.S. fines 16 Wall Street firms $1.8 billion for talking deals, trades on personal apps

(Reuters) -U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping industry probe, first reported by Reuters last year and subsequently disclosed by multiple lenders, is a landmark case for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), marking one their largest collective resolutions.


Fed ‘united,’ moving at ‘appropriately aggressive’ pace -Kashkari

“There’s a lot of tightening in the pipeline,” Kashkari said in a WSJ Live interview, referring to interest rate hikes already delivered but yet to have an effect on the U.S. economy and on price pressures. The Fed again raised interest rates last week and signaled that more rate hikes are on tap in the fiercest battle with inflation in 40 years. Kashkari said he believes markets have digested the Fed’s intent to bring inflation down and that while monetary policy now is tight, it will need to be tighter still.

Washington Post

Five things about covid we still don’t understand at our peril

Since a new coronavirus launched the global pandemic that has now killed more than 6.5 million people – 16 percent of them in the United States alone – scientists in record numbers have devoted themselves full time to unraveling its mysteries. In less than three years, researchers have published more than 200,000 studies about the virus and covid-19. That is four times the number of scientific papers written on influenza in the past century and more than 10 times the number written on measles.Su


IMF Tells UK to Rethink Tax Cuts as Moody’s Says Rating at Risk

(Bloomberg) — The International Monetary Fund urged the UK government to reconsider the massive unfunded tax cuts announced last week, while Moody’s Investors Service said the plan could do permanent damage to the public finances. Most Read from BloombergGermany Suspects Sabotage Hit Russia’s Nord Stream PipelinesApple Ditches iPhone Production Increase After Demand FaltersAlzheimer’s Progression Slowed by Drug in Major TrialPutin’s Mobilization Hits Russia’s Economy in Its Weak SpotsUS Housing

The Wall Street Journal

U.K. Market Turmoil Ripples Into Home Loans

LONDON—Some British banks paused new mortgage lending Tuesday, the latest fallout from market turbulence fueled by the new government’s plans for sweeping tax cuts and energy subsidies. At least six mortgage lenders stopped offering some loans, or briefly halted lending to home buyers altogether, according to UK Finance, an industry trade group. HSBC Holdings PLC—Europe’s biggest bank by market value—stopped making new mortgages midday.

AMD’s Prices Are Micro Now, Too

Advanced Micro Devices’ shares have been cut in half this year but that has not motivated investors to become buyers. Let’s check the charts to see how low it can go.

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