Diamonds and Dogs
3/15/24
Regional bank turnaround. NY Community Bank (NYCB) rose 4% today and 15% for the week as the troubled bank starts to rebuild their balance sheet, shore up assets and sell of assets and loans they can. This week NY Community Bank unloaded $899 million in loans, booking a small profit. The company also announced plans for a reverse stock split of maybe 3 for 1 after taking in a $1.05 billion capital infusion from an investor group led by former Treasury Secretary Steven Mnuchin last week.
Adobe (ADBE) took it on the chin falling 13% following earnings, but then lower guidance for the current quarter as demand for AI products or lack there of have consumers and customers on the sidelines. At least 15 analysts cut estimates following earnings.
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