Big Banks Resist Capital Rules

Plus, Shiba Inu’s Sunday selloff.

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Today is Monday, May 20, 2024.

The Early Bird Index today is 72.40.

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Big Banks Resist Capital Rules

Big banks reportedly used their increasing clout to push back against some federal regulations.

Details: The Wall Street Journal reported Sunday that big banks recently played hardball against U.S. regulators regarding capital hikes. Now, there is a plan in place that would significantly lessen a nearly 20% mandated increase in capital for the biggest U.S. banks. None of the banks or government agencies have commented on the report.

Definition: Federal rules require big banks to increase their capital to ensure they have sufficient buffers in case of potential losses. Based on the report, the big banks have lobbied against these increases.

Background: It’s been a solid year for financial stocks. The Financial Select Sector SPDR Fund is up 12.53% in 2024, better than the S&P 500.

Final Thoughts: Watch the bank stocks today to see how they respond to the report.

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Notable Earnings Today: Zoom Video Communications (Nasdaq: ZM), Li Auto (Nasdaq: LI), Palo Alto Networks (Nasdaq: PANW), (Nasdaq: WIX), Global-E Online (Nasdaq: GLBE), Nordson (Nasdaq: NDSN), Keysight Technologies (NYSE: KEYS), Arqit Quantum (Nasdaq: ARQQ), ATRenew (NYSE: RERE), Beam Global (Nasdaq: BEEM), Compugen (Nasdaq: CGEN), Hesai Group (Nasdaq: HSAI), James Hardie Industries (NYSE: JHX), Nexxen International (Nasdaq: NEXN), Qifu Technology (Nasdaq: QFIN), (Nasdaq: SOHU), Star Equity Holdings (Nasdaq: STRR), Transcat (Nasdaq: TRNS), Group (Nasdaq: TCOM), Tuya (NYSE: TUYA).

Notable IPOs Today: Kforce Inc. (NYSE: KFRC)

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: N/A.

Shiba Inu’s Sunday Selloff

Despite recent bullish predictions about the Shiba Inu cryptocurrency, it fell by 4% on Sunday.

Details: Shiba Inu experienced a negative 3,015% NetFlow, meaning that large crypto holders might be cutting their positions in this coin, according to a report from U.Today.

Background: There’s been a ton of uncertainty in the crypto markets recently, which is bad for speculative coins such as Shiba Ina. Questions remain about Shiba Inu’s practicality and adoption.

Price: Shiba Inu is up 3% in the last 30 days and the price has doubled in 2024.

Final Thoughts: Until Shiba Inu’s acceptance grows and there are more practical use cases, many investors will see Shiba Inu as nothing more than a meme coin.

Hard Rock Eyes Star Entertainment

Australia’s Star Entertainment Group (OTCMKTS: EHGRF) said Monday that it received “inbound interest from a number of external parties regarding potential transactions,” meaning parties reached out about potentially acquiring the company.

Details: The Australian Financial Review reported that Florida’s Hard Rock Hotels and Casinos wants to take a majority stake in Star Entertainment.

Stock Price: Star Entertainment is down 36% this year.

Final Thoughts: A potential buyout could help the company during a struggling year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.