- Reuters
Morning Bid: Tesla catches break, Meta next; TikTok countdown
Ailing Tesla shares caught a rare 10% break overnight despite the electric auto giant's quarterly revenue miss, underscoring a better market mood as Meta steps up to the earnings dock later and U.S. business activity cools in April. Deep in a global price war and hit by waning worldwide demand for electric vehicles, Tesla said its quarterly revenue fell for the first time since 2020 and by more than Wall St analysts had forecast.
- Reuters
Analysis-NYCB faces tough choices on CRE loans, balance sheet diversification
New York Community Bancorp will have to lure buyers for its commercial real estate (CRE) loans with steep discounts and diversify its revenue as it races to shore up its finances. The bank's new management has promised to unveil a turnaround plan this month after losses on CRE loans, NYCB's core business, sparked a rout that wiped nearly $6 billion off its market value and sparked ratings downgrades. A $1 billion investment led by former U.S. Treasury Secretary Steven Mnuchin's Liberty Strategic Capital has shored up the bank for the short-term, but it still needs to bolster its capital and shrink its exposure to the CRE sector, which has been hammered by higher interest rates.
- Reuters
US Supreme Court weighs Idaho's strict abortion ban in medical emergencies
The U.S. Supreme Court on Wednesday wades back into the battle over abortion access in arguments pitting Idaho's strict Republican-backed abortion ban against a federal law that ensures that patients can receive emergency care. The justices are set to hear arguments in an appeal by Idaho officials after a lower court ruled that the 1986 U.S. law at issue, the Emergency Medical Treatment and Labor Act (EMTALA), takes precedence over the state's near-total ban. President Joe Biden's administration has urged the justices to uphold that ruling.
