New York Financial News

Stocks that traded heavily or had substantial price changes on Wednesday: Rocket Pharmaceuticals, Moderna rise; American Airlines, Spirit Airlines fall

Longtime Starbucks leader Howard Schultz is stepping down from the company’s board of directors

U.K. chip designer Arm Holdings is scheduled to start trading on the Nasdaq Thursday, in what is the largest initial public offering of shares in nearly two years

When natural or manmade disasters happen, renters insurance can mean the difference between catastrophe and stability

Exxon Mobil issued its first public statement that burning fossil fuels contributes to climate change in 2006, following years of denial. In public forums, the company argued that the risk of serious impact on the environment justified global action. Yet behind closed doors, Exxon took a very different tack: Its executives strategized over how to diminish concerns about warming temperatures, and they sought to muddle scientific findings that might hurt its oil-and-gas business, according to internal Exxon documents reviewed by The Wall Street Journal and interviews with former executives.

Toronto-Dominion Bank is working through a U.S. Department of Justice probe related to its compliance with anti-money-laundering rules, the head of the lender’s U.S. retail division said Wednesday.

Al Gore, the former U.S. vice president turned climate crusader, says Big Oil and the banks backing it still have huge financial incentives to stick with fossil fuels, even though their decision to do so is the leading cause of the climate crisis.

Household incomes fell in a third of all states nationwide last year, while just five saw median income levels improve, according US Census Bureau data. 

White House Chief of Staff Jeff Zients on Thursday to discuss refugee resettlement and sponsorship programs, a White House official said. The CEOs will include Alphabet's Sundar Pichai, Walmart's Doug McMillon, Pfizer's Albert Bourla, HP's Enrique Lores and others. They are part of a council of leaders affiliated with Welcome.US, a group dedicated to helping support refugees in the United States.

Picasso masterpiece, the late Spanish painter's "Femme a la montre" from 1932, is expected to fetch at least $120 million, Sotheby's announced Wednesday. The painting, which depicts Picasso's mistress wearing a watch, will be sold as part of a two-day auction of late New Yorker Emily Fisher Landau's prestigious collection. Other works up for sale include pieces by Jasper Johns, Willem de Kooning, Mark Rothko and Andy Warhol. Fisher Landau, a longtime board member of the Whitney Museum of American Art in New York and a renowned art patron and collector, passed away in March at age 102. Sotheby's said in a statement that around 120 pieces from her collection would be for sale and «estimated to bring well over $400 million» in total, with «Femme a la montre» making up a significant portion.

The 6th edition of the Jaipur Literary Festival will be organised in Houston this year, featuring various celebrated writers, analysts, and researchers, including award-winning filmmaker Mira Nair. The JLF festival hailed as one of the greatest literary shows globally, will be held in Houston between September 15 and 17.

Emma Coronel Aispuro, the wife of the infamous Mexican drug lord Joaquin “El Chapo” Guzman, has been released from federal custody. Coronel Aispuro, who was convicted for aiding her husband in running his multibillion-dollar criminal empire, reached a plea deal with federal prosecutors in 2021. Her charges included money laundering conspiracy and engaging in transactions with a foreign narcotics trafficker. Coronel was released following 27 months of incarceration. Currently, she is subject to supervised release.

SoftBank Group CEO Masayoshi Son was in San Francisco on Wednesday when he joined a call with his bankers in New York to make a final decision about his company's most valuable asset: chip designer Arm Holdings. Arm's blockbuster initial public offering (IPO) was oversubscribed by 12 times, and could have been priced at $52 per share, above the indicated range of $47 to $51, people familiar with the matter said. But the bankers, who had huddled at the offices of SoftBank's financial advisor Raine Group, argued it was better to leave the additional $1 per share — equivalent to about $1 billion in value — on the table. They said doing so could yield a bigger pop when the stock debuts on Nasdaq on Thursday, projecting it could trade between $57 and $62 based on feedback from investors. Son accepted the banks' recommendation, valuing Arm at $54.5 billion on a fully diluted basis. The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions.

By Echo Wang and Anirban Sen

Asian stocks rose on Thursday, as traders figured a small upside surprise for U.S. inflation was unlikely to push up interest rates and turned their focus to a European Central Bank meeting later in the session. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% in early trade.

chip designer Arm is targeting a valuation of more than $52 billion for its initial public offering (IPO) on the Nasdaq exchange on Thursday, according to a company press release. Arm, whose semiconductor design is integrated into the vast majority of smartphones worldwide, has priced its shares at $51, the firm announced Wednesday, ahead of the largest IPO New York has seen for almost two years. The company, which is a world leader in smartphone chip design and is owned by the Japanese tech investor SoftBank, has announced it will list on the tech-rich Nasdaq stock exchange under the «ARM» ticker. At $51 per share, Arm's IPO valuation is at the top end of its target range, underscoring the enthusiasm among investors amid an explosion of interest in artificial intelligence. Traders are looking at Arm's IPO as a barometer for other tech IPOs, which have stalled in recent years as the Covid-19 pandemic, the war in Ukraine and higher interest rates lowered the appetite for riskier investments. If Arm's IPO does well, other companies may consider going public to raise funds, fueling fresh deal-making in the months ahead. A number of tech giants including Apple, Google and Nvidia said recently they would be interested in purchasing Arm shares at the share price it has listed. The listing of around 10 percent of the company is expected to raise roughly $5 billion for its owner, SoftBank. SoftBank, which has had mixed success with its investments in recent years, will retain ownership over the remaining 90 percent or so of the company's shares. Among its most high-profile recent failures was the dramatic collapse of the coworking company WeWork amid concerns over corporate governance. Once valued at $47 billion, WeWork is now

Donald Trump and some other defendants are waiving their right to seek a speedy trial in the Georgia case in which they are accused of participating in an illegal scheme to overturn his loss in the 2020 presidential election. The filings are part of the legal maneuvering as Fulton County District Attorney Fani Willis seeks to try all 19 defendants together starting next month. Most of the defendants have sought to separate their cases from some or all of the others, with many saying they will not be ready by Oct.

Three central banks have joined the beta phase of bank messaging platform SWIFT’s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.

hedge fund. Glas Trust Co., the trustee representing lenders who had extended a loan of $1.2 billion to the world’s most valuable education technology startup in November 2021, told a Florida court on 7 September that Byju’s transferred $533 million to Camshaft Capital Fund, a Miami-based hedge fund, allegedly established by a 23-year-old with no training or experience in investing. The lenders also told the court that the official address of the hedge fund in its regulatory filings is a US restaurant chain, IHOP.

Liontown Resources boss Tony Ottaviano says the company is about nine months away from having its flagship lithium mine built and in production despite Gina Rinehart fuelling concerns about the project.

Sotheby’s just landed the chance to sell the undisputed star of the fall auction season: A royal blue, green and red portrait of Pablo Picasso’s young mistress curled up in a chair, “Woman with a Watch," estimated to top $120 million this November. The 1932 portrait hails from the estimated $400 million estate of Emily Fisher Landau, a New York collector who died in March at age 102. Fisher Landau’s 120-piece trove includes major examples by Jasper Johns, Ed Ruscha and Andy Warhol, so market watchers will be closely following the estate’s performance to gauge global bidder interest during the current slump.