Last Friday NO BANKS announced dire news but the whole sector remains under stress. Another wild week in this thing we call life and we have another Biz Doc 411… 4 Stats, 1 Hero/Zero and 1 Interesting Article:
4 Stats
1. 1,000,000 Barrels per day
Cut per day by the Saudis and Russia. They are all stepping back from “assurances to keep supply stable.” This will drive up the price per barrel of oil. The stock market will like it but the consumer buying gas for their car will not like it this summer. Yikes.
2. ONE Analyst
One lonely outlier had a sell rating on SVB (Silicon Valley Bank). The brave bear was Morgan Stanley’s Manan Gosalia who went with a sell rating back in December for SVB Financial Group (the parent / holding company of SVB). That took guts. And he was currect.
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