Market News: Goldman Sachs layoffs exceed more than 3,000 employees.
Goldman Sachs said on Jan. 17 it had laid off around 3,200 employees as part of a headcount reduction, per Reuters.
The bank said its board had awarded Chief Executive David Solomon compensation of $25 million for his work in 2022, compared with $35 million the previous year.
This comes to a reduction of approximately one third.
Morgan Stanley also paid less to Chief Executive James Gorman, though only by 10%.
Bank of America, one of the largest banks in the U.S. and one of is preparing to trim its workforce in an effort to cut expenses over fears of a looming recession.
Recession 2023
Bank of America recession news | Goldman Sachs lays off 3,200 people.
Bank of America said in December it is expecting a recession to hit the U.S by the first quarter of 2023.
There is a major slowdown happening says CEO Brian Moynihan.
Economists are now expecting a volatile market to persist in 2023.
A recession may be coming in the first quarter of 2023, according to forecasts by Bank of America (BofA) economists.
“A recession is very likely in the U.S.,” BoFa wrote in its Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.
More than half or 56% of Americans believe the country is in a recession, according to a recent poll by YouGovAmerica and The Economist.
“There is a slowdown happening, there is no question about it. We are expecting a fairly weak economy throughout the entire year,” said Wells Fargo CEO Charlie Scharf.
Market News: MULN stock to $1 could be around the corner.
Mullen Automotive (NASDAQ:MULN) stock closed on Monday at $0.32.
The last time Mullen Automotive shares traded at $1 was in July of 2022.
The company said it has until March 6 to meet the Nasdaq minimum bid requirement of $1.
If shares haven’t reached $1 by then, the company said in a statement that it intends to seek an extension from Nasdaq to meet the $1-per-share threshold.
This means that if the company wants to keep its company listed in the market, it will do everything in its power to meet that $1-per-share threshold.
However, Mullen Automotive may also request an extension if it does not meet the $1 requirement by March 6th.
“If such extension is granted, compliance of the minimum $1 stock share threshold requirement may be extended for a further 180 days until approximately September 6,” the company said.
“If the company still falls short of the minimum bid requirement, it will effect a reverse stock split at that time to maintain its Nasdaq listing compliance.”
For shareholders, a reverse stock split would decrease the number of shares they own but increase the share price without changing the overall value of their holdings.
The purchase included Electric Last Mile Solutions’ Mishawaka, Indiana, manufacturing facility.
Also last year, Mullen bought a 60% stake in electric truck startup Bollinger Motors for $148 million in cash and stock.
Mullen Automotive, which went public in November 2021, also has a manufacturing facility in Tunica County, Mississippi.
Mullen said delivery of its Mullen Five, its first electric crossover, is set for 2024 and will utilize facial recognition technology.
That vehicle, Mullen said, will have a range of 325 miles, will travel up to 155 miles per hour, and will accelerate from zero to 60 miles per hour in 3.2 seconds.
Should Tesla worry?
I’d love to hear your thoughts in the comment section.
Will $1 Trigger a Short Squeeze?
“Mullen Automotive is set up for a short squeeze that may not begin if the company cannot issue some favorable news in the next few weeks,” said MarketBeat analysts.
Experts are saying Mullen Automotive’s high trading volume and current price action all point to a short squeeze.
CNN Money is predicting MULN stock to make gains upwards of +7,000% this year from its $0.32 previous major level.
Stock analysts are giving Mullen Automotive a low of $23.23, a mid of $23.46, and a high of $24.15 per share.
Market News: AMC CEO announces 1 for 10 reverse stock split.
AMC Entertainment CEO Adam Aron announced the possibility of a 1-for-10 reverse stock split.
Shareholders are wondering what this would mean for their investment.
The idea is to give shareholders the illusion of a higher share price by reducing the number of shares they hold.
The value of an individual’s portfolio would remain the same amount.
However, if an investor holds 10 shares of AMC, they will convert to 1 share.
If an investor holds 100 shares of AMC, after a 1-for-10 reverse split they will hold 10 shares.
All for the sake of making the value of AMC shares appear much higher.
With AMC currently trading around $4.90, a 1-for-10 reverse stock split would mean the stock will then trade at $49 per share.
This in turn makes AMC Entertainment less affordable for new retail investors to pick up, yet more attractive now while share prices are this low.
Buying 10 shares of AMC today for $49 will still be worth $49 during the completion of the reverse stock split, except you’ll only own 1 share instead of 10 shares.
CEO Says Shareholders May Convert APE into AMC
What is happening with AMC and APE?
Adam Aron said on Twitter that there will be a shareholder vote to convert APE preferred shares into AMC common shares.
“Also, APEs worked exactly as intended to let us raise needed cash, buy back debt, explore M&A. But a huge discount in APE market price vs common stock must be addressed. We’ll hold a shareholder vote. It’s time to convert APE preferred into AMC common to eliminate that discount.”
This will essentially combine APE’s and AMC’s value together.
Is this a smart strategy?
Well, it definitely buys AMC Entertainment time.
Short sellers now have to short AMC from a higher price point and if investors chose to sell their stock, it wouldn’t take AMC to pennies like it could at current levels.
Opinion: Adam Aron is a master at pivoting.
There are no official dates yet to when shareholders will be able to vote on this proposal.
Leave your thoughts below
If you’re a shareholder, leave your thoughts below on these proposals.
Are you for them?
Do you think the CEO is making the best decisions for the company and its shareholders?
Leave a comment for the community to hear your thoughts.
Hedge funds may be incentivized to close their short positions in AMC stock as the cost to borrow increases. At some point, it’s not worth paying that high of a fee to continue shorting a company that has fundamentally improved.
AMC is no longer the same endangered company it once was during the pandemic.
The company has improved every quarter since 2021 and has managed to get rid of most of its debt.
The world’s largest movie theatre continues to innovate and adapt to the changing world.
While online streaming threatened the industry, revenue from box office hits has proved people are still going to the movie theatres, despite the convenience of watching movies at home.
Short sellers are betting against a recovering and innovating film industry generating billions in revenue now.
As AMC continues to prove itself fundamentally and the cost to borrow rises, expect short sellers to begin closing their short positions.
Here is where patient investors will see massive returns.
Stock Market News: A MULN short squeeze could be underway soon according to experts.
Experts say positive news in the coming days to weeks is all Mullen Automotive (MULN) stock needs to trigger a short squeeze.
“Mullen Automotive is set up for a short squeeze that may not begin if the company cannot issue some favorable news in the next few weeks,” said MarketBeat analysts.
Experts are saying Mullen Automotive’s high trading volume and current price action all point to a short squeeze.
The company was able to finish 2022 strong with news after partnering with Loop Global to deploy EV charging solutions, including a public DC fast charging network and residential offerings.
Mullen Automotive is also preparing for 3 commercial product launches in 2023 after signing with their first U.S dealer partner, RMA Group.
In early December, the company announced Former General Motors Government Sales Leader Ronald Dixon will be leading Mullen’s EV charge for U.S government fleet sales.
Mullen Automotive has not formally confirmed its next earnings publication date, but the company’s estimated earnings date is Monday, February 13th, 2023 based off prior year’s report dates, according to MarketBeat.
Here is the latest MULN stock news.
MULN Short Squeeze Price Prediction
CNN Money is predicting MULN stock to make gains upwards of +7,000% this year from its $0.32 previous major level.
Stock analysts are giving Mullen Automotive a low of $23.23, a mid of $23.46, and a high of $24.15 per share.
MULN Stock Price Forecast 2023 – CNN Money.
The current analyst consensus is a strong buy.
Now more analysts are saying all Mullen Automotive needs to trigger a short squeeze is favorable news in its next earnings report.
Entrepreneur says a flop could cause shares to slide, but retail investors are bullish on the automotive company.
In the past week, call options have dominated put options on Webull.
Today, we’re seeing MULN stock price consolidate as we get closer to earnings.
Where the company stock price goes from here will depend highly on news catalysts.
If the company is able to demonstrate results and progress going into the new year, institutions might favor buying in heavily, squeezing short sellers in the process.
MULN Short Interest Today
MULN’s short interest sits between 10%-44% according to a few data analytic websites.
Much of the bearish action and suppression in MULN stock today is being done by dark pools and off exchange action, per MarketBeat.
All the company needs to trigger a short squeeze is to give these bears a reason to run.
Will MULN Stock Go Up Soon?
Analysts say Mullen Automotive stock has formed a clear bottom in the $0.25-$0.36 that may easily turn into a reversal with good news from the company.
A bounce here could send the price to retest $0.60 in a few days or less.
Bullish continuation above $0.60 could take MULN stock to the $1 level.
But it’s all going to depend on the company’s annual report and earnings according to Entrepreneur.
Experts are still giving MULN stock a year-term projection of $23 per share.
Today, out of 173 financial institutions investing in Mullen Automotive, only 1 is short with 172 being long, per Fintel.
In December alone, 18 financial institutions purchased shares of Mullen Automotive.
MULN stock institutional investors.
Two of the biggest financial institutions that have recently bulked up on MULN stock have been Vanguard and BlackRock.
Other major institutional buyers include Fidelity, the Russel 2000 index, Nationwide Mutal Funds, Schwab, Morningstar, and Blackstone.
What are your thoughts on Mullen Automotive Stock?
Are you holding for a MULN short squeeze or is Mullen Automotive stock merely on your stock watchlist?
Leave a comment down below.
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Market News Today: is Bed Bath & Beyond going into bankruptcy?
(Bloomberg) Bed Bath & Beyond Inc. edged closer to a bankruptcy filing on Thursday after the retailer said it had received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn’t have enough funds to make payments.
Creditors are demanding immediate repayment of the company’s debt after it breached the terms of a credit line, according to a regulatory filing Thursday.
Bed Bath & Beyond listed around $2.1 billion of obligations it owed as of November.
Bed Bath & Beyond stock rose 8.3% at 9:45 a.m. in New York trading on Friday. The shares plunged 22% on Thursday.
Will Bed Bath & Beyond go bankrupt?
Retail investors certainly don’t think so.
Here’s what sources are saying about the company.
How Likely is it Bed Bath & Beyond Defaults?
“Generally, in situations like this where a company defaults on their loan agreement our experience is, if they don’t come to an agreement with their lenders, the likelihood of a bankruptcy filing within the next 30 days is relatively high,” said Dennis Cantalupo, chief executive officer of Pulse Ratings, a credit-rating and consulting firm.
Bed Bath & Beyond had said earlier this year that it was considering all options to fix its strained finances, including the possibility of filing for bankruptcy.
“At this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code,” the company said in the filing.
In an emailed statement, a Bed Bath & Beyond spokeswoman said the company is continuing to “work with our advisers and implement actions to manage our business as efficiently as possible.” She added: “We will update all stakeholders on our plans as they develop and finalize.”
The notice is the latest sign that one of the largest sellers of home goods in the US is likely to seek bankruptcy protection in short order after years of falling revenue.
The company has begun speaking with potential lenders that would fund the firm during bankruptcy proceedings, Bloomberg reported earlier.
Shareholders aren’t convinced BBBY stock will get delisted through bankruptcy.
The BBBY community say on social media they are buying more of the company stock.
Others are speculating the company will see a merger very soon, eliminating all possibilities of bankruptcy.
Regardless of where retail investors stand, it’s important to stay informed and have a plan in place to prevent severe or total losses.
Declining Demand
Bed Bath & Beyond Bankruptcy News. Is Bed Bath & Beyond Going Bankrupt?
“I’m expecting a filing any day,” said Cristina Fernández, a Telsey Advisory Group analyst. “I’m not sure what other avenues there are for them at the moment.”
Fernández said she had visited a Bed Bath & Beyond store in Paramus, New Jersey, in recent days and noticed that many shelves were bare — echoing the observations of many shoppers in recent months as the retailer struggles to convince suppliers to supply merchandise.
Bed Bath & Beyond’s revolving credit line, administered by JPMorgan, is secured by a claim on its inventory, the fluctuating value of which determines the amount of credit available at any given point.
The company must provide regular updates to the bank regarding the value of inventory it has on hand, calculated at an agreed discount.
The filing indicates that the value of Bed Bath & Beyond inventory during the most recent update to JPMorgan had fallen below the amount the company had already borrowed from its revolver.
The mismatch breaches the terms of the loan and must be remedied by a cash payment in order to avoid a default.
Recent BBBY Stock News
Bed Bath & Beyond said it had appointed Carol Flaton to its board.
Flaton specialized in restructuring and turnarounds at consultancy AlixPartners and also at the bank Lazard.
The retailer said she will be paid $30,000 per month.
Will Flaton be able to turn Bed Bath & Beyond around?
I’d love to hear your thoughts in the comment section below.
About Bed Bath & Beyond 2023
The ubiquitous US brand, founded in 1971 in Union, New Jersey, Bed Bath & Beyond was once a staple of going-to-college shopping lists and wedding registries.
The firm’s decline has been years in the making and has accelerated in recent months as suppliers become increasingly concerned about the retailer’s future and demand to receive payments in advance.
Other manufacturers have lowered their credit limits with the retailer in order to reduce the risk of not getting paid.
That limited the retailer’s merchandise during the pivotal holiday season, exacerbating a vicious cycle of falling inventory levels, declining foot traffic and declining revenue — making it harder, in turn, to pay suppliers.
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Market News: DOJ Offers 75% Reduction in Fines to Companies that Admit Crime.
[Bloomberg] The Justice Department will recommend as much as a 75% reduction in fines for companies that voluntarily report wrongdoing to the government and fully cooperate with investigations.
Even companies that don’t voluntarily disclose wrongdoing but still fully cooperate with investigations could still get a 50% reduction off the low end of the guidelines for fines, the head of the department’s criminal division said Tuesday.
“The policy is sending an undeniable message: come forward, cooperate, and remediate,” Assistant Attorney General Kenneth Polite said in a speech at Georgetown University Law Center.
Polite made it clear that cooperators seeking declination will be held to a higher standard than your average or even gold-standard cooperator — the cooperation must be “truly extraordinary.”
The Justice Department will distinguish extraordinary cooperation by assessing the immediacy, consistency, degree, and impact of the cooperation.
Prosecutors will expect companies to cooperate immediately, consistently tell the truth, and hand over evidence that the DOJ otherwise would not be likely to obtain, such as quick access to electronic device images, audio/video recordings, trial testimony, and other kinds of cooperation that “produces results.”
The policy also covers corporations conducting business internationally, as the changes will apply to all corporate matters handled by the Criminal Division, including all Foreign Corrupt Practices Act (FCPA) cases nationwide.
Notably, the new policy is the third in a trilogy of Department of Justice memoranda addressing the prosecution of corporate misconduct and setting forth revised policies concerning the effect of cooperation by companies that have engaged in wrongdoing.
Years of Ongoing Investigations
The new policy was announced to further Deputy Attorney General Lisa Monaco’s October 2021 memorandum directing the creation of a Corporate Crime Advisory Group within the Department to recommend guidance concerning, in part, the nature of a company’s dealings with the government required to receive cooperation credit in resolving company misconduct, and to consider revisions and reforms to the Department’s approach to corporate crime prosecution.
The new policy also follows less than five months after the issuance of a memorandum further clarifying the Department of Justice’s policy against seeking a guilty plea where a corporation has voluntarily self-disclosed, fully cooperated, and timely and properly remediated the conduct at issue in the absence of aggravating factors and directing all department components, including the 93 U.S. Attorney’s Offices across the country, to review its policies on corporate voluntary self-disclosure and ensure it has a publicly available written policy.
At the same time, the September 2022 memorandum emphasized DOJ’s commitment to “strong corporate criminal enforcement.”
Polite likely had these pronouncements in mind as he concluded his speech. He entreated corporations to “come forward, cooperate, and remediate,” and to join the Department of Justice as allies in the fight against crime.12 But he also warned: “Failing to take these steps, a company runs the risk of increasing its criminal exposure and monetary penalties.”
Retail investors are occupying the SEC headquarters in Washington D.C. on January 27th and January 28th from 10am-4pm.
The 28th marks the two-year anniversary of the ‘meme stock’ frenzy of 2021 when Robinhood and other brokerage firms prevented investors from buying more shares of GameStop, AMC, and other heavily shorted stock in order to prevent firms from collapsing.
Regulators interfered with the people’s money by suppressing shares from rising.
Majority of investors within these communities never left, but rather hoped for justice and change in the financial system.
Retail investors have raised the issues of dark pools, OTC trading, and a number of conflicts of interest that pin regular investors to the ground.
Discussions surfaced in 2022 of protesting several SEC locations in the U.S. but never came to fruition.
Some retail investors argued against these actions while many more said they are necessary to get their voices heard.
Here’s what’s happening in the retail community today.
What is Occupy SEC 2023?
Market News: What is Occupy SEC 2023?
The objective of occupying the SEC is to demand changes in the financial markets and to protect retail investors and companies from naked short selling and short selling misconduct.
The nationwide protests will occur on January 27th and January 28th between 10am and 4PM at 12 SEC locations, including the SEC headquarters in Washington D.C.
Outrage filled the retail community when SEC Chairman Gary Gensler confirmed 90%-95% of retail orders are processed in off-exchange platforms where the true demand for retail orders is not being reflected on the lit New York Stock Exchange.
The Wall Street ‘watch dogs’ turned a blind eye to the Madoff events that occurred during the last decade and now they’ve turned a blind eye to naked short selling and several conflicts of interest happening today within the media, hedge funds, and even regulators.
Retail investors are saying ‘we know’ what’s happening and ‘we need you to take care of it now’.
Occupy the SEC 2023 are meant to be peaceful protests.
Communities are tired of their investments in their favorite companies plummeting all because they’ve become targets of aggressive short sellers and manipulative tactics from Wall Street.
Now they’re taking the word to the streets despite gaining much attention on social media.
The lack of market transparency since the events that occurred in January of 2021 have led to these protests.
Occupy SEC 2023 LIVE
You can watch Occupy the SEC 2023 LIVE here.
Retail investors chant “do your job” when referring to the inaction from the SEC.
What is Stopping the SEC from Taking Action?
SEC Chairman Gary Gensler told ‘We The Investors’ he understands retail’s frustrations.
But retail investors aren’t convinced.
The SEC Chairman says that short selling is a challenging area where the SEC is still working and pursuing focus on.
One of the biggest challenges according to Chairman Gensler is that Wall Street powers will send stacks of reports highlighting rebuttals on proposals aimed towards protecting retail investors.
This is primarily because certain proposals aimed to protect retail investors conflict with Wall Street money.
And because these firms are market participants, like retail investors, these documents must be legally reviewed.
The challenge only grows when Wall Street firms open lawsuits against the SEC when certain proposals become a direct hinderance to the way these companies perform.
Regulators are in a massive bind now, facing scrutiny from both Wall Street and the average investor.
FINRA, DTCC Under Retail Scrutiny
FINRA has received backlash after freezing the trading of MMTLP (Meta Materials) prior to its spinoff.
The self-regulated organization is also responsible for outsourcing ‘best execution’ with the best execution rule, according to SEC Chairman Gary Gensler.
This means FINRA has the power to execute orders in off-exchange and dark markets for ‘best execution’ and ‘price discovery’.
But Gary Gensler says that this rule is too important for it to not be in the SEC’s court.
The organization contains records of every trade made available intraday, including that of naked short sales.
FINRA requires firms to be able to meet their short sale requirements as well as have a process to close out fails to deliver within their required timeframes.
However, they’re the open window that allows these manipulative strategies to occur in the market.
FTDS (fails-to-deliver) are mounting up every month according to SEC data, and FINRA is unable to get firms to close out these obligations.
FINRA’s justification towards FTDs say that firms face challenges related to miscalculations.
But Chairman Gensler says this is too important for it to not be handled directly by he and his team.
DTCC Conflicts of Interest
David Inggs is Global Head of Operations at Citadel and is responsible for all products across asset servicing, billing, cash management, clearing, and has a board seat at the DTCC.
The conflict of interest has raised big concerns amongst the retail investor community online as Citadel has been a leading and one of the biggest short sellers in the stock market.
On January 28th, 2021, The DTCC waived $9.7 billion of collateral deposit, limiting institutional losses and limiting retail profits during the ‘meme stock’ frenzy.
The organization allowed several naked shares to flood the market prior to the massive jump in share prices only to help financial institutions in the end.
SEC Chairman Gary Gensler has said one proposal they’re looking at this year involves tackling conflicts of interest in the financial markets.
How can investors support the cause?
Retail investors have been supporting the cause for years now by distributing news and information that sheds light on real issues.
Franknez.com is a media blog that supports retail investors and protects the retail community from mainstream media propaganda.
You can raise awareness in your community by sharing this article, and others, or by using hashtag #OccupySEC2023 on social media.
Advisory: This article is intended for educational and informational purposes only. This article is not advocating violence of any kind during these peaceful rallies.
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Market News Today: Banks extend AMC’s covenant waiver to 2024.
CEO Adam Aron said Citi, Goldman Sachs, and Credit Suisse have extended AMC’s covenant waiver to March 31st of 2024.
“This is a reflection of AMC’s recovery being well under way… a vote of confidence in AMC by our banks that we much welcome. Thank you Citi, Goldman, and Credit Suisse”, said AMC Entertainment (NYSE:AMC) CEO Adam Aron on Wednesday.
So, what exactly is a covenant waiver extension and what does this mean for AMC Entertainment?
What is a Covenant Waiver?
A covenant waiver is when a lender temporarily forgives a borrower’s breach of a loan covenant.
In AMC’s case, the lenders are Citi, Goldman Sachs, and Credit Suisse.
Debt covenants are restrictions that lenders (creditors, debt holders, investors) put on lending agreements to limit the actions of the borrower (debtor), AMC Entertainment.
In other words, debt covenants are agreements between a company (AMC) and its lenders (Citi, Goldman, Credit Suisse) that the company will operate within certain rules set by the lenders.
Should a borrower violate a covenant, such as not maintaining a certain interest coverage ratio or engaging in unpermitted business activities, it may constitute a loan default, per The Balance.
Financial Covenants Explained
Covenant requirements are conditions the borrower must regularly meet throughout the term to demonstrate their creditworthiness to the lender.
Lenders frequently use certain financial tests that serve as indicators of the borrower’s repayment ability.
Failure to meet these tests violates the covenant and constitutes loan default.
In AMC Entertainment’s case, lenders have waived, or forgiven AMC’s breach of contract, per their loan covenant and extended it to March 31st 2024.
What Does This Mean for AMC Entertainment?
AMC News today.
For AMC Entertainment, a covenant waiver will allow the business to run operations under its debt contracts with Citi, Goldman Sachs, and Credit Suisse until 2024.
If the company fails to meet its debt obligations, or financial covenant requirements, then the loans are subject to default.
This puts AMC Entertainment in a tricky position in terms of what they can and cannot do or say.
Which also explains why the CEO cannot raise awareness of the manipulative shorting of the company stock.
It’s very likely that speaking out on such topics may violate these covenant agreements.
But this news may provide shareholders with more perspective on why that is.
Is AMC Entertainment Being Held Hostage by Lenders?
Citigroup currently holds call options representing 0 of underlying shares valued at $0 USD and put options representing 55,000 of underlying shares valued at $383,000 USD.
The bank has been selling shares while playing put options in order to profit from the drops they’re triggering in the market.
As of November 7th, 2022, Citigroup has dropped AMC’s price target from $3.13 per share to $1.20 per share and used the media to promote the price target.
Just a month prior to Citi’s price hit, Credit Suisse said in October AMC shares are worth less than $1.
The banks are making their money which means it’s going to be up to the company and shareholders to prove the Wall Street short thesis wrong.
But I’m interested in hearing your thoughts.
Leave a comment down below.
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Are you prepared for a recession? Leave your thoughts below.