Spencer Platt/Getty Images Growth stocks are outperforming their
Summary List Placement Happy Saturday, and welcome to Insider Finance. Here''s a rundown of our top stories from the past week: Bill Ackman pulled the plug on a complex deal for his huge SPAC JPMorgan is opening up crypto funds to wealth clients who want them We took a look inside the rise of Schonfeld''s Ryan Tolkin It''s been a wild year for Wall Street''s deal toy makers UBS and Deutsche Bank were the latest to bump pay for junior investment bankers If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals. Bill Ackman''s SPAC deal implosion stunned investors and infuriated his Reddit fans. Lawyers say they saw it all coming. SPAC investors thought Bill Ackman was "magic." But his Universal Music Group plan always had its skeptics. Despite a rabid online fan base, the Pershing Square SPAC''s stock traded down as wrinkles arose. Ackman''s claim that the SEC wouldn''t let it buy into UMG was no surprise to some lawyers.
In todays show, you will learn how why the Chief Equity Strategist for Morgan Stanley is predicting a major stock market correction, if the economy is growing fast enough to
"This Is Strange": Goldman''s Risk Appetite Indicator Crashes Just As Stocks Explode To Record High Something strange is going on in the market: after a brief but sharp 3.5% 3-day selloff into Monday, stocks have erupted higher on a frenzy of short covering (even if institutional buying is strangely absent ). What we find more surprising is that whereas in the past, the largest US banks would be generously encouraging US retail investors to pile into sto(n)ks, this time we are seeing the opposite as both Goldman and Morgan Stanley are warning that we are months if not weeks away from (at least) a 10% correction. But what is most surprising of all, is that it''s not just a "one and done" bearish slam from the likes of Goldman - the bank has been publishing a stock market hitpiece virtually every day, similar to what JPM has been doing to bitcoin for the past six months. Take the latest Global Markets Daily note from Goldman''s closely followed head of global market strategy, Christian Mueller-Glissman who today writes that Goldman''s Risk Appetite Indicator (RAI) - which just a few weeks ago hit an all time high - has tumbled since mid-June as markets have moved from Reflation Moderation to Reflation Capitulation and is now back below zero and at levels from before the US elections.
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Snap Inc. (NASDAQ: SNAP ) shares are in record territory in reaction to the company''s second-quarter results. The Snap Analyst: Rosenblatt Securities analyst Mark Zgutowicz reiterated a Buy rating on Snap and $100 price target. Needham analyst Laura Martin maintained a Hold rating. JMP Securities analyst Ronald Josey reiterated a Market Perform rating and increased the price target from $89 to $94. Raymond James analyst Aaron Kessler maintained a Market Perform rating. Morgan Stanley analyst Brian Nowak maintained an Outperform rating and lifted the price target from $75 to $85. Credit Suisse analyst Stephen Ju maintained an Outperform rating and raised the price target from $90 to $110. Rosenblatt On Snap''s Revenue Momentum: Snap''s continued accelerating revenue momentum is impressive, highlighting its "untouchable Gen Z ads target positioning, levered with unique AR platform and product IP," Zgutowicz said in a note. "With many marketers repositioning DR spend to targeted brand awareness, SNAP is well positioned with its dynamic product ads, non-skip Commercials, and other premium-priced video inventory," the analyst said.
Summary List Placement Thirty-three percent of US institutional investors held digital assets as of April, up from 27% in March 2020, per a Fidelity Digital Assets survey of 408 US respondents. Digital assets cover cryptocurrencies, crypto assets, virtual currencies, and crypto tokens. This tracks with a prediction Insider Intelligence made coming into 2021: that four in 10 US institutional investors would have some portfolio exposure to digital assets by the end of the year. With many months to go before the end of the year, we may very well reach this threshold, especially since 69% of respondents said they plan to add digital assets in the near future. What is driving this adoption? Survey respondents pointed to digital assets'' high potential upside and lack of correlation with other asset classes as key reasons to invest. Meeting this demand presents significant growth opportunities, as seen with crypto asset managers Grayscale''s and Coinbase''s surging institutional AUM. Financial institutions also want a piece of the action and have added crypto services in recent months, including Goldman Sachs, Morgan Stanley, and even JPMorgan despite its CEO repeatedly criticizing the asset class.
The top attorneys at Adobe Inc., Dell Inc. and Qualcomm Inc. said they dont mind where their outside attorneys work, days after Morgan Stanleys chief legal officer told law firms to go back to office if they value Wall Street. giant company. I dont feel the need to dictate to my outside law firms how 
Vislink Technologies, Inc. (VISL) with the stream of -0.81% also noticed, India Morgan Stanley (MS) encountered a rapid change of -0.34% in the last hour of Thursdays trading session. Vislink The post Analysts Suggestions in the Limelight: Vislink Technologies, Inc. (NASDAQ:VISL), Morgan Stanley (NYSE:MS) appeared first on Stocks Equity .
Summary List Placement JPMorgan is setting out to double the size of its financial advisor force catering to high-net-worth clients, executives said on Thursday, underlining the bank''s quest to catch up to larger wealth management firms it has trailed in size. The bank is planning to hire around 500 financial advisors to work in its JPMorgan Advisors business, which sits within JPMorgan''s wider US wealth management business run by Chief Executive Kristin Lemkau. This group, which currently houses 450 advisors, is separate from the firm''s private bank and its branch-based advisors, which are also hiring quickly around the US . Lemkau and Phil Sieg, who runs JPMorgan Advisors, envision doubling Sieg''s advisor headcount to 1,000 in roughly the next five to seven years, but they have not committed to a firm timeline. The growth will primarily come from external recruitment with some internal hiring into the group. "The belief is that 1,000 is the right balance between getting the strength in numbers to have a more consistent reinvestment in the business, but still keep what''s a boutique, consistently exceptional client experience," Lemkau said during a media roundtable Thursday. "And that''s the balance in these things." While the bank is the largest in the US, its wealth management business that serves clients who are not ultra-wealthy is smaller than its largest rivals, like Bank of America''s Merrill Lynch Wealth Management and Morgan Stanley Wealth Management.
Summary List Placement An IT spending supercycle is underway and stocks that can ride that wave will beat the market, Morgan Stanley analysts wrote in a note on
JPMorgan Becomes First Big Bank To Give Retail Wealth Clients Access To Crypto Funds We sure have gone a long way the past 4 years. Back in September 2017, JPMorgan CEO lashed out at a relatively new - for boomer institutional investors - asset class, bitcoin, which Dimon said wont end well, predicting it will eventually blow up as its a fraud and worse than tulip bulbs. And the kicker: the CEO of the largest US bank said he would fire any employee trading bitcoin for being stupid. Fast forward to today when everything has changed: not only has JPM launched a bitcoin fund for rich clients after years of bashing crypto, its market quants publishing a weekly hitpiece bashing bitcoin and its crypto peers, but it now published a weekly report looking at all the latest news and trends in the crypto realm ... but as Insider reports today, JPMorgan has become the first major bank to "gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds." The move applies to all JPMorgan clients seeking investment advice, including its bank''s self-directed clients using its commission-free Chase trading app, mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and ultrarich clients serviced by the private bank.
Jobless Claims Are Plunging In Republican States, Flat In Democrat States Two months ago, when we observed that with 23 - all republican - states announcing at least some form of early reduction in pandemic-related unemployment insurance benefits ahead of the September expiration at the federal level ... in hopes of unclogging labor supply and easing the unprecedented labor shortage gripping America which has manifested in record numbers of job openings which nobody wants due to Uncle Sam''s generous weekly benefits... ... we said that "since Democrats will likely not end UI benefits any time soon - or ever, if they could - this sets up the US economy to become an epic real-time economic experiment, one where everyone can keep track of the unemployment across in Red states (most of which have ended their UI benefits), and blue states where claims will keep potential workers at home, pressuring unemployment rates." Well, one month ago the early verdict was in and as Morgan Stanley found at the end of June, not only were Republican states right all along to end benefits early, but that the primary - and biggest - reason for the unprecedented shortage in workers has been Joe BIden''s catastrophic socialist policy of having the government match or even surpass what the private sector is paying, to wit: ... the initial jobless claims and continuing jobless claims are declining faster in these 10 states, relative to the rest of the US (see Exhibit 17 and Exhibit 18), suggesting that an end of these benefits over the coming weeks in all other states could prove to be an important tailwind for labor supply,and ultimately higher payrolls.
Summary List Placement UPS has a team of people looking into same-day delivery, CEO Carol Tomé said at an investor presentation last month. By entering the same-day game, the logistics behemoth would join a roster of players vying for what could be a $20 billion pie by 2027. Today, the lucrative space is dominated by gig economy outfits like Instacart and Shipt, and by Amazon. The retail giant has been expanding its same-day service since it launched in 2014. It''s just a matter of time before it makes the service a larger part of its e-commerce operation, according to Morgan Stanley analyst Brian Nowak. "History shows that faster delivery times often lead to market share gains," he wrote in a June research note. If Amazon keeps accelerating, other retailers will have to follow. And right now, the biggest names in e-commerce logistics can''t compete. For UPS and its ilk, making same-day happen takes more than speeding up existing processes. It requires having what consumers will want nearby.
Summary List Placement JPMorgan gave its financial advisors the green light to give all of its wealth management clients access to cryptocurrency funds, making it the first major US bank to do so, Insider has learned. The bank, which has been making a significant push to grow its $630 billion wealth management business, told advisors in a memo earlier this week that they can now take orders to buy and sell five cryptocurrency products, four from Grayscale Investments and one from Osprey Funds, effective July 19. According to a source directly familiar, the move applies to all JPMorgan clients seeking investment advice, including its bank''s self-directed clients using its commission-free Chase trading app , mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and ultra-rich clients serviced by the private bank. JPMorgan''s advisors can only execute "unsolicited" crypto trades, meaning advisors cannot recommend the products but are allowed to buy or sell on the behalf of a clients'' request.
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