Rating Action: Moody's affirms one and downgrades one class of WBCMT 2005-C21Global Credit Research – 15 Aug 2022Approximately $50 million of structured securities affectedNew York, August 15, 2022 — Moody's Investors Service, ("Moody's") has affirmed the rating on one class and downgraded the rating on one class in Wachovia Bank Commercial Mortgage Trust 2005-C21 ("WBCMT 2005-C21"), Commercial Mortgage Pass-Through Certificates, Series 2005-C21 as follows:Cl. E, Downgraded to Caa3 (sf); previously on Apr 27, 2021 Downgraded to Caa2 (sf)Cl. F, Affirmed C (sf); previously on Apr 27, 2021 Downgraded to C (sf)RATINGS RATIONALEThe rating on the P&I class, Cl. E was downgraded due to higher anticipated losses from the significant exposure to specially serviced loans. The specially serviced loans are already real estate owned (REO) and make up approximately 90% of the pool balance.The rating on the P&I class, Cl. F was affirmed because the ratings are consistent with Moody's expected loss plus realized losses. Cl. F has already realized a 12% loss as a result of previously liquidated loans.Moody's rating action reflects a base expected loss of 84.9% of the current pooled balance, compared to 37.9% at Moody's last review. Moody's base expected loss plus realized losses is now 7.6% of the original pooled balance, compared to 6.9% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Additionally, significant changes in the 5-year rolling average of 10-year US Treasury rates will impact the magnitude of the interest rate adjustment and may lead to future rating actions.Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.METHODOLOGY UNDERLYING THE RATING ACTIONThe principal methodology used in these ratings was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology" published in July 2022 and available at https://ratings.moodys.com/api/rmc-documents/391055. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.Moody's analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 90% of the pool is in special servicing. In this approach, Moody's determines a probability of default for each specially serviced and troubled loan that it expects will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and Moody's internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, Moody's then applies the aggregate loss from specially serviced loans to the most junior class and the recovery as a pay down of principal to the most senior class.DEAL PERFORMANCEAs of the July 15, 2022 distribution date, the transaction's aggregate certificate balance has decreased by 98% to $50 million from $3.25 billion at securitization. The certificates are collateralized by four mortgage loans ranging in size from less than 1% to 55% of the pool. One loan, constituting 9% of the pool, has defeased and is secured by US government securities.Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of two, the same as at Moody's last review.As of the July 2022 remittance report, loans representing 10% were current or within their grace period on their debt service payments and 90% were REO.There are no loans on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.Twenty-four loans have been liquidated from the pool, contributing to an aggregate realized loss of $204 million (for an average loss severity of 41%). Two loans, constituting 90% of the pool, are currently in special servicing.The largest specially serviced loan is the Phillips Lighting Loan ($27.6 million — 55% of the pool), which is secured by a 199,900 square feet (SF) suburban office building located in Franklin Township, New Jersey. The loan passed its anticipated repayment date (ARD) of September 15, 2015 with a final maturity date in September 2035. Phillips Electronics occupied the entire building through December 2021 but the building is now vacant after the departure of all subleased tenants. The loan transferred to special servicing in June 2021 and became REO in April 2022. It is last paid through the November 2021 payment date. The space is actively being marketed for lease.The second largest specially serviced loan is the Taurus Pool Loan ($17.8 million — 35.0% of the pool), which was originally secured by six properties located in six states. Five properties have been sold. The remaining collateral is the Shelton Technology Center, a 113,000 SF industrial property which is west of downtown New Haven, Connecticut. The property was 73% leased as of December 2021 compared to 79% leased as of September 2020 and 59% in December 2019. The loan was originally transferred to the special servicer in August 2012 for imminent monetary default following a period of low occupancy and weak portfolio cash flow and has been deemed non-recoverable. The special servicer is marketing the vacant suites and there are no disposition plans at this time.Moody's has estimated an aggregate loss of $42.7 million (a 94% expected loss on average) from these specially serviced loans.As of the July 15, 2022 remittance statement, cumulative interest shortfalls were $13.7 million. Moody's anticipates interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), loan modifications and extraordinary trust expenses.The sole non-defeased performing loan represents 0.7% of the pool balance. The loan is the U Stow N Go — Clearwater, FL Loan ($0.3 million — 0.7% of the pool), which is secured by a 31,960 SF, or 504 unit self-storage complex built in 1982, located in Clearwater, Florida. As of December 2021, the property was 94% occupied compared to 87% in 2018 and 88% in 2017. The loan is fully amortizing and has amortized 75% since securitization. Moody's LTV and stressed DSCR are 21% and 4.63X, respectively, compared to 26% and 3.77X at the last review.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody's did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Fred Kasimov Analyst Structured Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Romina Padhi VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Yahoo Finance's Ines Ferré discusses how AMC's new APE shares are affecting meme stocks on Monday.
The Dow Jones took a dive as indexes fell. Tesla stock slipped after an Elon Musk move. AMC stock plunged. Bitcoin fell.
Jim Cramer is a lightning rod when it comes to scrutiny. On one hand, giving investing advice every day on air for years is naturally going to produce some losing picks. However, Cramer has become the focal point of a lot of targeted opposition. For instance, you can check out his ongoing (albeit one-sided) feud with George Noble, who is quick to call out Cramer. Or, you could check out the Journal of Retirement’s in-depth study of Cramer’s Charitable Trust performance and see that “Cramer’s por
The stock market is having a tough day on Monday, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) is leading the way lower. As of 12:30 p.m. ET, the Nasdaq was down 259 points, or about 2%, to 12,447. Tesla (NASDAQ: TSLA) has been a strong performer in the Nasdaq over the past several years, but it isn't helping the index's cause on Monday, as the stock is down more than 2%.
In this article, we discuss 10 stocks that Warren Buffett is not giving up on despite losses. If you want to see more stocks in this selection, Warren Buffett Is Not Giving Up on These 5 Stocks Despite Losses. Warren Buffett, the legendary billionaire heading Berkshire Hathaway, has always stressed upon the importance of buying […]
What to make of the markets today? While last week ended on a down note, we’re still looking at a general rally trend, with year-to-date losses being heavily moderated and the major indexes having climbed out of bear territory. The key point for now, as it has been so often this year, is volatility. Covering the markets for JPMorgan, global market strategist Marko Kolanovic tells investors to take advantage of down days and buy the dips. “Buying on weakness so far yielded positive returns and ha
In this article, we discuss the 10 oil and gas stocks to buy according to Ray Dalio. If you want to skip the detailed analysis of Ray Dalio’s investment portfolio and investment philosophy, go directly to 5 Oil and Gas Stocks to Buy According to Ray Dalio. Raymond Thomas Dalio is an American billionaire, philanthropist, […]
Argosy Investors, an investment management company, recently released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. Year to date, the fund returned -25.4% in select accounts compared to -20% for the S&P 500. The main reason for the fund’s underperformance was the poor performance of its most significant holdings. For […]
(Bloomberg) — Last year, five US professors opened two brokerage accounts and placed identical orders to test an algorithm. The next day, one was down by $150. The other was up $12.Most Read from BloombergStocks Knocked Down as Torrid Rally Hits a Wall: Markets WrapCredit Suisse Investment Bankers Are Bracing for Brutal CutbacksWall Street Bears Take Revenge After a $7 Trillion RallyHome Sellers Are Slashing Prices in Pandemic BoomtownsPimco Is Among Bondholders Calling an End to Low-Inflation
Yahoo Finance Live anchors discuss stock performance for OXY after reports suggest Warren Buffett will not acquire a controlling stake in the stock.
It looks like a “bear trap” may be lurking in this summer’s big bounce for the stock market, one that could lead to painful losses for investors, Glenmede strategists warned in a Monday report. Investors already appear to be reconsidering some factors of this summer’s powerful rebound, including rethinking hopes that the Federal Reserve may not hike interest rates as aggressively as previously thought. The S&P 500 index (SPX) has been hitting resistance after gaining nearly 17% from its mid-June low, and focus lately has turned to whether recent gains for equities could quickly fizzle, confirming a bear-market bounce.
In this article, we will take a look at the 10 stocks that were recently downgraded by analysts. If you want to see some other stocks receiving downgrades, go directly to Analysts Are Downgrading These 5 Stocks. Despite a strong upswing seen recently in late-July, U.S. stocks were subdued at the start of August, amid […]
The cybersecurity software company also provided better-than-expected guidance for the October quarter and the full fiscal year.
Investors gained a new appreciation for S&P 500 dividend stocks this year. But few investors love dividends as much as some.
"The value of your AMC investment will be the combination of your AMC shares and your new APE units," said CEO Adam Aron.
Some investors will be getting a bit of money back soon, the result of a big settlement between financial firm Vanguard and the Massachusetts Secretary of State. The $6.25 million settlement has to do with allegations that the firm failed … Continue reading → The post Does Vanguard Owe You Money? It's Paying Investors Millions appeared first on SmartAsset Blog.
Many growth stocks have fallen out of favor this year as rising interest rates and other macro headwinds have driven investors toward cheaper value plays. If you've got $3,000 to invest, you could buy a few shares of promising growth stocks CrowdStrike (NASDAQ: CRWD), AMD (NASDAQ: AMD), and Meta Platforms (NASDAQ: META) and there's a chance they will double within a few years. To address those issues, a new generation of cybersecurity players challenged the industry leaders with subscription-based cloud services that don't require any on-site appliances.
PSP Investments cut positions in Apple, Tesla, and Microsoft in the second quarter, and bought more Walmart shares.
The slump in the stock market could continue while the dollar becomes stronger as Wall Street waits for Fed Chairman Jerome Powell's speech later this week and as concerns about inflation and a slower economy rise. U.S. stocks fell sharply to start the week on on Aug. 22 with the S&P 500 down 2.14% and the Nasdaq down 2.55%. The S&P 500's decline was the largest in two months.
Fiscal 2023 guidance for Palo Alto came in above views while the company plans a three-for-one stock split. Earnings topped estimates.
About Author
