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Top News in Finance for May 4, 2023

by 4. May 2023 @ 4:35News, Top Market Insights for Today

 

KEY POINTS

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.

  • Federal Reserve raises benchmark rate for the 10th time
  • PacWest explores strategic options, including a possible sale
  • Johnson & Johnson’s Kenvue prices its IPO at $22 a share
  • Apple’s quarterly earnings report expected to show a 5% sales decline
  • Google faces employee criticism amidst cost-cutting measures

Federal Reserve raises benchmark rate for the 10th time

On Wednesday, the Federal Reserve increased its benchmark rate for the tenth time since last year and indicated that it might be done with hikes for now. However, this was not dovish enough for the market, leading to a decline in stocks. Fed Chair Jerome Powell stated that the central bank’s policymakers are not ready to cut rates yet, causing concerns in the banking sector.

PacWest explores strategic options, including a possible sale

California-based regional bank PacWest, whose shares are down about 72% this year, announced that it is considering all strategic options, including a potential sale. Although PacWest has not experienced unusual deposit flows after First Republic’s failure, it is exploring possible deals with potential partners and investors.

Johnson & Johnson’s Kenvue prices its IPO at $22 a share

Kenvue, the consumer health business being spun out of Johnson & Johnson, priced its initial public offering at $22 a share on Wednesday. The IPO, which is the largest since EV maker Rivian’s in late 2021, marks a significant corporate restructuring for J&J. Kenvue’s portfolio includes prominent brands such as Tylenol, Band-Aid, and Listerine.

Apple’s quarterly earnings report expected to show a 5% sales decline

Apple is set to release its quarterly earnings report, with analysts predicting a 5% drop in sales compared to the previous year. However, the company is also anticipated to announce a $90 billion authorization for share buybacks and dividends, continuing a decade-long trend despite a low net cash position.

Google faces employee criticism amidst cost-cutting measures

Google parent Alphabet’s CEO Sundar Pichai earned $226 million in 2022 while the company cut costs, including eliminating approximately 12,000 jobs. This has led to internal criticism from Google employees, who have expressed their dissatisfaction through internal communications and memes targeting Pichai and other executives.

Recent news includes the Federal Reserve raising its benchmark rate, PacWest considering strategic options, Johnson & Johnson’s Kenvue pricing its IPO, Apple’s expected quarterly earnings report, and Google facing internal criticism due to cost-cutting measures.

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