DraftKings added to Morgan Stanley Top Picks List
Morgan Stanley added DraftKings (NASDAQ:DKNG) to its Top Picks list in a note Monday despite Illinois’ recent move to a higher/progressive tax structure. The investment bank argues that tax increases do not translate 1:1 and should not be viewed as a foregone conclusion across markets. “State budget shortfalls are not ubiquitous so higher taxes should […]
US regulators reject Citi’s ‘living will’ resolution plan, FT reports
U.S. banking regulators rejected Citigroup’s (C.N), so-called “living will”, which is a detailed plan to wind itself down in the event of catastrophic failure, The Financial Times reported on Thursday. In a closed-door meeting, the majority of the Federal Deposit Insurance Corporation’s (FDIC) five-member board voted to reject Citi’s resolution plan, calling the bank’s data controls […]
Here’s why investors should stop worrying so much about concentration risk in the market
After a brief respite, the Magnificent 7 stocks have again hit new highs on the heels of Nvidia’s blowout earnings: They now again comprise about 30% of the S&P 500. Throw in the remainder of the top 10 stocks (Berkshire Hathaway, Lilly, and Broadcom) and the concentration rises to about 33% of the S&P 500. […]