On Location at My No. 1 A.I. Stock Pick

In this video, I go on location to share the name, ticker symbol, and story behind my #1 A.I. stock pick. I can almost guarantee you've never heard of this company -- but soon you, your friends, and your family will likely all be using it.

New York Community Bancorp plunges on abrupt departure of CEO and emerging internal controls issues

MICHELLE CHAPMAN
March 01, 2024

Shares of New York Community Bancorp are plunging before the opening bell Friday after the abrupt departure of the longtime CEO of the bank, which has now delayed mandatory financial disclosures with regulators after finding "material weakness" tied to loans.

New York Community Bancorp, which grew massively overnight last year after absorbing the failed Signature Bank, reported significant losses on commercial real estate loans earlier this month. Its credit rating was downgraded to "junk" by Moody's.

Late Thursday the bank said that Thomas Cangemi was stepping down as president and CEO after 27 years. He's being succeeded in those roles by Alessandro DiNello, who also serves as executive chairman. Cangemi remains a board member.

Bank shares, down more than 50% already this year, plunged 20% early Friday before the official start of trading.

DiNello joined New York Community Bancorp after it completed its acquisition of Flagstar Bank in December 2022. DiNello had served as president and CEO at Flagstar.

New York Community Bancorp also disclosed in a regulatory filing late Thursday that it's unable to file its annual report with the U.S. Securities and Exchange Commission. The bank said that it had to file an amendment to its original filing for its fourth-quarter results.

The bank said it must contend with internal control issues.

"As part of management's assessment of the company's internal controls, management identified material weaknesses in the company's internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities," the bank said in the filing.

New York Community Bancorp said that even though its internal controls assessment isn't complete yet, it anticipates disclosing in its 2023 annual report that its disclosure controls and procedures and internal control over financial reporting were not effective.

The bank said its remediation plan related to the material weaknesses is expected to be described in its annual report.

NYCB said that it anticipates filing its annual report within the 15-day grace period.

Once a relatively low profile regional lender, New York Community Bancorp became a much bigger bank in 2023 when it bought most of the assets of Signature Bank. Signature was one of two banks that failed in one weekend in mid-March of that year. The purchase of Signature pushed NYCB above $100 billion in assets, which by law puts it under more pressure from regulators.

The bank had to cut its dividend and increase its capital and liquidity ratios to meet regulators' requirements.

Coupled with the regulatory demands, investors have also had concerns about the bank's commercial real estate portfolio. The bank reported a surprise loss of $252 million for the fourth quarter, including a provision for credit losses of $552 million, much of it tied to real estate.

Shares of NYCB slid more than 22% in premarket trading.

Continue Reading...

Popular

Saudi foreign minister arrives in Pakistan to discuss how to help with the country's economic crisis

ISLAMABAD (AP) — Saudi Arabia’s foreign minister on Monday led a high-level delegation on a two-day visit to Pakistan, which is seeking help in overcoming one of its worst economic crises.

Warren Buffett Is Known For His Simple Lifestyle But Here Are 8 Lavish Things We Know He Owns

Warren Buffett, the billionaire, embraces a modest lifestyle and prefers stashing his cash in the bank. Despite standing among the world's wealthiest, the priciest items he owns could surprise everyone.

This Defi Coin Could 10X Soon... - Ad

Do NOT miss this opportunity for life-changing gains this year. Experts are predicting this coin has potential for unprecedented growth. Even a small position could deliver 10x returns or greater very soon. Timing is everything.

If O.J. Simpson's assets go to court, Goldman, Brown families could be first in line

LOS ANGELES (AP) — without having paid the lion’s share of the $33.5 million judgment a California civil jury awarded to the families of his ex-wife Nicole Brown Simpson and her friend .

"This Will Be Bigger Than Tesla" -- Elon Musk - Ad

Elon Musk has cracked open a radical wealth-building opportunity, one that's set to close shut by May 16, 2024. It has to do with a new venture that Elon Musk is set to roll out... Something I'm calling "Elon's A.I. 2.0."

Apple, Rivian, Amazon, Nikola, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Thursday, the primary U.S. stock market benchmarks closed higher, with the S&P 500 increasing by 0.74% to reach 5,199.06.

US airlines ask the Biden administration not to approve additional flights between the US and China

WASHINGTON (AP) — Large U.S. airlines and some of their unions are asking the Biden administration to stop approving any more flights between the United States and China because of what they call “anti-competitive” policies that China imposes on U.S. carriers.

Make This One Trade Every Time the Government Drops Economic Reports - Ad

Twelve times every year... you have the chance to make ONE simple trade... with ONE symbol... And cash out the very next day! Some have gone up to 383% OVERNIGHT! It's a way to make winning trades every time the government releases key economic data.

British military warns of possible vessel being boarded near Strait of Hormuz

DUBAI, United Arab Emirates (AP) — The British military warned Saturday that a vessel may have been boarded by an unknown party near the crucial Strait of Hormuz.

Jessica Alba steps down as chief creative officer at Honest, the personal care company she founded

Jessica Alba, who shot to fame in the James Cameron television series “Dark Angel,” as well as films such as “Sin City” and the “Fantastic Four,” will step down as chief creative officer at Honest Company, a personal care company that she founded.

2,000,000 "A.I. Crown Jewels" Set for Mass Production - Ad

A.I. investors...get ready: Because this little-known supplier just received a GIGANTIC order from Nvidia. It's one of the biggest production runs in technology history. And it's part of the reason why Barrons says this supplier could see $100 BILLION in sales by 2025.

Ex-Trump CFO Allen Weisselberg to be sentenced for perjury, faces second stint in jail

NEW YORK (AP) — Allen Weisselberg, a former longtime executive in Donald Trump’s real estate empire, is set to be sentenced Wednesday for lying under oath in the ex-president’s New York .

Billionaires Are Now FLOODING Into Gold - Ad

Ray Dalio, John Paulson, and many others all recommend you own gold right now. But did you know there's another huge investor (worth more than all the world's billionaires COMBINED) buying gold by the ton? That's why the best move to make right now could be this little-known gold investment (which you can get started with for just $5).

Nvidia Set For Another Bull Run? Analyst Pitches $1,150 Target, Says 'This Time It's Bringing More Friends Along For The Run'

Despite a recent dip, chart analyst Todd Gordon of Inside Edge Capital has identified Nvidia Corporation as a strong buy, setting an ambitious target price of $1,150, citing the company's potential for an upward trend alongside a broader rally in the semiconductor industry.

Insiders Buying Zumiez And 3 Other Stocks

Although U.S. stocks closed little changed on Monday, there were a few notable insider trades.

The Sleeper Crypto of 2024? - Ad

One little-known coin is quietly gearing up for a potential breakout. Our analysts believe it could be the surprise crypto hit of 2024. Discover the name of this under-the-radar gem and our full analysis for just $3.

Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio This Quarter

The most oversold stocks in the communication services sector presents an opportunity to buy into undervalued companies.

Making cement is very damaging for the climate. One solution is opening in California

It's a major contributor to climate change — the way buildings and roads are made with concrete. It's also a problem that's growing as more of the world develops. So the race has been on to find solutions for a material that's responsible for roughly 8% of global carbon dioxide emissions.

The No. 1 Crypto for 2024 - Ad

We're entering the final crypto bull run, and 2024 will be your last chance to ever get rich from crypto. These five tiny cryptos are believed to create generational wealth over the next 12 months. $30 trillion is poised to funnel into the crypto markets thanks to a new government regulation just signed.

Why Fastenal Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

Shares of Fastenal Company (NASDAQ: FAST) fell sharply during Thursday’s session following worse-than-expected first-quarter financial results.

Turn Government Reports Into Overnight Profits? - Ad

Uncover the ultimate way to target overnight gains every time the government releases jobs numbers, GDP, inflation data, or any other economic report. You can see all the details here for yourself... including my exhaustive backtest.

Elon Musk's AI Startup xAI Reportedly Seeks $4B To Challenge ChatGPT-Parent OpenAI — Valuation Could Hit $18B

Elon Musk's AI startup, xAI Corp., is in discussions to raise up to $4 billion in funding, potentially valuing the company at $18 billion, leveraging Musk's track record and high-quality data from his social network, X, to train AI models.

Legendary Stockpicker: "Buy This A.I. Stock NOW" - Ad

His award-winning system pinpointed NVDA and META before both stocks doubled. Now it's flashing "BUY" on this under-the-radar A.I. stock.

Is Niu Technologies Ready To Charge Ahead Again?

Key Takeaways: Niu Technologies said its unit sales at home and abroad rose more than 30% in the first quarter, following a tough 2023 when its revenue fell 16% The electric scooter maker’s shares jumped 34% from an all-time low in the week following the announcement By Edith Terry

2 Russian businessmen linked to Alfa Group win court case over EU sanctions

BRUSSELS (AP) — Russian businessmen Mikhail Fridman and Petr Aven won a court case Wednesday over a European Union decision to sanction the pair for their alleged role in Russia’s war against Ukraine.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

New York Hospital Sues AG Letitia James, Who Took On Trump, Over Alleged 'Fishing Expedition' Of Drug Testing Records

Garnet Health Medical Center is suing New York Attorney General Letitia James to dismiss a subpoena demanding medical records of obstetrics patients, arguing the investigation into secret drug testing of pregnant patients is excessively broad and politically motivated.

14.8 Trillion Shiba Inu Tokens Liquidated In Just 24 Hours Amid Market Downturn

Amid a bearish downturn affecting the crypto market on Friday, Shiba Inu (CRYPTO: SHIB) has experienced a significant liquidation event, with $3.63 million worth of SHIB, or approximately 14.8 trillion tokens,

America's Cash Bubble Set to Burst on May 1, 2024 - Ad

For the first time I've ever heard of... we know the exact day (and time) a bubble is going to burst. This is insane and something we only have access to because of Jason's findings (that he's sharing with his ultra-elite clients). To find out what the cash bubble is and why you're vulnerable to it without even realizing...

Divisive? Not for moviegoers. ‘Civil War’ declares victory at box office.

Alex Garland’s provocative “ ” didn’t only . The film also inspired audiences to go to the cinemas this weekend where it surpassed expectations and earned $25.7 million in ticket sales in North America, according to studio estimates Sunday.

North Carolina governor to welcome historic visitor at mansion: Japan's Prime Minister Kishida

RALEIGH, N.C. (AP) — After spending a few days in Washington , Japanese Prime Minister Fumio Kishida is set to tour around North Carolina on Friday to spotlight a different interest: his nation's title as the state's biggest foreign investor.

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

China's exports tumble 7.5% in March and imports also fall as demand slows

HONG KONG (AP) — China’s exports contracted in March after growing in the first two months of the year, underscoring the uneven nature of the country's recovery from the pandemic.

US Postal Service seeking to hike cost of first-class stamp to 73 cents

WASHINGTON (AP) — The U.S. Postal Service signaled plans Tuesday for a rate increase that includes hiking the cost of a first-class stamp from 68 cents to 73 cents, part of an overall 7.8% increase to take effect this summer.

The Next Nvidia? - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

The US and UK restrict the trade of Russian-origin metals

WASHINGTON (AP) — The U.S. and U.K. will begin restricting the trade of new Russian-origin metals — including aluminum, copper and nickel — on global metal exchanges and in derivatives trading.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service