Author: Press Room

Private equity behemoth KKR on Tuesday agreed to buy broker dealer Janney Montgomery Scott from Penn Mutual, adding to its bets in the financial services industry. The New York-based private investment group is making the buyout through its $19bn flagship private equity fund. KKR has previously invested in wealth managers Beacon Pointe and Söderberg & Partners. Chris Harrington, a partner at KKR, said the firm believed Janney was “well-positioned to benefit from the significant tailwinds driving demand in the US wealth management market”. Janney has more than $150bn in assets under administration and has been owned by Penn Mutual for…

In the first full day of her presidential campaign, Vice President Kamala Harris swiftly earned enough delegates to secure the Democratic nomination and raised a historic $81 million. And yet, less than 24 hours after Harris formally launched her bid for the White House, some Republicans zeroed in on a line of attack: her race. In an interview with CNN’s Manu Raju Monday, Tennessee Republican Rep. Tim Burchett suggested President Joe Biden selected Harris as his running mate solely because she is Black: “One hundred percent she is a DEI hire,” he said, referring to diversity, equity and inclusion. “Her…

A frequent question I hear from people getting ready to enroll in Medicare is: What is the biggest mistake people make? There are too many question to identify just the biggest. However, a top contender for the honor would be COBRA. The Consolidated Omnibus Budget Reconciliation Act mandated this coverage to help workers and their families continue group health benefits during times of job loss, work reduction, transition between jobs, and other life events. In most cases, those who accept COBRA coverage before age 65 will discover it ends as of their 65th birthday. However, those older than 65 who…

Mortgage rates are down for the third straight week, remaining in the high-6% territory. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.87% this week from 6.95% last week. The average rate on a 30-year loan was 6.67% a year ago.  The average rate on the 15-year fixed mortgage also decreased to 6.13% from 6.17% last week. One year ago, the rate on the 15-year fixed note averaged 6.03%. Read the full article here

An increasing number of borrowers who filed cases seeking student debt discharge are successfully receiving debt relief through bankruptcy after a policy change by President Joe Biden’s administration, according to the Department of Education. A total of 588 people filed cases seeking student debt discharged through bankruptcy between October 2023 and March 2024 — a 36% increase from the prior six-month period. Also, a total of 1,220 cases were filed from November 2022 through March of this year. This trend is expected to continue, the Education Department said in a statement.   In filed cases, 96% of all borrowers are voluntarily using…

Sen. Bob Menendez, the New Jersey Democrat convicted last week in a federal bribery case, will resign his Senate seat effective Aug. 20, he said in a letter.Menendez said last Wednesday that he would quit the Senate as a result of his criminal conviction, but he had not given a date. New Jersey Gov. Phil Murphy, who is also a Democrat, will appoint a senator to fill out the brief remainder of Menendez’s term.Menendez was found guilty of all 16 criminal counts on July 17 in Manhattan federal court in a case where he was accused of accepting bribes, which…

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stock spotlight: The S & P 500 inched higher Tuesday despite a couple of early attempts at a bigger rally. One could say Wall Street is in wait-and-see mode ahead of earnings from the megacap tech stocks that start after the bell with Club holding Alphabet . Or is the market waiting for the release of the Federal Reserve’s favorite inflation gauge Friday? Whatever the case, we don’t mind the choppy…

Overstock.com, which was one of the biggest names in e-commerce, is being revived just a year after its new owners ditched the name in favor of Bed Bath & Beyond. The relaunched Overstock.com sells a lot of stuff similar to its previous incarnation, including indoor and outdoor furniture, home improvement tools and jewelry, but with a bigger emphasis on closeout and liquidation deals. Its sister site will still use the Bed Bath & Beyond name and continue to operate with a refined focus on home goods and as a destination for registries for weddings and other life events. In June…

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Simpson Manufacturing Co., Inc. (NYSE:SSD) Q2 2024 Earnings Conference Call July 22, 2024 5:00 PM ET Company Participants Kim Orlando – IR, ADDO Investor RelationsMike Olosky – President & CEOBrian Magstadt – CFO Conference Call Participants Daniel Moore – CJS SecuritiesTim Wojs – BairdKurt Yinger – D.A. Davidson Operator Greetings and welcome to the Simpson Manufacturing Company’s Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host,…