Speculators who bet on Canada’s Toronto-Dominion Bank (TD) may get more nervous. On Thursday, the bank posted a massive $2.6 billion after-tax provision. It is setting aside the funds to cover a potential settlement related to its anti-money laundering program compliance.
To cover the charges, TD said it would sell 40.5 million of Charles Schwab (SCHW) shares. While both TD and SCHW stock are on sale based on the share price decline, TD has a lower P/E ratio.
In the Chinese tech sector, NetEase (NTES) reported an EPADS of $1.66 (non-GAAP). Revenue increased by 6.1% Y/Y to $3.5 billion. The market reacted irrationally: NTES stock lost 11.17% to close at $82.25. Investors seeking gaming firms may buy Tencent (TCEHY) instead. The firm is a financial backer of the startup firm Game Sciences. This firm made Black Myth: Wukong, an instant hit.
In the drug sector, Moderna (MRNA) closed at $81.04. The FDA authorized its COVID-19 shot for the KP.2 variant. Investors sold the stock on the news.
Former chip darling Intel (INTC) erased 6.28% yesterday. Investors panic sold Nvidia (NVDA) and AMD (AMD) to book profits after the rally. This selling pressure sent INTC stock to around $20.00.
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