GM’s Billion-Dollar Disaster 💸 💸

When regular people talk about March Madness, they’re referring to college basketball. But when traders and investors talk about March Madness, they’re referring to a regional bank stock imploding.

We’re about a year out from three regional banks failing and/or being rescued, and now the sharks are circling New York Community Bancorp. The long story short, until today, is that the regional lender has too much commercial real estate exposure, weak internal controls over financial reporting, and a new CEO trying to right the ship. 🗞️

It’s been a rough few years for payment giant PayPal, with shares falling 85% peak-to-trough. Recently, the stock has begun to rebound with other beaten-down tech names but remains about 80% below all-time highs. In other words, it would need to nearly 5x its share price to reach those levels again. 📈

While that may seem a ways off, investors have recently pushed shares to their best three-day run since the end of 2022. That’s because the company promised to roll out new “customer-backed innovation” at an event next Thursday, with its new CEO Alex Chriss saying, “It is very clear what we need to do.”

Those who work at AT&T today did not have a great day, but those who use their services had a pretty good excuse to chill out at work today. That’s because the telecom giant experienced a nationwide cellphone outage that impacted tens of thousands of its customers today. 📵

While the nation’s largest carrier said it restored wireless service to all impacted customers by midday, no reason has been given for the outages. With T-Mobile and Verizon’s networks unaffected, regulators quickly questioned whether AT&T experienced a hack or other cyberattack. 📡