Barclays (NYSE:BCS) Stock, Quote.Headers.trade-ideas

Barclays

Barclays is a universal bank headquartered in the United Kingdom. It operates via five principal segments; UK (retail), UK corporate bank, private bank and wealth management, investment bank, and us consumer bank. In its UK segment, the bank provides current accounts, mortgages, savings and investment management services, credit cards, and business banking services to retail clients and small and medium-size enterprises. The international segment includes a corporate bank offering banking solutions to large corporates, a bulge-bracket global investment bank, and a credit card and payments business.

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American Airlines reportedly negotiates with Citigroup to become its exclusive credit card partner, potentially ending ties with Barclays.

What&#39;s Going On With American Airlines Stock On Friday?

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BGC Group To Trade Futures On New Exchange: CEO Lutnick Is &#39;Jazzed, Jazzed, Jazzed&#39;

The bank disclosed on Monday that it expects a pretax hit of approximately $400 million from the sale of its General Motors credit-card portfolio and a smaller, unrelated business.

Goldman Sachs&#39; Credit Card Business Exit Reportedly Delayed Due To High Charge-Off Rates And Lenient Underwriting: Bank Discloses Potential $400M Pre-Tax Hit

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American Airlines Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">marginally lower on Friday.</a>
The firm is reportedly negotiating to make Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) its exclusive credit card partner, ending its long-standing partnership with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), which dates back to the airline&#8217;s 2013 acquisition of US Airways, <a href="https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html" target="_blank" rel="noreferrer noopener">reported</a> CNBC.
In March, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-04/american-air-wants-more-credit-card-revenue-from-bank-partners?sref=TBDibEcD" rel="noreferrer noopener">noted</a> that the airline is renegotiating its contract for co-branded credit cards to increase its share of a vital revenue stream for U.S. carriers.
A spokesperson for Citigroup informed CNBC that the company is continually collaborating with its partners, including American Airlines, to find opportunities to enhance customer products and promote shared value and growth.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40745931/delta-southwest-and-other-airlines-in-hot-waters-with-us-transportation-department-for-unfair-reward" rel="noreferrer noopener">Delta, Southwest And Other Airlines In Hot Waters With US Transportation Department For Unfair Rewards Programs</a>
The recent news by CNBC suggests that the company&#8217;s discussions are still underway, and the timing for reaching an agreement, subject to regulatory approval, remains uncertain.
However, chances are there that objections from U.S. regulators, including the Department of Transportation, could potentially delay or even derail a contract between American Airlines and Citigroup, leaving the existing partnership with Barclays unchanged, CNBC flagged.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, AAL stock has lost over 15% in the past year. Investors can gain exposure to the stock via&nbsp;U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and&nbsp;Themes Airlines ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRL#NASDAQ">AIRL</a>).
Price Action: AAL shares are trading lower by 1.17% to $10.98 at last check Friday.
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What's Going On With American Airlines Stock On Friday?

<ul>
<li>The new deal marks an extension of the initial cloud partnership the bank signed in 2021.&nbsp;</li>
<li>Over the past two and a half years, HPE has supported Barclays in the migration and deployment of more than 50,000 workloads to their private cloud estate, with a trajectory to double this over the next three years. This transition will allow the bank to decommission legacy systems, free up rack space, and save several MWs of power. Reducing technical debt within the bank will enhance the underlying infrastructure and increase workload density.&nbsp;</li>
</ul>

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Hewlett Packard Enterprise Announced That Barclays Has Signed A New Private Cloud Services Deal, Confirming HPE GreenLake Cloud As A Core Pillar To Barclays' Hybrid Cloud Strategy

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Barclays Is Struggling To Sell UK Payments Unit Stake, Sources Say

BGC Group Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) a financial services firm led by Cantor Fitzgerald CEO Howard Lutnick, plans to launch an exchange that will start trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40423424/donald-trump-names-howard-lutnick-to-lead-transition-team-heres-what-it-means-for-crypto">secured overnight financing rate</a> (SOFR) futures on Sept. 23 on its new FMX Futures Exchange.
The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR) in June 2023.
&#8220;I think we&#8217;re going to bring competition into the market and I&#8217;m jazzed, jazzed, jazzed,&#8221; Lutnick said in announcing the new exchange on Bloomberg Television on Wednesday.
 FMX Futures Exchange is a consortium backed by Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citadel Securities, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), J.P.Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Jump Trading Group and Tower Research.
On April 25, these financial services companies together bought a 26% stake in FMX for $172 million, which valued the exchange at $667 million. BGC gave the partners an additional 10% stake contingent upon them hitting certain volume targets, Piper Sandler analyst Patrick Moley wrote in a note on Thursday.
Moley noted that FMX&#8217;s intent is to take some of the Chicago Mercantile Exchange&#8217;s (CME) total monopoly SOFR futures, which make up 30% to 40% of CME&#8217;s interest rate derivative volumes.
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&#8220;We&#8217;re going to create a break in the monopoly built by the Chicago Mercantile Exchange,&#8221; Lutnick said Wednesday. &#8220;It&#8217;s so fun and it&#8217;s so exciting.&#8221;
FMX plans to start trading U.S. Treasury futures in next year&#8217;s first quarter.
FMX is not expected to take "meaningful" market share from CME in interest rate futures until the third year after its launch, Moley said.
&#8220;However, CEO Lutnick believes FMX will have record open interest for a new exchange at the end of year 1,&#8221; he wrote.
Moley said that CME CEO Terry Duffy believes that U.S. regulations will not allow FMX to succeed, given that trades will be cleared by LCH Group, a London-based clearing house.
But Lutnick disagrees with Duffy, Moley said. As a Commodity Futures Trading Commission-recognized organization, it will be clearing trades through a U.S. subsidiary on U.S. soil.
&#8220;Bottom line, FMX has all the regulatory approvals / registrations needed to launch on September 23rd,&#8221; Moley wrote.
&#8220;And while CEO Duffy believes the U.S. government / regulators will eventually intervene and possibly block FMX's use of clearing partner LCH (which we believe would ultimately lead to FMX failing to succeed in IR futures), there is no evidence to suggest this will occur at this point in time.&#8221;
BCG Price Action: BCG Group ticked up 0.11% to $9.26 into Thursday&#8217;s early afternoon trading.
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BGC Group To Trade Futures On New Exchange: CEO Lutnick Is 'Jazzed, Jazzed, Jazzed'

Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) is facing a potential pre-tax hit of nearly $400 million from the sale of its General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) credit card portfolio and a smaller, unrelated business.
What Happened: Goldman has been in discussions for several months with GM and Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) about transferring the credit card business to the British bank. However, Barclays has been hesitant to meet Goldman's initial price due to high charge-off rates, which indicate the portion of balances that are unlikely to be repaid by borrowers, The Wall Street Journal <a href="https://www.wsj.com/finance/goldman-sachs-got-lax-on-credit-cards-the-bill-is-coming-due-f460f04f?mod=hp_lead_pos4">reported</a> on Tuesday, citing people familiar with the matter.
Goldman's shares fell over 4% on Tuesday following the news. CEO David Solomon noted during a banking conference on Monday that trading revenue for the third quarter is projected to decline by nearly 10% compared to the previous year, and he warned of &#8220;significantly more muted&#8221; revenues in the asset and wealth management sectors.
The bank&#8217;s consumer-lending ventures, including its credit cards, have resulted in over $6 billion in pretax losses since early 2020. Goldman began shifting away from consumer finance in 2022, refocusing on its core strengths in investment banking and catering to high-net-worth clients.
Goldman Sachs did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
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Why It Matters: This latest development comes on the heels of several <a href="https://www.benzinga.com/top-stories/24/09/40804111/jpmorgan-shares-tumble-after-coo-throws-cold-water-on-analyst-outlook">significant financial events</a>. On Tuesday, JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) saw its shares drop by 7.5% after COO Daniel Pinto tempered analyst forecasts on next year's expenses and net interest income (NII) at an industry event. 
Pinto indicated that the current NII consensus of $89.5 billion was &#8220;not very reasonable&#8221; given the interest-rate forecasts.
In July, Goldman Sachs reported <a href="https://www.benzinga.com/news/earnings/24/07/39801120/goldman-sachs-analysts-boost-their-forecasts-following-better-than-expected-earnings">better-than-expected earnings</a> for the second quarter. The bank posted revenue of $12.730 billion, surpassing the consensus of $12.456 billion. The U.S. financial services giant also reported GAAP EPS of $8.62, beating the consensus of $8.35.
Price Action: Goldman Sachs&#8217; shares closed 4.39% lower on Tuesday at $467.13. In premarket trading on Wednesday, the stock was marginally down by 0.028%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Goldman Sachs' Credit Card Business Exit Reportedly Delayed Due To High Charge-Off Rates And Lenient Underwriting: Bank Discloses Potential $400M Pre-Tax Hit

As HSBC Holdings plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) seeks a larger share of the wealth management market in the U.K., the bank has gone on a hiring spree to recruit hundreds of bankers to serve the ultra-rich. The news was first reported by The Guardian.
HSBC aims to strengthen the U.K. arm of its wealth and private banking operations by recruiting more relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees.
According to a source familiar with the plan, while HSBC has headquarters in London, the recruitment will be based across the U.K.
The bankers that are being recruited will be given the task of doubling the assets under management at HSBC&#39;s British wealth business to &pound;100 billion in the next five years.
<h2>HSBC&#39;s UK Growth Plans</h2>
HSBC&#39;s aim to double AUM in its U.K. wealth business to &pound;100 billion in the next five years comes as this would make the bank one of the top 5 wealth managers in Britain.
Also, with this, the bank will be able to expand in sectors that are less exposed to interest rate changes, joining rivals like Lloyds Banking Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyg#NYSE">LYG</a>) and Barclays (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) in targeting more fee income from the mass affluent in the U.K.
As LYG and BCS are also pushing into wealth management, HSBC is expected to face tough competition from them.
Lloyds defines the &quot;mass affluent&quot; as those who have &pound;75,000-&pound;250,000 in deposits. Barclays&#39; premier service, which includes a &quot;dedicated team of premier financial guides&quot; targets people earning at least &pound;75,000 or those who have at least &pound;100,000 in savings.
Thus, HSBC is planning to strengthen its own wealth division by targeting international customers, who see advantages to banking with a lender with a much larger global footprint.
The plan, which is being supervised by HSBC U.K.&#39;s head of wealth and personal banking, Jose Carvalho, is expected to continue despite the recent management changes.
<h2>HSBC&#39;s Next CEO to Trim Middle Management to Save Costs</h2>
Carvalho&#39;s boss, HSBC Group&#39;s head of wealth and personal banking, Nuno Matos, recently resigned from his role, making Georges Elhedery the group chief executive.
Elhedery is considering a significant organizational transformation to streamline the company&#39;s operations. After taking over as the new CEO on Sept. 2, Elhedery plans to cut layers of middle management and reduce the number of country heads across HSBC&#39;s global footprint.
These efforts align with HSBC&#39;s ongoing focus on improving efficiency and cost control amid evolving economic challenges.
The idea of cutting back on middle management is indicative of a broader trend in the banking sector amid economic pressure. By reducing middle management, HSBC can reduce costs, expedite decision-making and offer lower-level staff more authority.
In the past six months, HSBC shares on the NYSE have gained 17.8% compared with the industry&#39;s growth of 10.3%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d8/77147.jpg?v=1321587589" />
Image Source: Zacks Investment Research
At present, HSBC carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2334208/hsbc-seeks-larger-share-of-uk-wealth-business-to-hire-more-bankers?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2334208">To read this article on Zacks.com click here.</a>

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HSBC Seeks Larger Share of UK Wealth Business, To Hire More Bankers

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Shares of banking and financial services stocks are trading lower in possible sympathy with Ally, which fell after the company's CFO noted credit challenges among borrowers. The sector earlier reacted to Fed Vice Chair for Supervision Barr previewing Basel and GSIB surcharge re-proposals.

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Shares of banking companies are trading lower amid overall market weakness as investors react to jobs data.

Shares of banking companies are trading lower amid overall market weakness. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction.

HSBC Holdings plc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) incoming chief executive officer, Georges Elhedery, is considering a significant organizational transformation intended to streamline the company&#39;s operations, according to a Bloomberg report. After taking over as the new CEO on Sept. 2, Elhedery will mull plans that could include cutting layers of middle management and reducing the number of country heads across HSBC&#39;s global footprint.
These anticipated job cuts align with HSBC&#39;s ongoing focus on improving efficiency and cost control amid evolving economic challenges.
This approach is similar to the approach followed by other banks, including Barclays PLC (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) and Standard Chartered PLC (OTC: <a class="ticker" href="https://www.benzinga.com/stock/scbff#OTC">SCBFF</a>), which have trimmed middle management as part of larger cost-cutting programs.
In May 2024, BCS commenced job cuts across investment banking (IB) and research division, per people familiar with the matter. This move aligns with BCS&#39; &pound;2 billion cost-cutting program to boost profitability. In June 2023, SCBFF started laying off employees in Singapore, Hong Kong and London to reduce costs by more than $1 billion between 2022 and 2024.
As the Federal Reserve begins to cut interest rates starting next month, banks might face a reduction in profit margins. Thus, to optimize profit, HSBC is taking cost-reduction measures like these. According to some sources, the bank has slowed down its hiring process and is not rushing to replace staff who have left or resigned in recent months.
<h2>HSBC&#39;s Streamlining Efforts</h2>
HSBC has been actively restructuring its operations to further improve operating efficiency.&nbsp; HSBC&#39;s restructuring efforts have already resulted in the bank exiting non-core regions, such as France and Canada, as well as reducing its presence in South Africa. These actions are consistent with the bank&#39;s shift toward its core growth regions in Asia, where it sees a higher potential for long-term returns.
In 2020, the company announced its transformation plan to reshape underperforming businesses, simplify complex organizations and reduce costs. The company realized gross savings of $5.6 billion, with a cost to achieve a spend of $6.5 billion by 2022-end. It expects to achieve additional cost savings this year, driven by the actions undertaken in 2023. The same year, under the leadership of current CEO Noel Paul Quinn, HSBC initiated a significant restructuring plan that included cutting down 35,000 jobs to adapt to the challenging economic conditions brought on by the COVID-19 pandemic.
In April 2024, HSBC laid off about a dozen bankers from its investment banking division in Asia as part of its broader effort to optimize operations and focus resources on more profitable areas.
Elhedery&#39;s plans to further reduce middle management layers might indicate a continuation of the previous strategy, which aligns the bank&#39;s operational structure with its global focus.
<h2>Our View on HSBC&#39;s Plans to Trim Middle Management</h2>
The idea of cutting back on middle management is indicative of a broader trend in the banking sector amid economic pressure. By reducing middle management, HSBC can reduce costs, expedite decision-making and offer lower-level staff more authority.
While cutting middle management can lead to immediate cost savings, it often opens room for significant challenges. Removing the middle management layer without proper restructuring could lead to creating leadership gaps and reducing employee engagement.
Considering this, HSBC must strike a cautious balance between reducing costs and preserving the leadership and operational strength required for long-term growth.
In the past six months, shares of HSBC on the NYSE have gained 12.8%, underperforming the industry&#39;s growth of 13.7%.
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At present, HSBC carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2329113/hsbc-s-next-ceo-plans-to-trim-middle-management-to-save-costs?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2329113">To read this article on Zacks.com click here.</a>

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HSBC's Next CEO Plans to Trim Middle Management to Save Costs

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Shares of companies within the broader financial sector are trading lower amid overall market sentiment as investors evaluate NVIDIA ahead of its earnings report and SMCI Form 10-K delay.

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Shares of banking companies are trading lower amid overall market weakness following weak US jobs data.

Barclays shares are trading lower. The company reported Q2 financial results.

Group Financial Targets and Outlook: 2024
<ul>
<li>Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity1</li>
<li>Income: targeting Barclays Group NII excluding IB and Head Office of c.&pound;11.0bn (up from previous target of c.&pound;10.7bn), of which Barclays UK NII of c.&pound;6.3bn (up from previous target of c.&pound;6.1bn)2</li>
<li>Costs: targeting Group cost: income ratio of c.63%, which includes c.&pound;1bn of gross efficiency savings in 2024</li>
<li>Impairment: expect an LLR of 50-60bps through the cycle</li>
<li>Capital: expect to operate within the CET1 ratio target range of 13-14%&ndash; c.&pound;16bn of RWAs from regulatory change now expected during Q125 due to USCB moving to Internal Ratings-Based (IRB) models. &nbsp;Capital returns intention remains unchanged</li>
</ul>

Guidance

Barclays Updates 2024 Outlook: Targets Barclays Group NII Excluding Barclays Investment Bank And Head Office Of £11.0bn (prior £10.7B), Expects RoTE Of Greater Than 10% In 2024 And 10.5% Excluding Inorganic Activity

Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) reported quarterly earnings of $0.42 per share which beat the analyst consensus estimate of $0.40 by 5 percent. This is a 2.33 percent decrease over earnings of $0.43 per share from the same period last year. The company reported $7.98 billion in sales this quarter. This is a 1.51 percent increase over sales of $7.86 billion the same period last year.

Barclays Q2 EPS $0.42 Beats $0.40 Estimate, Sales $7.98B Up From $7.86B YoY

Under the newly signed agreement, Barclays will continue to issue the Hawaiian Airlines World Elite Mastercard&nbsp;for consumers; and the Hawaiian Airlines World Elite Business Mastercard, for small businesses.

Barclays US Consumer Bank Renews Co-branded Credit Card Program With Hawaiian Airlines

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Victory Capital Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vctr#NASDAQ">VCTR</a>) been one of those stocks this year? Let&#39;s take a closer look at the stock&#39;s year-to-date performance to find out.
Victory Capital Holdings is a member of the Finance sector. This group includes 862 individual stocks and currently holds a Zacks Sector Rank of #6. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Victory Capital Holdings is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for VCTR&#39;s full-year earnings has moved 1.5% higher within the past quarter. This means that analyst sentiment is stronger and the stock&#39;s earnings outlook is improving.
Based on the most recent data, VCTR has returned 52.1% so far this year. In comparison, Finance companies have returned an average of 13.7%. This means that Victory Capital Holdings is performing better than its sector in terms of year-to-date returns.
Another Finance stock, which has outperformed the sector so far this year, is Barclays (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>). The stock has returned 52.5% year-to-date.
In Barclays&#39; case, the consensus EPS estimate for the current year increased 1.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Victory Capital Holdings belongs to the Financial - Investment Management industry, a group that includes 38 individual stocks and currently sits at #165 in the Zacks Industry Rank. Stocks in this group have gained about 14% so far this year, so VCTR is performing better this group in terms of year-to-date returns.
Barclays, however, belongs to the Banks - Foreign industry. Currently, this 66-stock industry is ranked #49. The industry has moved +9.2% so far this year.
Victory Capital Holdings and Barclays could continue their solid performance, so investors interested in Finance stocks should continue to pay close attention to these stocks.
<a href="https://www.zacks.com/stock/news/2304353/is-victory-capital-holdings-vctr-outperforming-other-finance-stocks-this-year?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_1-2304353">To read this article on Zacks.com click here.</a>

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Is Victory Capital Holdings Outperforming Other Finance Stocks This Year?

Macro Economic Events

Economics

Barclays Revises Fed Forecast To Expect Two Rate Cuts In 2024 Instead Of One

With U.S. markets closed for Independence Day, European stocks and currencies rose on Thursday, showing no signs of risk aversion despite the ongoing <a href="https://www.benzinga.com/markets/eurozone/24/05/39048040/uk-election-how-it-works-and-which-markets-could-be-affected">UK legislative elections</a>.
The Labour Party is expected to achieve a landslide victory, ending 14 consecutive years of Conservative (or Tories) leadership. Heading to the elections, the Labour Party led by about 20 percentage points against Tories. 
Polls closed at 5:00 p.m. Thursday, with results expected later tonight. As of 6:00 p.m. EST, the New York Times <a href="https://www.nytimes.com/live/2024/07/04/world/uk-election-results">reported</a> that a nationwide exit poll showed that the Labour Party&#8217;s leader, Keir Starmer, was likely to become prime minister.
<h3 class="wp-block-heading">UK Stocks And Sterling</h3>
Ipek Ozkardeskaya, an analyst at Swissquote Bank Ltd, outlined two likely scenarios: a strong Labour majority with 150 seats — nearly double Boris Johnson&#8216;s 80-seat majority in 2019 — or a super majority with 250 seats. 
Both outcomes would enable Labour to enact significant reforms in the UK.
&#8220;Even investors want to see Labour take over the reins this time,&#8221; she remarked.
Analysts perceive a Labour victory as positive for UK stocks and sterling. Ozkardeskaya highlighted that small and medium-sized British stocks will benefit more than the FTSE 100, which is heavily influenced by global market dynamics.
On Thursday, the FTSE 100 Index rose over 1%, marking its second consecutive day in the green. Smith &amp; Nephew led gains, up 7.6% following Cevian Capital&#8216;s acquisition of a 5% stake. Bunzl and Melrose each rose by 2.9%, while Barclays plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) led the banking sector with a 2.1% increase.
The British pound, tracked by the Invesco CurrencyShares British Pound Sterling ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXB#NYSE">FXB</a>), edged 0.2% higher, marking its sixth consecutive session of gains. The euro saw similar performance.
<h3 class="wp-block-heading">Other Movers On Thursday</h3>
The dollar weakened against all major currencies, with the Japanese yen gaining 0.3% against the greenback.
Confidence that Marine Le Pen&#8216;s far-right National Rally will not obtain an absolute majority at the second round of French elections this Sunday buoyed other European markets.
The French CAC 40 index rose 0.8%, as did the Italian FTSE Mib, while the German DAX inched 0.4% higher.
The broader Euro STOXX 50 Index, tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), closed 0.4% higher, notably surging above the key 50-day moving average for the first time since June 13.
Chart: Euro STOXX 50 Index Closes Above 50-Day Average
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1024x500.png" alt="" class="wp-image-420262" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/04121958/image-7.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
In commodities markets, copper rallied 0.9%, marking its fifth straight positive session. Gold rose 0.2%, while silver fell 0.2%.
Oil prices showed robust gains, with West Texas Intermediate (WTI) light crude futures climbing to $84, up 0.8%.
Cryptocurrencies were the weakest market segment:
<ul>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 3.8%</li>
<li>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) down 4.1%</li>
<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) down 5%</li>
<li>Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) down 5.1%</li>
<li>Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) down 5.4%.</li>
</ul>
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/07/39634920/july-fourth-cookout-inflation-hits-record-highs-your-grocery-bill-may-be-a-shock-but-this-side-dish">July Fourth Cookout Inflation Hits Record Highs &#8211; &#8216;Your Grocery Bill May Be A Shock&#8217; But This Side Dish Costs Less, Expert Says</a></li>
</ul>
Image: Pixabay

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British Pound, European Stocks Surge Ahead Of UK Election Results; Bitcoin Plummets: What's Driving Markets Thursday?

Ten major banks, including Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and BNP Paribas SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQF#OTC">BNPQF</a>), have agreed to pay a combined $46 million to resolve a long-standing lawsuit. The banks have been accused of conspiring to stifle competition in interest-rate swaps trading.
What Happened: The banks have denied any wrongdoing but have chosen to settle the antitrust lawsuit filed by investors over eight years ago. The settlement was submitted to a New York federal court on Thursday. The plaintiffs have requested that U.S. District Judge Paul Oetken grant preliminary approval, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-27/big-banks-to-pay-46-million-to-settle-swaps-collusion-claims">reported</a> on Thursday.
Other banks involved in the settlement include Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Credit Suisse Group AG which is now owned by UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), Barclays Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Deutsche Bank AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), and NatWest Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NWG#NYSE">NWG</a>).
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39493817/cathie-wood-led-ark-invest-dumps-4-3m-worth-of-nvidia-shares-amid-rebound-swoops-into-buy-stock-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood-Led Ark Invest Dumps $4.3M Worth Of Nvidia Shares Amid Rebound — Swoops Into Buy Stock Of This Netflix Rival</a>
The lawsuit, which is part of a series of litigations brought by public pension plans against major banks, alleges collusion across various markets, including interbank rates, currencies, and credit default swaps. The banks are accused of blocking electronic trading platforms from entering these markets to control prices and increase profits.
"The settlement represents an excellent recovery for the class given the challenges and uncertainties of further litigation," the plaintiffs&#8217; attorneys stated in their filing on Thursday.
Why It Matters: The settlement comes after the judge in December denied class-action status to the claims, which significantly weakened the case. Despite the denial, the settlement represents a significant recovery for the plaintiffs given the challenges and uncertainties of further litigation, according to Bloomberg Intelligence analyst.
The banks contended that investors suffered no harm, citing data indicating that many trades did not yield profits or resulted in losses. The plaintiffs disputed the occurrence of any trades with negative returns. 
However, the judge declined to approve class-action status, stating that the plaintiffs did not effectively counter the defendants&#8217; argument that there were numerous trades with zero or negative returns during the period in question.
Recently, the Federal Reserve's annual stress tests revealed that major banks, including JPMorgan and Bank of America, faced higher-than-expected <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39536951/bank-stress-tests-much-bigger-surprise-than-expected-will-delay-future-investment-p">stress capital buffers</a>, leading to increased capital requirements. 
This development follows a recent report on the <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39141521/goldman-sachs-jpmorgan-and-wells-fargo-lead-bank-stocks-surge-as-investors-bet-on-soft-landin">surge in large bank stocks</a>, including Goldman Sachs and JPMorgan, amid expectations of interest rate policy and optimism for an economic &#8220;soft landing.&#8221; 
Moreover, the 2024 Fed stress tests indicated that while large banks <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">might face greater losses</a> in a severe recession, they still maintain strong capital positions. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39493523/rivian-lucid-micron-technology-novo-nordisk-tesla-why-these-5-stocks-are-on-investors-radars-tod?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">RIVN, LCID, MU, NVO, TSLA: Top 5 Trending Stocks Today</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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With increased innovation and investments, the 5G sector is shaping the next generation of connectivity, outperforming its predecessors by miles. Keeping that in mind, it could be wise for investors to add Hewlett Packard (HPE), Qorvo (QRVO), and Aviat Networks (AVNW) to their portfolios as the 5G rollout accelerates. Read on… The telecommunication industry is driving rapid innovation, with 5G technology poised to be a major breakthrough in 2024. As the next evolution of networks, 5G offers faster speeds, lower latency, and a range of new applications that promise to revolutionize numerous sectors, enhancing productivity and connectivity.
Thus, investing in companies leveraging 5G growth, such as Hewlett Packard Enterprise Company (<a href="https://stocknews.com/stock/HPE/">HPE</a>), Qorvo, Inc. (<a href="https://stocknews.com/stock/QRVO/">QRVO</a>), and Aviat Networks, Inc. (<a href="https://stocknews.com/stock/AVNW/">AVNW</a>), may be a strategic move. These companies stand to benefit significantly as 5G expands, offering increased opportunities in various industries reliant on advanced networks.
5G's transformative potential has already made it the fastest-growing mobile broadband technology, <a href="https://data.gsmaintelligence.com/api-web/v2/research-file-download?id=79791087&amp;file=210224-The-State-of-5G-2024.pdf">surpassing 1.5 billion connections</a> by 2023, just four years after its launch. The rapid adoption highlights its impact across industries, setting a strong foundation for future technological advancements.
As more devices are designed to operate on 5G, the demand for networks is skyrocketing. In North America, major telecom companies now offer 5G, covering <a href="https://www.ibm.com/think/insights/5g-future">over 200 million homes and businesses</a>, with projections suggesting this number will double within the next four years.
A robust digital infrastructure is crucial for national competitiveness, and it will become even more critical moving forward. Policymakers are actively supporting these advancements to ensure their countries remain leaders in the global market, particularly as 5G continues to expand.
The Federal Communications Commission (FCC) <a href="https://www.fcc.gov/5G">plans to allocate $9 billion</a> through the Universal Service Fund to enhance 5G wireless services in rural America. The funding aims to bridge the digital divide and ensure broader access to cutting-edge technology nationwide.
Looking forward, according to a report published by Grand View Research, the global 5G services market is expected to grow at <a href="https://www.grandviewresearch.com/industry-analysis/5g-services-market">a CAGR of 59.4%</a> by 2030, reaching an impressive $2.21 trillion. This growth underscores 5G's profound economic and technological impact across the globe.
Considering these positive trends, let us dive deep into the fundamentals of three 5G stocks, starting with #3.
Stock #3: Hewlett Packard Enterprise Company (<a href="https://stocknews.com/stock/HPE/">HPE</a>)
HPE is a global technology company that offers general-purpose servers, hybrid cloud solutions, wired and wireless networks, and flexible investment solutions for technology deployment models. Its segments include Server; Hybrid Cloud; Intelligent Edge; Financial Services; and Corporate Investments and Other.
On September 16, HPE announced <a href="https://www.hpe.com/us/en/newsroom/press-release/2024/09/barclays-doubles-private-cloud-estate-with-hpe-greenlake-cloud.html">a new private cloud services deal</a> with Barclays PLC (<a href="https://stocknews.com/stock/BCS/">BCS</a>), the British universal bank, to include HPE GreenLake Cloud in BCS' hybrid cloud strategy. Through this partnership, HPE aims to expand its global client base, enhancing its international presence and driving business growth.
On September 5, HPE revealed that <a href="https://www.hpe.com/us/en/newsroom/press-release/2024/09/hewlett-packard-enterprise-introduces-one-click-deploy-ai-applications-in-hpe-private-cloud-ai.html">its Private Cloud AI</a> is now available to order, alongside new solution accelerators designed to streamline AI applications. As AI adoption accelerates, these innovations will strengthen HPE's position in the market, boosting its growth prospects and expanding its market influence.
During the fiscal 2024 third quarter that ended July 31, HPE's net revenue increased 10.1% year-over-year to $7.71 billion. Its non-GAAP earnings from operations grew 7.4% from the year-ago value to $771 million.
In addition, HPE's non-GAAP net earnings and non-GAAP EPS increased 3.4% and 2% from the prior year's period to $661 million and $0.50, respectively.
Analysts expect HPE's revenue for the fiscal fourth quarter ending in October 2024 to increase 12.4% year-over-year to $8.26 billion. Its <a href="https://www.investopedia.com/terms/e/eps.asp">EPS</a> for the ongoing quarter is expected to grow 6.8% year-over-year to $0.56. Moreover, the company surpassed the consensus EPS estimates in all four trailing quarters.
Shares of HPE have gained 7.1% over the past five days to close the last trading session at $17.23.
HPE's sound fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
HPE has an A grade for Value and a B grade for Sentiment. Within the <a href="https://stocknews.com/category/technology-communication-networking/">Technology – Communication/Networking</a> industry, HPE is ranked #9 of 47 stocks.
<a href="https://stocknews.com/stock/HPE/">Click here</a> to access additional HPE ratings for Momentum, Growth, Quality, and Stability.
Stock #2: Qorvo, Inc. (<a href="https://stocknews.com/stock/QRVO/">QRVO</a>)
QRVO develops and commercializes technologies for wireless, wired, and power markets. The company's operations span three segments: High Performance Analog (HPA); Connectivity and Sensors Group (CSG); and Advanced Cellular Group (ACG). It also offers foundry services for defense and aerospace clients.
On January 31, QRVO <a href="https://ir.qorvo.com/news-releases/news-release-details/qorvor-acquire-anokiwave">announced a definitive agreement</a> to acquire Anokiwave, a supplier of high-performance silicon integrated circuits for intelligent active array antennas used in defense, SATCOM, and 5G applications. Anokiwave's high-frequency beamforming and IF-to-RF conversion ICs would complement QRVO's existing RF front-end portfolio.
The combination of QRVO's unique capabilities with Anokiwave's technology will enable QRVO to deliver highly integrated solutions and SiPs for defense, aerospace, and network infrastructure. The acquisition would strengthen QRVO's ability to provide comprehensive solutions in these key sectors.
QRVO's revenue for the fiscal 2025 first quarter, which ended on June 29, 2024, increased 36.2% year-over-year to $886.67 million. Its non-GAAP operating income rose 110.1% year-over-year to $98.13 million.
Additionally, the company's non-GAAP net income amounted to $83.52 million, or $0.87 per share, up 148.5% and 155.9% year-over-year, respectively. QRVO <a href="https://ir.qorvo.com/news-releases/news-release-details/qorvor-announces-fiscal-2025-first-quarter-financial-results">exceeded its June quarterly guidance</a> for revenue, gross margin, and EPS. The company is poised for sequential increases in revenue, gross margin, and EPS for the September quarter, signaling steady growth.
For the September 2024 quarter, QRVO projects revenue of approximately $1.025 billion, with a potential variance of $25 million. Non-GAAP gross margin is expected to be between 46% and 47%, while non-GAAP diluted earnings per share are forecasted to be between $1.75 and $1.95.
Street expects QRVO's revenue and EPS for the next fiscal year ending in March 2026 to increase 8% and 28.3% year-over-year to $4.27 billion and $7.97, respectively. Moreover, the company has topped the consensus revenue and EPS estimates in each of the trailing four quarters, which is impressive.
Shares of HPE have gained 4.7% over the past year to close the last trading session at $100.46.
QRVO's promising outlook is reflected in its POWR Ratings. It has an overall rating of B, equating to a Buy in our proprietary rating system.
QRVO has a B grade for Growth, Sentiment, and Quality. It is ranked #4 out of 91 stocks in the <a href="https://stocknews.com/category/semiconductor-wireless-chip/">Semiconductor &amp; Wireless Chip</a> industry.
Beyond what we stated above, we have also given QRVO grades for Value, Momentum, and Stability. Get all the QRVO's ratings <a href="https://stocknews.com/stock/QRVO/">here</a>.
Stock #1: Aviat Networks, Inc. (<a href="https://stocknews.com/stock/AVNW/">AVNW</a>)
AVNW provides microwave and wireless access networking solutions. The company offers a range of products, including outdoor, indoor, and split-mount radios, microwave routers, switches, and trunking systems. It also delivers private LTE, virtual fiber, element management solutions, and hosted software products.
On July 2, AVNW <a href="https://investors.aviatnetworks.com/news-releases/news-release-details/aviat-networks-acquires-4rf-leading-provider-industrial-wireless">announced its acquisition</a> of 4RF Limited, a provider of industrial wireless access solutions. The acquisition includes 4RF's narrowband radios, private LTE, and 5G routers. 4RF's established presence across 300 critical infrastructure customers in 160 countries complements AVNW's existing portfolio.
The two companies' distinct customer bases, with around 90% non-overlapping, create significant cross-selling opportunities. This synergy can drive AVNW's expansion by reaching new markets and boosting revenue through broader product offerings.
On January 8, AVNW <a href="https://investors.aviatnetworks.com/news-releases/news-release-details/smartfren-telecom-and-aviat-establish-strategic-collaboration">announced a strategic collaboration</a> with PT Smartfren Telecom, Indonesia's only fully 4G-based telecommunication provider. The partnership aims to deliver high-speed wireless connectivity and digitalization services, offering both indoor and outdoor private wireless networks.
With approximately 36 million subscribers and being one of the top 10 largest operators in Southeast Asia, Smartfren offers a strong foothold in the region. By enhancing AVNW's competitive positioning through joint sales, solution engineering, and customer support, the collaboration sets the stage for deeper market penetration and customer growth.
During the fiscal 2024 third quarter that ended March 29, AVNW's revenue increased 33.7% year-over-year to $111.61 million. Its non-GAAP operating income grew 16.2% from the year-ago value to $10.80 million. Plus, the company's adjusted EBITDA rose 11.1% from the prior year's period to $12.05 million.
In addition, AVNW's non-GAAP net income increased 5.7% year-over-year to $9.38 million, while non-GAAP net income per share stood at $0.73.
The consensus revenue and EPS estimates of $484.16 million and $3.47 reflect an increase of 18.9% and 6.2% year-over-year, respectively. Moreover, the company surpassed the consensus EPS estimates in each of the four trailing quarters.
Shares of AVNW have gained 3.5% intra-day to close the last trading session at $22.09.
It's no surprise that AVNW has an overall rating of B, which translates to a Buy in our proprietary rating system.
The stock has an A grade for Value and a B grade for Growth. Within the Technology – Communication/Networking industry, AVNW is ranked #6 of 47 stocks.
<a href="https://stocknews.com/stock/AVNW/">Click here</a> to access additional ratings of AVNW for Momentum, Sentiment, Quality, and Stability.
What To Do Next?
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<hr />
HPE shares rose $0.66 (+3.83%) in premarket trading Tuesday. Year-to-date, HPE has gained 2.83%, versus a 19.17% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Aanchal Sugandh</h2> <img src='https:/wp-content/uploads/2022/12/Aanchal-Sugandh_Headshot.jpg' style="float:left; padding:5px;width:125px;">Aanchal's passion for financial markets drives her work as an investment analyst and journalist. She earned her bachelor's degree in finance and is pursuing the CFA program.

She is proficient at assessing the long-term prospects of stocks with her fundamental analysis skills. Her goal is to help investors build portfolios with sustainable returns.<a href="https://stocknews.com/authors/?author=aanchal-sugandh">More...</a>The post <a href=https://stocknews.com/news/hpe-qrvo-avnw-bcs-3-stocks-to-buy-as-the-5g-rollout-accelerates/>3 Stocks to Buy as the 5G Rollout Accelerates</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Stocks to Buy as the 5G Rollout Accelerates

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