5 Things to Know Before Markets Open

News of the day for March 30, 2023

Intel Corp. Sign

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The White House readies new rules for mid-sized banks and Intel shares are up after it  unveils a new data center chip. Here’s what investors need to know today.

1. White House Preparing New Rules for Mid-Sized Banks

The White House is expected to call for tougher new rules for mid-size banks. The recommendations are reportedly expected to include new rules for the Fed and other agencies, including for banks with $100 billion to $250 billion in assets.

2. Intel Shares Jump on Chip Announcement

Intel (INTC) shares jumped 7.6% yesterday in their best day since last November and could close their best month in 22 years after the chip company said its new lucrative data center server chips will come out sooner than expected.  On an investor webcast, Intel said it will shift to a more advanced production technique and offer a new chip with more computing power, faster than analysts had predicted.

3. Furniture Seller RH Shares Fall on Housing Worries

In another sign of challenges in the housing market, shares of RH (RH), formerly Restoration Hardware, are falling over 6% in pre-market trading on a weak sales forecast.  Earnings per share at RH came in at $2.88 compared to analyst estimates of $3.36. Sales decreased by 14.4% from a year ago, with revenue coming in at $772 million compared to projections of $777 million.

4. Video Game Maker Electronic Arts To Lay Off 6% of Staff

Electronic Arts is laying off 6% of its workforce. The company is also cutting its office space to focus its spending on new opportunities in video gaming.

5. Disney Lays Off Marvel Entertainment Boss

Disney fired the chair of Marvel Entertainment, Ike Perlmutter. The head of the comic-book publishing division and ally of activist investor Nelson Peltz is also one of Disney’s largest individual shareholders.

Article Sources
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  1. Reuters. “White House prepares new bank rule proposal after failures - source.”

  2. Reuters. “Intel says power-efficient Sierra Forest chip will be delivered in H1 2024.”

  3. MarketWatch. “Bank-related anxiety is hitting RH’s wealthier customers — and shares fall on weak sales forecast.”

  4. CNBC. “Electronic Arts is cutting about 800 jobs, or 6% of workforce, and reducing office space.”

  5. New York Times. “Disney Lays Off Ike Perlmutter, Chairman of Marvel Entertainment.”

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