Markets Heat Up After Slow Start 🔥

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Today is Tuesday, November 28th. I hope you had a great trading session.

Before we get to today’s market-moving news, here’s a word from today’s partner.

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Markets 📈

Stocks got their groove back on Tuesday, with the Nasdaq [+0.2%], Dow [+0.2%] and S&P 500 [+0.1%] notching modest gains. The small-cap Russell 2K [-0.4%] underperformed with a small loss.

Market-Moving News 🔎 

💰 BoA Smacked with $12M Fine Over Mortgage Reporting

Bank of America [BAC -0.1%] is facing a hefty $12 million fine from the U.S. Consumer Financial Protection Bureau (CFPB). The reason? The banking giant allegedly mishandled mortgage lending information, failing to accurately report key applicant demographics.

📊 Mortgage Missteps: 

The CFPB pointed out that Bank of America's loan officers sometimes skipped asking mortgage applicants federally mandated questions about their race, ethnicity, and sex. Instead, they reported that the applicants chose not to answer these questions – a significant no-no in the agency's eyes.

📝 Consent Order Signed: 

In a settlement with the CFPB, Bank of America didn't own up to or deny the findings. However, they did agree to cough up the $12 million to close the case.

🔍 Bank's Response to the Complaint: 

Following a complaint in 2020 about how it was gathering demographic data, the Charlotte, N.C.-based bank conducted an internal review and alerted the authorities, sparking the CFPB's investigation.

🗣️ Bank's Stance on Improvements: 

Bank of America's spokesperson, Bill Halldin, emphasized that the data issue didn't affect loan applications. He also highlighted the bank's enhanced efforts in 2020 and 2021 to better monitor and train employees to ensure proper collection of racial, ethnic, and gender information.

In summary, this penalty underscores the importance of adherence to federal requirements in mortgage lending, and how big banks like Bank of America are held accountable for ensuring compliance in their operations. 🏦🔎

RedHill Biopharma [RDHL] $2.28 (+128.0%) was a top gainer for the 2nd day in a row, following its announcement of a new 5-year U.S. exclusivity term for Talicia® at the start of the week.

HNR Acquisition [HNRA] $3.64 (+110.4%) said its recently acquired assets from Pogo Resources produced $20.3 million in revenues for the nine-month period ending Sept. 30th.

Icecure Medical [ICCM] $1.36 (+83.1%) said an independent study confirmed its IceCure system successfully treated kidney cancer tumors with a 92% disease-free survival rate and 100% subsequent control rate.

Axcella Health [AXLA] $1.29 (35.5%) fell after Refinitiv/Verus dropped its coverage on the stock late Monday.

ACELYRIN [SLRN] $5.88 (32.4%) said there were “clinical execution errors” in part B of its phase 2b/3 trial evaluating izokibep to treat moderate-to-severe hidradenitis suppurativa.

MicroAlgo [MLGO] $3.74 (28.6%) pulled back after a rallying for several days following its announcement of an algorithmic breakthrough.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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