China Metals Go Bust

Chinese metal traders lost at least $144M after a dealer abruptly fled.

February 02, 2026

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🎯 In this issue:

  • Banana Bits: Finance headlines that actually matter

  • Market Summary: The Greenback finally gets its shine after the metals rout

  • What’s Ripe / Rotten: The tastiest and most disgusting stocks today

  • Technical Trip: Interview Q&A from Ares

  • Deal Deep Dive: M&A, IPO, and transaction breakdowns

Market Snapshot

📉 Banana Bits

The $1M Portfolio Trap No One Warned You About

You've worked hard to build a substantial portfolio. But hidden pitfalls abound when you reach $1 million.

Even some of America’s most successful families overlook this silent financial mistake.

Learn what to avoid and the one thing the wealthy who stay wealthy do differently.

Market News

The Greenback Finally Gets Its Shine after Metals Rout

Trump’s Fed Pick on Friday received a negative reaction from Wall Street, as Precious Metals such as Gold and Silver lost trillions in value.

Gold saw its biggest slide in four decades, and silver tumbled in a stark reversal of the surge to all-time highs—Kevin Warsh, who’s seen as less supportive of deep rate cuts and more worried about inflation. Stocks fell, and bonds were mixed.

The S&P 500 fell 0.4%. The yield on two-year Treasuries slid three basis points to 3.53%. Those on 30-year bonds rose four basis points to 4.89%. The dollar climbed 0.9%. B*tcoin recorded its longest monthly loss streak since 2019.

What's Ripe

Verizon Communications Inc. (VZ) 11.8%

  • VZ surged 12%, putting the stock on pace for its largest same-day percentage increase since 2008.

  • The wireless carrier posted better-than-anticipated adjusted earnings and revenue for the fourth quarter.

Sandisk Corp. (SNDK) 6.9%

  • SNDK jumped 6.9%. The memory supplier reported fiscal second-quarter adjusted profit that smashed analysts’ estimates.

  • The company, which spun off from Western Digital last year, said it expects third-quarter adjusted earnings of $12 to $14 per share, well above Wall Street forecasts of $5.11.

What's Rotten

KLA Corp. (KLAC) 15.2%

  • KLAC, which makes equipment for the semiconductor industry, sank 15%. Although second-quarter earnings and revenue beat analysts’ forecasts, shares had run up into the print, rising 39% this year and 127% over the past 12 months.

  • The Nasdaq Composite gained 1.9% and 20%, respectively, over the same periods.

SoFi Technologies Inc. (SOFI) 6.4%

  • SOFI pared back earlier gains and fell 6.3%. Fintech reported a strong fourth quarter, with adjusted net revenue reaching $1 billion for the first time, and revenue growing across all three of its core business segments.

  • CEO Anthony Noto described the results as “exceptional” in an interview with Barron’s.

🧠 Technical Trip

Interview Q&A from Ares

👉 Want 1-on-1 recruiting help from Ares bankers & 2,000+ top mentors? Apply to WSO Academy

🦈 Deal Dispatch

M&A, IPOs, And Other Notable Transactions

Banana Brain Teaser

Previous

Yesterday’s closing prices of 2,420 different stocks listed on a certain stock exchange were all different from today’s closing prices. The number of stocks that closed at a higher price today than yesterday was 20% greater than the number that closed at a lower price. How many of the stocks closed at a higher price today than yesterday?

Answer: 1320

Today

Seven pieces of rope have an average (arithmetic mean) length of 68 centimeters and a median length of 84 centimeters. If the length of the longest piece of rope is 14 centimeters more than 4 times the length of the shortest piece of rope, what is the maximum possible length, in centimeters, of the longest piece of rope?

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Protect the downside; the upside will take care of itself.

Richard Branson

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Happy Investing,
Chris, Vyom, Ankit, Mitchell, Fernanda, & Patrick