Canadian crypto broker Voyager Digital (VYGVF) suspended trading, deposits, withdrawals, and loyalty rewards, according to a statement released by the firm Friday afternoon. The decision comes after the firm gave a notice of default to crypto hedge fund Three Arrows Capital (3AC) after it failed to repay over $644 million in borrowed bitcoin (BTC-USD) and … Read more
JPMorgan Chase & Co. analysts on Friday downgraded three regional bank stocks and said they’re moving their outlook for the sector to neutral based on rising expectations of a recession as well as more aggressive interest rate hikes from the U.S. Federal Reserve. JPMorgan cut its ratings on Live Oak Bancshares Inc. LOB, +1.24% and … Read more
Text size Dreamstime Almost every analyst on Wall Street knew that the memory chip company Micron Technology was likely to provide quarterly guidance below previous Street estimates. And that’s exactly what happened. Micron’s revenue outlook for the August quarter came in almost $2 billion below the old consensus level. Micron shares are trading sharply lower … Read more
(Bloomberg) — Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. Most Read from Bloomberg The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a … Read more
A Chinese company’s purchase of farmland in North Dakota just down the road from a US Air Force base that houses sensitive drone technology has lawmakers on Capitol Hill worried about potential espionage by Beijing, according to a report. Fufeng Group, a Shandong, China-based company that specializes in flavor enhancers and sugar substitutes, recently purchased … Read more
II-VI completes acquisition of Coherent, will take on new name
Sam Bankman-Fried’s FTX crypto exchange has signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million, BlockFi Chief Executive Zac Prince said on Friday. FTX has also agreed to provide BlockFi with a $400 million revolving credit facility, Prince said in a tweet. He added that BlockFi has faced a jump in withdrawals after news of … Read more
Michael Burry is best known for predicting the 2008 housing market collapse, and making a killing in the process, but in recent years he’s taken to Twitter to criticize stock valuations, crypto bulls, and overall reckless investor behavior. In June 2021, the Scion Asset Management chief, who Christian Bale portrayed in the 2015 film The … Read more
American Airlines is offering its pilots a major pay bump and other concessions as it aims to overcome shortages that have exacerbated flight disruptions in recent months. CEO Robert Isom revealed that American’s latest contract proposal would bump their pay by 17% — with $2 billion in additional compensation for its roster of 12,700 pilots. … Read more
The semiconductor sector logged one of its worst weeks in an already lousy year following more evidence that the COVID-19 chip sector boom was drawing to a close. On Friday, the PHLX Semiconductor Index SOX, -3.83% dropped as much as 5%, and finished the session down 3.8%, as chip stocks fell across the board. Shares … Read more