Markets

The Securities and Exchange Commission is investigating the due diligence of FTX investors, according to Reuters.  The probe doesn’t indicate wrongdoing, and the report did not specify which firms were in question. The issue for regulators is whether venture capital firms and investment funds were acting responsibly on behalf of their own clients. Loading Something… Continue reading SEC reportedly probes due diligence of FTX investors, as role of VC firms and funds prior to crypto exchange’s collapse comes under scrutiny

Recent job cuts from Amazon and Salesforce represent the first necessary step in staging a turnaround for tech stocks, according to Wedbush.”Investors want these management teams to get ahead of the storm and preserve margins and the bottom-line,” Wedbush said.Wedbush expects the tech sector to deliver a 20% gain in 2023 despite economic uncertainty. Loading… Continue reading Job cuts from Amazon and Salesforce are the first step in staging a turnaround for tech that will see the sector jump 20% in 2023, Wedbush says

The Fed wants a recession to convince markets it’s serious about bringing inflation down, BofA’s chief economist Ethan Harris said. “They told us they want a weak economy. I think that’s a very friendly way of saying you want a recession,” Harris warned. He predicted the central bank would raise rates another 75-basis-points, and won’t… Continue reading The Fed wants a recession and is desperate to convince markets it’s serious about bringing inflation down, Bank of America chief economist says

Silvergate cut 40% of its staff as the crypto-focused bank reels from FTX’s implosion.  Crypto-related deposits fell 68% in the fourth quarter of 2022, according to the firm. Silvergate shares plunged more than 40% on Thursday. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on… Continue reading Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals

The SEC wants more information about the $1 billion purchase of busted crypto lender Voyager Digital’s assets by Binance.US.  The SEC filed a limited objection to the bankruptcy court overseeing the potential takeover of the assets by Binance.US.  The regulator questioned the exchange’s ability to “consummate a transaction of this magnitude”. Loading Something is loading.… Continue reading The SEC files an objection to Binance.US’s $1 billion bid to buy Voyager Digital’s assets, as the regulator scrutinizes deal for the bankrupt crypto lender

Celsius customers don’t own the $4.2 billion they deposited with the crypto lender, a court ruled.  Their digital funds held in interest-bearing accounts are the bankrupt firm’s property, it found. Wednesday’s ruling lets Celsius sell $18 million in stablecoins to fund a longer stay in Chapter 11. Loading Something is loading. Thanks for signing up!… Continue reading Celsius customers lose control of the $4.2 billion they deposited in accounts at the bankrupt crypto lender

The stock market is poised to plunge to new lows in the first half of 2023, according to Fairlead Strategies’ Katie Stockton.Stockton told CNBC on Tuesday that a “volatility event” could send the VIX soaring to 50.”The seasonal influences are sort of petering off here in terms of that Santa Claus rally, so we’re losing… Continue reading A ‘volatility event’ will plunge the stock market to new lows in the next 6 months, Fairlead’s Katie Stockton says

Apple’s price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday.  Demand headwinds are creeping into Apple’s growth story but the overall picture is more resilient than Wall Street is seeing, the firm said.  Analyst Dan Ives said Apple “should remain a Rock of Gibraltar name into 2023.” Loading Something… Continue reading Apple gets its price target slashed by nearly 13% at Wedbush, but it says the tech giant’s demand story still looks more resilient than Wall Street believes