In last week’s stock market rout, Target’s share price suffered its worst single-day plunge since the Black Monday crash on 19 October, 1987, after the company cut its profit outlook from 8 percent of sales to 6 percent. Also, the company’s first-quarter profit fell below the lowest estimate among 23 analysts Bloomberg has surveyed. CEO...
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SELL-OFF BROADENS BEYOND TECH AS MARKETS BRACE FOR RECESSION
Ten of the 11 sectors comprising the Standard & Poor’s 500 index have lost value this year. Only energy has been spared. The contagion spread more widely last Wednesday when Target and Walmart reported surprisingly poor first-quarter results. Kohl’s also missed its profit target and is actively seeking a buyer. With consumer spending supporting as...
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TECH STOCKS CONTINUE TO LEAD THE MARKETS’ FALL
The NASDAQ, home to most U.S.-listed tech stocks, slumped 3.8 percent last week, its seventh consecutive week closing down and its longest losing streak since 2001 after the dot-com euphoria came to an end. Cisco’s share price tossed 13 percent last week after the company projected poor profits for this quarter. Dell was off 11...
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MASTERCARD: SPEND WITH A SMILE ON YOUR FACE
Mastercard has begun a test of its new biometric payment technology that lets customers in stores add purchases to their cards by showing their faces to a screen. Payments also can be made with a wave of the hand. By pioneering the technology, Mastercard could become “the enabler of the ecosystem,” setting standards of privacy...
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THIS WEEK IN SURVEILLANCE
BOURLA DOES DAVOS, SELLS MICROCHIPS IN PILLS. No figure in the COVID War that has ravaged world economies and human medical freedoms, has been more cold blooded in appetite for power and money than Pfizer CEO Albert Bourla. He just upped his game again. Bourla graduated yet another “conspiracy theory” to fact, using the largest...
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BLOCKCHAIN BATTLES
NY SPEEDING UP BITLICENSES FOR CRYPTO FIRMS. The banking authority in New York is speeding up work on its crypto company license regulatory framework, dubbed “BitLicense.” That’s according to Adrienne Harris, the head of New York’s Department of Financial Services. Harris talked recently with theblockcrypto.com about her work on extending the DFS’ licensing system for...
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BARCLAYS, GOLDMAN BACK NEW CRYPTO PLATFORM
Goldman Sachs and British bank Barclays are part of a new $70-million funding round for five-year-old Ellwood Technologies, a cryptocurrency trading platform created by Alan Howard, a British hedge fund billionaire. Other investors include Dawn Capital, Galaxy Digital, and Germany’s Commerzbank. This new round of funding valued Ellwood at about $500 million. The round was...
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DESPITE RECENT CRASH, INVESTORS PUT NEW MONEY INTO CRYPTO
Last week, Toronto firm Round 13 Capital announced it had filled a $70-million dollar fund that will be invested in blockchain companies and hopes to add another $30 million to it. The company already has channeled $15 million into six deals and expects to have all the money rehoused within two years. “This is the...
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CRYPTO EXCHANGE FTX OPENS ITSELF TO STOCK TRADING
Further blurring the line between digital and traditional assets, cryptocurrency exchange FTX now allows customers to trade stocks commission-free on its platform. FTX has begun the service for select customers and will open the service to all users in the next few months, the company said. The exchange will not clear customers’ transactions through high-speed...
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GENSLER WARNS AGAIN ON CRYPTO RISKS
Even after cryptocurrency prices crashed earlier this month, more investors still may be lured to, and harmed by, the volatile asset, Gary Gensler, chair of the U.S. Securities and Exchange Commission, warned in comments to reporters last week after a Congressional hearing. “I think a lot of these tokens will fail,” he said. “I fear...