Category: Market News
Crypto exchange FTX signed a deal on Thursday to bail out embattled digital-asset lender BlockFi. The deal also includes an option for FTX to buy BlockFi at a maximum price of $240 million, based on performance triggers, according to Zac Prince, chief executive at BlockFi, in a tweet. FTX US will also provide a $400 […]
The Biden administration on Friday proposed up to 10 oil and gas lease sales in the Gulf of Mexico and one off the Alaska coast over the next five years, scaling back a Trump-era plan that called for dozens of offshore drilling opportunities, including in undeveloped areas. Administration officials said fewer lease sales – or […]
Crypto brokerage Voyager Digital VYGVF, -30.68% shares plummeted as much as 40% after it announced Friday that it has temporarily suspended trading, deposits, withdrawals, and loyalty rewards starting 2 pm Eastern time on Friday. It shares dropped to as low as $0.25 before it rebounded to about $0.33 at market close. The crypto brokerage earlier […]
Shares of home builders were broadly higher Friday, as the continued drop in longer-term Treasury yields helped soothe some fears about home affordability. The iShares U.S. Home Construction ETF ITB, +4.10% ran up 4.3% with all 47 equity components trading higher, while the S&P 500 SPX, +0.57% edged up 0.7%. PulteGroup Inc. PHM, +6.78% was […]
Shares of General Motors Co. GM, +0.55% dropped 1.7% in premarket trading Friday, after the automaker warned of a second-quarter earnings shortfall, as vehicle wholesale volumes were hurt by the timing of semiconductor shipments and other supply chain disruptions. The company expects net income for the quarter to June 30 to be between $1.6 billion […]
U.S. stocks opened lower on Friday ahead of a long holiday weekend as markets kicked off the second half of the year in the red. The Dow Jones Industrial Average DJIA, -0.57% dropped 54 points, or 0.2%, to 30,720. The S&P 500 SPX, -0.50% shed 4 points, or 0.1%, to 3,781. The Nasdaq Composite COMP, […]
USHG Acquisition Corp. hugs and Panera Brands Inc. said Friday that they have decided to end their partnership, as deteriorating market conditions has made it “unlikely” that an initial public offering for Panera will happen in the near term. USHG, a special purpose acquisition company, and fast-casual restaurant chain Panera, had announced an agreement in […]
The U.S. is stocking up on COVID-19 vaccines and health regulators have recommended updating booster shots to fight the omicron subvariants, amid concerns of another surge in the fall and spring. There’s good reason for those concerns, as the seven-day average of new COVID-19 cases have broken out of a two-month range, and has risen […]
Facebook owner Meta is bracing for a sharp downturn, with plans to cut 30% of engineer jobs this year, Chief Executive Officer Mark Zuckerberg told employees on Thursday, Reuters reported. “If I had to bet, I’d say this might be one of the worst downturns that we’ve seen in recent history,” Zuckerberg said during a […]
FedEx Corp. FDX, -3.04% was downgraded to hold from buy, and its price target cut to $275 per share from $300 by Berenberg analysts, who said the shipping giant had become “too much of a ‘show-me story. Shares had seen a recent reprieve amid a CEO change and apparent influence of an activist investor, analysts […]