Month: March 2023

GTLB Stock Drops Over 30% as GitLab Issues Misses Forecast Revenue

The GTLB stock came under severe selling pressure in the aftermarket hours on Monday since the projected revenue stood less than the estimates. On Monday, March 13, GitLab Inc (NASDAQ: GTLB) stock plunged by more than 31% in the extended trading session after the software company gave full-year revenue guidance falling short of expectations. The company’s revenue stood at $122.9 million against the expected $119.6 million. It also managed to narrow its losses at 3 cents per share, adjusted, vs. the expected loss of 14 cents per share. As per…

California Court of Appeal Signs Off on Uber and Lyft to Tag Drivers as Contractors

The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today. The Californian Court of Appeals has overturned a lower court’s decision that sought to classify drivers working for ridesharing firms like Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) as independent contractors. As reported by CNBC, the objection to Proposition 22 which was voted for by California residents was raised by a group of drivers who sued the firm. Proposition 22 was approved by California voters back in November 2022. Per…

CFTC Announced New List of Members from Circle, TRM for Tech Advisory

The partnership of the CFTC with the industry professional seems to be in stark contrast with the other US agencies, such as the SEC, which has presented itself very coldly towards cryptocurrencies. The Commodity Futures Trading Commission (CFTC) declared the former White House Official Carole House as the new chair and blockchain analysis firm TRM Labs’ Ari Redboard as the vice chair of its Technology Advisory Committee. The CFTC disclosed a list of its members to the committee on Monday, declaring a newly-elected committee that is being backed by Commissioner…

BlockFi Bankruptcy Attorney Describes Digital Assets Lender as Safe amid Silicon Valley Bank Crisis

Christine Okike said BlockFi remains safe and looked to access significant cash held with Silicon Valley Bank yesterday.  Despite the Silicon Bank exposure, a BlockFi bankruptcy lawyer maintains that the digital asset lender is safe and in no immediate danger. The lawyer, Christine Okike, stated that the embattled New Jersey-based company also has sufficient funds to continue normal operations. As Okike of Kirkland & Ellis said on behalf of BlockFi at a Monday bankruptcy hearing: “BlockFi is fine; we have access to cash to operate in the normal course, including paying employees…

United (UAL) Shares Fall after Airlines Forecasts Q1 2023 Loss 

In addition to its shares falling, United Airlines also expects a “Q1 2023 average fuel price per gallon3 of between $3.31 and $3.41.” United Airlines Holdings Inc (NASDAQ: UAL) stock recently dropped 6% following the company’s bleak Q1 2023 results forecast. On Monday, the Chicago-based major American airline said it expects an adjusted quarterly loss ranging between 60 cents and $1 per share. According to United Airlines, the low expectation is due to smaller demand growth compared to other months. In addition, the airline company ascribed its restrained Q1 2023 performance…

CME Group Starts Trading for Event Contracts on Bitcoin Futures

The CME Group said the new event contracts on Bitcoin futures provide a limited-risk, highly transparent way for a wide range of investors to access the Bitcoin market via a fully regulated exchange. On Monday, March 13, popular derivatives trading platform CME Group announced that they have commenced the trading of event contracts on Bitcoin futures. In its statement, the CME Group said that this new product would be an addition to the company’s suite of 10 event contracts linked to its benchmark futures market. These types of contracts offer…

Coinbase (COIN) Stock Gains 10% amid Banking Crisis and Crypto Recovery

Coinbase shares are up approximately 67 percent YTD, despite a 62 percent decline last year. Coinbase Global Inc (NASDAQ: COIN) enjoyed a spike in market confidence, and the traditional banking sector proved risky to most investors. According to the latest stock market data from TradingView and MarketWatch, COIN shares closed Monday trading at $59.17, up 10.17 percent from the day’s opening price. The COIN rally continued during the after-hours trading session, up approximately 2 percent. Coinbase managed to maneuver the weekend banking crisis, which saw two major banks fail at…