Day: October 25, 2023

Alphabet (GOOGL) Shares Drop 7% as Cloud Business Misses Estimates in Q3 2023

Alphabet’s efforts to integrate generative AI technology into more products have been noticeable since the launch of OpenAI’s ChatGPT chatbot late last year.  Alphabet Inc (NASDAQ: GOOGL), the parent company of Google, experienced a nearly 7% drop in its shares in pre-market trading to $129.39. This decline in Alphabet stock came as a surprise, especially after the tech giant reported an 11% increase in revenue for Q3 2023. The dip in share prices primarily stems from Alphabet’s cloud business falling short of analysts’ expectations. Alphabet’s Strong Q3 Results with a…

Bank of Spain embraces ‘digital euro,’ explains its benefits

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Banco de España, Spain’s central bank, has joined a chorus of European banking institutions preparing their customers for the potential benefits of a digital euro. The central bank published a short text on Oct. 19 explaining the nature and uses of the European Union’s potential central bank digital currency (CBDC). The bank claims that the physical cash format “does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.” However, the digital euro will make electronic payments a vital piece of the financial system.…

FTX Eyes December Relaunch but Faces Uphill Battle to Regain Trust

While the path forward for FTX remains uncertain, the exchange appears to be taking steps to recover from recent turbulent times. The once-dominant cryptocurrency exchange FTX is endeavoring to set a new course following its bankruptcy last year, which was marred by allegations of fraud and mismanagement. Recent court proceedings have shed light on FTX’s exploration of various options to relaunch its trading platform and fulfill its obligations to creditors. Exploring Options to Relaunch FTX In the quest to reestablish FTX, sources close to the negotiations reveal that the exchange…

FTX Founder Sam Bankman-Fried’s Defense May Depend on Character and Fact Witnesses

Weeks ago, Bankman-Fried’s lawyers filed their proposed list of expert witnesses – a roster that included several law experts, a finance professor and a data analytics and forensics specialist. However, Judge Lewis Kaplan, who’s overseeing the case, granted the prosecution’s request to bar those witnesses for a variety of reasons, including arguments that the witnesses’ testimony would be tangential to the case and that the witnesses themselves were unfit to testify in a U.S. criminal trial. Source

BlackRock fined $2.5M by SEC for incorrect investment disclosure

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The United States Securities and Exchange Commission has fined investment adviser BlackRock Advisors, LLC $2.5 million, accusing it of failing to accurately describe investments in the entertainment industry that comprised a significant portion of a publicly traded fund it managed. According to the SEC’s filing, between 2015 and 2019, BlackRock Multi-Sector Income Trust (BIT) made sizeable investments in a print and advertising business called Aviron Group, LLC, that worked on one to two films annually, through a loan facility. The SEC alleged that BlackRock incorrectly referred to Aviron as a company that…

Apple Preparing for Launch Event, New Macs Expected

According to Apple analyst Ming-Chi Kuo, if Apple comes up with new M3 Macs, their production volume is likely to be low. The analyst says the tight supply will last until the first quarter of 2024. Apple Inc (NASDAQ: AAPL) is sending invitations for a launch event that will be streamed on its website on October 30 at 5 p.m. Pacific Time. Dubbed ‘Scary Fast’, the event is expected to be focused on a new line of Mac products. The tagline chosen is not only about the event happening just before…

FTX navigates post-bankruptcy options, weighs sale or revival

These options reportedly encompass selling the entire exchange, including its extensive customer base of over 9 million, to the potential of forming a partnership with another entity to revive the platform. FTX Trading Ltd., formerly a prominent player in the cryptocurrency exchange sector, is carefully considering its future after going through bankruptcy proceedings.  According to a report, during a court hearing in Wilmington, Delaware, Kevin M. Cofsky, the company’s investment banker from Perella Weinberg Partners, revealed that a decision regarding the company’s direction would be made by mid-December. Additionally, active…

Pro-XRP Legal Expert Shares Expectations If SEC Wins Appeal Against Ripple

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Pro-XRP legal expert Fred Rispoli has shared some expectations following Judge Analisa Torres’ order, where she officially dismissed the US Securities and Exchange Commission’s (SEC) claims against Ripple’s executives Brad Garlinghouse and Chris Larsen.  SEC Can Still Bring Claims Against Ripple’s Executives In a post shared on his X (formerly Twitter) platform, Rispoli noted that the SEC could still file another lawsuit against Garlinghouse and Larsen if they were to appeal Judge Torres’ ruling on the programmatic sales and other distributions and get a judgment in their favor.  His assumption…

Microsoft Beats Q1 2024 Revenue Expectations with High Demand for Cloud Services

According to the earnings report, Microsoft’s commitment to AI-driven solutions yielded remarkable results, with the Azure OpenAI Service witnessing a significant rise in its customer base. Microsoft Corp (NASDAQ: MSFT) performance in the fiscal Q1 2024 surpassed projections, triggering a significant surge of 6% in the company’s stock during the extended trading session on October 24. The company’s recent revenue report and quarterly revenue guidance released on Tuesday exceeded market expectations. Earnings per share for the quarter amounted to $2.99, outperforming the expected $2.65. Moreover, the company’s total revenue reached…