Tag: Stock

Intel (INTC) Stock Tanks 6% after Update on Its Chip Manufacturing Plans

Intel is putting a major push towards focusing on its foundry business and closing the gap with chip-manufacturing giants like TMSC. During Wednesday’s trading session, June 21, Intel (NASDAQ: INTC) stock tanked by 6% ending the day at $32.90 levels. This happened as the Intel company announced a major turnaround plan in order to become a chip manufacturing giant and compete with the likes of Taiwan Semiconductor Manufacturing Company. Intel’s Chief Financial Officer David Zinsner explained that the company would soon be changing the way it reports its financial results…

Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

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In an interview with Bloomberg, ARK Invest CEO and CIO Cathie Wood recently discussed why her flagship fund, Ark Innovation (ARKK), is adding to its position in shares of Coinbase (COIN) after the SEC sued Binance, one of Coinbase’s biggest competitors. ARKK purchased nearly 330,00 shares of COIN on June 6, 2023, worth about $17 million at the time, according to disclosure statements. Two other funds, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF, also bought 35,700 shares, worth $1.8 million, and 53,900 shares, worth $2.8 million, respectively. …

Coinbase Stock and Price Target Rise despite SEC Indictment and Lawsuit

Coinbase is still enjoying a relatively healthy market sentiment as its stock price and target seem unperturbed by the SEC’s lawsuit. The stock price of Coinbase (NASDAQ: COIN) rose roughly 6% last week, along with the average price target expected by analysts. The major crypto exchange’s stock climbed 5.93% over the period, closing at $55.59. According to data from MarketWatch, COIN has seen more than 57% in year-to-date (YTD) gains, despite its 26.86% drop over the last three months. COIN has also shed 2.10% of its weight in the past month.…

ORCL Stock Jumps 6% as Oracle Beats Estimates for Revenue and Profit in Q4 2023

Oracle delivered robust numbers for its cloud infrastructure services and is also working on generative AI. ORCL stock shot up by more than 6% on Monday. On Monday, June 12, software giant Oracle Corporation (NYSE: ORCL) reported the results for its fourth fiscal quarter while exceeding Wall Street expectations on both – the top line and the bottom line numbers. This news has had an impact on ORCL stock. For the last quarter, the company reported earnings per share at $1.67 against the expected $1.58. Similarly, the company reported a…

Marc Cuban highlights discrepancy in SEC’s approach to stock loans vs. crypto assets

In a recent Twitter statement, Marc Cuban highlighted the discrepancy in the Securities and Exchange Commission’s (SEC) approach towards the stock loan industry compared to crypto assets. Cuban pointed out that while the SEC labels the stock loan industry as “opaque” and emphasizes the need for transparency, they have not classified “stock loans” as securities nor initiated lawsuits against brokers and banks’ stock loan departments. The SEC is showing their intentions for their industry Cuban suggested that the SEC should adopt a similar approach for crypto assets to assess which…

Crypto market is like 1920s stock market, full of ‘fraudsters’

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In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws, the current SEC can also clean up the crypto market by applying these laws, he argued. JUST IN: SEC Chair Gary Gensler says crypto is all “hucksters, fraudsters, scam artists.” pic.twitter.com/1xRWUMzbel —…

Coinbase CEO’s stock sale was probably not planned to occur a day ahead of SEC suit

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Coinbase CEO and co-founder Brian Armstrong sold company shares the day before the United States Securities and Exchange Commission (SEC) filed a complaint against the exchange for securities law violations. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so.  SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Coinbase’s share price plummeted the day of the suit, with an initial dip of 20%. Armstrong has been selling Coinbase stock…

Tel Aviv Stock Exchange completes proof of concept to tokenize fiat and bonds

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A new phase in the Tel Aviv Stock Exchange’s integration of blockchain technology and traditional assets has been completed with the minting of the first dummy digital government bond as an ERC-1155 security token.  The bond mint is part of the proof of concept (PoC) phase of Project Eden, a partnership between the Israeli Ministry of Finance and the stock exchange to explore blockchain infrastructure in issuing and settling government bonds. Also included in the proof of concept was the tokenization of an Israeli Shekel — the country’s fiat currency…

SBF upset by criminal trial’s late evidence while FTX seeks sale of AI stock

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Former FTX CEO Sam Bankman-Fried claims prosecutors have missed discovery deadlines for key pieces of evidence required in the defense of a raft of fraud charges. On June 5, Bankman-Fried’s lawyers told United States District Judge Lewis A. Kaplan in a letter that the government had not turned over all of the contents of five electronic devices that were due for discovery by the end of March. A laptop and iPhone belonging to former Alameda Research CEO Caroline Ellison and a laptop belonging to FTX co-founder Gary Wang were among the…

Coinbase stock plunges 20% on SEC lawsuit

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The stock of cryptocurrency exchange Coinbase plunged more than 20% at the open on June 6. At the time of publication, shares have pared some losses and are currently trading at $50.14, compared to an intra-day low of $46.43. The company’s market capitalization currently stands at $13.7 billion.  The same day, the United States Securities and Commission filed a lawsuit against Coinbase, alleging the operations of an unregistered national securities exchange, broker and clearing agency and failing to register the offer and sale of its crypto asset staking-as-a-service program. SEC Chair…