Tag: Stock

Crypto Mining Data Center Soluna Stock Surges After $14M Investment Deal

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Icahn Enterprises (IEP) Stock Falls 15% amid New Regulatory Probe

The whole saga has led IEP stock lower with prices dropping 15.14% to $32.22 at the close of trading on Wednesday. The woes for Carl Icahn’s Icahn Enterprises LP (NASDAQ: IEP) are far from being over amid new revelations that the US attorney’s office for the Southern District of New York is digging deep and has opened a probe into the company. As reported by CNBC citing the company’s latest disclosures, the Attorney’s office reached out to the company last Wednesday as it sought information into every aspect of the…

Disney Releases Fiscal Q2 2023 Earnings Report, DIS Stock Down 5% in Pre-market

The recent earnings report is the second one since Iger became the CEO again in November 2022. The Walt Disney Company (NYSE: DIS) posted revenue and profit in line with analysts’ expectations for its fiscal Q2 2023. The company, which released its second quarter and six months’ earnings for fiscal 2023, said its quarterly revenue grew 13% to $21.82 billion. Meanwhile, analysts expected $21.78 billion. Revenue also jumped 20% in the six months. Walt Disney added that diluted earnings per share from continuing operations increased from $0.26 in fiscal Q2…

Stock Futures Slump as US Inflation Remains Pegged at 4.9%

Despite the fall off of the US stock futures, there is no doubt that the fight against inflation is yielding a relatively positive fruit in the United States. The US stock futures are seeing a very concerning slump today following the release of the latest inflation figure for the month of April. According to the data from the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) for the month of April increased by 0.4% when seasonally adjusted, and by 4.9% over the last 12 months when not seasonally…

Coinbase Stock (COIN) Jumps 16% Post-Earnings; Analysts Praise Results but Worry About Regulatory Uncertainty

“Overall, we were pleased with the result and would characterize the near-term financial outlook as a modest positive to expectations,” Devin Ryan, JMP Securities financial technology research director, wrote in a note to investors. “Given the continuation of a challenging environment, coupled with all the regulatory headlines, it was nice to see a relatively clean quarter with respectable results, all things considered.” Source

PacWest Bancorp Mulls Sale of Entire Holding Company amid 80% Stock Drawdown since March

Los Angeles-based PacWest is considering several strategic options, including a sale, amid a banking crisis-induced stock plunge. Bank holding company PacWest Bancorp is reportedly mulling a sale following Wednesday’s 50% stock crash. The regional bank is weighing strategic options amid the US banking crisis, which sank three financial institutions in March. A Bloomberg report said PacWest shelved previous efforts to raise capital to remain afloat and now strongly considers selling all its assets outright. Inside sources revealed that PacWest has been working with a financial adviser on moving forward. These sources…

Qualcomm Reports 17% Phone Chip Sales Fall in Q2 2023, QCOM Stock Tanks by 6% in Pre-market

The company explained a 17-per cent drop in revenue by a tough macroeconomic environment and a “broad downturn” in the semiconductor sector. Semiconductors and wireless telecommunications products manufacturer Qualcomm Incorporated (NASDAQ: QCOM) has reported its earning for the second quarter (Q2) of 2023. Qualcomm has beaten analysts’ revenue forecasts, with $9.27 billion versus Wall Street’s estimate of $9.1 billion. However, with a better-than-expected revenue, the company has seen a 17-per cent drop from last year’s mark in phone chip sales, which is its key business unit. Besides, it missed EPS estimates,…

US Stock Indices Plummet as Fed Raises Interest Rate for 10th Time

The US stock indices notably derailed from the recent growth path it has charted in recent times following the rate hike news. The US stock market and its associated indices took a major plunge at the close of trading on Wednesday as the Federal Reserve’s Open Market Committee (FOMC) hiked interest rate by 25 basis points for the 10th time. Though the rate is a mild one, the move shows the drivers of the economy are not willing to back down on the fight against inflation that was pegged at…

Cathie Wood’s ARK Invest Rapidly Accumulating Coinbase (COIN) Stock As Crypto Exchange Goes International

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Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US. New data from Cathie’s Ark, a platform that tracks the investment of ARK Invest, reveals that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million. The day before, data shows ARK making three purchases worth about $8.4 million. The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty…

PacWest Leads Crash in Banking Stock Falling 28% as Others Follow Suit

PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses. Shares of bank holding company PacWest (NASDAQ: PACW) led a heavy crash in bank stocks on Tuesday. The stock tumbled nearly 28% as the general banking clime continues to sour following bank failures plaguing the sector. PacWest stock closed at $6.55 after falling 27.78% on the day. In addition to PacWest, Arizona-based Western Alliance Bancorp (NYSE: WAL) also crashed yesterday. WAL fell more than 15% and lost nearly…