Tag: Stock

UBS Stock Falls 2% after Record of Slump in Q1 2023 Net Profit

The turmoil in the banking ecosystem from the United States as it concerns Silicon Valley Bank (SVB) stirred a ripple effect that was felt in Switzerland. The shares of Swiss multinational banking giant UBS Group AG (SWX: UBSG) are seeing a mild slump today after the firm revealed that its net profit for the first quarter took a significant hit. While still largely profitable, UBS said the net profit for the quarter dropped by 52% over the past year to $1.03 billion. UBS said the drop in revenue was fueled…

American Earning Season Pulls Stock Indices Lower

There are different segments in the market with different performance outlooks and while the payments ecosystem took a slight hit, the earnings in the banking sector have been mixed across the board.  The ongoing American earning season has pulled the mainstream stock indices lower as investors digested performances that show a contracting economy. While the performances of companies that have released their performance reports thus far have been mixed, the revenue cut from multinational electric automaker Tesla Inc (NASDAQ: TSLA) stirred a deep dive into the growth momentum of key…

AT&T Stock Tanks 7% as Free Cashflow Tanks and Wireless Growth Slows in Q1 2023

AT&T’s free cash flow dropped significantly as a result of which the stock price took a severe beating on Wall Street in Thursday’s early trading hours. During the early trading hours on Thursday, April 20, the stock price of telecom giant AT&T (NYSE: T) came crashing down by more than 7%. As of press time, the AT&T stock is trading 7.26% down at a price of $18.28. Today’s price crash in AT&T pushes the stock into negative territory on the year-to-date chart. Factors That Affected AT&T Stock The recent action…

MS Stock Slightly Down, Morgan Stanley Reports Lower-Than-Expected Q1 2023 Revenue

Morgan Stanley has retained its stance as one of the top banks in the United States with influence spread around the world. American multinational banking giant Morgan Stanley (NYSE: MS) has released its performance and revenue report for the first quarter of this fiscal year, showcasing a result that is lower than analysts’ expectations. Based on the company’s report, its revenue came in at $14.52 billion as against the $13.92 billion estimate by Refinitiv analysts. Additionally, the company said its Earnings Per Share (EPS) was pegged at $1.70 as against…

MicroStrategy stock price more than doubles in 2023 in lockstep with Bitcoin

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MicroStrategy’s infamous Bitcoin (BTC) investment strategy is playing out profitably so far into 2023. Today, MicroStrategy’s stock MSTR is up roughly 140% year-to-date (YTD) to $350 per share, its highest level since September last year. It mirrored Bitcoin’s 90% YTD gains, maintaining a strong positive correlation with the top cryptocurrency. MSTR daily price chart featuring its daily correlation with BTC. Source: TradingView Proxy Bitcoin investment boom To recap, MicroStrategy is essentially a proxy for direct BTC investment without a spot Bitcoin exchange-traded fund (ETF) in the U.S. It holds 140,000 BTC worth $4.26…

ChatGPT Can Predict Stock Moves from News Headlines and Decode Fed Speak

The researchers also stated that ChatGPT could beat the commonly used models from Google, dubbed BERT along with the classifications based on dictionaries. OpenAI’s popular chatbot system ChatGPT hasn’t failed to surprise people across the world, and once again, it’s out to show its AI prowess. Earlier this month, two new papers have been published that deployed the AI chatbot in some market-relevant tasks. The first task involved deciphering whether the Fed’s comments are dovish or hawkish. The other task determined for the ChatGPT experiment was whether the news headlines…

Stock Futures Advance Ahead of Big Week for Bank, Corporate Earnings

Stock futures in the US climbed as investors brace for a crucial week of quarterly earnings from several large companies across sectors. Wall Street stock futures moved higher amid anticipation of more big bank earnings this week. On Sunday, stock futures tied to the S&P 500 climbed 0.16%, or 6.5 points, with the Nasdaq 100 futures increasing by 0.06%. In addition, futures tied to the Dow Jones Industrial Average (DJIA) also advanced 0.13% or 43 points. The banking sector got off to a commendable start, with heavyweights Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM) surpassing expectations.…

Bitcoin Miner Bitdeer Stock Slumps Nearly 30% at Trading Debut

Bitdeer’s, along with other bitcoin miners, financial performance deteriorated in 2022, in part due to worsening market conditions. The firm reported revenues of $330.3 million, and a loss of $62.4 million for 2022, compared with $394.7 million in revenue and a profit of $82.6 million the year before, according to the prospectus filing. Source

London Stock Exchange-backed LCH to Offer Bitcoin Index Derivatives Clearing Services from Q4 2023

Subject to regulatory approval, LCH has partnered with GFO-ax to offer the clearing of Bitcoin index derivatives. As the Bitcoin and broader cryptocurrency market gain global recognition amid banking crisis, the United Kingdom institutional investors can rest assured the Rishi Sunak government is pro-digit assets. In a stunning move, the London Stock Exchange (LSE) through its subsidiary LCH Limited, LCH S.A has announced that it will begin to offer clearing of Bitcoin index futures and options contracts traded on GFO-X, a UK FCA-approved digital asset derivatives trading platform. Subject to…

London Stock Exchange’s LCH SA to Clear Bitcoin Futures and Options on GFO-X Through New Service – Bitcoin News

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On April 13, 2023, the London Stock Exchange’s LCH division, a clearing house group serving major international exchanges and a wide range of over-the-counter (OTC) markets, announced its plans to offer clearing of bitcoin index futures and options contracts traded on GFO-X. Frank Soussan, the business lead at LCH Digital Asset Clear, stated during the announcement that “bitcoin index futures and options are a rapidly growing asset class.” LCH SA’s Move to Clear Bitcoin Futures and Options Contracts Reflects the Growing Interest Among Institutional Market Participants A division of the…