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Epam Systems – The IT outsourcing firm and Long-Term Leader is holding up well. RS line right at highs.
Epam Systems – The IT outsourcing firm and Long-Term Leader is holding up well. RS line right at highs.
A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed the class action lawsuit in federal court in Manhattan, alleging violations of federal securities laws.
The catalysts behind gold’s strength were a sharp retreat by U.S. Treasury yields on Thursday and a generally softer U.S. Dollar.
(Bloomberg) -- The Biden administration is evaluating the impact of new sanctions on Russia and is prepared to escalate those penalties if the Kremlin fails to rein in hacking attacks and attempts to interfere with the U.S. political process, according to people familiar with the matter.Options available to President Joe Biden include expanding the measures announced Thursday to bar U.S. financial institutions from the secondary market for ruble-denominated bonds issued by Russian state banks, said the people, who discussed the matter on condition of anonymity.Biden ordered the latest sanctions on Russia -- including limits on buying newly issued sovereign debt -- in response to allegations that Moscow was behind a hack on SolarWinds Corp. and interfered with last year’s U.S. election.The U.S. also sanctioned a number of entities and individuals, while expelling 10 Russian diplomats working in Washington, including some intelligence officers.Yet the moves were calibrated by the U.S. to punish the Kremlin for past misdeeds while keeping relations from deteriorating further, especially as tensions grow over a Russian military buildup near Ukraine.In another sign of worsening relations between the two countries, Russia on Saturday accused a Ukrainian diplomat of stealing information and gave him three days to leave the country on Saturday, the news agency Interfax reported. Ukraine hinted it would respond in kind. Two days before announcing the sanctions, Biden offered to meet Russian President Vladimir Putin later this year, even as he warned his counterpart about a litany of transgressions.White House communications staff didn’t immediately offer a comment.For now, U.S. officials are waiting to see how Putin responds. On Friday, Russia expelled 10 American diplomats and imposed sanctions on eight officials in tit-for-tat moves that stopped short of responding to U.S. restrictions on its sovereign debt.Foreign Minister Sergei Lavrov told reporters in Moscow that Russia could take steps that harm the interests of U.S. businesses but will hold those in reserve for now.Market ImpactThe Biden administration is also watching global markets to see the impact of its latest measures, including on the ruble, and any shifts in foreign ownership of Russian ruble bonds, according to the people. Interest rate decisions by Russia’s central bank and capital flows will also provide important clues, they said.The Bank of Russia’s next interest rate decision is scheduled for April 23.Under the sanctions unveiled Thursday, the Biden administration will bar U.S. financial institutions from participating in the primary market for new debt issued by the Russian central bank, Finance Ministry and sovereign wealth fund. Those limits would take effect starting June 14.Russian bonds fell and the ruble dropped the most since December on news of the impending penalties, but recovered their losses on Friday as investors concluded that the measures were milder than had been feared.White House officials sought to limit the sanctions’ fallout for the U.S. and global financial system while sparing the Russian civilian population from unnecessary harm, the people said. The Biden team now hopes to begin de-escalating tensions and believe that would benefit financial markets and the Russian economy, one of the people said.Still, U.S. officials are holding in reserve other potential escalations, including moves aimed at preventing secondary market trading in any ruble debt for the first 90 days or more after issuance, the person said.(Updates with Russia expelling Ukraine diplomat in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last went turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. It was lower by 9% to $55,323 at 10:18 a.m. in New York. Ether, the second-biggest, dropped as much as 18% to below $2,000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12%. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins.The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the plunge was related to concerns the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates prices and context on other cryptocurrencies from 2nd paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit.“The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event,” Morgan Stanley said Friday in its first-quarter earnings statement.The hit was related to Archegos, Chief Executive Officer James Gorman said on a call with analysts. The CEO called the matter a “very complex event,” and said he was pleased with how the company handled it.The firm’s philosophy is to “cauterize bad stuff” and deal with it as quickly as possible, Gorman said. Archegos won’t change how Morgan Stanley views its prime-brokerage business, but it will be looking hard at certain types of family offices and the adequacy of their financial disclosures, he said.The Archegos hit leaves Morgan Stanley as the only major U.S. bank to be nursing losses from the flameout of Bill Hwang’s family office. The New York-based bank was one of the early backers of Archegos despite the legal taint tied to Hwang, who was previously accused of insider trading and in 2012 pleaded guilty to wire fraud on behalf of his predecessor hedge fund, Tiger Asia Management.“This amount is material and should have been disclosed earlier, especially given the degree of attention prior to earnings,” Mike Mayo, an analyst at Wells Fargo & Co., said in a note to clients. “We expect more from Morgan Stanley when it comes to governance, and are incrementally concerned about complacency based on the tone from today’s conference call.”Shares of the company fell 3.4% to $78.05 at 1:57 p.m. in New York, paring this year’s gain to 14%The Archegos collapse rattled investment banks across continents, with Credit Suisse emerging as the worst hit with almost $5 billion in losses from its exposure to the family office.In the wake of Archegos, Morgan Stanley’s equity traders gave up their No. 1 spot, falling behind Goldman Sachs Group Inc. and JPMorgan Chase & Co., which posted big trading wins earlier this week off a wild quarter for markets.Equities-trading revenue at Morgan Stanley nevertheless rose 17% to $2.88 billion, compared with the $2.6 billion average estimate of analysts surveyed by Bloomberg. Goldman Sachs and JPMorgan have been clawing away at Morgan Stanley’s lead in that business, but until now the firm has managed to stay ahead of the pack. Both rivals posted equities revenue in excess of $3 billion for the quarter.Gorman’s PayIn January, Gorman leaped past JPMorgan’s Jamie Dimon as the best-paid CEO of a major U.S. bank, after being awarded $33 million for the firm’s performance in 2020 while running a firm that’s a third the size of JPMorgan.One reprieve for Gorman’s firm was the timing of the fund’s blowup. In any other quarter, the losses would have stood out more starkly. Instead, the hit came at a time when the bank and all its major peers have smashed one record after another, helping dull the pain.“Such a shame we have to talk about the” Archegos hit, given the strong results throughout the rest of the firm, Glenn Schorr, an analyst at Evercore ISI, said in a report titled, “Other Than That, It Was a Great Quarter, Mrs. Lincoln.”Fixed-income trading revenue at Morgan Stanley rose 44% to $2.97 billion, compared with the $2.2 billion analysts were predicting before earnings season kicked off.Morgan Stanley’s investment bankers pulled in $2.61 billion in fees, compared to the $2 billion analyst estimate, as equity underwriting quadrupled. The quarter proved particularly lucrative with the continued explosion in blank-check companies, better known as SPACs, as well as public offerings from technology companies.Banks are also having to fend off fierce demand for their top talent, with venture-capital firm General Catalyst this month luring away Paul Kwan, Morgan Stanley’s head of West Coast technology investment banking.Wealth-management revenue totaled $5.96 billion, up from $5.68 billion in the previous quarter.The acquisition of E*Trade last year also proved timely, as average daily trading surged in the first quarter, well above its fourth-quarter record. The firm also announced the completion of the Eaton Vance takeover last month, adding another business likely to throw off consistent fee-based revenue.(Updates with analyst’s comment in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Back in December, Ripple (CCC:XRP-USD) was caught in the crosshairs of securities regulators. The price of its XRP token fell below 25 cents. It remained weak, as major exchanges like Coinbase (NASDAQ:COIN) took it off their platforms. After that, it seemed things would get only worse for this popular altcoin. Source: Shutterstock But now, things have changed dramatically. Instead of getting destroyed by the Securities and Exchange Commission (SEC), it’s beating them in court. The case may still be hanging over its head. Yet, as seen the crypto’s parabolic move from around 45 cents, to around $1.68, in the past month, if confidence continues to run high it’ll soon be out of the woods. With this triple-digit percentage price move, is it too late to get in? Not necessarily. Assuming it continues to win in court, the price of Ripple’s token should continue to trend higher. In addition, with major cryptos like Bitcoin (CCC:BTC-USD) still making new highs, and even “memecoins” like Dogecoin (CCC:DOGE-USD) proving skeptics (like myself) wrong, overall short-term crypto mania may be sufficient to support additional upward price moves.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 10 Stocks to Buy for Your $5K Robinhood Portfolio Now, as is the case with this asset class in general, risk runs high. And, in the case of this crypto, not only is there risk of an overall market crash hanging over it. If its current success in court runs out, that could result in a drastic downward move in prices. XRP is Back With a Vengeance A few months back, the SEC seemingly had caught Ripple red-handed. Unlike other popular cryptos, the centralized nature of XRP made it vulnerable to allegations that it was an “unregistered security,” rather than a cryptocurrency. Yet, so far, the SEC doesn’t seem to have much of a case. How so? Namely, as InvestorPlace’s Dana Blakenhorn broke down on April 8, it all comes down to what comes out during the “discovery” process. If Ripple can prove that at one point the SEC regarded Ripple as a currency rather than a security, there may be grounds for dismissing the case. Yet, that’s not the only way in which Ripple is beating regulators. Other decisions from Judge Sarah Netburn have also been in the defendant’s favor. Again, its not guaranteed that XRP will soon be in the clear. But, as more information comes out, more of it indicates the prosecution is in over its head. With things moving in its favor, XRP will likely continue to rebound with a vengeance. But, that’s not all. Besides its apparent victory in the courts, it has the overall bullishness for crypto working in its favor. Together, both factors could mean higher prices ahead. Crypto Mania Could Give XRP an Additional Boost As I said above, cryptos large and small are still flying high. With speculators diving into Bitcoin, Ethereum (CCC:ETH-USD), and yes, even into meme cryptos like Dogecoin, this asset class overall could continue to move higher. So, what does that mean for XRP? Market bullishness could help it continue its climb. Now, that doesn’t mean we’ll see Ripple go on a tear similar to Dogecoin’s recent stunning surge. Why not? Remember, following its Coinbase suspension XRP isn’t as widely available for trading. Yet, it may be enough to sustain its momentum, once markets fully absorb its recent success in court. That being said, don’t bet the ranch on this becoming a major winner in the long-term. Near-term, I wouldn’t bet against. But, there’s little to indicate that XRP is going to supplant ETH as the number two crypto by market capitalization. This is mainly due to the fact that Ripple hasn’t been a major crypto held by the “smart money,” or institutional investors. It has been, and continues to be, primarily a crypto held by retail investors. This likely won’t change, even if it manages to get out of current legal troubles, and begin refurbishing its tarnished reputation. Exercise Some Caution, But Ripple Has Runway from Here The “another day, another all-time high” environment we’re now seeing with cryptos makes it seem like dabbling in this space is easy money. But, the risk of an overall “crypto crash,” like the one seen a few years back, remains high. Tread carefully with any play in this asset class. In addition, while as of late it’s beaten the SEC in the courts, things could go south at any moment. But, even with risks in mind, a small, speculative position in Ripple may be worth it at today’s prices. On the date of publication, Thomas Niel held a long position in Bitcoin. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article. Thomas Niel, a contributor to InvestorPlace, has written single stock analysis since 2016. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Ripple Could Climb Even Further After Stunning Comeback appeared first on InvestorPlace.
The amount represents roughly 1.5% of his holdings.
The IRS commissioner now says the monthly payments will indeed start in July.
WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.
The car company said it and LG Chem are building a production facility in Tennessee. Think of a Tesla Giga factory, GM style.
Dogecoin (DOGE-USD) has had an incredible week, rallying dramatically to touch a high of 40 cents before retreating slightly. DOGE-USD is currently trading around 34 cents, truly astonishing when you remember that back in early January 2021 its value was about one cent. Source: Orpheus FX / Shutterstock.com Naturally, your first thought will be “what a great rally,” followed swiftly by “what a missed investment opportunity!” But Dogecoin isn’t an investment opportunity at all. It’s the poster child for an epic financial bubble. Even worse, this coin isn’t even a financial asset to me, though it is a digital currency. Dogecoin isn’t just a joke, but a very nasty one, and things could soon end very badly for those invested in DOGE-USD.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cryptocurrencies: Where Is Their Value? The main factors that give any cryptocurrency its value are: Coin utility; Scarcity; Perceived project value; Transportability; Durability; and Ability to serve as a store of value and unit of exchange. The main question to answer now is whether Dogecoin has any of these mentioned factors to have any value 10 Stocks at the Heart of Good Retirement Portfolios The answer is it only has transportability. One person can send it to another through the internet. But this isn’t enough to have any value at all. It has no utility at all. It does not have any scarcity as there is no limit on the mining of Dogecoin. And the perceived value of the project is based on its ” fun factor,” which does not a solid investment make. Dogecoin: Fun Is A Reason to Speculate, Not Invest The official Dogecoin webpage bears the following statement: “THE FUN AND FRIENDLY INTERNET CURRENCY. Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.” Then there’s a video that claims it is a revolutionary digital currency. DOGE is now accepted at online retailers to buy groceries or gifts. And online creators can make cash by receiving Dogecoin from their fans, instead of likes that add no monetary value. Social Media Use and Social Media Trolls The Dogecoin community is an active one and in the past, it has funded Olympic Athletes and contributed to charities. The “troll currency” Dogecoin, which started with memes and sending Jamaica to the Winter Olympics, has recently reached the top 10 cryptocurrencies by market capitalization. And the internet has gone wild ever since. But should you invest in this digital currency? One of the founders of Dogecoin, Billy Markus, has himself told the Wall Street Journal that he created the asset entirely “for fun.” Online fundraising for charities, donations and other causes has value, but that doesn’t make Dogecoin a valuable investment at all. The currency was based on open-source Litecoin (CCC:LTC-USD) and unlike Bitcoin (CCC:BTC-USD), has no limit on the number of “coins” that can be produced in the system. So while Bitcoin is designed to be deflationary, Doge does not follow the same logic, as this wasn’t a concern for its creators. Why Dogecoin Is Moving Wildly Occasionally Lately, Elon Musk has also taken a stand on meme coin via his Twitter (NYSE:TWTR) posts. As in the case of GameStop (NYSE:GME), Reddit has also done its bit to skyrocket the value of the “Shiba currency,” with cryptocurrency communities setting their sights on taking it to 10 cents. They have since eclipsed that goal. But is the Dogecoin frenzy a reason to invest? Of course, the impetus was again provided by Musk on April 10, when he described the token as “…going to the moon very soon.” In February he described Dogecoin as the “people’s cryptocurrency”, and the rest is history. With each of Musk’s tweets, after all, Doge was going up 20%. The idea of investing in Dogecoin is too risky for any sophisticated investor. And this insanity is reinforced by what people are searching on Google (NASDAQ:GOOG). Two of the most popular questions: Will Dogecoin reach $1? Will Dogecoin make me rich? Dogecoin Verdict If you think investing should be fun and aren’t worried about potential returns, then you may consider Dogecoin an interesting, speculative game. But the word to focus on is game. Dogecoin has no intrinsic value, its price is very easily manipulated and being another “meme” investment, it is subject to great volatility. I do not know if DOGE-USD will ever reach $1. But the truth is, I don’t care and it doesn’t matter. Who wants to invest in an asset without any fundamentals t0 support it? Dogecoin is the definition of an epic bubble, so it is completely off my list. No second thoughts about it. On the date of publication, Stavros Georgiadis, CFA, did not have (either directly or indirectly) any positions in the securities mentioned in this article. Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Dogecoin Is the Poster Child for an Epic Financial Bubble appeared first on InvestorPlace.
Mortgage rates fall for a second consecutive week but fail to boost purchase demand, with inventories and rising prices leaving home buyers on the sidelines.
On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
'Sell in May and go away,' advises the trading maxim. But with stocks at record highs, one trader at the New York Stock Exchange is recommending a related but different strategy.
Dogecoin, dogecoin, dogecoin! That must be what bitcoin holders are saying lately. Owners of the world's No. 1 crypto, like Jan from the 1970s-era sitcom, The Brady Bunch, must feel as if they have been living in the shadow of a more intriguing sister crypto.
All manner of weird things keep happening in financial markets, from bond yields that go down when they should go up, to near-daily swings between big-picture convictions. It's hard to manage money when everything feels so fragile.
See some strategies to reduce your payments by cutting the interest on your debt.
As dogecoin's gains top 9,392%, CoinDesk’s Adam B. Levine finds some surprising parallels between the top meme token and bitcoin.
Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing's scrutiny of its business, according to a source familiar with regulators' thinking and two people with close ties to the company. Reuters is for the first time reporting details of the latest round of meetings and the discussions about the future of Ma's control of Ant, exercised through a complicated structure of investment vehicles. The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.