If you are confused by the savage recovery of so-called “reopening” stocks, you are clearly overthinking things. Yes, sectors like hotels, amusement parks and casinos are soaring, even as revenues remain severely depressed. But markets’ new mantra seems to channel the age-old design principle: “Keep it simple, stupid.” Look no further than cruise stocks. Shares of the three major cruise […]
Another year, another familiar-sounding strategic update at HSBC. HSBC 0.40% The behemoth’s need to reiterate its pivot to Asia underlines what a slow, awkward process it is. The London-headquartered, China-focused bank announced full-year results on Tuesday. As at peers, revenues were hit by lower interest rates globally and chunky allowances for pandemic-related loan losses. Unlike at investment-banking rivals, the bump […]
This year’s furious rally in cryptocurrencies lost steam Tuesday, knocking prices for bitcoin and ether from recent highs, alongside drops in other risky assets including tech stocks. Bitcoin fell 11% to $47,145 after hitting a record of $58,332 Sunday, according to CoinDesk. The decline lowered its market cap—the value of all bitcoin in circulation—to $878 billion, down from more than […]
The late February tech-stock rout deepened Tuesday, with the Nasdaq Composite Index falling 3% and Tesla Inc. tumbling as much as 12% as rising interest rates prompt a broad re-evaluation of investor growth expectations. The Nasdaq pullback puts the tech-focused index on track for its steepest decline since Sept. 8. Tesla, whose 743% surge last year highlighted the tech-led market […]
The New York attorney general’s office settled Tuesday a nearly two-year investigation into the finances and corporate practices of the companies that operates the Bitfinex cryptocurrency exchange and the stablecoin tether. Hong Kong-based iFinex Inc., which operates the Bitfinex exchange, and Tether Ltd. agreed to pay $18.5 million to the attorney general’s office. Additionally, Tether agreed to publicly release quarterly […]
Investment firm Infinity Q Capital Management LLC asked the Securities and Exchange Commission to halt redemptions on a $1.8 billion fund and is looking to liquidate its holdings. The request comes after the firm was unable to value some of its holdings, which include swaps, in one of its funds. Infinity Q had about $3 billion in assets under management […]
Morgan Stanley is betting a partnership in Silicon Valley will lead to new long-term clients for its wealth-management business. The bank said Tuesday that it struck a deal with Wilson Sonsini Goodrich & Rosati to take over the stock plans the law firm manages for thousands of clients. Terms of the deal weren’t disclosed. Startups often offer stock as part […]
Here’s what we’re watching as markets kick into gear on Tuesday. —U.S. stock futures edged lower as investors awaited Federal Reserve Chairman Jerome Powell’s testimony in Congress on the health of the economy. Futures tied to the S&P 500 ticked down 0.5%. The benchmark stocks gauge on Monday fell for a fifth consecutive day, its longest losing streak since last February. […]
DoorDash is a newly minted $65 billion public food-delivery company trading near its highs just as the coronavirus is beginning to wane and restaurants are opening back up. What could possibly go wrong? The nearest catalyst could be deceiving. The company is set to dish out fourth-quarter results on Thursday, its first report as a public company. All signs point […]
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