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All three major U.S. stock indexes closed higher for the week, led by the Dow Jones Industrial Average . The Nasdaq Composite added 1.14% while the S & P 500 advanced 1.85% in a relatively quiet week of economic updates. Within the portfolio, Disney and Wynn Resorts released quarterly numbers; we took issue with the stock reaction to both reports. It also raises the stakes around major economic releases, such as next week's consumer inflation report. In the week ahead, earnings season continues — headlined by Walmart on Thursday — and inflation data will dominate the economic calendar.
Persons: We've, Jim Cramer, Dow Jones, we'll, We'll, Stanley Black, Decker, Jack, JACK, Arcutis, Spero, JD.com, Armour, Jim Cramer's, Jim, Carlo Allegri Organizations: Dow Jones, Nasdaq, Disney, Wynn Resorts, Procter, Procter & Gamble, Walmart, CPI, PPI, Club, Home Depot, Biotech Corporation, Music Entertainment, Central Puerto S.A, TeraWulf Inc, Paysafe Group Holdings, QuickLogic Corporation, Kopin Corp, Royalty Corp, Agilysys Inc, Crop Solutions Corp, Inovio Biomedical, Intercorp Financial, Lithium, Argentina ) Corp, Sea, Sony Group Corporation, SONY, Holding, HudBay Minerals, Autolus Therapeutics, Game Technology, Nu Holdings, Dragonfly Energy Holdings Corp, Bakkt Holdings, Prestige Consumer Healthcare, SilverCrest Metals, Inc, Mining Corp, Acurx Pharmaceuticals, Cresco Labs, Dole plc, DOLE, Arcos Dorados Holdings, ARCO, Cisco Systems, Grab Holdings, Copa Holdings S.A, Technologies, Iris Energy, KORE Group, Super, Spero Therapeutics, ZTO, Baidu, Deere & Company, NICE, Lightspeed Commerce, Ship Lease, Canada Goose Holdings, Drainage Systems, Consolidated Water Co, Outlook Therapeutics, Despegar.com, Corp, DXC Technology Company, Flowers Foods, Bruker Corporation, WYNN, CNBC, Foods Locations: Procter &, Central, Cayman, Lithium Americas, Argentina, Manhattan, New York City
Cryptocurrency platform Bakkt Holdings, which listed on the New York Stock Exchange in October 2021 after merging with a special-purpose acquisition company, recorded a $1.51 billion pretax goodwill impairment for the following year. Companies that went public through mergers with special-purpose acquisition companies in recent years booked billions of dollars in goodwill write-downs in 2022, reflecting in part a reckoning of the heady premiums paid to secure deals during the SPAC boom. Some of the biggest goodwill impairments in 2022 came from SPAC-backed companies like cryptocurrency platform Bakkt Holdings Inc., business-services provider Advantage Solutions Inc., 3-D printing firm Fathom Digital Manufacturing Corp., self-driving vehicle startup Aurora Innovation Inc. and now-bankrupt bitcoin miner Core Scientific Inc., according to financial and risk advisory firm Kroll LLC. Each of these five companies’ pretax impairments exceeded $1 billion last year.
Eduardo Briceno began trading stocks after leaving Venezuela to migrate to the US. When he arrived in the US, he had no means of earning an income, so he resorted to trading stocks. It wasn't until he made a mindset shift that he was able to make a career out of stock trading. That means trading small-cap, momentum stocks because they have fewer fundamentals that could impact price action. If it had tons of volume during its last peak price, it means there are many bag holders, he noted.
La Jolla, California-based Silvergate, one of the most influential banks in the digital asset industry, also said it has made a "risk-based decision" to discontinue the Silvergate Exchange Network that enabled crypto payments. loadingCoinbase Global (COIN.O):The crypto exchange said it was no longer accepting or initiating payments to or from Silvergate. loadingCrypto.com:A spokesperson for the crypto exchange said in an emailed statement to Reuters it was temporarily suspending USD deposits and withdrawals via Silvergate out of caution. Gemini:The crypto firm said on Twitter it has stopped accepting customer deposits/processing withdrawals via automated clearing house (ACH) and wire transfers through Silvergate on the Gemini exchange. loadingCboe Clear Digital:The company said it would be pausing all transactions with Silvergate Bank at this time until further notice.
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