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☆ Three-Stock Lunch: UPS, Moderna and Coinbase
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: UPS, Moderna and CoinbaseMichael Landsberg, Landsberg Bennett Private Wealth Management CIO, joins 'Power Lunch' to discuss Landsberg's thoughts on three stocks: UPS, Moderna, and Coinbase.

Persons: Coinbase Michael Landsberg, Landsberg Bennett Organizations: Moderna, Wealth Management Locations: Landsberg

☆ Nasdaq refiles BlackRock's bitcoin ETF application with SEC
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Nasdaq (NDAQ.O) refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (BLK.N) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday. The move comes after the regulator reportedly had concerns over the initial filings by Nasdaq as being unclear and incomplete. According to Cboe's Fidelity bitcoin ETF filing, the company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. Reporting by Jaiveer Singh Shekhawat in Bengaluru and John Mcrank in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Coinbase, Jaiveer Singh, John Mcrank, Shailesh Organizations: Nasdaq, BlackRock Inc, U.S . Securities, Exchange Commission, SEC, Global Inc, Fidelity, ., Thomson Locations: Manhattan, Bengaluru, New York

Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF. The SEC had also raised the same concerns with Nasdaq (NDAQ.O) over a similar recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, saying they did not meet the standards designed to prevent fraudulent and manipulative practices and protect investors. Bitcoin , the world's largest cryptocurrency, jumped to a more than one-year high last month after BlackRock (BLK.N) and Fidelity filed to launch bitcoin ETFs.

Persons: Cboe, Bitcoin, Coinbase, Chibuike Oguh, Michelle Price, Conor Humphries Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Fidelity, Reuters, Nasdaq, BlackRock, Thomson Locations: U.S, BlackRock, New York

☆ EU antitrust regulators set Aug. 7 deadline for Adobe, Figma deal
▼ + stars: | 2023-07-03 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 3 (Reuters) - EU antitrust regulators will decide by Aug. 7 whether to clear Adobe's (ADBE.O) $20 billion bid for cloud-based designer platform Figma after a preliminary review, according to a European Commission filing on Monday. Photoshop maker Adobe sought EU approval last Friday. A request made a month before the summer holidays suggests the company expects the EU competition enforcer to open a full-scale investigation following its initial scrutiny. The Commission earlier this year warned the deal threatens to significantly affect competition in the market for interactive product design and whiteboarding software. Britain's competition watchdog on Friday gave Adobe a week to offer remedies to address its concerns or face a deeper investigation.

Persons: Foo Yun Chee, Marguerita Choy Organizations: Adobe, Zoom Video Communications, Thomson Locations: BRUSSELS

☆ A challenging macro backdrop could dampen bitcoin's upside in the third quarter
▼ + stars: | 2023-07-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +10 min

Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment. Before the recent rush of applications to launch U.S. spot bitcoin ETFs injected new optimism in the crypto market, it was a frustrating second quarter for traders. Between the end of the banking crisis in May and the BlackRock bitcoin ETF filing on June 15, regulatory pressure weighed heavily on sentiment and bitcoin traded sideways. Regulation and ETFs Beyond the macro backdrop, it's clear developments in U.S. regulation and ETF applications will continue to be the main themes in the third quarter. Don't get too carried away though – crypto is still part of the broader market, which remains in a challenging macro environment.

Persons: it's, Christopher Ferraro, Powell, hasn't, Ferraro, Cantor Fitzgerald's Elliot Han, bitcoin, Han, we're, " Ferraro, Dado Ruvic, Ruvic Organizations: BlackRock, Galaxy Digital, CNBC, Federal Reserve, Securities, Exchange, Fidelity, Galaxy, SEC, REUTERS, Reuters Locations: BlackRock, –, U.S, Europe, Hong Kong, London

☆ What the SEC's Lawsuits Against Binance and Coinbase Mean for Crypto
▼ + stars: | 2023-07-01 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

What the SEC's Lawsuits Against Binance and Coinbase Mean for Crypto The lawsuits are another significant move toward regulating the entire crypto industryBy Wall Street Journal Jun 07, 2023 9:50 am The Securities and Exchange Commission is separately suing two major cryptocurrency platforms, Binance and Coinbase. WSJ’s Caitlin Ostroff breaks down the lawsuits and their potential impact on the crypto industry. Photo illustration: Adam Adada/Xingpei Shen

Persons: WSJ’s Caitlin Ostroff, Adam Adada, Shen Organizations: Wall Street, Securities, Exchange Commission

The SEC raised the same concerns with Nasdaq (NDAQ.O) over a recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. According to Cboe's Fidelity bitcoin ETF filing, The company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The recent filings for bitcoin ETFs by BlackRock and Fidelity have sent the price of bitcoin soaring more than 20% since June 15 to one-year highs. "It's not surprising to hear that the SEC is pushing back a little bit," he said of the bitcoin ETF applications. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022.

Persons: Cboe, Coinbase, Binance, it's, John Reed Stark, bitcoin, Ed Moya, It's, Carolina Mandl, John McCrank, Manya, Michelle Price, Shinjini Ganguli, Alexander Smith, David Gregorio Our Organizations: Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, WisdomTree, Coinbase, Cboe, BlackRock, ., Internet, Manya Saini, Thomson Locations: BlackRock, Nasdaq, Manhattan, New York, Bengaluru

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

☆ Stocks making the biggest moves midday: Apple, Meta Platforms, Carnival, Nike and more
▼ + stars: | 2023-06-30 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

In this photo illustration, the 2023 Apple Worldwide Developers Conference (WWDC 23) logo is displayed on a smartphone screen. Check out the companies making headlines in midday trading Friday. Citi also slapped a $240 price target on the stock, the highest on the Street. SolarEdge — The solar stock rose 3.3% after Bank of America raised its price target to $396 from $379. Bright Health Group — Shares added 2.6% in midday trading after the health insurer announced a deal to sell its California Medicare Advantage business to Molina Healthcare for roughly $600 million.

Persons: Goldman Sachs, Xpeng, —, Alex Harring, Tanaya Macheel, Sarah Min Organizations: Developers, Apple —, Citi, Journal, SEC, BlackRock, Pacific Biosciences, Bank of America, Bright Health, Molina Healthcare, Nike —, Nike, Markets Authority, Jefferies Locations: Thursday's, California

☆ SEC spells out bitcoin ETF concerns to asset managers
▼ + stars: | 2023-06-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The SEC has communicated its concerns to the exchanges Nasdaq (NDAQ.O) and Cboe Global Markets (CBOE.Z) which filed the applications on behalf of asset managers including BlackRock (BLK.N) and Fidelity, the source added on Friday. Bitcoin , which has jumped since BlackRock filed its application on June 15, fell after the Wall Street Journal first reported the SEC rejection on Friday. The SEC, Fidelity, BlackRock and Nasdaq declined to comment on the report, while Cboe was not immediately available. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. In a bid to address these concerns, the BlackRock and Fidelity filings proposed a surveillance mechanism aimed at preventing manipulation, but the applicants did not name which bitcoin exchange would be involved.

Persons: Cboe, Carolina Mandl, Manya, Shinjini Ganguli, Michelle Price, Alexander Smith Organizations: U.S . Securities, Exchange Commission, SEC, Nasdaq, Cboe, BlackRock, Fidelity, Wall Street Journal, Marathon, Manya Saini, Thomson Locations: BlackRock, cyptocurrencies, New York, Bengaluru

☆ Tech IPO drought reaches 18 months despite Nasdaq's sharp rebound in first half of 2023
▼ + stars: | 2023-06-29 | by ( Ari Levy | ) www.cnbc.com time to read: +12 min

Despite a bloated pipeline of companies waiting to go public and a rebound in tech stocks that pushed the Nasdaq up 30% in the first half of 2023, the IPO drought continues. Last Friday, Israeli beauty and tech company Oddity, which runs the Il Makiage and Spoiled Child brands, filed to go public on the Nasdaq. "You can make 15%-20% in the stock market but lose 15%-20%." "I think that’s done some harm to the traditional IPO market." With the public market still pretty closed, they're asking for alternatives."

Persons: Karl, Josef Hildenbrand, Turo, Reddit, hasn't, aren't, Lise Buyer, Buyer, Goldman Sachs, May, Shannon Stapleton, Jake Dollarhide, Dollarhide, Airbnb, they've, Instacart, Byron Deeter, Deeter, Larry Aschebrook, Aschebrook Organizations: AFP, Getty, Nasdaq, V, New York Stock Exchange, Apple, Nvidia, Coinbase Global Inc, Reuters Bankers, CNBC, Federal Reserve, Longbow Asset Management, Facebook, Clover Health, Venture, Companies, Bessemer Venture Partners, doesn't, Employees, Spotify Locations: U.S, Portola Valley , California, Cava, New York, Pinterest

☆ Crypto is trying to fix its custody problem as institutions pour in and regulatory uncertainty lingers
▼ + stars: | 2023-06-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

And the highly regulated institutions wanting to give their clients access to bitcoin are still a little skeptical that the crypto industry has learned its lessons. Another issue is there aren't enough dedicated custodians in the crypto industry. The Go Network acts as a platform on which partner firms can execute and settle trades between crypto assets and fiat currencies. BitGo handles custody of crypto assets while dollars are spread across a network of banks for safekeeping. "[The crypto industry] was operating on the edge, saying, it's risky, but we're making a lot of money.

Persons: Crypto, Bitcoin, Roger Bayston, Franklin Templeton's, FTX, Schwab, Gustavo Schwenkler, It's, David Wells, haven't, it's, BitGo, Mike Belshe, CNBC's, Wells, Belshe, BlackRock's Joseph Chalom, Franklin Templeton's Bayston Organizations: Crypto, New York City, Arrows, Terraform, Securities and Exchange, Fidelity, Citadel, EDX, Valley Bank, First, Leavey School of Business, Santa Clara University, Nasdaq, Bank of New York Mellon, CNBC, Go, Markets, Schwab, BlackRock, Securities, Exchange, Coinbase Locations: Coinbase State, New York, First Republic, PacWest, Wells

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFidelity joins push for spot bitcoin ETF, and Coinbase seeks dismissal of SEC suit: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Rich Rines, contributor at CoreDAO, discusses what institutional adoption of crypto means for bitcoin.

Persons: Coinbase, explainers, Rich Rines Organizations: Fidelity, SEC, CNBC Crypto, CNBC

"The SEC can pursue its claims only if the tokens and staking services it has identified are 'securities,'" Coinbase said. The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities. The lawsuit was filed one day after the SEC sued Binance, the world's largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations. In a separate 177-page filing denying the SEC's substantive claims, Coinbase said it "welcomes regulation," but that the regulator was arbitrarily and without Congress' permission trying to fill the "regulatory gap" over crypto assets. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Gary Gensler, Jonathan Stempel, Richard Chang Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Agency, Nasdaq, Coinbase, Court, Southern District of, Thomson Locations: U.S, Manhattan, Solana, Cardano, Southern District, Southern District of New York, New York

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ Fidelity preparing to submit spot bitcoin ETF filing - The Block
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter. The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application. A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

Persons: Gary Gensler's, Niket, Krishna Chandra Organizations: Fidelity, BlackRock, Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ Seth Klarman explains why he avoids crypto yet has a Coinbase investment
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Veteran hedge fund manager Seth Klarman said Tuesday that his firm's investment in a key player in the crypto industry was a bet on cash, not the future of digital currency. Klarman's Baupost Group reported a $29 million stake in Coinbase at the end of the first quarter , but Klarman said on " Squawk Box " that it was a convertible debt investment and should not be seen as a bullish bet on Coinbase or crypto more broadly. "Our team is focused in the sector because there's been so much trouble in the sector, so we actually are invested in convertible bonds of Coinbase. Coinbase reported $5 billion in cash and cash equivalents at the end of the first quarter , compared with $3.4 billion of long-term debt. Klarman said he struggles to see the long-term case for crypto and has decided to stay on the sidelines, other than the debt investment.

Persons: Seth Klarman, Klarman, there's, Coinbase, I've, I'm Organizations: Klarman's Baupost, U.S . Securities, Exchange Locations: Coinbase

☆ Seth Klarman says investors face the challenge of an 'everything bubble'
▼ + stars: | 2023-06-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

When billionaire hedge fund manager Seth Klarman looks at the investing world today, he sees asset bubbles pretty much everywhere. Historically low interest rates, even zero rates, have precipitated that bubble." With the investing world now ruled by trendy bubble-like investments such as Bitcoin and meme stocks, Klarman said the need for a sound, practical approach to investing is vital. In a letter to clients at the end of 2022, he accused the U.S. central bank of constructing a "financial fantasyland" of artificially low interest rates and liquidity pumping. In the current environment, investors face challenges relating to economic uncertainty and a central bank holding interest rates high to battle inflation.

Persons: Seth Klarman, we've, Klarman, Benjamin Graham, David Dodd, You've, Warren Buffett — Buffett, Columbia University —, Graham, Dodd Organizations: CNBC, Cornell, Columbia University, Buffett, Liberty, Federal Reserve Locations: Boston, U.S

Thin liquidity and big playersCrypto "market depth" has been sitting at very low levels this year. Market depth is a measure of liquidity in a market. According to data firm Kaiko, bitcoin's market depth has fallen 20% since the start of this year. Low liquidity, which has been a feature of the crypto market all year, is also partly behind bitcoin's 80% year-to-date rally. "I think trading volumes and price volatility are two of the most telling indicators of crypto market activity.

Persons: Andriy Onufriyenko, Bitcoin, Kaiko, Jamie Sly, Sly, bitcoin, Clara Medalie, Morgan Stanley, Goldman Sachs, Carol Alexander, Alexander, you've, Vijay Ayyar, Ayyar, CCData's Sly Organizations: BlackRock, CNBC, BTC, Securities, Exchange Commission, Retail, University of Sussex, Citadel, Fidelity Locations: U.S, CoinGecko, Invesco, Blackrock

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

☆ Here are Monday's biggest analyst calls: Meta, Tesla, Disney, Amazon, Boeing, Walmart, Uber & more
▼ + stars: | 2023-06-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: Bank of America upgrades Alliant to buy from neutral Bank of America said shares of the Wisconsin and Iowa energy company are attractive. UBS upgrades Moderna to buy from neutral UBS said the biotech company's pipeline is underappreciated. UBS downgrades Alphabet to neutral from buy UBS said it sees "near-term monetization risk" for the tech giant. Bank of America reiterates Paramount Global as buy Bank of America said the media company is "unique." Loop reiterates Disney as buy Loop said it's standing by its buy rating on the entertainment and parks giant.

Persons: LNT, Goldman Sachs downgrades Tesla, Goldman, Morgan Stanley, TD Cowen, Coinbase, underperform TD Cowen, Wells, Brinker, Williams, Tesla, Bernstein, Uber, Davidson, Roth, Roth MKM, Piper Sandler, Lululemon, Piper, LULU Organizations: Bank of America, of America, UBS, Moderna, Walmart, Amazon Prime, BTC, BMO, Sherwin, Deutsche Bank, Deutsche, Citi, Boeing, WSFS Financial Corporation, Networks, TAM, Meta, Paramount Global, Brunswick Locations: Wisconsin, Iowa, China

☆ Sam Bankman-Fried shot a MasterClass video about crypto trading months before FTX collapsed, report says
▼ + stars: | 2023-06-24 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

FTX cofounder Sam Bankman-Fried shot a MasterClass video on crypto last year, per The New York Times. He recorded the video last summer, months before FTX collapsed, according to the report. FTX cofounder Sam Bankman-Fried is thought to have shot a video for MasterClass, which offers classes taught by celebrity experts, just months before his crypto exchange collapsed. The existence of Bankman-Fried's MasterClass had only been a social media rumor around the time FTX collapsed prior to The Times' report. MasterClass, Bankman-Fried and Kives did not immediately respond to requests for comment from Insider, made outside normal working hours.

Persons: Sam Bankman, FTX, MasterClass, SBF's, Fried, Michael Kives, Kives, Crypto, Changpeng Zhao, Emilie Choi, Paul Krugman, Chris Dixon, Coinbase, Gordon Ramsay, Garry Kasparov, Margaret Atwood, Fried's MasterClass, Katy Perry, Orlando Bloom, Bill Clinton, Elon Musk, Leonardo DiCaprio, Ron DeSantis Organizations: New York Times, Morning, Hollywood, Bankman, MasterClass, Times, Alameda Research Locations: MasterClass, Alameda

☆ Bitcoin rallies 17% this week as institutional interest in the asset picks up
▼ + stars: | 2023-06-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

For many crypto investors, this week felt like the beginning of a new era – and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. BlackRock filed an application for its spot bitcoin ETF June 15, spurring a flurry of fund filings from other asset managers. In the past two weeks, bitcoin's trading volume has increased 0.5% on a week-over-week basis, according to JPMorgan.

Persons: Bitcoin, bitcoin, Polygon, Yuya Hasegawa, Invesco, Charles Schwab, CNBC's, it's, Owen Lau, Oppenheimer, Lau, Hasegawa Organizations: Solana, Securities and Exchange Commission, Nasdaq, SEC, BlackRock, Fidelity Digital Assets, Citadel Securities, JPMorgan Locations: Cardano

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