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☆ A housing market 'trough' is around the corner and should be a welcome relief to real estate firms like Zillow, a Bank of America analyst says
▼ + stars: | 2023-01-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

High mortgage rates and home prices have put the housing market into a deep chill. A Bank of America analyst upgraded real estate stock Zillow from "underperform" to a "buy." A dark cloud is hovering over America's housing market with each week bringing signs of doom and gloom. The rosier view wasn't because of an imminent improvement in the housing market. That's hit Zillow — which earns most of its revenue from lead generation for real estate agents — squarely in the pocket.

☆ The condo king of Miami bets his new Fisher Island luxury project can weather a recession
▼ + stars: | 2023-01-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

watch nowJust off the coast of Miami Beach, on ultra-exclusive Fisher Island, there is one crane on one construction site. It is the last plot of land available for development and an unlikely bet on luxury real estate at a time when the housing market appears to be in freefall. Jorge Perez, also known as "the condo king of Miami," and his Related Group are behind the 10-story, 50-unit project that boasts a sell-out price of $1.2 billion. The project includes a $90 million, 15,000 square foot penthouse and a $55 million ground-floor villa with a half-acre backyard. Miller added that the Fisher Island project, "may not sell in five minutes but it's not out of the realm of possibility even in this market."

LONDON, Jan 4 (Reuters) - U.S. funds giant BlackRock (BLK.N) will defer third-quarter redemptions from its 3.5 billion pounds ($4.2 billion) BlackRock UK Property Fund, a source told Reuters, in the latest sign of strain in Britain's real estate market. BlackRock's UK property fund will defer withdrawals that were originally due to be paid at the end of December, a person familiar with the situation said, asking not to be named. As of November, funds overseeing around 17 billion pounds in UK real estate assets were restricting redemptions to prevent firesales. A spokesperson for Legal & General Investment Management said on Wednesday that its Managed Property Fund was no longer deferring redemptions. M&G, Columbia Threadneedle, Schroders and CBRE did not immediately confirm to Reuters whether redemption deferrals were still in place for their UK property funds.

☆ Bernstein analysts offer a cautious bull case for crypto recovery after a year from hell
▼ + stars: | 2023-01-04 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Analysts from Bernstein laid out why they're still bullish on the crypto space. But Bernstein analysts Gautam Chhugani and Manas Agarwal offer crypto true believers a few reasons to keep the faith. Crypto keeps bouncing backThe past year was not the first "crypto winter," and crypto always bounced back fairly easily. Much of the crypto space remains decentralized. Chhugani and Agarwal said FTX's collapse had hastened DeFi adoption, which makes DeFi a bright spot in crypto investing, according to crypto VCs.

☆ Crypto had a catastrophic 2022. Here are 3 reasons it will bounce back again, according to analysts.
▼ + stars: | 2023-01-04 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Analysts from Bernstein laid out why they're still bullish on the crypto space. But Bernstein analysts Gautam Chhugani and Manas Agarwal offer crypto true believers a few reasons to keep the faith. In a note published on January 3, they wrote that despite a catastrophic 2022, the larger crypto ecosystem still has potential. Much of the crypto space remains decentralized. Chhugani and Agarwal said FTX's collapse had hastened DeFi adoption, which makes DeFi a bright spot in crypto investing, according to crypto VCs.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

☆ Sam Bankman-Fried borrowed $546 million from his hedge fund to buy a Robinhood stake
▼ + stars: | 2022-12-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

In an affidavit that emerged Tuesday, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried. Wang has since pleaded guilty to four counts of fraud and conspiracy, in cooperation with US prosecutors investigating FTX’s collapse. Four separate entities have laid claim to the approximately 56 million shares, worth about $450 million. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi, and an individual FTX creditor. BlockFi is suing Bankman-Fried for the Robinhood shares, which BlockFi claims it is owed after Alameda defaulted on $680 million in collateralized loan obligations.

☆ '2023 is going to be one of the greatest years to invest': A millennial who achieved financial independence at age 30 shares his top investing advice as we head into the new year
▼ + stars: | 2022-12-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Millennial Money founder Grant Sabatier thinks 2023 is going to be a great year to invest. A lot has changed since then, most notably the Covid-19 pandemic, which sent the stock market into freefall in March 2020. This year, however, stocks have been slipping again, recession fears continue to grow, and investors are increasingly scared of putting their money in the stock market. You can get really good deals on multi-family properties and on commercial warehouse space." His main takeaway is that, across the board, "there are going to be a lot of good deals and a lot of good value in 2023."

☆ Elon Musk may have a bigger problem than Twitter as Tesla slashes prices to offload inventory and investors get nervous
▼ + stars: | 2022-12-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla price cuts are "not a good sign," Wedbush analyst Dan Ives said. The automaker is advertising a $7,500 credit on Model 3 and Model Y vehicles. Industry analysts say that's a sign Tesla is battling an inventory backup as demand for its all-electric vehicles cools. Tesla long resisted traditional auto industry discounts as its ramped up production and customers clamored for its vehicles. And without the $7,500 federal tax credit, which expired for Tesla in late 2019, many first-time EV buyers are considering other brands over Tesla.

☆ Russian oligarchs believe Putin tricked them into appearing to support the war in Ukraine, and got them all sanctioned, report says
▼ + stars: | 2022-12-18 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

Russian oligarchs say Putin tricked them into supporting his war in Ukraine, per The New York Times. When Putin announced the invasion, they were gathered before cameras "to tar everyone there," The Times reported. "Russian businesspeople, Russian officials, the Russian people — they saw a czar in him. He joined rows of other business moguls who were equally surprised by Putin's invasion. In the weeks and months that followed, Russian oligarchs had their assets frozen and were banned from traveling to some countries as the Ruble fell into freefall.

☆ The worst of inflation is likely over, but the worst for the economy probably isn't
▼ + stars: | 2022-12-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

While the inflation rate is still extraordinarily high, there's widespread agreement that the peak has passed. In fact, the only sector where interest rate increases have seemed to hit so far has been housing. So with lots of policy tightening still in the pipeline, softer inflation's accompanying economic slowdown is yet to come. The Fed's critics worry that the rate increases may have gone too far and could be a severe weight on the economy once inflation wears off. However, following the CPI report traders priced in a lower "terminal rate," or end point for the Fed rate hikes.

☆ A luxury-furniture CEO warns that 'the housing market is collapsing at a level I haven't seen since 2008'
▼ + stars: | 2022-12-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

RH CEO Gary Friedman told investors on an earnings call this week that the housing market is collapsing. He previously told investors that "anyone who doesn't think we're in a recession is crazy'"Other real estate experts think the market data isn't a perfect indicator of future performance. He points to low homebuyer demand and the Federal Reserve's aggressive interest rate hikes to tame inflation for the market decline. "The housing market has collapsed, and it's gone down pretty viciously as interest rates went up," Friedman said during the call. Meanwhile, Friedman estimated that the luxury housing market, which is RH's primary market, could see a 35% to 40% decline in activity in Q4 because of high interest rates.

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022. FTX founder Sam Bankman-Fried has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange's collapse on Tuesday, he said in a series of tweets Friday morning. There's been a lot of back and forth in Washington over whether lawmakers would have to subpoena Bankman-Fried, who said he would voluntarily testify since the committee "still thinks it would be useful." In his tweet thread, the disgraced former "darling" of crypto appeared to lay blame on Binance founder Changpeng "CZ" Zhao. Before Bankman-Fried agreed to testify, CNBC reported that Waters was not planning to subpoena the ex-billionaire.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ Market veteran Ed Yardeni shares his recession odds and geopolitical risks: 'The world just isn't a safe place these days'
▼ + stars: | 2022-12-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today features my conversation with top strategist and economist, Ed Yardeni, on his recession outlook and what he sees as the US economy's biggest risks for 2023. Ed Yardeni, President of Yardeni Research Ed YardeniEd Yardeni is the president of Yardeni Research. Ed Yardeni: For the past year or so, the main issue for the US economy is inflation. EY: They can either continue to tighten until they cause a recession, but that's not my most likely scenario. I think either rates are going to go higher, causing a recession, which would bring interest rates down next year.

☆ Florida Seeks $250,000 in Fines From Orlando FreeFall Ride Operator After Teen’s Death
▼ + stars: | 2022-11-23 | by ( Talal Ansari | ) www.wsj.com time to read: 1 min

The Orlando FreeFall ride at Florida’s Icon Park has been closed since the incident and the operator said in October it would permanently close the ride. Florida officials are seeking more than $250,000 in fines against the operator of a 430-foot-tall ride at Icon Park in Orlando after a 14-year-old boy fell to his death earlier this year. Nikki Fried , commissioner of Agriculture and Consumer Services, said an investigation found that Tyre Sampson fell from the Orlando FreeFall drop tower because of changes made on the ride by the operators.

☆ Carvana stock continues its freefall
▼ + stars: | 2022-11-21 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana stock continues its freefallIs Carvana headed to zero? The stock's freefall continues, as shares are down 97% this year. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Courtney Garcia, Dan Nathan and Guy Adami.

☆ Cramer's lightning round: AST SpaceMobile is an exciting thing, not a stock
▼ + stars: | 2022-11-18 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Loading chart...AST SpaceMobile Inc : "It's an exciting thing, not a stock. I think a stock is a company that makes money and then returns some of that money to you and trades inexpensively, and that one doesn't qualify." Loading chart...Plains GP Holdings LP : "Enterprise Product I think is better than them, but that's alright. Loading chart...Blue Bird Corp : "That school bus company is not to be touched, because they're doing very poorly." Loading chart...MP Materials Corp : "It's doing a great job, they've got a contract with GM .

Carvana is laying off about 1,500 people, or 8% of its workforce, following a freefall in the company's stock this year and concerns around its long-term trajectory, according to an internal message first obtained by CNBC's Scott Wapner. The email from Carvana CEO Ernie Garcia, titled "Today is a hard day," cites economic headwinds including higher financing costs and delayed car purchasing. The world around us has continued to get tougher and to do what is best for the business, we have to make some painful choices to adapt," Garcia wrote in the email. For Carvana, it also follows rapid growth but some missteps during the coronavirus pandemic to better capitalize on an unprecedently strong used-vehicle market during the coronavirus pandemic. Shares of Carvana have plummeted by about 97% this year after reaching an all-time intraday high of $376.83 per share on Aug. 10, 2021.

☆ Wall St ends sharply higher as cooling inflation fuels hope of easing Fed
▼ + stars: | 2022-11-10 | by ( Stephen Culp | Simon Jessop | ) www.reuters.com time to read: +4 min

The risk-on fervor also sent the 10-year Treasury yield to its lowest level in five weeks and the safe-haven greenback plummeting. Inflation"It shows you how focused asset owners were on inflation compared to everything else going on in the world," Tuz said. The pan-European STOXX 600 index (.STOXX) rose 2.75% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 4.57%. Signs that the decades-high inflation growth is beginning to ebb sent U.S. Treasury yields to a five-week low, supporting expectations that the Fed could ease its foot from the rate-hike accelerator. The dollar index fell 2.41%, with the euro up 2.07% to $1.0218.

☆ Wall St surges, dollar tumbles as easing inflation fuels Fed abatement hopes
▼ + stars: | 2022-11-10 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The risk-on fervor also sent the benchmark Treasury yield to its lowest level in five weeks and the safe-haven greenback plunged. Inflation"It shows you how focused asset owners were on inflation compared to everything else going on in the world," Tuz said. The pan-European STOXX 600 index (.STOXX) rose 2.75% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 3.97%. Signs that the decades-high inflation growth is beginning to ebb sent U.S. Treasury yields lower, supporting expectations that the Fed could ease its foot from the rate-hike accelerator. The dollar index fell 2.06%, with the euro up 1.68% to $1.0179.

☆ Wall Street surges, dollar plunges as inflation data boosts Fed slowdown hopes
▼ + stars: | 2022-11-10 | by ( Stephen Culp | Margaryta Chornokondratenko | ) www.reuters.com time to read: +4 min

"This is welcome news," Cardillo added, suggesting that "there's a possibility the Fed raises interest rates by 50 basis points in December and then takes a pause." Signs that decades-high inflation growth is beginning to ebb sent U.S. Treasury yields lower, supporting expectations that the Fed could ease its foot from the rate-hike accelerator. The dollar lost ground against a basket of world currencies as sunny economic data lured investors away from the safe-haven greenback. The dollar index fell 1.96%, with the euro up 1.55% to $1.0166. Gold prices jumped as the dollar dropped, reflecting hopes that the inflation data could rein in the Fed's hawkish stance.

☆ Dollar catches breath while investors await midterms; cryptos skittish
▼ + stars: | 2022-11-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The greenback has been under downward pressure from bets on the Federal Reserve easing back on interest rate rises and on China reopening and driving growth. It touched multi-week lows against the euro, Australian dollar and New Zealand dollar overnight, then edged off those levels during the Asia session. Some analysts view likely Congressional gridlock as a slight negative for the dollar if it limits fiscal spending. MORE TO DOLooming on Thursday is U.S. inflation data. The New Zealand dollar wobbled 0.3% lower to $0.5942.

☆ Dollar wobbles while investors await midterms; cryptos skittish
▼ + stars: | 2022-11-09 | by ( Tom Westbrook | Anant Chandak | ) www.reuters.com time to read: +2 min

It touched multi-week lows against the euro, Australian dollar and New Zealand dollar overnight, then edged off those levels early in the Asia session. "We all know the dollar will probably turn at some point - when is the big question," said Bank of Singapore currency analyst Moh Siong Sim. Investors expect Republican gains, and some analysts view likely Congressional gridlock as a slight negative for the dollar if it limits fiscal spending. On Thursday, U.S. inflation data is on the horizon. The New Zealand dollar wobbled 0.1% lower to $0.5951.

☆ Thousands march in Peru, demanding resignation of leftist President Castillo
▼ + stars: | 2022-11-06 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

[1/5] People carry a Peruvian flag, during a protest against the government of Peru's President Pedro Castillo, in Lima, Peru November 5, 2022. REUTERS/Sebastian CastanedaLIMA, Nov 5 (Reuters) - Thousands of people took to the streets across Peru on Saturday to demand the resignation of embattled President Pedro Castillo, a leftist whose government is under investigation for corruption. Castillo, who took office in July last year, has already survived two impeachment attempts. Opposition legislators are seeking a fresh trial against the president even though Congress recognized it would not gather sufficient votes. In October, Peru's attorney general filed a constitutional complaint against Castillo with Congress that the right-wing opposition hopes will end in his removal from office.

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