Tesla is not alone: 18 (and a half) other big stocks are headed for their worst year on record

Tesla is not alone: 18 (and a half) other big stocks are headed for their worst year on record

In the worst year for stocks since the Great Recession, several big names are headed for their worst year on record with just one trading day left in 2022. The S&P 500 index SPX, +1.75% and Dow Jones Industrial Average DJIA, +1.05% are both headed for their worst year since 2008, with declines of 20.6% … Read more

Tesla shares are down 70% for the year

Tesla shares are down 70% for the year

New York CNN  —  Tesla’s stock is finishing out its tumultuous year with yet more turbulence: It’s up almost 6% Thursday, but still down more than 10% since last week. And a new cut to its price target from Morgan Stanley isn’t helping. Year-to-date, the stock is down about 70%. Morgan Stanley analysts on Thursday … Read more

TBC Bank to Book Up to $40.3 Mln Expense After Corporate Tax Change in Georgia

TBC Bank to Book Up to $40.3 Mln Expense After Corporate Tax Change in Georgia

By Kyle Morris TBC Bank Group PLC said Wednesday that it expects to book a one-off effect of 100 million Georgian lari to 110 million Georgian lari ($36.7 million-$40.3 million) after changes to the corporate taxation model in Georgia. The Georgia-focused lender said the change will have an immediate effect on deferred tax asset and … Read more

Business partners turn on Sam Bankman-Fried

Business partners turn on Sam Bankman-Fried

New York CNN  —  The stunning collapse of one of crypto’s most prominent firms has quickly morphed into a legal battle pitting former executives and ex-romantic partners against one another. Last week, as FTX founder Sam Bankman-Fried was being extradited to the United States from the Bahamas, two of his former business partners pleaded guilty … Read more

Beware the ‘pig butchering’ crypto scam sweeping across America

Beware the ‘pig butchering’ crypto scam sweeping across America

New York CNN  —  The FBI says America has a “pig butchering” problem. And it’s costing victims millions of dollars. “We’re not talking about what’s going on at farms,” said Frank Fisher, public affairs specialist at the bureau’s Albuquerque division. “We’re talking about a cryptocurrency investment scam that is sweeping the country.” The term pig … Read more

Elon Musk’s Twitter obsession isn’t the core reason for Tesla stock’s plunge

Elon Musk’s Twitter obsession isn’t the core reason for Tesla stock’s plunge

New York CNN  —  A popular misconception has emerged about Elon Musk and Tesla: The megabillionaire’s love affair with Twitter is the main reason Tesla shares have lost so much value this year. But Tesla’s steep stock selloff this week proved that the problems at Musk’s car company go well beyond Twitter. Even as Musk … Read more

Caroline Ellison Apologizes for Misconduct in FTX Collapse

Caroline Ellison Apologizes for Misconduct in FTX Collapse

Caroline Ellison, a close associate of FTX founder Sam Bankman-Fried, apologized in court this week as she pleaded guilty to fraud and other offenses, telling a judge that she and others conspired to steal billions of dollars from customers of the doomed crypto exchange while misleading investors and lenders. “I am truly sorry for what … Read more

PCE, the Fed’s preferred inflation gauge, shows prices cooling

PCE, the Fed’s preferred inflation gauge, shows prices cooling

Minneapolis CNN  —  The trend is clear: Inflation is cooling off in America. The Federal Reserve’s preferred measurement of inflation showed price increases continued to moderate in November, providing yet another welcome indication that the period of painfully high prices has peaked. The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from … Read more

Scott Minerd, Guggenheim Partners’ Investment Chief, Dies at Age 63

Scott Minerd, Guggenheim Partners’ Investment Chief, Dies at Age 63

Scott Minerd, an outspoken and influential fund manager who was chief investment officer of Guggenheim Partners, died Wednesday of a heart attack. Mr. Minerd, 63 years old and a committed weightlifter known to bench press more than 400 pounds, died during his daily workout, the firm said. Mr. Minerd joined Guggenheim shortly after the firm … Read more

Sam Bankman-Fried Released on $250 Million Bond

Sam Bankman-Fried Released on $250 Million Bond

FTX founder Sam Bankman-Fried was released on a $250 million bond Thursday and ordered to detention in his parents’ Palo Alto, Calif., home, after the former executive’s first appearance in a New York federal court following his extradition from the Bahamas. Mr. Bankman-Fried left the courthouse in a black SUV. At a later date he … Read more