Coinbase revenue declines 〽️
The revenue of Coinbase fell from $655 million to $590 million in the third quarter. There is a loss of $2.43 per share instead of the estimated $2.36 loss. Revenue plunged more than 50% from a year earlier. The stock dropped 8% yesterday but is up 9% in the pre-market hours.
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EU stock indices near March highs 📈
Thursday saw an almost 1% increase in European stock indices on hopes that central banks will soon halt their tightening cycle. Global risk sentiment improved as worries about the recent banking turmoil subsided. The STOXX 600 jumped to 455 while DAX 40 surged to 15,500.
Alibaba soars 13% after announcement
The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.
The EU stock market in red due to banks
The European stock market was brought down by the banking sector. DAX fell 2% due to ongoing fears that another bank will crash. Deutsche Bank is down 15%, while UBS along with Credit Suisse both lost around 6%. Other notable industry players like BNP Paribas and Commerzbank suffered losses as well.
Hermes stock at new all-time high
Hermes International (RMS) jumped to a new all-time high of over 1,806 per stock. The company is up 24% so far in 2023 and up 49.5% in the last 12 months. Hermes is currently valued at 188 billion euros.
FRC gains 30% amid banking mayhem
After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.
EU stock indices rise over 1% 📈
The European stock indices rose despite the ongoing fears of more bank collapses. DAX jumped 1.1%, slowly heading back to 15,000, and STOXX is up 1.4%.
More market movers
EU stock indices near March highs 📈
Thursday saw an almost 1% increase in European stock indices on hopes that central banks will soon halt their tightening cycle. Global risk sentiment improved as worries about the recent banking turmoil subsided. The STOXX 600 jumped to 455 while DAX 40 surged to 15,500.
Ripple jumps 12% amid market rally 🚀
Ripple (XRP) jumped an additional 12% to $0.58, as investors hope the lawsuit between the SEC and Ripple is coming to an end. The cryptocurrency is already up 65% in the last 2 weeks.
Saudi Aramco is working with China to build a $12.2 billion oil refinery. The refinery will be in northeast China, and it is expected to be fully operational in 2026. About 300,000 barrels of oil a day will be housed at the refinery.
Alibaba soars 13% after announcement
The announcement of Alibaba’s plan to divide itself into six distinct businesses boosted the stock by 13%. This reorganization may result in many IPOs down the road. The segments would be cloud, e-commerce, global e-commerce, digital mapping, logistics, and a media arm.
5 banks investigated over $100b fraud
Five large banks in France were reportedly targeted by investigators as part of a €100 billion fraud probe. French and German governments were involved because of a possible money laundering allegation. The banks under investigation are HSBC, Societe Generale, BNP Paribas, Exane, and Natixis.
Charles Schwab is facing risks due to unrealized losses of over $29 billion on its balance sheet from 2022. As a result, Schwab shares have lost over a quarter of their value since March 8, with some analysts expecting earnings to suffer. The company’s CEO, Walt Bettinger, said the company is healthy and prepared to withstand the turmoil.