Author: businessinvestopedia.com

ETH ETF IMPACT – The U.S. Securities and Exchange Commission approved a key regulatory filing for a proposed exchange-traded fund (ETF) that tracks the price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain. For months, there had been speculation that the regulator would likely reject the product. While most Ethereum supporters likely applauded the move, as the price of the ETH token soared, developer ConsenSys couldn’t miss the opportunity to tweet, “This last-minute approval is yet another example of the SEC’s troubling ad-hoc approach to digital assets.” ConsenSys, which is suing the SEC, argued that the approval could…

KOLKATA: Aadhaar Housing Finance, which listed two weeks ago, on Wednesday reported a 43 per cent rise in net profit to Rs 2,020 crore in the March quarter from Rs 1,410 crore in the same period last year.Total revenue for the quarter was Rs 6,730 crore, up 25% from the same period last year.Aadhaar, a leading lender to the economically weaker sections, saw its assets under management grow 23 per cent year-on-year to Rs 2,112.1 billion as of end-March. Its average loan size is Rs 1 million.”This (growth) is on account of a 20 per cent increase in disbursements. We…

Teen fintech company Copper was forced to abruptly shut down its bank account and debit card services this month, reflecting the fallout from the collapse of banking-as-a-service provider Synapse. In a recent letter to Copper clients, Copper co-founder and CEO Eddie Bellinger said the fintech company chose to discontinue these services because the banking middleware services it uses are “soon to be shutting down. Despite our advance planning, this event has forced us to close our bank accounts much sooner than we anticipated.” “Going forward, we continue our mission by partnering with leading, trusted banks across the U.S. to offer…

Abercrombie & Fitch The company reported record first-quarter results on Wednesday, again continuing a strong run that beat expectations.The company’s sales rose 22% from last year, and profits increased nearly sevenfold, well above Wall Street expectations.Abercrombie’s shares jumped more than 10% in morning trading.Based on LSEG’s analyst survey, the apparel company’s first-quarter results compared with Wall Street expectations:Earnings per share: $2.14 vs. $1.74 expected Revenue: $1.02 billion vs. $963.3 million expectedThe company reported net income for the three months ended May 4 of $113.9 million, or $2.14 per share, down from $16.6 million, or 32 cents per share, in the…

According to a report by the Institute of International Finance, the world is struggling with $315 trillion in debt.This global debt wave is the largest, fastest and most widespread increase in debt since World War II and coincides with the COVID-19 pandemic.”The increase marks the second consecutive quarterly increase and was mainly driven by emerging markets, where debt soared to an unprecedented high of more than $105 trillion, up from $55 trillion more than a decade ago,” the IIF said in its quarterly Global Debt Monitor report released in May.About two-thirds of the total debt of $315 trillion comes from…

(This is CNBC Pro’s live coverage of Wednesday’s analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Among the stocks analysts were talking about on Wednesday were United Airlines and Apple. United Airlines shares were upgraded to a buy recommendation at Jefferies, which sees the company seeing about 30% upside. Meanwhile, Bank of America re-highlighted Apple as a top pick, citing potential upside from consumers upgrading to AI-enabled phones. Check out the latest conference call and chatter below. All times are ET. 6:27 a.m.: UBS Raises First Solar Price Target, Sees 25% Upside…

Shares of ICICI Prudential Life Insurance Company Ltd were trading at Rs 556.75, up 4.4 per cent, at around 1.59 pm IST on Wednesday. The stock had closed at Rs 582.4 in the previous trade. The benchmark Sensex was trading at 74,692.3, down 478.15 points at the same time. The stock has gained 20.53 per cent in the past one year so far, while the 30-stock index has risen 21.33 per cent in the same period. The stock’s 52-week high was Rs 640.8 and its 52-week low was Rs 446.05. The trading volume was 30,902 shares, with the price-earnings ratio…

Let’s take a look at some of the companies that are catching our eye in after-hours trading. Robinhood — The retail brokerage rose 4.5% after announcing a $1 billion share repurchase program. Robinhood management plans to execute the program over two to three years, starting in the third quarter of 2024, according to a press release. Cava Group — Shares of restaurant chain Cava fell 5% in after-hours trading, despite first-quarter earnings and revenue that beat expectations by a wide margin. Cava reported earnings of 12 cents per share on sales of $259 million, while analysts surveyed by LSEG had…

American Airlines planes line up at the gates at Ronald Reagan Washington National Airport in Arlington, Virginia, on February 10, 2024.J. David Ake | Getty ImagesAmerican Airlines The company sharply cut its revenue guidance on Tuesday and also fired its chief commercial officer, Vasu Raja, who is due to step down next month.American Airlines said it now expects second-quarter unit revenue to fall as much as 6 percent from a year ago, down from a previous forecast of a decline of no more than 3 percent, and lowered its adjusted earnings forecast for the quarter to $1.45 to $1.15 a…

Several big-name companies have started paying dividends this year. And some stocks may have what it takes to start returning profits to investors, Wolf Research found. This year alone, some big names have announced their first dividend payments, including Salesforce and Meta Platforms. Alphabet joined the ranks of dividend-paying companies in April when it approved its first-ever dividend of 20 cents per share and $70 billion in share buybacks. While Alphabet’s move to start a dividend is welcome, the real excitement is in the prospect of increasing payouts to investors, Charlie Gaffney, managing director at Morgan Stanley Investment Management, told…