|
1 | Deutsche Bank shares were down 8% on Friday after its credit default swaps spiked on Thursday, making it more expensive to insure against its default. However, research firm Autonomous dismissed investors' concerns, saying Deutsche is "not the next Credit Suisse." |
|
2 | Hindenburg Research has revealed its latest short position, Jack Dorsey's Block, accusing the company of allowing criminal activity on its payment service Cash App while inflating its metrics. Shares of Block fell 15% following the report's release. Q: Do you believe Hindenburg Research's allegations against Block? Let us know at nside.com. |
|
3 | Stocks closed higher on Friday, with all the major indices finishing the week in the green, despite the Fed continuing its rate hiking and fears of a bank contagion lingering. The S&P 500 closed 0.56% higher today, with the Dow Jones up 0.41% and the Nasdaq Composite rising 0.31%. |
|
4 | Walmart is laying off hundreds of employees across five e-commerce fulfillment centers as it forecasts slowed growth and lower profits in the current fiscal year. Competitors Target and Amazon are making similar moves to improve efficiency, with the former planning $3B in cost cuts over the next three years and the latter laying off 27,000 employees since November. |
|
5 | On Thursday, movie theater stocks rose after a report revealed that Apple plans to spend $1B a year on theatrical film releases to lure individuals to its Apple TV+ streaming platform. Cinemark jumped 10%, while IMAX shares experienced a 4% bump and AMC shares 5%. Q: Will Apple's investment in theatrical releases be enough to boost the movie theater business? Share your thoughts on Inside.com. |
|
6 | Carl Ichan has accused Illumina's directors of demanding additional personal liability insurance before agreeing to the biotech firm's $7.1B acquisition of Grail. The allegation is the most recent escalation in the ongoing proxy fight between Illumina and the activist investor, who owns a 1.4% stake in the firm. |
|
7 | After having its stock downgraded by Goldman Sachs analyst Mark Delaney, Luminar Technologies CFO Tom Fennimore appealed directly to the company's shareholders, refuting the bearish assessment. Still, the lidar maker's shares closed 6% lower on Friday. |
|
