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“Magnificent Seven” Stocks Down while Bitcoin Up

Posted on March 7, 2024 by Dr. David Edward Marcinko MBA

STATE OF THE UNION EVENING

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Markets: Stocks rose yesterday as investors watched Jerome Powell tell lawmakers that he still expects to cut interest rates this year, just not right away.
Stock spotlight: Troubled regional lender New York Community Bancorp, which fell 40% before soaring back up after announcing it’s getting $1 billion from investors, including ex-Treasury Secretary Steven Mnuchin’s firm.

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Meanwhile, Stocks tumbled on Tuesday as several of the “Magnificent Seven” tech giants shed some of their gains from earlier this year, dragging the entire market with them. One of those companies was Apple, which fell about 3% after a report suggested that iPhone sales in China have plunged in the first six weeks of 2024.

And, Bitcoin set a new record yesterday, briefly jumping past $69k before falling back down to ~$62k. The rally highlighted the crypto’s seemingly rapid recovery from the nail-in-the-coffin that was FTX’s demise in 2022.

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Filed under: "Ask-an-Advisor", Financial Planning, Funding Basics, Information Technology, Investing | Tagged: Apple, Bitcoin, crypto, crypto-currency, ETFs, FTX, iphones, magnificent seven, NY Community Bancorp, state union, Steven Mnuchin | Leave a comment »

DAILY UPDATE: The US Economy Slows as FTX’s Solana and the Markets Rise

Posted on November 6, 2023 by Dr. David Edward Marcinko MBA

SPONSOR: http://www.MarcinkoAssociates.com

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The current hiring market is slowing as the US economy added just 150,000 jobs last month. The employment gains reported by the Labor Department yesterday fell short of expectations and were almost half of the 297,000 jobs created in September. Still, there’s no need to hit the economic panic button. Though the unemployment rate ticked up slightly, to 3.9% in October, it’s been below 4% since late 2021, the longest sub-4% stretch in over 50 years. But the hiring slowdown may be a sign that the US economy is gently showing.

Now, the six-week United Auto Workers strike against the Big Three Detroit carmakers was the primary culprit in the automotive manufacturing sector shedding 33,000 people from payroll. On the flip side, healthcare, government, and construction were the top job creators, adding 58k, 51k, and 23k positions, respectively.

And, the jobs numbers were in the sweet spot for investors. Stocks posted their biggest weekly gain this year. And that’s because investors view the reduced appetite for new hires as a sign the Fed is succeeding at cooling the economy in its fight against inflation. This jobs report makes it even more likely that the FOMC will put the parking brake on its interest rate hikes, and some traders are betting that the central bank might even lower rates next year.

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And, the victims of Sam Bankman-Fried‘s financial crimes could be set to recoup almost all of the $16 billion Solana that was lost when his crypto exchange FTX collapsed – unless the IRS steps in to seize the funds instead.

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Finally, stocks closed out their best week all year after the “Goldilocks” October jobs report could put the Fed’s interest rate hikes on ice. And, Paramount pictures posted double-digit gains for the second straight session.

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Filed under: Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: banks, DJIAm, economy, energy, FOMC, FTX, gold, goldilocks economy, inflation, IRS, Labor Department, markets, NASDAQ, oil, Patamount, Russell Index 2000, S&P 500, Sam Bankman-Fried, sOLANA | Leave a comment »

DAILY UPDATE: New IRS Contribution Limits as IBM Launches Retirement RBAs, Sam Bankman-Fried Found Guilty and Stock Markets Rocket Up

Posted on November 3, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. The agency boosted contributions for individual retirement accounts to $7,000 for 2024, up from $6,500. The employee contribution limit for 401(k) plans is also increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans.

CITE: https://www.r2library.com/Resource

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IBM just informed its US workers that starting on January 1st, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).

“Each eligible employee’s RBA will be credited monthly with an amount equal to five percent of their eligible pay – no employee contribution required,” a leaked internal memo reads, the content of which was confirmed by The Register’s sourcing. “IBMers will also receive a one-time salary increase to offset the difference between the IBM contributions they are currently eligible to receive in the 401(k) plan and the new five percent RBA pay credit. This is separate from the annual salary plan later in the year.”

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A jury on Thursday convicted FTX co-founder Sam Bankman-Fried of fraud, conspiracy and money laundering, the culmination of a month-long trial that saw the former crypto mogul take the stand in his own defense after his inner circle of friends-turned-deputies provided damning testimony against him.

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Here is where the major benchmarks ended:

The S&P 500 Index was up 79.92 points (1.9%) at 4,317.78; the Dow Jones Industrial Average (DJI) was up 564.50 points (1.7%) at 33,839.08; the NASDAQ Composite was up 232.72 points (1.8%) at 13,294.19.
The 10-year Treasury note yield was down about 13 basis points at 4.663%.
CBOE’s Volatility Index (VIX) was down 1.21 at 15.66.

Nearly every sector participated in Thursday’s rally, with banks and other financial companies leading gainers. The KBW Regional Banking Index (KRX) surged more than 5%. Energy and retail shares were also strong. Small-cap stocks outpaced their larger counterparts, with the Russell 2000 Index (RUT) jumping 2.5%.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Career Development, Health Economics, Health Insurance, iMBA, Inc., Investing, Retirement and Benefits | Tagged: 401{k}, 457 plans, CBOE, contribution limits, crypto, crypto-currency, DJIA, DOW, energy, FTX, IBM, IRAs, IRS, KRX, NSDAQ, RBA, Retirement Benefit Account, retirement planning, retirement plans, Russell 2000, Russell 2000 Index, RUT, S&P 500, Sam Bankman-Fried, The Register, thrift savings plans, VIX | Leave a comment »

DAILY UPDATE: Business News Briefs Plus TESLA and the Markets

Posted on April 25, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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1. Regional banks’ plight was Morgan Stanley’s perk. The bank saw nearly $20 billion in new client assets in the wake of the banking crisis that rocked smaller banks like First Republic. Why the bank became a “destination of choice” amid the crisis.

2. Taylor Swift was the only one asking the right question on FTX. The mega star didn’t sign a $100 million sponsorship deal with the crypto exchange because, unlike seemingly everyone in Silicon Valley, she did some form of due diligence.

3. The new-age pension plan. Fidelity and State Street are rolling out annuity options within their 401(k) products, The Wall Street Journal reports. But it comes with a hefty price tag, and not everyone is sold on it.

4. It’s starting to get scary in the housing market. Foreclosure filings were up 22% in Q1 compared to last year, and repossessions are headed in the wrong direction as well.

Finally, Fintel reports that on April 21, 2023, Goldman Sachs maintained coverage of Tesla (NASDAQ:TSLA) with a Buy recommendation. As of April 6th, 2023, the average one-year price target for Tesla is $203.14. The forecasts range from a low of $24.58 to a high of $315.00. The average price target represents an increase of 24.63% from its latest reported closing price of $162.99. The projected annual revenue for Tesla is $118,517MM, an increase of 37.75%. The projected annual non-GAAP EPS is $5.70.

CITE: https://www.r2library.com/Resource

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The S&P 500^® Index was up 3.52 points (0.1%) at 4137.04; the Dow Jones industrial average was up 66.44 (0.2%) at 33,875.40; the NASDAQ Composite was down 35.25 (0.3%) at 12,037.20.
The 10-year Treasury yield was down about 7 basis points at 3.50%.
CBOEs Volatility Index was up 0.12 at 16.89.

Real estate and financials were among Monday’s weakest-performing sectors, while energy companies led gainers thanks to a jump of about 1% in crude oil futures. The U.S. dollar index fell to about 101.37, its weakest level since mid-April, while Treasury yields eased slightly.

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CITE: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: Breaking News, Career Development, Estate Planning, Ethics, iMBA, Inc., Investing, LifeStyle, Risk Management | Tagged: business briefs, CBOE, DJIA, DOW, estate, Fidelity, Fintel, FTX, gold, Housing Markets, Morgan Stanley, news briefs, oil, pension p[lans, real estate, retirement, retirement planning, S&P 500, stock markets, Tesla, Treasury yields, VIX | Leave a comment »

QUOTE: Sam Bankman-Fried’s Alleged Messages

Posted on April 22, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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FTX is a cryptocurrency exchange that was launched in 2018. It specializes in trading products such as derivatives, leveraged tokens, options, and volatility products. It supports most commonly traded cryptocurrencies and is powered by a top liquidity provider. FTX stands for Futures Exchange, a market where users can invest in commodities and foreign exchange.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Quote: “We sometimes find $50m of assets lying around that we lost track of; such is life.”

The sudden collapse of FTX might have been a lot less surprising if you’d been privy to Sam Bankman-Fried’s messages to his fellow executives.

According to a report by the bankrupt crypto exchange’s new management, SBF allegedly found the company’s lack of proper accounting amusing. The report says he described the company’s related hedge fund Alameda Research as “hilariously beyond any threshold of any auditor being able to even get partially through an audit” and joked about misplacing millions.

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Filed under: "Ask-an-Advisor", Alternative Investments, Ethics, Glossary Terms, Information Technology, Risk Management | Tagged: Alameda Research, crypto, crypto-currency, FTX, Sam Bankman-Fried, SBF | Leave a comment »

CRYPTO WINTER: A Triad Devastating to Miners?

Posted on March 26, 2023 by Dr. David Edward Marcinko MBA

Tim Berners-Lee of the WWW

By Staff Reporters

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* Profits are down, and they’re set to plummet even further. (Wired $)
* A hedge fund that invested heavily in FTX is shutting down. (FT $)
* Tim Berners-Lee thinks crypto is comparable to gambling. (CNBC)

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Filed under: Alternative Investments, Glossary Terms, Health Economics, Information Technology, Investing | Tagged: crypto, crypto miners, crypto winter, crypto-currency, FTX, hedge funds, HIT, IT, Tim Berners-Lee, web, www | Leave a comment »

DAILY UPDATE: Silicon Valley and Silvergate Banks Out as Domestic Markets Tank

Posted on March 11, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced yesterday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.

The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
SVB’s branch offices will also reopen at that time, under the control of the regulator.
The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

CITE: https://www.r2library.com/Resource/Title/082610254

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And, the crypto company SB announced yesterday that it’s winding down operations and liquidating Silvergate Bank, which has about $11 billion in assets. Silvergate has been struggle throughout crypto’s downturn—especially after the collapse of FTX, one of its biggest customers. Last quarter, Silvergate fired 40% of its workforce, reported a $1 billion loss, and took out billions in loans…but apparently it wasn’t enough.

MORE: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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U.S. equities ended the day and week sharply lower, as the markets continued to look for hints regarding future monetary policy decisions. The moves came amid a flurry of news and economic data, as the February labor report showed stronger-than-expected job gains, and a lower-than-anticipated increase in wages, but a rise in the unemployment rate. The report was in stark contrast to January’s blowout figures, and seemed to soothe some of the anxiety over the Fed’s future actions.

In earnings news, Ulta Beauty handily beat estimates and provided upbeat guidance, and Oracle offered mixed quarterly results and increased its dividend, but Gap fell well short of expectations amid a tumble in online sales, and it saw a shakeup in management.

Treasury yields tumbled in the wake of the labor report and worries surrounding the banking sector, and the U.S. dollar was sharply lower, while crude oil and gold prices traded to the upside.

Asian stocks finished lower, and markets in Europe saw widespread losses, led by shares of banking companies, amid uncertainty regarding the overall effects of rate hikes.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Ethics, iMBA, Inc., Information Technology, Investing, Portfolio Management | Tagged: Asian stocks, crypto, cryptocurrency, DJIA, FDIC, Federal Reserve, FTX, NASDAQ, oracle, S&P 500, Silicon Valley Bank, Silvergate Bank, SVB, Treasury yields, ulta beauty | Leave a comment »

DAILY UPDATE: Celebrate President’s Day 2023

Posted on February 20, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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U.S. Markets will be closed for Presidents’ Day. The U.S. Markets will be closed on Monday, February 20, 2023. Please be aware that, when making brokerage transactions after 4 p.m. EST on Friday, February 17, 2023, you will receive the closing price as of Tuesday, February 21, 2023.

But crypto trading takes no days off, and despite the fallout from FTX’s collapse and a flurry of crackdowns by regulators, bitcoin has been on a nice run lately. Last Thursday, it topped $25,000 to hit an eight-month high.

CITE: https://www.r2library.com/Resource/Title/0826102549

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PS: Did you know that Presidents Day (today) doesn’t actually fall on any president’s birthday? While originally celebrated on February 22, the day George Washington was born, the holiday was moved to the third Monday of February in 1971. That’s because Congress passed the Uniform Monday Holiday Act, which moved some federal holidays to Monday so we could all enjoy more three-day weekends.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: Alerts Sign-Up, iMBA, Inc., Investing, LifeStyle | Tagged: 2023, Celebrate President's Day 2023, crypto, crypto-currency, DAILY UPDATE: Celebrate President's Day 2023, February 20, February 20 2023, FTX, President's Day, Uniform Monday Holiday Act, us markets, US Stock Markets | Leave a comment »

BANKRUPT: Genesis Global Chapter 11

Posted on January 20, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The bankruptcy of Barry Silbert’s Genesis Global may not have pummeled crypto markets like the implosion of Sam Bankman-Fried’s FTX did, but it features a list of top creditors with similarly large claims topping $3 billion in total.

According to Bloomberg, Genesis’s Chapter 11 filing on Thursday listed seven creditors owed at least $100 million. By far the biggest one is a $766 million claim related to customers of crypto exchange Gemini, who have money stuck with Genesis’s lending unit. FTX-linked entities have 10 claims of more than $100 million, according to a redacted list filed Saturday.

In all, Genesis owes its top 50 creditors $3.4 billion; for FTX, that figure stands at $3.1 billion. While some of the names of Genesis’ biggest creditors have been redacted in the filing, below is a list of major names.

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ORDER: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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Filed under: Alternative Investments, Breaking News, Funding Basics, Investing | Tagged: bankrupt, BANKRUPT: Genesis Global Chapter 11, Barry Silbert, Chapter 11, crypto, cryptocurrency, FTX, Genesis, Genesis 11, Genesis Global | Leave a comment »

DAILY UPDATE: Jobless Down, Markets Down, Netflix Out but FTX is Rising?

Posted on January 20, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

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The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation. U.S. jobless aid applications for the week ending January14th fell by 15,000 to 190,000, from 205,000 the week before, according to the Labor Department. The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000. Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. And, the labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.

CITE: https://www.r2library.com/Resource/Title/0826102549

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According to Bloomberg, Netflix Inc. co-founder Reed Hastings is stepping aside as Chief Executive Officer of the company he’s led for more than two decades, leaving the position to his two longtime associates, Ted Sarandos and Greg Peters.

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U.S. stocks were lower, adding to yesterday’s sharp draw downs as investors remain concerned regarding the Fed’s monetary policy decisions and its ultimate impact on the economy. Economic data was mixed, as housing starts came in above estimates, building permits missed forecasts, and jobless claims unexpectedly dropped, while Philadelphia’s manufacturing output improved more than expected but remained contractionary. Q4 earnings season continued to heat up, as Dow member Procter & Gamble matched estimates, while Discover Financial Services topped forecasts but offered cautious guidance about charge offs, and Allstate Corporation issued a Q4 profit warning.

Treasury yields gained modest ground, and the U.S. dollar declined, while crude oil and gold prices rose.

Asian stocks finished mixed and markets in Europe saw widespread losses, trimming some of its strong start to 2023.

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Finally, bankrupt Crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray just told the Wall Street Journal. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company’s main international exchange. The CEO also told the Journal that he would look into whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform. FTX’s native token FTT surged nearly 30% after the report.

FTX SCANDAL: Who is John J. Ray III?

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: "Advisors Only", Accounting, Alerts Sign-Up, Events-Planner, Investing | Tagged: Allstate, Asian stocks, DJIA, Federal Reserve, FOMC, FTX, Greg Peters, inflation, job growth, jobless, jobless claims, jobs report, John Ray, NASDAQ, Netflix, Procter & Gamble, Reed Hastings, S&P 500, Ted Sarandos, Treasury yields, unemployment, unemployment benefits | Leave a comment »

FTX: Celebrities Named in Lawsuit

Posted on December 28, 2022 by Dr. David Edward Marcinko MBA

SUSPICIOUS AFFINITY MARKETING?

By Staff Reporters

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DEFINITION: Affinity marketing is a concept that consists of a partnership between a company and an organization that gathers persons sharing the same interests to bring a greater consumer base to their service, product or opinion. This partnership is known as an affinity group.

CITE: https://www.r2library.com/Resource/Title/082610254

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So, after the collapse of Sam Bankman-Fried’s crypto exchange FTX, a number of celebs who had acted as ambassadors for the company were named as defendants in a class-action suit against it.

Comedian and Seinfeld creator Larry David, Tampa Bay Buccaneers quarterback Tom Brady, and basketball stars Shaquille O’Neal and Stephen Curry were likely trading lawyer recommendations in the A-lister group chat.

Beware celebrity and affinity marketing!

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Filed under: Career Development, Ethics, Glossary Terms, Investing, LifeStyle | Tagged: affinity, affinity marketing, celebrities, Celebrities Named in Lawsuit, celebs, FTX, lawsuit | 2 Comments »

FTX SCANDAL: Who is John J. Ray III?

Posted on December 18, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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FTX’s New Chief Executive Officer?

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John J. Ray III (born January 1959) is an American attorney and insolvency professional. He specializes in recovering funds from failed corporations. He was appointed CEO of cryptocurrency exchange FTX in the aftermath of its November 2022 collapse.

MORE: https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-rayj-20221213.pdf

He previously served as chairman of Enron Creditors Recovery Corp., a company tasked with recovering creditor funds from Enron in the wake of its accounting scandal and subsequent collapse. He also worked on the bankruptcies of Nortel, Residential Capital, and Overseas Shipholding.

CITE: https://www.r2library.com/Resource/Title/082610254

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Filed under: "Ask-an-Advisor", Accounting, Alternative Investments, Breaking News, Glossary Terms, Health Economics, Information Technology, Investing | Tagged: crypto, crypto-currency, FTX, John J. Ray III, John R. Ray, John Ray | 1 Comment »

TESTIFY: Bankman-Fried of FTX Goes to the U.S. House Panel

Posted on December 10, 2022 by Dr. David Edward Marcinko MBA

By Mehnaz Yasmin and Kanishka Singh

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FTX’s Sam Bankman-Fried is set to testify before a U.S. House committee on Tuesday, the cryptocurrency exchange’s founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. The chair of the House of Representatives Committee on Financial Services, Maxine Waters, told Reuters on Thursday that she was prepared to subpoena Bankman-Fried if he did not agree to appear before the panel, which is holding a hearing as part of its probe into FTX.

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ORDER :https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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In a statement late on Friday, the panel said it would hear from newly appointed FTX CEO John Ray and from Bankman-Fried, FTX’s founder and former CEO, on Tuesday.

“I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like,” Bankman-Fried said on Friday on Twitter. “But as the committee still thinks it would be useful, I am willing to testify on the 13th,” he added.

The hybrid hearing is scheduled for 10 a.m. ET (1500 GMT) on Tuesday, the committee said.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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FTX: Not So Wonderful!

Posted on December 9, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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“It was not a good investment.”

Kevin O’Leary should stick to investing in things like pimple popping toys.

The Shark Tank’s “Mr. Wonderful” admitted he was paid $15 million to act as FTX’s spokesperson. And of the ~$9.7 million he put into crypto, “it’s all at zero,” he told CNBC.

Like Tom Brady and other celebs, O’Leary hyped FTX on social media and TV over the past year; now, he’s being named in a class-action lawsuit over the exchange’s implosion.

CITE: https://www.r2library.com/Resource/Title/082610254

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ORDER: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: Alternative Investments, Experts Invited, iMBA, Inc., Information Technology, Interviews, Investing | Tagged: Bitcoin, FTX, FTX: Not So Wonderful!, Kevin O'Leary | 1 Comment »

DAILY UPDATE: Did the Markets Give Disney the Bird?

Posted on November 21, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Markets: It’ll be a short but stuffed Turkey Day week for investors. In the lead-up to Thanksgiving, when markets will close, we’ll get another batch of earnings reports and minutes from the previous Fed meeting. Traders will have to clock in on Black Friday for a half day.
Stock spotlight: The e-scooter rental company Bird is probably grateful that FTX’s implosion is stealing the spotlight from its own collapse. Last week, the company said it overstated revenue for more than two years and is warning it could go bankrupt if things don’t turn around. Currently a penny stock, Bird will be de-listed by the NYSE if its share price doesn’t rise above $1 by the end of the year.
Disney just announced that former CEO Bob Iger would return to his role atop the entertainment giant, replacing his successor Bob Chapek, who’s been CEO for less than three years. After leading the company for 15 years, Iger handed over the reins to Chapek in February 2020. It was an unexpected choice, given that streaming boss Kevin Mayer was seen as a more likely heir to the Disney throne than Chapek, who led the parks and entertainment division. But Iger had reportedly handpicked Chapek as his successor, and repeatedly said he was satisfied with being retired. “I can’t think of a better person to succeed me in this role,” Iger said in March 2020.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Filed under: Alerts Sign-Up, Alternative Investments, Industry Indignation Index, Investing, LifeStyle | Tagged: Bob Chapek, Bob Iger, DAILY UPDATE: Did the Markets Give Disney the Bird?, Disney, FTX, stock markets, stocks | Leave a comment »

SBF: Apologizes as FTX Scrambles to Live

Posted on November 11, 2022 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Following his crypto exchange’s epic implosion, FTX boss Sam Bankman-Fried (SBF) said he was sorry for mistakes he made, and pledged to “give anything I have to” in order to raise the $4 billion in capital FTX needs to avoid bankruptcy.

As the SEC bear down on the company, shady activities are coming to light: FTX loaned its affiliated firm, Alameda Research, ~$10 billion worth of customer assets to fund high-risk bets, per the WSJ.

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