Fintech nightmare: ‘I have nearly $38,000 tied up’ after Synapse bankruptcy
A dispute between a fintech startup and its banking partners has ensnared potentially millions of Americans, leaving them without access to their money for nearly two weeks, according to recent court documents. Since last year, Synapse, an Andreessen Horowitz-backed startup that serves as a middle man between customer-facing fintech brands and FDIC-backed banks, has had disagreements with several […]
Stocks making the biggest moves midday: Target, Urban Outfitters, Tesla, Shopify and more
Check out the companies making headlines in midday trading: Target — Shares of the retailer pulled back more than 8% after a first-quarter earnings miss, underscored by a 3% year-over-year decline in sales. Analog Devices — Stock in the semiconductor manufacturer surged more than 10% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share […]
Stocks making the biggest moves premarket: Target, Lululemon, Shopify and more
Check out the companies making headlines before the bell. Target — Target’s shares tumbled more than 7% after first-quarter earnings missed estimates, driven by a year-over-year sales decline of about 3% as consumers bought fewer discretionary items. Analog Devices — The semiconductor manufacturing company jumped 6.2% after exceeding quarterly estimates. Analog Devices posted adjusted earnings of $1.40 […]
CFPB says buy now, pay later firms must comply with U.S. credit card laws
The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry have the same federal protections as users of credit cards. The agency unveiled what it called an “interpretive rule” that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. That […]
Stocks making the biggest moves midday: Broadcom, Signet, Dave & Buster’s and more
Broadcom – Shares of the chipmaker surged around 12% after the company beat earnings and revenue estimates for the fiscal second quarter and announced a 10-for-1 stock split. Adjusted earnings per share came in at $10.96 and revenue was $12.49 billion. Analysts polled by LSEG expected earnings of $10.84 per share and revenue of $12.03 billion. Data storage […]
Stocks making the biggest moves after hours: Urban Outfitters, Viasat, Toll Brothers and more
Check out the companies making headlines after the bell: Urban Outfitters — The clothing retailer added nearly 8% after beating estimates on its first-quarter results. Urban Outfitters reported adjusted earnings of 69 cents per share on $1.2 billion of revenue, more than the 52 cents per share on $1.18 billion of revenue that analysts polled by […]
Stocks making the biggest moves midday: Peloton, Lam Research, Lowe’s, AstraZeneca and more
Check out the companies making the biggest moves midday: Peloton — The stock plunged 16.37% following the connected fitness company’s announcement it will begin a “global refinancing” process that includes a convertible notes offering and a $1 billion five-year term loan. Peloton, which recently announced a restructuring plan, has struggled with falling sales. Lam Research — Shares added 2.33% after […]
Family offices become prime targets for cyber hacks and ransomware
Family offices are under increasing attack from cybercriminals, and many don’t have the staff or technology to prepare, according to a new survey. More than three quarters, 79%, of North American family offices say the likelihood of a cyberattack “has increased dramatically in the past few years,” according to a survey of single-family offices by Dentons, […]
JPMorgan CEO Jamie Dimon signals retirement is closer than ever
Jamie Dimon’s days as CEO of JPMorgan Chase are numbered — though it is unclear by how much. In a response to a question Monday about the bank’s succession planning, Dimon indicated that his expected tenure is less than five more years. That is a key change from Dimon’s previous responses to succession questions, in which his standard […]
Stocks making the biggest moves premarket: Apple, Nvidia, Li Auto and more
Check out the companies making headlines before the bell. Apple — Apple shares slipped less than 1% after Reuters reported the technology giant is implementing aggressive discounts on its iPhones in China. Micron Technology — Shares moved 2.3% higher after Morgan Stanley upgraded the semiconductor company to equal weight from underweight. The bank said it had underestimated the economic and narrative […]