Caroline Ellison, former CEO of Alameda Research LLC, right, arrives at court in New York on Sept. 24, 2024.Michael Nagle | Bloomberg | Getty ImagesCaroline Ellison, the star witness in the prosecution of her former boyfriend, FTX founder Sam Bankman-Fried, was sentenced Tuesday in New York federal court to two years in prison and ordered to forfeit $11 billion for her role in the massive fraud and conspiracy that doomed the cryptocurrency exchange once valued at $32 billion.The prison term was significantly stiffer than the recommendation by the federal Probation Department that Judge Lewis Kaplan sentence Ellison to three years of…
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Nvidia CEO Jensen Huang talks onstage with Salesforce CEO Marc Benioff during Salesforce’s Dreamforce in San Francisco on Sept. 17, 2024.Justin Sullivan | Getty Images News | Getty ImagesNvidia CEO Jensen Huang is done selling the chipmaker’s stock for the time being, cashing in more than $700 million under a prearranged plan.The 61-year-old executive in mid-March adopted a trading plan for the sale of up to six million Nvidia shares by the end of the first quarter of 2025. Huang has hit that threshold months ahead of schedule after a flurry of transactions between June 13 and Sept. 12, according…
Starbucks shares may be due for some downside, according to Jefferies. Analyst Andy Barish downgraded the stock to underperform from hold and cut its price target by $4 to $76. That implies more than 20% downside from Monday’s close. While the analyst believes the coffeehouse chain’s new CEO Brian Niccol — who was named to the position back in August — signals that “necessary strategic change is now on the table,” Barish still expects execution to be “challenged,” as issues pertaining to operations, culture, value perception and tech will “take time to fix.” He also expects the company’s upcoming fourth-quarter…
One of the world’s largest e-commerce companies is emerging as a top pick on Wall Street as investors look for tech opportunities beyond the Magnificent Seven.MercadoLibre, an Argentinian e-commerce and payments platform that’s incorporated in Delaware and actively traded on Nasdaq, is up 34% in 2024, compared to a roughly 27% rise for Amazon, and 20% for the S&P 500. The company was founded 25 years ago by CEO Marcos Gaplerin at the height of the dot com boom. It now dominates online sales in Brazil, Argentina, Mexico, Chile and makes up roughly half of online sales in South America,…
By Ben Standig, Paul Dehner Jr. and Mark PuleoIn a battle of recent LSU Heisman Trophy-winning quarterbacks, the rookie upended the Pro Bowl veteran and, in the process, may have dashed the Cincinnati Bengals’ playoff hopes before the calendar hits October. The Bengals fell to 0-3 with their 38-33 loss to Washington on Monday.For the Commanders, it was Jayden Daniels’ night to prove he’s the future as the No. 2 pick orchestrated long drive after long drive, leading Washington to five touchdowns. The fourth of those end zone trips came on a 1-yard lob to 320-pound offensive tackle Trent Scott…
The competition among ETF issuers to find a new way to squeeze the most income out of stock portfolios expanded again on Tuesday, with a new fund from Pacer that aims to deliver amplified dividends. The firm launched the Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF (QSIX) , a sister fund to the US Large Cap Dividend Multiplier 400 ETF (QDPL) that has grown to more than $500 million in assets since its launch in 2021. The funds target distributions equal to six times the dividend payouts on the Nasdaq-100 Index and four times the S & P 500 dividend,…
Justin Sullivan | etty ImagesThe U.S. Justice Department on Tuesday sued Visa, the world’s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing “exclusionary” agreements on partners and smothering upstart firms.Visa’s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for “monopolization” and other unlawful conduct.”We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” Attorney General Merrick Garland…
Goldman Sachs sees reasons to like Avidity Biosciences . Analyst Corinne Johnson initiated coverage of the biopharmaceutical stock focused on unique diseases at a buy rating. Johnson’s $59 price target implies shares can rise 35.6% from Monday’s close. “Our positive view of the company is based on what we view as multi-blockbuster, first-to-market commercial opportunities … coupled with the scalable nature of the company’s antibody oligonucleotide conjugate platform,” Johnson wrote to clients. Johnson pointed to two specific areas where the company can lead. The first is del-brax, a drug designed to fight facioscapulohumeral muscular dystrophy, or FSHD, which has estimated…
A few stocks could ride the market’s momentum and see a breakout ahead, according to a bullish price chart pattern that is closely watched by technical analysts. McDonald’s and Cisco Systems are among the companies that have recently formed the “golden cross” pattern , a phenomenon that occurs when an asset’s 50-day moving average rises above an upwardly sloping 200-day moving average. These stocks could be poised for a strong run as the three major U.S. indexes also head toward a monthly gain. The 30-stock Dow is up 1.4% in September, and the S & P 500 and Nasdaq Composite…
Avishek Das | Lightrocket | Getty ImagesTrump Media shares turned higher Tuesday as the company behind Truth Social looked to pull up from a downward spiral that coincided with company insiders, including majority owner Donald Trump, getting clearance to start selling their stock.DJT shares climbed as much as 7% in heavy trading shortly after the opening bell. The stock was up more than 5% as of 2:30 p.m. ET.The upswing followed six straight trading days in the red, which drove Trump Media stock down more than 32%.Stock Chart IconStock chart iconTrump Media (DJT) Stock PriceThat dive was just the latest…
