Analyst Says Coinbase 'A Waste Of Time', Taylor Swift's Concert Fiasco Under DOJ Probe, Shopify Clocks Record Black Friday Sales: Top Stories Monday, Nov. 28

Analyst Says Coinbase 'A Waste Of Time', Taylor Swift's Concert Fiasco Under DOJ Probe, Shopify Clocks Record Black Friday Sales: Top Stories Monday, Nov. 28

CNBC

After FTX Collapse, 'Crypto Is Dead' And Coinbase' A Waste Of Time:' Mizuho Analyst

  • Dan Dolev, a Mizuho Americas analyst, believes that crypto may be finished after the recent troubles at FTX (FTT/USD), a bankrupt crypto exchange.
  • Dolev said in an interview with CNBC that he thinks "crypto is dead" and "investing in Coinbase COIN is just a waste of time."

 

Wall Street Journal

Did AOC Prompt A Justice Department Investigation Over A Taylor Swift Concert?

  • The U.S. Justice Department (DOJ) is investigating whether Ticketmaster's parent company, Live Nation Entertainment Inc LYV, has abused its power.
  • The investigation announcement leaves some wondering if Rep. Alexandria Ocasio-Cortez (D-NY), aka AOC, prompted the investigation over her calls to break up the "monopoly" following the significant failure of Taylor Swift's pre-sale concert tickets.

 

Bloomberg

Why Wynn, MGM Resorts And Other Casino Stocks Are Gaining Today

  • Shares of Casino operators Wynn Resorts Limited WYNN and MGM Resorts International MGM gained on Monday after being granted operating licenses in Macau.
  • Six casino operators in Macau have been granted new licenses to continue their operations in the gambling hub.
  • The move comes amid a weak market sentiment due to the Chinese government's reimposition of the Zero COVID policy.

Amazon To Close Down More Indian Operations As Slowdown And Competition Pinches

  • Amazon.Com Inc AMZN looked to exit India's meal deliveries and a service providing bulk doorstep deliveries of packaged consumer goods to small businesses.
  • The exits will involve layoffs of just several hundred out of a workforce of thousands, leaving Amazon relying on its core offerings like online retail in the country.
  • CEO Andy Jassy's cost-reduction campaign came amid slowing growth in several areas of Amazon's business.

BMW Sees More Lockdowns in China In 2023

  • Bayerische Motoren Werke AG BMWYY sees more Covid-related lockdowns in China as a risk for next year, despite healthy demand for the carmaker's fully-electric models and expectations of stable global sales.
  • CEO Oliver Zipse said, "I am worried about how we get out of the lockdown situation in future quarters. There is no visibility that China has a solution." 
  • Demand for BMW's fully-electric models in China is still strong, Zipse said, and next year's introduction of battery-only Mini models and the i5 should also help boost sales. 

6M Shortfall In Apple iPhone Pro Models - China's FoxconnFoxconn's Plant Outrage Impact On Apple

  • Turmoil at Apple Inc's AAPL key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to 6 million iPhone Pro units this year.
  • Much will depend on how quickly Hon Hai Precision Industry Co Ltd HNHPF operating as Foxconn Technology Group, the Taiwanese company that operates the facility, can get people back to assembly lines after violent protests against Covid restrictions. 

 

Reuters

Hyundai, LGES Plan To Build JV Battery Plants In US

  • Hyundai Motor Company HYMTF plans to build two joint venture battery plants in the U.S. with LG Energy Solution Ltd.
  • The proposed plants will be built in Georgia, located near the automaker's new EV plant, to help meet U.S. EV subsidy rules.
  • Each plant is expected to have an annual capacity of about 35 gigawatt hours (GWh).

Twitter Failed To Detect Newly Uploaded Footage Of Christchurch Mass Shooting — Until New Zealand Alerted Platform

  • The New Zealand government said it had to alert Twitter after freshly uploaded footage of the Christchurch terror attack began circulating on the platform. 
  • The Elon Musk-led platform failed to recognize the content of the mass shooting — that occurred in a terrorist attack on two mosques in Christchurch — as harmful, the government said.
  • "Twitter advised us overnight that the clips have been taken down and said they would do a sweep for other instances."

 

Benzinga

Coinbase Steps Up Europe Expansion Despite Crypto Meltdown

  • Coinbase Global Inc COIN strengthened its European top ranks to help lead its regional expansion plans.
  • Cormac Dinan, a general manager at Crypto.com, joined Coinbase as country director for Ireland. 
  • Michael Schroeder, former chief compliance and risk officer at Bittrex, will join the crypto exchange as director of controls for Germany. 

Twitter Users Have Trouble Blocking Accounts — Elon Musk Responds

  • Twitter users who had problems blocking accounts on the microblogging site can now do so without facing any interruption. 
  • Twitter owner Elon Musk tweeted that the microblogging site "experienced slight degradation of service" caused by "an old 3rd party tool." He added that the issue "should be fixed now."

AstraZeneca Bets On UK-Listed Firm For Lung Diseases

  • Drug Discovery company C4X Discovery Holdings plc has signed an exclusive worldwide licensing agreement with AstraZeneca plc AZN worth up to $402 million for its NRF2 Activator program. 
  • C4X Discovery is listed on the London Stock exchange, and the deal is the third significant deal with a major pharmaceutical company.
  • AstraZeneca will develop and commercialize an oral therapy for inflammatory and respiratory diseases with a lead focus on chronic obstructive pulmonary disease.

Rio Tinto, PKKP Reach Historic Agreement To Create Juukan Gorge Legacy Foundation

  • The Puutu Kunti Kurrama & Pinikura (PKKP) Aboriginal Corporation and Rio Tinto plc RIO have agreed to create the Juukan Gorge Legacy Foundation after signing a remedy agreement regarding the tragic destruction of two ancient rock shelters at Juukan Gorge in the Pilbara region of Western Australia in 2020.
  • Either party did not disclose financial terms at the request of the PKKP, the parties said.

Axsome Therapeutics Investigational Drug Lowers Risk Of Agitation Relapse In Alzheimer's Patients

  • Axsome Therapeutics Inc's AXSM AXS-05 substantially and statistically significantly delayed the time to relapse and prevented relapse of agitation in patients with Alzheimer's disease, compared to placebo.
  • The ACCORD Phase 3 trial represented a 3.6-fold lower relapse risk than the placebo. 
  • AXS-05 also met the key secondary endpoint of relapse prevention based on the relapse rates during the double-blind treatment period (7.5% of AXS-05 patients vs. 25.9% of placebo patients).

Barclays CEO Temporarily Excuses Himself For Curable Cancer Treatment

  • Barclays PLC BCS CEO, C.S. Venkatakrishnan, informed the Barclays Board and his colleagues that he would be undergoing treatment for Non-Hodgkin Lymphoma.
  • Non-Hodgkin lymphoma is a type of cancer, meaning he would work from home for some time.
  • The CEO, known inside the bank as Venkat, said in a letter that his condition was curable and that doctors have said his prognosis is "excellent," with the treatment in New York expected to last 12 to 16 weeks.
  • The bank confirmed that it had not appointed any interim CEO, with Venkat and the lender's executive committee expected to continue running it.

Shopify Clocks Record Black Friday Sales

  • Shopify Inc SHOP had a record-setting Black Friday with sales of $3.36 billion from Black Friday in New Zealand to the end of Black Friday in California. 
  • The sales marked a 17% growth year-on-year (19% Y/Y on a constant currency basis). 
  • At its peak, merchants on Shopify saw sales of $3.5 million per minute at 12:01 PM EST on Black Friday, collectively.
Posted In: BiotechLarge CapNewsHealth CareContractsLegalTop StoriesMarketsMoversTechMediaTrading IdeasGeneral