Top Stories Friday, Mar. 24: Binance Suspends Trading, Twitter To Remove Legacy Verified Checkmarks

Reuters

Deutsche Bank AG (NYSE:DB) shares came under pressure following a spike in credit default swaps amid persistent concerns regarding the stability of European banks.
Deutsche Bank's credit default swaps (CDS) - a form of insurance for bondholders - shot up above 200 basis points (bps) - the most since early 2019 - from 142 bps, based on data from S&P Market Intelligence.

Citizens Financial Group Inc (NYSE:CFG) is reportedly constructing a bid to purchase the private banking business of Silicon Valley Bank, which collapsed earlier this month.
Citizens, one of the largest U.S. regional banks, are working to submit an offer in the auction of the business called SVB Private.
SVB Private provides high-net-worth individuals banking, wealth management, and trust services. A big part consists of Boston Private, a wealth manager Silicon Valley Bank acquired in 2021.

Walmart Inc (NYSE:WMT) plans to lay off workers at five U.S. e-commerce fulfillment centers.
The workers are being asked to find jobs within 90 days at other company locations.
The centers include Pedricktown, New Jersey; Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania.
The move was made after the centers experienced a reduction or elimination in evening and weekend shifts.

Financial Times

Activist Carl Icahn reportedly accused Illumina Inc (NASDAQ:ILMN) directors of demanding extra personal liability insurance before agreeing to close the $8 billion purchase of cancer screening company Grail Inc as regulators were against the deal.
The purchase of additional insurance for directors was disclosed in an SEC regulatory filing after being buried for months in hopes that no one would find out, Icahn alleged.
Illumina rejected Icahn's allegations and said, "Illumina operates transparently with strong corporate governance."

Bloomberg

Goldman Sachs Group Inc (NYSE:GS) said President Joe Biden's landmark clean-energy legislation would cost approximately $1.2 trillion, three times more than the government's official estimate.
The global investment banking group said the U.S. Inflation Reduction Act passed last year will encourage trillions of dollars in private-sector investment.
The IRA aims to promote investment in renewable energy sources and technology that enhances efficiency. It has been a crucial component of the Biden administration's objectives, which include decarbonizing the economy to prevent climate change's impact.

Block Inc SQ CEO Jack Dorsey's wealth eroded by $526 million on Thursday after short-seller Hindenburg Research published a bearish report on the company.
Dorsey is worth $4.4 billion after taking an 11% hit on his net worth.
The index estimated that Dorsey's stake in Block is worth $3 billion, while his position in the Elon Musk-owned Twitter is $388 million.

Benzinga

The Indian Patent Office rejected Johnson and Johnson's (NYSE:JNJ) application to extend its patent on tuberculosis treatment, bedaquiline, beyond July 2023.
The decision paves the way for the entry of cheaper generics by domestic players.
Many such manufacturers have already expressed an interest in supplying the drug at more affordable prices under the WHO's pre-qualification program.

Starting April 1, Elon Musk's Twitter will remove the traditional blue checkmarks from user accounts as it gradually phases out its long-standing verification program, Twitter Blue.
The Musk-owned microblogging site has expanded its subscription program Twitter Blue to worldwide users. Twitter will also begin "winding down" its legacy verified program and "legacy verified checkmarks."
To keep the blue checkmarks, users must sign up for Twitter's paid subscription model by paying $8 monthly through the web and $11 monthly through Apple Inc. (NASDAQ: AAPL) iOS.

Leading cryptocurrency exchange Binance has temporarily halted deposits and withdrawals on its platform due to issues impacting its spot trading.
The exchange's CEO, Changpeng Zhao, revealed in a tweet on Friday that a bug had been detected in the matching engine of a trailing stop order.
As a standard operating procedure, the exchange has paused deposits and withdrawals while the issue is being resolved.

LG Energy Solution Ltd proposes to invest 7.2 trillion won ($5.5 billion) in building a manufacturing complex in Queen Creek, Arizona, to tap the rising demand for EVs backed by the U.S. Inflation Reduction Act's push for domestic production.
The complex will consist of two manufacturing facilities: cylindrical batteries for electric vehicles and lithium iron phosphate pouch-type batteries for energy storage systems.

On March 23, Ouster, Inc (NYSE:OUST) reported a fourth-quarter revenue decline of 8% year-on-year to $10.94 million, missing the consensus of $15.84 million. EPS loss of $(0.23) missed the consensus loss of $(0.18).
The gross margin contracted by 1,300 bps to 17% due to discounts to large unit volume customers.
Ouster remains on track to exceed previously projected annualized cost synergies of $75 million within nine months. By the end of Q1, Ouster expects to reduce approximately $50 million in annual run-rate costs.

Tesla Inc (NASDAQ:TSLA) and Twitter CEO Elon Musk shocked the tech world with his recent tweet accusing Microsoft Corporation (NASDAQ:MSFT) of gaining "exclusive access to the entire OpenAI codebase" on the back of their investment in the company.
Musk, who co-founded OpenAI in 2015, tweeted, "As part of their investment, Microsoft gained exclusive access to the entire OpenAI codebase."

Activision Blizzard Inc (NASDAQ:ATVI) shares gained 6% after the U.K. antitrust regulator capped its concerns regarding the Microsoft Corp deal.
On Friday, the Competition and Markets Authority issued updated provisional findings in its assessment of Microsoft's proposed acquisition of Activision, narrowing its scope of concerns.
The CMA's new evidence provisionally alleviates concerns concerning the supply of gaming consoles in the U.K.

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