Trump-linked SPAC merger loses support from PIPE investors
Investors are pulling out of the deal from Digital World Acquisition to combine with Trump Media & Technology Group, according to a regulatory filing. The moves come ahead of a special shareholder meeting on October 10 to approve the deal. The special purpose acquisition company (SPAC) said it received termination notices from PIPE Investors representing about $138.5 million. Pipelines are private investments in public equity. PIPE investors have agreed to support the deal by purchasing Digital World’s Series A preferred stock. TRUMP TRUTH SOCIAL SOCIAL MEDIA PLATFORM, BUYER NEEDS EXTENSION TO COMPLETE MERGER
Goldman Sachs announces preliminary court approval of 1MDB settlement
SymbolPriceChange%ChangeGS$301.97-10.95-3.50 Goldman Sachs has received preliminary approval to settle a shareholder derivatives lawsuit involving the so-called 1MDB scandal, the investment bank said. In April, a federal court in Brooklyn, New York convicted former Goldman Sachs CEO Roger Ng of participating in a bribery and money laundering scheme related to a Malaysian investment development fund known as 1MDB. Between 2012 and 2013, Ng received more than $35 million in kickbacks for his role in the scheme to steal and launder billions of dollars from 1MDB, including 1MDB funds raised in 2012 and 2013 through three bond deals and to use those money for bribes. the Justice Department said in April. FORMER GOLDMAN BANKER TESTIFIES 1MDB A ‘HOUSE OF CARDS’ SCHEME Breaking news
Stocks crater as Dow hits new 2022 low, oil hits $78
US stocks posted another sharp sell-off across the board with the Dow Jones industrial average touching an intraday bear market before finishing slightly above that level with a loss of 486 points as recession fears grew. In commodities, oil fell more than 7% for the week to end at $78.74 a barrel. Dow Jones Averages. $ 29590.41
Investors are bearish on US stocks
SymbolPriceChange%ChangeSP500$3,689.26-68.73-1.83 Investors have moved more than $30 billion into cash this week as concern grows about the performance of stocks, bonds and other claims. Bond outflows totaled nearly $7 billion. Bank of America says the investment climate is “arguably” the worst since the 2008 global financial crisis as recession fears grow.
Brewer Budweiser is confident it can weather the financial challenges
SymbolPriceChange%ChangeBUD $46.35-$2.21-$4.56 Anheuser-Busch says it is in a strong position to weather the economic turmoil because it has strong brands at different price points. CEO Brendan Whitworth told FOX Business: “We feel pretty well positioned to handle whatever and wherever the consumer goes. AB InBev’s Belgium-based unit has more than 100 brands, including Budweiser, Bud Light, Busch, Michelob Ultra, Stella Artois and Shock Top.
Wireless communications company CalAmp cuts revenue growth forecast
SymbolPrice Change%ChangeCAMP$4.00-0.87-17.86 CalAmp hit a 52-week low on Friday. The fleet telematics provider beat Wall Street’s second-quarter estimates for revenue and profit, but warned of a slowdown in growth. “The company expects to achieve low to mid-single-digit percentage point sequential revenue growth in the third quarter,” the company said. In addition, CalAmp noted that it is not providing quarterly guidance because visibility into product shipments remains difficult to accurately estimate. Revenue for the quarter ended Aug. 31 rose 13 percent to $72.8 million. Analysts were expecting $69.27 million. Net loss widened to $7.49 million from $5.43 million. Adjusted net loss per share was 2 cents, better than the estimate of 3 cents.
More bad news for stock investors
Goldman Sachs just turned more bearish on the outlook for the S&P 500, the broadest index of the US stock market. Breaking news
Dow tanks 700 points hits bear market, Boeing, Chevron drop lead
Dow Jones Averages. $ 29394.79 US stocks are selling high with all three major averages down more than 2% as the Dow edged below 700 before rebounding from bearish lows. All 30 members traded in the red with Boeing and Chevron the worst performers. Oil fell nearly 6% to trade below $80 a barrel, hurting energy stocks. SymbolPriceChange%Changesp500 $ 3,667.98-90.01-2.40i: COMP $ 10,809.21-, 257.60-2.33BA $ 130.35-8.36-6.03CVX $ 145.45-9.44-6.09xle $ 70.42-5.28-6.97 symechange Costco currently has no plans to increase membership fees. The operator of an international chain of membership warehouses said its membership renewal rate was 92.6% in the US and Canada at the end of its fiscal fourth quarter ended Aug. 28.
Glencore buys Newmont mining stake, convicted of commodity price manipulation scheme.
SymbolPriceChange%ChangeGLNCY$10.01-1.02-9.22NEM$40.75-1.75-4.12$ Glencore fell nearly 10% in morning trading on Friday. The Anglo-Swiss multinational commodities trading and mining company is buying a stake in an Argentine copper and gold project and has reportedly been penalized in an oil pricing case. Glencore will pay $124.9 million to acquire an 18.75% stake in Newmont’s MARA Project (MARA). In addition, Glencore will earn up to $50 million in deferred consideration. MARA has proven and probable mineral reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold contained in 1.105 billion tonnes of ore with an initial mine life of 28 years. In addition, Bloomberg reported that a federal court in Connecticut ordered Glencore to pay $486 million in fines and forfeiture for alleged participation in a multi-year scheme to manipulate fuel oil prices at two of the busiest commercial ports in the US. The company pleaded guilty in May to the scheme to manipulate commodity prices, the Justice Department said.
Oil sinks to eight-month lows on strong dollar, recession fears
Oil prices fell about 5 percent to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears that rising interest rates will push major economies into recession. Brent futures were down $4.35, or 4.8%, at $86.11 a barrel by 10:09 a.m. This puts both benchmarks in technically oversold territory and WTI on track for its lowest close since January 10 and Brent on track for its lowest close since January 13. For the week, WTI fell about 7% and Brent about 6%, the fourth straight week of declines for the benchmarks, the first time this has happened since December. U.S. gasoline and diesel futures also fell more than 5 percent.
JetBlue ground workers are calling for a union election
SymbolPriceChange%ChangeJBLU$6.87-0.23-3.31 JetBlue Fleet Service workers want to unionize. The International Association of Engineers and Aerospace Workers (IAM) says there is enough interest among the discounted carrier’s ground operations workers to hold union representation elections. North America’s largest airline union has announced it will file an election petition with the National Mediation Board (NMB), the federal agency that conducts union representation elections in the airline and railroad sectors. JetBlue workers cited below industry standard pay and benefits, poor and unsafe working conditions, unfair discipline and firings, among many other issues as reasons to win IAM representation and a seat at the table, the IAM said. The IAM is the largest airline union in North America and represents airline workers at every major US airline.
Worst Bond Selloff Since 1949, Investor Sentiment Falls: Bank of America
Global sovereign bond losses are on track for the worst year since 1949 and investor sentiment has fallen to its lowest level since the financial crisis, BofA Global Research said in a note on Friday. This year’s dramatic decline in bonds threatens credit events and a potential liquidation of the world’s busiest trades, including bets on the greenback that have driven the greenback to multiyear highs against other currencies and bets on U.S. technology stocks, the bank said. Bond funds recorded outflows of $6.9 billion in the week through Wednesday, while $7.8 billion was pulled from equity mutual funds and investors plowed $30.3 billion into cash, BofA said in a research note cited by EPFR data. Investor sentiment is the worst since the global financial crash of 2008, the note said. Breaking news
Dow slips below 30,000 as volatile week winds down
U.S. stocks fell for a fourth day, with the Dow Jones Industrial Average slipping below the key 30,000 level as investors wrapped up a volatile week after the Federal Reserve raised interest rates by 75 basis points. In commodities, oil fell more than 4% to $79 a barrel. Dow Jones Averages. $ 29747.54
Stock futures fall on rising interest rates, recession worries
U.S. stock futures extended losses after three days of declines, following more rate hikes by the U.S. Federal Reserve and other central banks to control stubborn inflation, fueling fears of a possible global recession. Major futures indicate a 0.8% drop when Wall Street opens for trading. The yield on the 10-year note, which influences mortgage rates, was at 3.68% on Friday. Oil prices fell on Friday amid recession fears and a stronger dollar, although losses were capped by supply concerns. West Texas Intermediate (WTI) crude oil futures were trading around $83.00. Brent crude futures were trading around $89.00 a barrel. For the week TWI and Brent contracts were down 2.3% and 1.5% respectively. In Asia, Hong Kong’s Hang Seng sank 1.2 percent and China’s Shanghai Composite lost 0.7 percent. Japanese markets were closed for a holiday. The S&P 500 lost 0.8% on Thursday to 3,757.99. The Dow Jones Industrial Average fell 0.4% to 30,076.68 and the Nasdaq composite fell 1.4% to 11,066.81.
Apple Music will sponsor the Super Bowl halftime show replacing Pepsi
This season’s super…
