Tag Archives: stock market

Grindr Shares Soar Over 300% After NYSE Debut

Market Watch reports: Shares of Grindr Inc. GRND, +304.02% rocketed out of the gate under their new ticker Friday, after the LGBTQ social networking platform’s merger with special purpose acquisition company (SPAC) Tiga Acquisition Corp. was completed. The first trade on the New York Stock Exchange under the ticker symbol “GRND” after the 9:30 a.m. Eastern open was at $17.00, …

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Global Stocks Tumble As Ukraine War Escalates

The New York Times reports: Global stocks slid on Monday as attacks on Ukraine escalated and governments considered ever-stricter economic penalties on Russia, including cutting off imports of Russian oil. It was Wall Street’s worst day in nearly two years. The S&P 500 fell 3 percent, its sharpest daily decline since May 2020. The Nasdaq composite dropped 3.6 percent and …

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Pelosi Reverses, Backs Banning Stock Trades By Reps

The Hill reports: Speaker Pelosi (D-Calif.) has directed House Democrats to draft a bill to ban members of Congress and their senior staffers from trading individual stocks, giving the movement newfound momentum. Democratic leaders aim to vote on a stock trading bill by the end of the year, potentially before November’s midterm elections, Punchbowl News reported Wednesday. Rep. Zoe Lofgren …

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Zuckerberg Loses Billions As Meta Stock Plunges

CNN reports: Late Wednesday, Meta reported a rare drop in profits, driven by spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services. The company’s shares plummeted in after-hours trading and are continuing their steep drop on Thursday. By mid-morning, the stock was down nearly 25%, making it the worst performer in the …

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Sen. Josh Hawley To Intro Own Bill To Ban Stock Trades

Axios reports: Sen. Josh Hawley (R-Mo.) plans to introduce his own bill to prevent members of Congress from trading stocks, while Sen. Jon Ossoff (D-Ga.) teams up with fellow Democrat Mark Kelly (D-Ariz.), Axios has learned. Why it matters: This means there will be now be two similar bills to ban stock trades individually championed by two vastly different lawmakers—further …

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McCarthy Floats Limiting Stock Trades By Congress

The right wing Washington Examiner reports: House Minority Leader Kevin McCarthy is reportedly considering ways to limit or ban members of Congress from holding and trading stocks if Republicans win a majority in November’s elections. The report comes amid renewed debate over whether lawmakers should be permitted to trade stocks, when they can receive policy information before it becomes public …

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Ossoff To Intro Bill Banning Stock Trades By Congress

The Insider reports: Sen. Jon Ossoff of Georgia is set to introduce legislation that would bar members of Congress from holding or trading individual stocks while they’re in elective office. In addition, the legislation would likely mandate that lawmakers place their financial assets in blind trusts — an action that Ossoff took himself after being elected to the Senate in …

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Apple Becomes First Company To Be Worth $3 Trillion

The New York Times reports: Combine Walmart, Disney, Netflix, Nike, Exxon Mobil, Coca-Cola, Comcast, Morgan Stanley, McDonald’s, AT&T, Goldman Sachs, Boeing, IBM and Ford. Apple is still worth more. Apple, the computer company that started in a California garage in 1976, is now worth $3 trillion. It became the first publicly traded company to ever reach the figure on Monday, …

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Pelosi Rejects Banning Congress From Trading Stocks

The Insider reports: House Speaker Nancy Pelosi on Wednesday rejected the idea of banning members of Congress and their spouses from holding and trading individual stocks while in office. “This is a free market, and people — we are a free market economy. They should be able to participate in that,” Pelosi said when asked by Insider at her weekly …

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Stock Market Plummets On New COVID Variant Fears

CNBC reports: U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets. The Dow Jones Industrial Average dropped 1000 points, or 2.8%, for its worst day of the year, while the S&P 500 and Nasdaq Composite slid 2.3% and 2.2%, respectively. Friday is a shortened trading day …

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Bank Sues Musk For $160M Over Tesla Stock Tweet

The Daily Beast reports: Investment banking giant JPMorgan Chase has filed a $162.2 million lawsuit against Tesla and its founder, Elon Musk, for breach of contract. According to the complaint filed in Manhattan federal court, Tesla sold stock warrants to JPMorgan that would pay off if their “strike price” didn’t exceed Tesla’s share price when they expired in mid-2021. But …

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Elon Musk Sells $5B In Tesla Stock After Twitter Poll

CNBC reports: Tesla CEO Elon Musk sold nearly $5 billion in Tesla stock, according to financial filings out Wednesday evening. He still holds more than 166 million shares. Musk sold these shares in part to satisfy tax obligations related to an exercise of stock options. Before that sale plan was made public, Musk asked his 62.5 million Twitter followers to …

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Bill Would Ban Congress Members From Trading Stocks

The Insider reports: Sen. Elizabeth Warren plans to introduce legislation during this congressional session that would bar members of Congress and other top government officials from buying and selling individual stocks, she told Insider. “It is a no-brainer,” said Warren, a Massachusetts Democrat. “Every senator, member of Congress, president, Cabinet secretary, federal judge, and other senior officials in charge of …

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Trump Stock Market Underperformed Obama, Clinton

The Hill reports: President Trump is closing out his time in office with a significant increase in the stock market, but has fallen short of stock gains seen under predecessors Barack Obama and Bill Clinton. From Trump’s inauguration day, the Dow Jones Industrial Average rose from 19,827 to 30,930 on Tuesday, a 56 percent increase. That increase is below the …

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Biden Transition Start Fuels Market To Record High

CNN Business reports: Investors have a lot to be thankful for this holiday-shortened week — including the Dow passing the 30,000 milestone for the first time as stocks posted solid gains Tuesday to extend Monday’s rally. The Dow was up more than 400 points, or 1.4%, in late morning trading. The blue chip index hit a new all-time high in …

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SEC Chair To Step Down Ahead Of Biden Changeover

CNBC reports: Jay Clayton, who has led the Securities and Exchange Commission for the past three and a half years that included a number of major changes in financial markets, said Monday he will step down at the end of the year. “Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of …

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Apple Becomes First US Company With $2T Market Cap

CNBC reports: Apple hit a market cap of $2 trillion Wednesday, doubling in valuation in just over two years to become the first publicly traded U.S. company to reach the milestone. Based on a share count of more than 4.275 billion, Apple broke the barrier just before 11 a.m. ET, when its price rose to $467.77. Apple first reached a …

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Apple Becomes World’s Most Valuable Public Company

CNBC reports: Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close. Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, …

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Apple Announces Surprise Four-To-One Stock Split

Reuters reports: The iPhone maker made the surprise announcement in its quarterly report, saying it will split its stock four-to-one when trading opens on Aug. 31, Apple’s first share split since 2014. Stock splits have become rare on Wall Street in recent years, with just three S&P 500 members announcing splits in 2020, compared to an average of 10 a …

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Dow Plunges 1800 Points Amid Renewed COVID Fears

CNBC reports: The Dow Jones Industrial Average plunged more than 1,800 points on Thursday and was on pace for its worst day since the March sell-off as coronavirus cases increased in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines. The 30-stock Dow traded …

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