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Apple can surge another 25% by adding cryptocurrency services to its Wallet app, RBC says | Currency News | Financial and Business News | Markets Insider

Apple can surge another 25% by adding cryptocurrency services to its Wallet app, RBC says | Currency News | Financial and Business News | Markets Insider

shares can jump higher if the tech giant steps into the cryptocurrency market, RBC Capital Markets said Monday.In a note to clients, the analyst Mitch Steves lifted RBC's price target for the iPhone maker to $171 from $154, implying a 25% increase from Apple's close on Friday. The target is the highest among Wall Street analysts. Steves also maintained an "outperform" rating on the shares.While headlines about Apple's future offerings have recently focused on an electric car, RBC sees more near-term opportunity in the company's Wallet app. Apple has expanded the app over the years, making...

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Feb 8
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GameStop stock-trading star Keith Gill - also known as Roaring Kitty - is reportedly under investigation as regulators look at his previous financial-advisement job | Markets Insider

GameStop stock-trading star Keith Gill - also known as Roaring Kitty - is reportedly under investigation as regulators look at his previous financial-advisement job | Markets Insider

The risk-loving investor who goes by Roaring Kitty on YouTube and u/DeepFuckingValue on Reddit is being  investigated for his previous job as a financial adviser, reported Wednesday.Keith Gill rose to fame in January for his massive bet on . He first revealed his bullish stance on the beleaguered video-game retailer in a July YouTube video, saying that massive short interest in the stock could be leveraged to fuel a massive rally. Such a stock surge came to fruition last month, and Gill's position allegedly swelled to $48 million from roughly $755,000 at the peak of the Reddit-trader...

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Feb 4
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Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies | Markets Insider

Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies | Markets Insider

Robinhood has restricted trading of highly volatile stocks including and  on its platform, leaving its users unable to buy the highly volatile stocks.The discount brokerage informed clients they could close out positions in the affected stocks but could not purchase additional shares. Companies affected by the restrictions are GameStop, AMC, , , , , , and .Robinhood also lifted margin requirements for certain trades. The move came Thursday before markets opened."We continuously monitor the markets and make changes where necessary," the company said in a .The stocks that were removed have...

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Jan 28
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GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them | Markets Insider

GameStop short-sellers lost $1.6 billion in a single day as Reddit traders rebelled against them | Markets Insider

Investors betting against and the army of bullish retail traders have already lost billions in 2021.Mark-to-market losses for GameStop shorts on a year-to-date basis reached $3.3 billion when trading closed on Friday, according to data from the financial-analytics firm . Losses totaled nearly $1.6 billion on Friday alone as shares rocketed 51% higher into the close.GameStop stock has continued to climb as Reddit users and day traders have extended the unusual momentum trade into its third week. The company's shares initially leaped on January 11 after it agreed with an activist investor to...

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Jan 25
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Twitter and Facebook have seen $51 billion in combined market value wiped out since booting Trump from their platforms

Twitter and Facebook have seen $51 billion in combined market value wiped out since booting Trump from their platforms

and , the two largest social media platforms to permanently ban President Donald Trump for his role in last week's Capitol riots, saw $51.2 billion in combined market value erased over the last two trading sessions.Companies across sectors have responded to the president's rhetoric in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements. Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday,...

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Ben Winck
Jan 13
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There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it. | Currency News | Financial and Business News | Markets Insider

There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it. | Currency News | Financial and Business News | Markets Insider

Cryptocurrency enthusiasts praise decentralized nature. Yet the imperfect methods used to secure the digital tokens are pulling millions of bitcoin out of circulation with little hope of recovery.Bitcoin owners hold private keys necessary for spending or moving tokens. These keys exist as complex strings of data and are often stored in protected digital wallets.Those wallets are then typically protected with passwords or authentication measures. While their complexities allow owners to more securely store their bitcoin, losing keys or wallet passwords can be devastating. In many cases,...

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Jan 12
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Tesla will climb 8% to street-high price target of $900 as stock rally boosts fundraising, Bank of America says | Markets Insider

Tesla will climb 8% to street-high price target of $900 as stock rally boosts fundraising, Bank of America says | Markets Insider

"upward stock spiral" is feeding a repetitive cycle that will further push the automaker ahead of its rivals, according to .Analysts led by John Murphy lifted their price target for Tesla to $900 from $500, implying an 8% climb from Monday morning over the next 12 months. The new target is the highest on Wall Street, eclipsing the $880 level Morgan Stanley set . The analysts maintained a "neutral" rating on the automaker.Bank of America cited Tesla's fundraising potential for their more bullish outlook. The company announced in December that it will sell up to $5 billion in stock to raise...

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Jan 11
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A government watchdog says the Labor Department has been releasing flawed data — and finds that most states underpaid jobless Americans

A government watchdog says the Labor Department has been releasing flawed data — and finds that most states underpaid jobless Americans

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The Labor Department's weekly tally of unemployment-insurance filings has reflected inaccurate data throughout the pandemic, and jobless Americans are being underpaid through the benefits program, the Government Accountability Office said Monday.The historic number of unemployed Americans applying for benefits has skewed weekly claims figures for months, the government watchdog said in its . Inconsistent state data, claims backlogs, and potential fraud in...

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Ben Winck
Nov 30
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Pfizer and BioNTech climb as 95% vaccine effectiveness tees up application for FDA approval | Markets Insider

Pfizer and BioNTech climb as 95% vaccine effectiveness tees up application for FDA approval | Markets Insider

and gained in early Wednesday trading after the companies announced their experimental coronavirus vaccine at protecting patients against COVID-19.The updated figure comes from final analysis of trial data.  released on November 9 showed the drug to be 90% effective in the nearly 44,000-person trial. The newest information clears the way for Pfizer and BioNTech to apply for emergency-use authorization from the Food and Drug Administration in a matter of days.Pfizer gained 4% at intraday highs, while BioNTech jumped as much as 8%. The news also pushed US equity indexes higher.To be sure,...

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Nov 18
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Goldman Sachs says renewable-energy spending will surpass oil and gas for the first time ever in 2021 — and sees total investment spiking to $16 trillion over the next decade | Markets Insider

Goldman Sachs says renewable-energy spending will surpass oil and gas for the first time ever in 2021 — and sees total investment spiking to $16 trillion over the next decade | Markets Insider

The transition to renewable power from traditional fuels will create a $16 trillion investment opportunity through 2030 as spending shifts to new infrastructure, analysts said Tuesday.The bank projects green-energy spending to pass that of oil and gas for the first time ever next year and account for roughly 25% of all energy spending. The share stood at just 15% in 2014, but a dive in fossil-fuel investing over the past decade shifted more dollars to clean energy initiatives.If the nation aims to hold global warming within 2 degrees Celsius, the move toward renewable energy would create...

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Jun 17
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US GDP surged a record 33% in the 3rd quarter as the economy reopened, roughly double the next-biggest jump

US GDP surged a record 33% in the 3rd quarter as the economy reopened, roughly double the next-biggest jump

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.After the coronavirus pandemic's toll drove in the second quarter, the US's summer recovery fueled the largest-ever jump in gross domestic product.US gross domestic product grew at an annualized rate of 33.1% in the third quarter, the Commerce Department said on Thursday. The reading is the largest output gain on record, in data going back to the 1940s. It's roughly double the next-biggest jump, in 1950. Economists surveyed by Bloomberg had expected a 32%...

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Ben Winck
Oct 29
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US weekly jobless claims fall more than expected to 787,000 as labor-market rebound shows strength

US weekly jobless claims fall more than expected to 787,000 as labor-market rebound shows strength

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The number of Americans filing for unemployment benefits declined more than expected last week as the nation's labor market continued to show signs of recovery.New US weekly jobless claims totaled an unadjusted 787,000 for the week that ended on Saturday, . The reading came in below the median economist estimate of 870,000 compiled by Bloomberg and reflects a marked decrease from the prior week's revised total.Continuing claims, which track the aggregate...

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Ben Winck
Oct 22
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Jack Ma's Ant Group files for IPO, which could reportedly be the biggest ever | Markets Insider

Jack Ma's Ant Group files for IPO, which could reportedly be the biggest ever | Markets Insider

The billionaire Jack Ma's Ant Group plans to go public, and proceeds from the event could surpass Saudi Aramco's record $29 billion windfall, .The Alibaba affiliate filed for an initial public offering in Hong Kong and Shanghai on Tuesday to fund the growth of its financial-services business. Ant aims to issue 10% in new shares of its total capital, the filing said.The company is targeting a valuation of about $225 billion, which could raise roughly $30 billion if market demand holds up, people familiar with the matter told Bloomberg.Read more:Such a debut would edge out IPO proceeds from...

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Aug 25
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McConnell says 'fourth and final' stimulus bill will be considered by Senate Republicans in roughly one month

McConnell says 'fourth and final' stimulus bill will be considered by Senate Republicans in roughly one month

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Senate Majority Leader Mitch McConnell dashed hopes for a near-term fiscal relief bill on Friday, saying Republicans will begin weighing a "fourth and final" package "in about a month," according to .Congress has been stuck in negotiations over additional aid legislation as joblessness soars and economists project catastrophic coronavirus fallout landing in the second quarter. House Democrats passed a $3 trillion bill on May 15 to expand relief programs and...

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Ben Winck
May 30
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Americans fell behind on nearly 18 million credit-card and auto-loan payments last month

Americans fell behind on nearly 18 million credit-card and auto-loan payments last month

The words "Business Insider".Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Millions of Americans are struggling to pay off debt as coronavirus-led economic fallout spreads further.The share of credit-card accounts entering "financial hardship" status spiked to 3.2%, or 14.7 million accounts, in April, according to a new from credit-reporting agency TransUnion. The proportion spiked higher in April from just 0.01% in March 2020 and 0.03% in the year-ago period.Auto loans posted a similar slide into hardship, with 3.5%, or nearly...

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Ben Winck
May 21
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A 2nd wave of US virus cases will plunge the economy into a depression, Moody's economist says

A 2nd wave of US virus cases will plunge the economy into a depression, Moody's economist says

What many view as the cure to the current economic downturn could spur a far worse outcome, said Mark Zandi, Moody's chief economist.Several states have begun rolling back restrictions to reinvigorate economies slammed by the coronavirus pandemic. The gradual reopenings are meant to keep businesses afloat and stem additional job losses, but public-health experts have said that a premature return to norms risks a second wave of infections. Zandi shares the concern, that another outbreak would mean a much slower recovery."We may not shut down again, but certainly it will scare people, spook...

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Ben Winck
May 11
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McKinsey economists lay out 9 potential coronavirus recession scenarios — ranging from a summer recovery to a 'black swan of black swans'

McKinsey economists lay out 9 potential coronavirus recession scenarios — ranging from a summer recovery to a 'black swan of black swans'

Uncertainty around the coronavirus outbreak's trajectory remains the biggest obstacle for experts forecasting the US economy's trendline. So McKinsey partners detailed nine different scenarios for a post-pandemic nation.Variables including the US's public health response, bankruptcy rates, job loss, and the government's policy response make for a wide range of possibilities, McKinsey said in the March . Though it's human nature "to freeze, or to jump to a simple answer," the team looked to "bound the uncertainty with reason" and put forth a wide range of futures that will evolve alongside...

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Ben Winck
Apr 12
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China will start destroying cash collected in areas with high exposure to the coronavirus

China will start destroying cash collected in areas with high exposure to the coronavirus

China's central bank in Guangzhou announced it will destroy cash collected by hospitals, buses, and markets in coronavirus-afflicted areas to curb the outbreak's contagion, financial news outlet Caixin reported Saturday. The People's Bank of China ordered all paper currency with high exposure to the outbreak withdraw cash for either destruction or disinfection, according to Caixin. Commercial banks were told to place banknotes from infected areas aside, clean them, and hand them to the central bank. The coronavirus continues to spread around the world and most heavily hit China's...

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Ben Winck
Feb 17
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