Bitcoin Ban Upheld at Danske Bank Amid Growing Client Demand
Christian Wienberg and Niclas Rolander, 18 June 2021
Danske Bank A/S says it won’t lift a ban on trading Bitcoin and other cryptocurrencies on its platforms, despite growing interest from clients.
Denmark’s biggest bank pointed to a lack of transparency and regulation in crypto trading, in a statement on its website. It also warned of volatile and “opaque” pricing, and noted that the carbon footprint of mining cryptocurrencies is at odds with Danske’s goal of doing sustainable banking. Continue reading “Article: Bitcoin Ban Upheld at Danske Bank Amid Growing Client Demand”
Catching Rides on Meme-Mafia Trades May Boil Down to Models
Lu Wang, 13 June 2021
Staring at a meme stock craze that shows few signs of abating, Wall Street is still wrestling with how to trade it.
Many traders scroll through Reddit blogs that cheer on day traders to suss out the next big thing. Others obsessively track Stocktwits citations. There are even firms hiring WallStreetBets veterans to get inside the heads of the people who call themselves apes with diamond hands. Continue reading “Article: Catching Rides on Meme-Mafia Trades May Boil Down to Models”
Wall Street Warned by U.S. Regulators to Speed Up Libor Exit
Jesse Hamilton, Alex Harris, and Christopher Condon, 11 June 2021
Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark.
From Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell, watchdogs made clear during a meeting of the Financial Stability Oversight Council that time is running out. The admonishment — coming from the heads of all of the U.S.’s most powerful financial agencies — marked a remarkably high-profile push to light a fire under banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. Continue reading “Article: Wall Street Warned by U.S. Regulators to Speed Up Libor Exit”
Morgan Stanley gives Nasdaq bullish rating on tailwinds strategy shift/strong>
Liz Kiesche, 11 June 2021
Morgan Stanley analyst Michael Cyprys, favoring U.S. exchange operators that are shifting toward recurring revenue and benefiting from secular tailwinds, initiates coverage of Nasdaq (NDAQ +2.3%) at Overweight, Intercontinental Exchange (ICE +0.5%) and CME Global (CME +0.5%) at Equal-Weight, and Cboe Global (CBOE -0.2%) at Underweight.
Sees upside from NDAQ’s move to catch tailwinds from data and analytics, ESG and anti-financial crime, and index segments. Continue reading “Article: Morgan Stanley gives Nasdaq bullish rating on tailwinds strategy shift”
Taibbi: Let the Apes Have Wall Street
Alert Reader Comment:
Ultimately, it doesn’t matter who’s behind the mercurial surges of stocks like GME. Either way, the chaos is exposing
Wall Street for the preposterous collection of circus acts it’s always been, with the naked shorting issue being just one example
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Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
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Former NYSE Trader on GameStop Earnings and Naked Shorts
thestreet, 10 June 2021
Momentum stocks, which have been dubbed “meme stocks” by mainstream media and Wall Street, have taken the stock market by storm in the last six months.
Earlier this week, stocks such as GameStop (GME) – Get Report and AMC (AMC) – Get Report were seeing positive momentum. Even stocks like Clover (CLOV) – Get Report and Wendy’s (WEN) – Get Report joined them.
However, GameStop’s momentum turned negative in Thursday intraday trading following the company’s earnings report late Wednesday. Continue reading “Article: Former NYSE Trader on GameStop Earnings and Naked Shorts”
Wall Street Faces All the Same Reflation Doubts After CPI Beat
Sam Potter and Anchalee Worrachate, 10 June 2021
After weeks of drift and doubt, Wall Street was looking for a decisive signal on price growth to help put the reflation trade back on track. Instead it got another mixed message.
Prices paid by U.S. consumers rose in May at the fastest pace since 2008, yet the details of data released Thursday supported the Federal Reserve’s view that the jump will prove transitory.
As investors digested the numbers, an initial increase in Treasury yields lasted little more than an hour, and by lunch they were extending recent declines. Tech stocks led the equity advance, with the Nasdaq 100 outperforming as more economically sensitive sectors lagged. Continue reading “Article: Wall Street Faces All the Same Reflation Doubts After CPI Beat”
U.S. stocks end lower ahead of inflation report
Stephen Culp, 09 June 2021
NEW YORK (Reuters) – Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.
The retail “meme stock” craze continued unabated. All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts. Continue reading “Article: U.S. stocks end lower ahead of inflation report”
Vatican financial crime charges are due to lack of experience
Thomas Yeung, 09 June 2021
Early investors in AMC (NYSE:AMC) got their payday last week when the stock jumped from low double-digits to $72. Anyone who bought $20 options before the Memorial Day weekend would have turned $1,000 into $116,000.
But Wall Street still seems to get one thing wrong: it’s not about an investment story. If it were, Cinemark (NYSE:CNK) and Imax (NYSE:IMAX) would have also gone up; they were both down for the week. Continue reading “Article: Vatican financial crime charges are due to lack of experience”
Wall Street languid as “meme stock” frenzy hogs spotlight
Stephen Culp, 08 June 2021
Wall Street stocks wavered near the starting line on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders kept the rally of so-called meme stocks alive. All three major U.S. stock indexes were little changed, with the S&P (.SPX) and the Dow (.DJI) hovering within 1% of their record closing highs.
The tech-laded Nasdaq (.IXIC) fared best, with Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) providing the biggest boost. The CBOE volatility index (.VIX), a measure of investor anxiety, touched its lowest level in over a year. Continue reading “Article: Wall Street languid as “meme stock” frenzy hogs spotlight”
Clover Health jumps 13% as ‘meme stock’ rally builds
Aaron Saldanha, 08 June 2021
The social-media driven rally has sent shares of companies including AMC Entertainment Holdings Inc and GameStop Corp zooming this year in a bid to squeeze Wall Street short-sellers, and has prompted the U.S. Securities and Exchange Commission to say it was looking into signs of market manipulation.
Medicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Continue reading “Article: Clover Health jumps 13% as ‘meme stock’ rally builds”
AMC stock jumps nearly 15% as retail-fueled rally stretches to another week
Yun Li, 07 June 2021
AMC Entertainment, the meme stock that amazed Wall Street recently, rallied double digits on Monday as speculative trading activity in the struggling movie theater gained steam.
Shares of AMC jumped as much as 25% Monday, following an 80% rally in the previous week. AMC has dethroned GameStop to become the star on the infamous WallStreetBets forum on Reddit, with retail traders encouraging each other to pile into the shares and call options. AMC Shares closed 14.8% higher at $55 on Monday. Continue reading “Article: AMC stock jumps nearly 15% as retail-fueled rally stretches to another week”