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BITCOIN TANKS 10% AFTER ELON MUSK SAYS PRICES SEEM HIGH
Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices “seem high.” The world’s most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700.
TESLA DROPS AS MUCH AS 13%, TURNS NEGATIVE FOR THE YEAR
Tesla’s recent slide accelerated on Tuesday, as investors rotated out of high-flying tech names. Shares of the electric vehicle maker dipped as much as 13% the stock’s worst day since Sept. before recovering some of those losses. At 10 a.m. on Wall Street shares were down 7.8%.
HOME DEPOT (HD) SHARPLY LOWER DESPITE STRONG QUARTER
Dow component The Home Depot, Inc. (HD) is trading lower by more than 2% in Tuesday’s pre-market despite beating fourth quarter 2020 top- and bottom-line estimates by wide margins. The company booked a profit of $2.65 per share, $0.28 better than expectations, while revenue surged 25.1% year over year to $32.26 billion, beating consensus by more than $5 billion. Quarterly comparative sales growth of 24.5% tracked a booming housing market, underpinned by the exodus out of northeastern and west coast urban centers.
HEDGE FUNDS THAT HUNKERED DOWN AFTER GAMESTOP ARE NOW MISSING OUT ON MARKET GAINS
Hedge funds are still licking their wounds after a retail trading frenzy forced the industry to slash its overall exposure to stocks, leading to an underperformance in 2021. Last month, an army of retail investors who coordinated on social media managed to push GameStop shares up 400% in just one week, creating massive squeezes in a slew of heavily shorted names. Hedge funds getting burned on their short positions scrambled to take down overall risk and sell winners to raise cash.
BAIDU (BIDU) TRADING LOWER DESPITE STRONG QUARTER
Nasdaq-100 component Baidu, Inc. (BIDU) is trading lower by less than 1% in Thursday’s pre-market session after meeting fourth quarter 2020 revenue guidance and beating profit estimates by a small margin. The Chinese search engine giant earned RMB 20.08 per share during the quarter, or $3.10 per share in greenbacks, while revenue rose 4.8% year over year to RMB 30.26 billion ($4.68 billion). A brief uptick after the news was quickly extinguished by selling pressure.
ENTERPRAI LAUNCHES NEW WAY FOR GLOBAL MACRO PLAYERS TO STAY ON TOP OF FINANCIAL MARKETS
Enterprai – the AI-powered SaaS workstation for global macro professionals, pioneering predictive analytics for FX and fixed income markets – today launched a set of products offering global macro portfolio managers, traders, and analysts a new way to stay on top of financial markets. Off the back of strong demand for its product the Company is now embarking on its next funding round, seeking to raise a further $10M of growth capital to invest in tech and talent to further fuel client expansion.
CETERA LAUNCHES GROWTH360 PROGRAM
Cetera Financial Group, one of the industry’s largest networks of financial professionals, today announced the launch of Growth360, a strategic, peer-based methodology to help its affiliates grow the value of their businesses. The Growth360 methodology enables Cetera financial professionals to learn from – and incorporate – the successes of their fastest-growing peers. Growth360 provides a framework for advisors to benchmark their own practices against those of their fastest-growing colleagues. This will empower Cetera financial professionals to identify high-impact growth levers and implement an action plan that is aligned with their broader business goals.
RAILSBANK SHAPES THE FUTURE OF FINANCE WITH LAUNCH OF NEW CATEGORY AND VISION AT WEB SUMMIT
Railsbank, the leading global Embedded Finance platform, has today launched a new industry category that is set to drive the next wave of innovation within financial services. Known as Embedded Finance Experiences, the new category and vision represents the next phase of growth for embedded finance, moving away from basic banking, card or financial products to deeper and richer financial experiences that are seamlessly part of a brand’s customer journey.
Gone are the days where the consumer needs to visit a finance provider; embedded finance experiences deliver a financial product at a highly relevant moment to the consumer.
WEALTHFACE LAUNCHES ADVANCED TRADING PLATFORM
Wealthface, an Investment management company, announced today the launching of its online trading platform for active investors in the Middle East and the United States with the option of allowing clients to build their own portfolio, powered by a factor investing advanced algorithms.
Wealthface offers expert investment services through a blend of investment options, advanced Fintech and professional human expertise. It is licensed by the U.S. Securities and Exchange Commission (SEC), and ADGM’s Financial Services Regulatory Authority (FSRA). Its partnership with the US heavyweights “DriveWealth” will enable Wealthface clients to trade US stocks at a low cost.
COLT TECHNOLOGY SERVICES EXPANDS ITS CAPITAL MARKETS OFFERING INTO LATIN AMERICA
Colt Technology Services recently announced that it is expanding its capital markets offering into Latin America, giving customers from the USA, Europe, and APAC cost effective, low latency access to B3 – one of the world’s largest financial market infrastructure companies and the largest in the region – via Colt PrizmNet.
By continuing to strengthen its coverage in the Americas, Colt is providing global capital market data vendors and trading firms with simpler, more cost-effective access to critical venues in the region. This expansion makes Colt one of the first financial extranet providers to offer access to B3 from all of its 30+ Global PrizmNet PoPs and exchange colocation venues and to on net clients across its global capital markets ecosystem of 160+ exchanges, venues, and service providers, and 10,000+ participants.
CLEVA LAUNCHES TO BRING FINTECH TO THE CARE SECTOR
Cleva, a fintech developed for the home care sector, today launched its payments system for home care agencies – bringing a safe, quick and easy way for carers to shop and handle expenses for people under their care using a single card, and removing the hassle and admin of using cash.
The new system brings proven technology developed by a leading UK-fintech to a whole new market, enabling care agency staff to spend more time looking after the clients they care for, and ensuring transparency of payments for both those under care and their families.
JEEVES, THE FINTECH BUILT FOR GLOBAL COMPANIES, LAUNCHES ITS ALL-IN-ONE CORPORATE CARD AND CAPITAL FINANCING SERVICES FOR HIGH-GROWTH STARTUPS IN CANADA
Jeeves, the all-in-one expense management platform for global startups, announced today that it has officially launched its product and services in Canada. This expansion into the Canadian market follows the company’s highly successful funding rounds of a Series A at $31 million USD followed by a Series B of $57M. Both rounds were completed in 2021 in less than 90 days of each other for a total raise of $183M USD, and a valuation of more than $500M USD. The Canadian launch is the latest in a momentous year of growth for the company.
DISCOVERY DATA LAUNCHES ADVISOR INTENT INDICES POWERED BY ADVISORTARGET TO TRACK FINANCIAL ADVISOR BUYING INTENT TRENDS
Discovery Data, the market leader in data, insights, and analytics for the financial services and insurance industries, announced today that it has co-developed with AdvisorTarget its new Advisor Intent Indices. Measuring financial advisor buying intent and tracking changes in advisor interest on specific industry topics over time, Advisor Intent Indices empower product distributors, recruiters, marketers, and data scientists with highly accurate first-party information on industry-level and advisor-level intent in near real-time.
The Advisor Intent Indices use a scoring model to compare advisors’ overall engagement with financial news to individual engagement, providing month-to-month trends for gauging changes in advisor interest. With a range from 0 to 200, the score indicates the level of interest on topics such as Recruiting, Real Estate Equities, and Muni and High Yield Bonds. For instance, a Real Estate Equities index level of 195 would indicate overwhelming interest on this topic.