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November 8th - According to the latest report from the World Platinum Investment Council, the global platinum market is entering a period of sustained shortage. From the supply side, global platinum supply is highly dependent on South Africa, and mine expansion cycles can take up to three years. Faced with strong market demand, the supply side is struggling to respond quickly, meaning that the industrys structural deficit will persist for years to come, further exacerbating the tight supply situation.A U.S. judge ruled that Trumps order for the National Guard to go to Portland, Oregon, was illegal.US President Trump: Now is the time for Republican senators to stop playing tricks on the radical left Democrats, immediately stop obstructing the proceedings, immediately open the government, and pass some great legislation based on common sense!On November 8th, following shareholder approval of Elon Musks $1 trillion compensation package, his rival, U.S. electric vehicle maker Rivian, announced on Friday a compensation package worth up to $4.6 billion for CEO and founder RJ Scaringe, linking the award to the companys earnings and stock performance over the next decade. Rivian stated that Scaringe will receive options to purchase up to 36.5 million Class A common shares at an exercise price of $15.22 per share, approximately 16 million more than his previous award. The options will vest in stages over the next ten years, subject to conditions including the companys stock price reaching different target levels between $40 and $140 per share, and achieving new revenue and cash flow targets over the next seven years.On November 8th, local time, the U.S. Senate failed to pass a motion to advance the Certain Federal Employees Appropriations Act (S.3012) by a vote of 53 to 43, falling short of the 60 votes required for passage. This bill aims to provide funding for some federal employees who are required to perform their duties during the forced shutdown to mitigate the impact of the government shutdown. Although some lawmakers called for a swift restoration of funding for key sectors, the final vote showed that partisan divisions remain, and the government shutdown is unlikely to be resolved in the near future.

Block shares slip after crypto winter dampens quarterly results

Skylar Shaw

Aug 08, 2022 14:39

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In premarket trading on Friday, shares of Jack Dorsey-led Block Inc, a digital payments startup that has made a significant bet on bitcoin, fell by roughly 7% after the business revealed a loss in quarterly profits due to dwindling interest in cryptocurrencies.


By 6:20 a.m. ET, the corporation, which is situated in San Francisco, California, had lost approximately $3.5 billion in market value. This year, the stock has decreased by more than 44%.


Block announced Thursday that it has halted recruiting and would lower its 2022 investment objective by $250 million. Block recorded a loss of 36 cents per share in the second quarter, compared to a profit of 40 cents last year.


The JPMorgan analysts said in a report that "the move of lowering expenditure shows SQ is prepping for possibly slower growth."


The brokerage, noting underlying profits potential from its purchase now, pay later business, which generated $150 million in gross profit in the quarter, maintained its "overweight" rating and $107 price objective for the company, however.


Investor interest in bitcoin and other digital currencies has waned this year as riskier assets have been sold off as a result of sizzling inflation and the Federal Reserve's tightening of monetary policy.


Companies like Block, who profited last year from the bitcoin mania by riding its wave, have been harmed by this.


Block's gross profit from bitcoin fell by 24 percent to $41 million in the quarter from $55 million a year earlier, or what the business makes from the margin on buying and selling the cryptocurrency.


In the eight trading sessions before to the publication, shares had increased by approximately 35%. According to analysts at BTIG, "the business probably would have needed to provide a fairly faultless report in order for that increase to continue.


However, Jefferies and RBC Capital Markets increased their price targets, stating that Block's choice to reduce expenses would provide it a great advantage in navigating a challenging economic climate.

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