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Citigroup lowered its price target for Adobe (ADBE.O) from $264 to $228.The Turkish Foreign Minister spoke with the Iranian Foreign Minister to discuss the US-Iran agreement.On June 15th, the Guangdong Provincial Government and China Southern Power Grid Company signed a framework agreement in Guangzhou for comprehensive and in-depth strategic cooperation during the 15th Five-Year Plan period. According to the agreement, the Guangdong Provincial Government and China Southern Power Grid Company will conduct comprehensive and high-level pragmatic cooperation in areas such as building a new energy system and a new power system; constructing a new power grid with coordinated main, distribution, and micro-power systems; guiding the green and low-carbon transformation of the whole societys production and lifestyle; building a globally influential energy and power technology industry center; and deepening energy and power system reform and safety governance. This cooperation aims to accelerate the construction of China Southern Power Grid Company into a world-class enterprise and better support Guangdong in taking the lead in advancing Chinas modernization.RIA Novosti, citing the Russian embassy, reported that there were no Russian crew members on the oil tanker seized by Britain.June 15th - Strategists at UniCredit Investment Research Institute stated that following the interim peace agreement between the US and Iran, the market lowered, but did not completely eliminate, expectations of a Federal Reserve rate hike, thus limiting the dollars decline. Data from the London Stock Exchange Group shows that the market sees a 68% probability of a 25 basis point rate hike in December, fully reflecting expectations of action by March next year. These strategists stated that a rate hike is still possible, which should make the dollars decline less dramatic compared to other assets, primarily oil prices. This is only an interim agreement, laying the groundwork for a new 60-day round of negotiations on the fate of Irans nuclear program.

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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