Barstool's Dave Portnoy is sounding off on Elon Musk's haters while also sharing what he really thinks of FTX's Sam Bankman-Fried.
FTX CEO John J Ray III pulled the curtain back for members of Congress on how Sam Bankman-Fried ran the crypto firm into the ground one day after he was arrested in the Bahamas.
The week in pictures.
U.S. stocks fell sharply on Friday following the Dow Jones Industrial Average’s 764 point drop Thursday as recession fears continue to roil investors. For the week all three of the major averages are set to decline at least 1%. In commodities, oil dropped over 3% to the $73 per barrel level.
{{#rendered}}The housing market is facing more headwinds as the average price for rent bounces higher.
America's biggest companies are tapping the bond market amid a shaky economy. Here's what it may mean.
U.S. stock futures are down again on Friday after a week of economic data and another interest rate hike from the U.S. Federal Reserve.
The Dow Jones Industrial Average futures are down roughly 323 points, or 0.97%, while the S&P and Nasdaq futures are 0.95% and 0.53% lower, respectively.
Over the last five days, the Dow is now off by 1.83%, the S&P is off by 1.02% and the tech-heavy Nasdaq is 2.28% lower.
Amid holiday travel, shares of Southwest Airlines dropped 0.70% pre-market, Delta went up 0.75%, while United and American Airlines nosedived 0.34% and 0.54%, respectively.
Key tech shares are up and down on Friday as the Nasdaq slips even lower with Meta up nearly 2.24% pre-market, Apple is down roughly 0.02%, and Microsoft is off nearly 0.61%.
In commodities, West Texas Intermediate crude futures slipped 1.97% to $74.61 a barrel, as gold moved 0.44% higher to $1,795.60 an ounce.
{{#rendered}}U.S. equity futures look to add to the losses seen in the prior session over the risk that the Federal Reserve and other central banks may end up bringing on recessions to get inflation under control.
The major futures indexes suggest a loss of nearly 1% when the opening bell rings on Wall Street.
Oil traded lower on Friday on concerns about recent interest rates hikes at central banks.
The contracts were poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and China's demand recovery hopes.
West Texas Intermediate futures traded around $74.00 per barrel.
Brent crude futures traded around $79.00 per barrel.
Stocks sold on Thursday as central banks in Europe raised interest rates the day after the U.S. Federal Reserve hiked its key rate again.
Also retail sales for November declined 0.6%,more than expected, while two reports on manufacturing contracted.
The S&P 500 fell 2.5% to 3,895.75, erasing its gains from early in the week. The tech-heavy Nasdaq composite lost 3.2% to 10,810.53 and the Dow gave back 2.2% to 33,202.22.
In Asia on Friday, Tokyo's Nikkei 225 lost 2% after a survey of manufacturers showed a further contraction in output.
Hong Kong's Hang Seng edged 0.4% higher and China's Shanghai Composite index shed 0.1%.
The yield on the 10-year Treasury, which influences mortgage rates, was at 3.48% Friday morning.
Following the collapse of FTX, the cryptocurrency exchange once valued at $32 billion, much of the attention has focused on the now-bankrupt firm's most prominent investors and celebrity endorsers.
But with more than 1 million creditors, many young people and mom-and-pop investors will be left holding the bag.
A bankruptcy court hearing scheduled for Friday at 10 a.m. EST could shed more light on the full spectrum of those who lost money due to FTX's implosion. The hearing will consider a motion to release a complete list of FTX's creditors, including their names and email addresses.
FTX, formerly one of the largest cryptocurrency exchanges in the world, is seeking to sell four of its businesses.
In a filing submitted Thursday to the Delaware bankruptcy court, FTX said it is soliciting bids for Embed Financial Technologies, LedgerX, FTX Japan and FTX Europe.
According to the filing, the cryptocurrency exchange said the four businesses have "experienced regulatory pressures which merit an expeditious sale process," as well as "significant customer and employee attrition pressures," according to the filing.
{{#rendered}}Bitcoin and other cryptocurrencies fell Friday morning after news that Mazars, the auditing firm working with Binance and other crypto exchanges on proof-of-reserves statements, reportedly has paused all work for crypto clients, Binance said in an emailed statement and reported by Coindesk.
The accounting firm performed a proof-of-reserves assessment of Binance, finding its bitcoin reserves were overcollateralized.
Bitcoin was trading around $17,000, the day after snapping a three-day winning streak.
For the week, Bitcoin has gained less than 1%.
For the month, the cryptocurrency has gained 1.6%, but is down more than 62% year-to-date.
Ethereum was trading around $1,200, after slipping over 1% in the past week.
Dogecoin was trading at 8 cents, after dropping 14% in the past week.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AVYA | $0.31 | -0.21 | -39.83 |
Avaya Holdings Corp. is reportedly moving toward a chapter 11 bankruptcy filing to restructure its balance sheet.
Shares of the company are plunging 24% in premarket trading.
The company is looking to turn around its business and move past problems surrounding the company’s accounting, people familiar told the Wall Street Journal.
Avaya has reviewed various restructuring proposals from competing creditor groups.
One plan getting support includes Apollo Global Management that would significantly reduce Avaya’s debt load through chapter 11, wipe out shareholders and provide directors and executives with releases from potential litigation.
Another plan, supported by holders of Avaya’s unsecured bonds, proposes to restructure the company out of court, including by issuing new bonds and loans to retire some old debt, the people said.
Avaya declined to comment to The Journal.
Avaya has been struggling to generate cash as it tries to transform itself from a traditional office hardware business into a subscription-based software company, according to an S&P Global Ratings report.
Adobe Inc. said fourth-quarter revenue rose 10% on demand for its software and services.
The company issued profit guidance for the current quarter that was better than Wall Street analysts projected.
Shares are 4% higher in premarket trading.
Adobe posted a profit of $1.18 billion, or $2.53 a share, compared with $1.23 billion, or $2.57 a share, a year ago, according to the Wall Street Journal.
Adjusted earnings came in at $3.60, ahead of analyst estimates for $3.50 a share, according to FactSet.
Revenue came in at $4.5 billion, in-line with Wall Street estimates.
It said it expects adjusted earnings of $3.65 to $3.70 in the current quarter. Analysts polled by FactSet expected $3.64. It forecasted revenue mostly in-line with Wall Street estimates.
{{#rendered}}After several prominent media critics of Twitter owner Elon Musk were banned from the platform without explanation on Thursday, an explanation was eventually offered.
In a series of tweets, Musk said the journalists — including CNN correspondent Donie O'Sullivan, New York Times technology reporter Ryan Mac, Washington Post reporter Drew Harwell, The Intercept journalist Micah Lee, Mashable writer Matt Binder, former MSNBC host Keith Olbermann and former Vox journalist Aaron Rupar — allegedly violated the platform’s new policy not to share location information.
The nationwide price for a gallon of gasoline slipped Friday to $3.178, according to AAA.
The average price of a gallon of gasoline on Thursday was $3.193.
It was a week ago that the price of a gallon of regular gasoline slipped below that of a year ago.
A year ago, the price for a gallon of regular gasoline was $3.316.
One week ago, a gallon of gasoline cost $3.315. A month ago, that same gallon of gasoline cost $3.743.
Gas hit an all-time high of $5.016 on June 14.
Diesel has slipped below $5.00 per gallon to $4.809, but that is still a far cry from the $3.591 of a year ago.
Oil traded lower on Friday on concerns about recent interest rates hikes at central banks.
The contracts were poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and China's demand recovery hopes.
West Texas Intermediate futures traded around $74.00 per barrel.
Brent crude futures traded around $79.00 per barrel.
Both benchmarks fell 2% in the previous session over strong dollar and rate hikes from the central banks in Europe, according to Reuters.
The U.S. Federal Reserve indicated it will raise interest rates further next year.
On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation.
{{#rendered}}Coverage for this event has ended.