Tag Archives: Market News

SAS will leave exchanges as part of its restructuring deal, in addition to splitting equity and debt among members of a takeover consortium. Scandinavian Airlines (SAS) stock fell on Wednesday morning after the company announced a restructuring deal. As markets opened, SAS stock crashed 95% in reaction to an official release stating a restructuring deal that will take the airline off commercial exchanges. SAS has regained a tiny bit of its losses as of writing time and is trading over 86%...

The updated vaccine specifically addresses the XBB.1.5 subvariant of the Omicron variant, which has raised concerns due to its potential to evade immunity conferred by earlier versions of the vaccine.  In a recent development, stocks of Novavax Inc (NASDAQ: NVAX) jumped 8.2% yesterday following the Food and Drug Administration’s (FDA) approval of its improved COVID-19 vaccine. However, it’s worth noting that in pre-market trading, the stock experienced a slight dip and is 6% down at the...

Analysts have warned that the rise in the bond yields could pose significant challenge to equity market and other risky investments like crypto. On Tuesday, October 3, the US equity market came under major selling pressure as the US 10-year Treasury Yield surged to the levels last seen 16 years ago in 2007. The surge in interest rates has raised concerns about freezing the housing market and pushing the economy into recession. The Dow Jones Industrial Average experienced its most...

Half of Sandoz’s revenue comes from Europe. Thus, it will be looking to leverage its brand presence in Europe for further growth. Emerging reports suggest that Novartis has completed the spinoff of its Generics and Biosimilars division, Sandoz, on Wednesday, October 4. The Swiss drug company first made its intention known in August 2022, commencing a strategic review to determine the fate of Sandoz. The review revealed a 100% spinoff was in the best interest of shareholders. Following...

By mid-day, the ETFs had seen less than $2 million in trading volume. According to the analyst, this was “about normal” for a new ETF but low when compared to BITO, the first Bitcoin futures ETF, which did $200 million in the first 15 minutes of trading. The highly anticipated launch of nine new Ethereum futures exchange-traded funds (ETFs) has come to a seemingly underwhelming end. The new products went to market on October 2 and are designed to track futures contracts tied to the value...

A substantial group of Evergrande’s offshore creditors is considering joining a liquidation court petition against the developer if it fails to submit a new debt restructuring plan by the end of October. The embattled Chinese property developer Evergrande witnessed a substantial surge in its shares as trading resumed in Hong Kong following a brief suspension last week. The company’s shares soared by more than 40% early on and maintained a 20% gain as trading progressed. The significant...

JPMorgan Chase & Co. recently raised its Sphere Entertainment stock price target from $25 to $28 following the release of the entertainment company’s Q4 figures. Sphere Entertainment Co (NYSE: SPHR) stock rose by more than 7% after the company opened its Sphere venue in Las Vegas with a show by U2 on Friday night. The 360-foot-tall venue is located at the Venetian Resort and will host live concerts and sporting events. Everything you need to know about the all new MSG Sphere in Las...

If approved, the move marks a significant step towards providing investors with transparent and regulated access to crypto within familiar product structures.  Grayscale Investments, one of the world’s largest asset management companies, has submitted a formal request to the US Securities and Exchange Commission (SEC) for approval to convert the Grayscale Ethereum Trust (ETHE) into a spot Ethereum Exchange-traded fund (ETF). According to an official press release on Monday, the Form 19b-4...

The launch of EFUT marks the company’s second foray into the futures ETF market. US-based investment manager VanEck has officially announced the launch of the long-awaited Ethereum (Ether) futures exchange-traded fund (ETF), exposing traditional investors to the world of cryptocurrencies. According to a press release on Monday, the fund named VanEck Ethereum Strategy ETF (CBOE: EFUT) is structured as a C-Corporation. The investment vehicle is designed to be the sole ETF focused on ETH...

Birkenstock confidently moves ahead with its IPO plans despite mixed performances of other listings in September. Goldman Sachs, JPMorgan, and Morgan Stanley shall be the underwriters for the IPO.  Birkenstock, the renowned German premium footwear brand supported by private-equity firm L Catterton, has announced its intention to pursue a highly anticipated initial public offering (IPO) in New York. For its IPO the company is targeting a valuation of up to $9.2 billion. In this IPO, the...