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A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Thursday. [NEWS1] Stocks opened lower Thursday, tracking U.S. losses overnight, as the chief of the U.S. Federal Reserve dismisses the possibility of rate cuts this year amid concerns over instability of the global banking system. The benchmark Kospi shed 11.61 points, or 0.48 percent, to 2,405.35 in the first 15 minutes of trading. Overnight, U.S. shares fell after the Fed raised its key rate by 25 basis points to a range of 4.75 percent to 5 percent, the ninth rate hike in a row, and Chair Jerome Powell dismissed any rate cuts this year to curb inflation. The Dow Jones Industrial Average fell 1.63 percent, and the tech-heavy Nasdaq Composite dived 1.60 percent. Investor sentiment was hurt further after U.S. Treasury Secretary Janet Yellen told lawmakers Wednesday that her government does not consider "blanket insurance" for all U.S. bank deposits. In Seoul, most big-cap … [Read more...] about Korean shares open lower after Fed chief’s remarks

A woman walks past a screen displaying the Hang Seng Index at Central district, in Hong Kong, China March 21, 2023. REUTERS/Tyrone Siu SYDNEY  – Asian shares staged a cautious bounce on Wednesday with hopes a global banking crisis would be averted vying with uncertainty over the outlook for U.S. interest rates as the Federal Reserve holds a high-stakes meeting on policy. Efforts by U.S. Treasury Secretary Janet Yellen to calm nerves seemed to be working with bank shares rallying overnight. Government officials were also pondering increasing the limit on deposit insurance, though there was no agreement on this as yet. Strains were still evident among regional U.S. banks with shares of First Republic Bank sliding on suggestions the government might be involved in a rescue deal, perhaps disadvantaging shareholders. The unease left both S&P 500 futures and Nasdaq futures barely changed. EUROSTOXX 50 futures edged up 0.2 percent, while FTSE futures rose 0.1 percent. MSCI’s … [Read more...] about Asia shares hope for best as Fed decides on rates

Share to Twitter Share to Linkedin Topline GameStop shares rose by more than 30% Wednesday after the video game retailer reported its first quarterly profit in two years, as shares for other meme stocks popularized during the pandemic, including AMC Entertainment and Bed Bath & Beyond, also increased as a result. Key Facts GameStop shares closed at $17.65 Tuesday and rose by 36% to $24.16 Wednesday as of 10:15 a.m. Eastern time. The rise in GameStop shares has been complemented by gains of other meme stocks, as both Bed Bath & Beyond and AMC Entertainment —which rose as much as 8% and 11% in premarket trading, respectively—are up 2%. Shares for Nokia (0.17%) and Virgin Galactic (1%) also rose Wednesday morning. First Republic shares— falling to their lowest point ever Monday after reports of a possible sale—fell 7% despite a 29% rise Tuesday, as shares for Nike, which reported an increase in quarterly sales, fell by … [Read more...] about GameStop Shares—Up More Than 35%—Lead Meme Stock Rally

GameStop ( GME ) shares are soaring more than 30% after the electronics retailer posted its first quarterly profit in two years as it cut costs and reduced inventory. GameStop reported fourth quarter earnings per share (EPS) of $0.16. Analysts had been anticipating a loss. Revenue fell 1.2% to $2.23 billion, although still above estimates. The company noted that its selling, general, and administrative (SG&A) expenses were $434.4 million, or 20.4% of sales, compared to $538.9 million, or 23.9% of sales, in the fourth quarter of the previous year. GameStop also said it cut its inventory to $622.9 million from $915.0 million a year earlier, "reflecting the Company’s ongoing focus on maintaining a healthy inventory position." Focus on Profitability "The retailer has aggressively focused on profitability, while still pursuing pragmatic long-term growth," noted GameStop CEO Matt Furlong. He added that GameStop is taking further steps this year to improve efficiency … [Read more...] about GameStop Reports First Quarterly Profit in Two Years, Shares Soar

Share to Twitter Share to Linkedin Topline Shares of beleaguered video game retailer GameStop soared more than 50% at times in extended trading Tuesday after the company reported its first quarterly profit in two years, surprising Wall Street analysts who had largely ignored the stock since it became the focal point of a meme-trading craze beginning in late 2020. Key Facts GameStop reported a net income of $48.2 million for the fourth quarter of 2022, after recording losses of $147.5 million during the same period a year earlier. The positive news sent the stock up some 49.6% in after-hours trading to $26.40 as of 6:20 p.m. Eastern time, after it rose 4.6% and closed at $17.65 while the market was open Tuesday. Net sales fell 1.2% to $2.23 billion, led by a 15% decline in software sales to $670.4 million, but there were encouraging signs elsewhere. Sales of physical collectibles—like toys and clothing—increased 12% to $313.2 … [Read more...] about GameStop Shares Skyrocket 50% In Extended Trading After Reporting Surprise Profit

Share to Twitter Share to Linkedin Retirement is about more than money, investments, and never having to work again. I’ve helped many people retire happily over the years, and rarely is this happiness attributable to having the largest 401(k) or Roth IRA. That being said, financial stress can ruin an otherwise enjoyable retirement. Keep reading as we share some tips to have a happier, healthier, and wealthier retirement . Whether or not you believe money can buy happiness, I will say a lack of money sure can bring misery. Either way, having an adequate source of income in your golden years is a major driver of a happy, healthy, and secure retirement. Here are just a few ways to increase your happiness during retirement, whether you consider yourself rich or poor. What Will Your Happy Retirement Entail? We can argue about whether money can buy happiness, but there is no debate, money can’t buy love or health. Having a solid group of friends and (or) … [Read more...] about Financial Planner Shares Tips For A Happier Retirement

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,416.96 points on Tuesday, up 1.2 percent, or 28.61 points, from the previous trading day. [NEWS1] Stocks ended higher for a second session Wednesday, as concerns about a global banking crisis have eased thanks to the U.S. government's pledge to take further actions to stem turmoil, analysts said. The won rose against the dollar. The benchmark Kospi added 28.61 points, or 1.2 percent, to close at 2,416.96. Trading volume was moderate at 492.72 million shares worth 7.73 trillion won ($5.91 billion), with decliners outpacing gainers 530 to 336. The index opened higher, tracking overnight gains on Wall Street, and extended gains as worries about a contagion risk sparked by the collapse of American lenders earlier this month eased. U.S. Treasury Secretary Janet Yellen said Tuesday the government is willing to provide further guarantees of bank deposits if the banking crisis worsens, according to … [Read more...] about Stocks end higher Wednesday as concerns of global banking crisis ease

Share to Twitter Share to Linkedin GameStop’s GME stock price is continuing its meteoric rise today. The battle is raging between Reddit day traders and giants of Wall Street while the SEC is watching from the sidelines. Melvin Capital has closed its short position while Citron also covered the majority of its GameStop short bet within the $90s. The liquidation of long positions in hedge funds is causing a broader sell-off, as hedge funds have to sell their positions to cover their shorts. In 1902 we also saw an episode of this when Northern Pacific’s stock price increased several times while the rest of the market crashed. GameStop Price Surge GameStop Corp. shares closed at $147.98 yesterday. Its stock nearly doubled during exchange hours yesterday and doubled again when the market opened today. This jaw-dropping rally has pushed the company’s market value beyond $20 billion. To put things into context, the value of GameStop now exceeds 55 … [Read more...] about GameStop Stock: In Battle Between Hedge Funds And Reddit Day Traders, Melvin Capital Closes Its Short

The U.S. Supreme Court presided over its first crypto case this morning as Justices heard an appeal from Coinbase ( COIN ) to pause class action lawsuits. Key Takeaways The U.S. Supreme Court heard arguments in the Coinbase v. Bielski case. The crypto exchange wants to take the dispute to arbitration. Justices, including conservative Chief Justice John Roberts, were divided on the initial comments. The hour-long oral arguments focused on San Francisco-based Coinbase's attempts to pause two class action lawsuits and bring them to arbitration. Justices were divided about the crypto exchange's case. Abraham Bielski claims Coinbase broke the law after it failed to reimburse him for $31,000 he lost to a scam involving a person falsely claiming to represent PayPal who he allowed into his Coinbase account. The Supreme Court will also hear arguments in the Suski v. Coinbase case, in which the exchange is accused of being misleading in its advertising of a Dogecoin … [Read more...] about First Crypto Lawsuit Reaches U.S. Supreme Court

It’s game on for GameStop shares this morning. As of the time of this writing, GME stock is up over 51% in premarket trading, taking the share price to $26.70—its highest point since November 2022. The reason? On Tuesday, GameStop posted a quarterly profit for the first time in two years. And it was for the all-important holiday quarter in which investors had hoped that parents would rush out to GameStop locations to get presents for under the tree. But it doesn’t seem that scenario played out as much as hoped, given net sales were actually down year-over-year in Q4 2022 to $2.226 billion (from $2.254 billion a year before). However, net income was actually up year-over-year. During the quarter, GameStop’s income reached $48.2 million. The rising profits were helped in part by lowering expenses. And sure, $48.2 million is a pittance for many larger companies, but a year earlier, GameStop had seen a Q4 net loss of $147.5 million. In other words, the company turned … [Read more...] about What’s happening with GameStop? The retailer’s stock price is on the rise after surprise profit