News Stocks 

Microsoft stock spikes after earnings forecast beats expectations

“In total, that suggests first-quarter revenue of $27.35 billion to $28.05 billion” writes Jeremy C for marketwatch.com. Shares had been up 1% after the company’s fiscal fourth-quarter earnings report showed stronger-than-expected profit and sales.MSFT, -0.68% shares jumped to a 4% gain in after-hours trading Thursday after the tech giant supplied its forecast for the first quarter of the 2019 fiscal year.Analysts on average were projecting revenue of $27.4 billion, according to FactSet. Source: marketwatch.com Share This:

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News Regulators 

Dow retains afternoon slump as Trump says he isn’t ‘thrilled’ with Fed rate hikes

“The U.S. dollar, as gauged by the ICE U.S. Dollar Index DXY, -0.01% went from a gain of 0.4% before the president’s remarks to down 0.1% as of 1.24 p.m” writes Mark Decambre for marketwatch.com. However, asset moves were the most pronounced in the dollar and in benchmark 10-year Treasury rates, which are the most sensitive to rate-hike expectations.Trump said he wasn’t “thrilled” with the central bank’s interest-rate raises which have pushed the federal-funds rate to a range of 1.75% and 2%, with further hikes penciled in possibly for September…

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Goldman Sachs wades into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays

“REUTERS/Danny Moloshok Goldman Sachs has waded into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays” writes Alex Morrell for businessinsider.com. Equity derivatives traders have become the focus of an intense Wall Street hiring battleground, with more than 40 moves at the level of vice president or higher in equity derivatives in the US this year.The bank has hired David Wernert, formerly an equity derivatives trader at Barclays focused on single-stock trading, according to people familiar with the matter.Goldman lagged behind peers, reporting equity trading revenues of $1.89…

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Fed’s banking supervisor backs new interest rate benchmark

“The Federal Reserve’s banking supervisor gave his backing Thursday to a new interest rate benchmark for institutions to use when lending to each other” writes Jeff Cox for cnbc.com. In furtherance of providing a LIBOR alternative, Quarles said the Fed could publish an SOFR average that banks could use.Fed Governor Randal Quarles said banks can use the central bank’s Secured Overnight Financing Rate as an alternative to the London Interbank Offered Rate, or LIBOR, a benchmark that has come under scrutiny due to multiple issues of fraud.SOFR indicates the cost…

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Canadian cannabis company Tilray’s shares soar 22% in trading debut

“Canadian cannabis company Tilray Inc.’s shares TLRY, +0.00% surged 22% in their trading debut Thursday, after the company priced its initial public offering at $17, above its $14 to $16 price range” writes Ciara Linnane for marketwatch.com. The company raised $153 million in the deal, by selling 9 million shares in the U.S. and another 2.476 million shares classified as subordinate voting shares in Canada and other countries at 22.45 Canadian dollars Tilray, a federally-licensed marijuana cultivator, processor and distributor, received the bulk of the proceeds and will be majority…

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Crypto News 

Positive ‘price drift’ suggests bitcoin has room to move higher

“Often in the past, sharp moves higher in the price of the No. 1 digital currency have been followed by pullbacks, or at the least, consolidation” writes Aaron Hankin for marketwatch.com. This time, bitcoin has recorded five consecutive winning days and the “price drift,” when an asset drifts in the same direction after a sharp move, suggests there’s more to come for world’s biggest digital currency, analysts say. “All in all, we believe that when we see signs of price drift that it indicates that the current price may not…

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Crypto News 

Bitcoin Price to Reach $40,000, According to Billionaire…

“According to billionaire Marc Lasry, Bitcoin price will reach $40,000 where mainstream adoption and improved trading usability will be the main catalysts” reports livebitcoinnews.com. Do you agree with Lasry on his Bitcoin price prediction?. Bitcoin price surged July 17th, breaking the 50-day moving average swiftly and breaching key resistance levels.Lasry, the co-founder and CEO of asset management company Avenue Capital, told CNBC’s Squawk Box that the price of the first and foremost cryptocurrency could reach $40,000. Source: livebitcoinnews.com Share This:

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Chinese yuan hits 1-year low

“A month ago, the two rates were nearly identical, but now the offshore yuan buys roughly 0.5% fewer dollars than its counterpart” writes Saumya Vaishampayan for marketwatch.com. On Thursday morning, the People’s Bank of China set the dollar’s daily reference rate at 6.7066 yuan, weakening the yuan by 0.2%.The central bank has guided the yuan to stronger-than-expected daily levels since mid-June, according to Commerzbank analysts, probably aiming to slow the pace of decline.One analyst suggested this could prod the central bank into action.China’s currency hit lows not seen since last…

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Marijuana company Tilray completes IPO above expected price

“Shares will begin trading on the Nasdaq Thursday under the ticker symbol TLRY. Canadian marijuana company Tilray, a subsidiary of Seattle-based Privateer Holdings, completed its initial public offering Wednesday of 9 million shares at a price of $17 apiece” writes Derek Hall for seattletimes.com. The company filed for its IPO in June, one day after Canada became the first G7 nation to legalize the recreational use of marijuana nationwide. Source: seattletimes.com Share This:

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