Month: August 2024

The President of Iran urged Khamenei to refrain from a “retaliatory strike” against Israel.

Iran’s new president, Masoud Pezeshkian, has called on the Supreme Leader of Iran, Ayatollah Ali Khamenei, to avoid a “retaliatory strike” against Israel, warning that it could lead to devastating consequences for Iran itself. During a meeting with Khamenei, Pezeshkian warned that Israel’s decision to respond immediately to an Iranian strike by targeting the country’s national infrastructure and energy facilities could cripple Iran’s economy. Pezeshkian also expressed concerns that the IRGC generals, with their aggressive rhetoric, could drag Iran into an unwanted war. The news channel reported that Khamenei listened to the president’s arguments without expressing his own opinion. submitted by /u/XGramatik [link] [comments]

US Jobless Claims

Initial (w/e 3 Aug): 233k vs. 240k exp. (prior 249k) Contd (w/e 27 Jul): 1.875mln vs. 1.871mln exp. (prior 1.877mln) Note – neither print pertains to the August NFP survey week submitted by /u/XGramatik [link] [comments]

Regulatory and operational challenges within the Big Four.

In 2024, one of the most intriguing financial stories involves the ongoing challenges faced by the “Big Four” accounting firms: Deloitte, PwC, EY, and KPMG. These firms have been embroiled in multiple scandals and legal issues, marking a turbulent start to the year. EY, for instance, reported that nearly half of its audits in 2022 were defective, leading to significant scrutiny and changes in their auditing practices. PwC Australia made headlines by appointing an outside chair for the first time, aiming to improve governance and transparency within the firm. Meanwhile, PwC UK faced internal revolts due to delayed promotions, which highlighted disparities in compensation and job security within the firm. Moreover, PwC is under threat of lawsuits related to the bankruptcy of EverGrande, a major Chinese real estate company. Liquidators are considering suing PwC for negligence in their audits from 2009 to 2023, potentially setting a precedent for how accounting firms are held accountable in such cases. These developments underscore the ongoing regulatory and operational challenges within the Big Four, as they navigate governance reforms, legal battles, and internal discontent while striving to maintain their market positions​ (FEP Finance Club)​ (ComplyAdvantage). submitted by /u/Ankle_be [link] [comments]

Lumen Technologies: Hold My Beer, I’m Taking Off!

MT5 Live Pepperstone TheStreet: Lumen shares (LUMN) soared 33% on August 7, and they’re up nearly 300% from a year ago after the company said that it had secured $5 billion in new business thanks to the artificial intelligence explosion’s heavy demand for connectivity. Large companies across industry sectors are seeking to secure fiber capacity quickly, Lumen said, “as this resource becomes increasingly valuable and potentially limited, due to booming AI needs.” Let’s not forget that Lumen reported a second-quarter loss of 13 cents per share, down from earnings of 10 cents per share a year ago, and missing the Zacks consensus for a loss of 9 cents per share. Revenue totaled $3.27 billion, down 10.7% from a year ago and edging estimates of $3.26 billion. Free cash flow, money that is left over after a business pays its operating expenses, was negative $156 million compared with negative $896 million a year ago. Lumen also earned a ranking of 99 out of 100 on Debtwire’s Likely to Distress (LTD) scoreboard, according to LightReading. Several analysts adjusted their price targets after Lumen announced its results and business deals: TD Cowen raised the firm’s price target on Lumen to $7 from $2.50 and kept a hold rating on the shares, according to The Fly. MoffettNathanson raised the firm’s price target on Lumen to $3 from $1 and kept a sell rating on the shares. Goldman Sachs upgraded Lumen to neutral from sell with a price target of $4, up from $1. What would you bet on? submitted by /u/FXgram_ [link] [comments]

For the past four months, the US unemployment rate has been on the rise, marking its longest upward trend since the 2008 Financial Crisis, signaling a contraction in the labor market.

Historically, over the last 75 years, every instance of unemployment increasing for four consecutive months has been followed by a recession in the US economy. Unemployment has jumped from 3.8% in March to 4.3% in July, reaching its highest point since October 2021. At the same time, the hiring rate in the US dropped to 3.4% in July, its lowest level since the 2020 Pandemic and below the pre-pandemic average of 3.8%. submitted by /u/XGramatik [link] [comments]

Investors are snapping up protection against a major market downturn, almost like they’re bracing for a big crash

On Monday, the Nations TailDex index, which tracks the market’s expectations for extreme events, surged to its highest point since the 2020 pandemic. This index also reflects the cost of hedging in the options market against a drop of at least 30% in the S&P 500. Meanwhile, one of the largest Black Swan funds available to US retail investors, the Cambria Tail Risk ETF (TAIL), spiked by 4.5%, the biggest jump since March 2020. Is the market bracing for a Black Swan event? https://preview.redd.it/4zk285icl9hd1.jpg?width=873&format=pjpg&auto=webp&s=a71c8d0c020fc3a459e10f5a150d18245e68d889 submitted by /u/JaysonHolder [link] [comments]

Buying a “strategic reserve” of Bitcoin would be another “Lousiana Purchase moment” for the United States, according to Michael Saylor.

Saylor, whose company, MicroStrategy, owns approximately $8 billion worth of BTC, enthusiastically endorsed Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act, which would compel the US Treasury to gradually accumulate 1 million BTC or almost 5% of the total supply of the cryptocurrency. https://preview.redd.it/45j6s8g749hd1.png?width=902&format=png&auto=webp&s=cf5e0cfbad4e551ab440d468a17e50adfb6bf1d9 submitted by /u/Lor1al [link] [comments]

Ryan Reynolds’ Portfolio Tracker

While Berkshire Hathaway’s Portfolio copying fans scratch their heads over their own Apple share allocation, the new Deadpool with Wolverine is smashing box office records. Amidst the generally stagnant superhero genre, this case stands out. I dare say the main reason for this success is the leading actor, Ryan Reynolds. Reynolds conducted an exemplary omnichannel marketing campaign—breaking the fourth wall at every turn, releasing rock ‘n’ roll promos with his buddy Jackman, making podcasts on Spotify, cooking chimichangas with Gordon Ramsay, promoting blood donation using gory scenes from the film, flexing with dogs, and much more. The film’s teaser even made it into the Guinness Book of Records. Ryan Reynolds is a fascinating character. He is one of the few people in show business who not only profits from his recognizable face but also masterfully leverages his popularity to boost his own business ventures. He has several of these, and they are all quite hyped: In 2018, Reynolds bought a minority stake in the alcohol brand Aviation Gin. After that, he not only became the face of the brand but also actively participated in its management. For example, during COVID-19, he released a 1.75-liter “Home School Edition” bottle (disapproved, haha), focused on limited editions, updated the marketing strategy, and started actively integrating gin into his media activities. After Reynolds’ involvement, the company’s value multiplied several times. In 2020, the alcohol giant Diageo (DEO) bought Aviation Gin for $610 million, but the actor remained with the company. Ryan also tied his gin into the promo campaign for the new Deadpool where Reynolds and Jackman present the corresponding limited edition. In 2019, the actor bought a stake in the mobile prepaid operator Mint Mobile and immediately took charge of marketing and media. He built a promotion system through short viral videos, appearing in the majority himself. Overall, he became the commercial face of the brand. Last year, Germany’s T-Mobile bought Mint for $1.35 billion, with the actor earning around $300 million from the deal. In 2020, Reynolds and a friend bought the football club Wrexham for $2.5 million. This is an old club from Wales with rich traditions, but at the time, it was in a difficult financial situation and struggling in the lower ranks of British football. Reynolds immediately set to work on boosting the club’s media presence and attracting sponsors (for example, they partnered with TikTok, where Reynolds is well-known). But the coolest initiative is the live series “Welcome to Wrexham.” A mix of sports drama, sitcom, and reality show made a big splash in Britain and received high praise from critics. Last year, Wrexham moved up to the third tier of English football. And, of course, the team is now worth much more than $2.5 million. Some might say, “So what, a famous actor boosts brand recognition, big deal.” But Reynolds does more. He buys companies and radically changes their image through his fame. After that, these companies multiply their value. Sometimes, the actor is invited as a “crisis marketer.” Remember when, in one of the episodes of the continuation of “Sex and the City,” the character played by Chris Noth died on a Peloton machine, almost tanking the company’s value (not in the series, but in real life)? Well, Peloton urgently called Reynolds, who quickly shot a “response” with himself and a very alive Chris Noth and partially recovered Peloton’s stock value. Not everyone can do that. submitted by /u/FXgram_ [link] [comments]