Tuesday, July 7

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CFTC Is Waiting on SEC to Allow Futures Trading of More Digital Assets, Says CFTC Chairman
Crypto News

CFTC Is Waiting on SEC to Allow Futures Trading of More Digital Assets, Says CFTC Chairman

In a July 7 interview with predecessor Jim Newsome, current Chairman of the Commodity Futures Trading Commission (CFTC) Heath Tarbert ran down a list of pending concerns standing between cryptocurrencies and the long-awaited promised land of regulatory clarity. Securities regulation and the CFTC’s purview Tarbert was careful to outline the distinction between the work of the CFTC and its elder brother regulator, the Securities and Exchange Commission, or SEC.  The determination of whether a digital asset is a security is “the sole province of the SEC,” Tarbert explained. “If their determination is that it’s not a security then we can start taking it under our own purview.”  He continued: “Once you start seeing more clarity on whether something is or is not a security, you will s...
Dunkin’ Is Closing 450 Of Its Locations Inside Of Speedway Gas Stations – Delish
Stock News

Dunkin’ Is Closing 450 Of Its Locations Inside Of Speedway Gas Stations – Delish

Dunkin' will be permanently closing 450 of its store locations inside of Speedway gas stations, multiple outlets are reporting. The news was actually first reported back in February by Restaurant Business Online following an earnings call. During that call, president of Dunkin' Americas Scott Murphy said that by closing these locations, the company will be "better positioned to serve many of these trade areas with future Dunkin’ restaurants that reflect the full expression of our next-generation restaurant design." Many of these in-station locations offer a limited menu and are much smaller than the company's standalone restaurants. It's unclear why the news is resurfacing months later, but Dunkin' confirmed the closures to The Today Show via a statement from Dunkin's chief financial offic...
IPO Update: nCino Plans $175 Million IPO
Stock News

IPO Update: nCino Plans $175 Million IPO

Quick Take nCino (NCNO) has filed to raise $175.4 million from the sale of its common stock in an IPO, according to an amended registration statement. The company provides a variety of cloud-delivered software technologies to financial institutions seeking to modernize their onboarding, loan origination and account opening systems. NCNO has produced a strong revenue growth rate, is making a path toward profitability, has low operational cash burn, high dollar-based net retention rate and strong industry prospects, and the IPO appears reasonably valued, although not cheap. Company & Technology Wilmington, North Carolina-based nCino was founded to develop cloud-based financial software to assist financial institutions in serving their customers in an efficient and modern manner. Manageme...
GMR closes stake sale deal in airport biz to France’s ADP
Stock News

GMR closes stake sale deal in airport biz to France’s ADP

New Delhi: GMR Infrastructure Ltd, the company that operates Delhi and Hyderabad airports, today said that it has successfully completed its deal to sell 49% stake in its airports’ business to France’s Groupe ADP.The contours of the deal, however, has undergone ‘slight modifications’ due to circumstances arising out of the economic impact of COVID19 pandemic on businesses.“As per the revised Share Purchase Agreement, the second tranche of the investment for 24.01% of GMR Airports Limited (GAL) has been structured in two parts: A firm amount, immediately paid at Second closing, for a total of Rs 4,565 Crore, including Rs 1,000 crore equity infusion in GAL. Earn-outs amounting to Rs 1,060 Crore, subject to the achievement of certain performance related targets by GAL up to FY2024,” said a st...
FOREX-Dollar edges higher as virus worries sap risk appetite – Yahoo Finance
Forex News

FOREX-Dollar edges higher as virus worries sap risk appetite – Yahoo Finance

* Dollar index 0.03% lower * Pound near 3-week highs before government releases spending plans (New throughout, updates prices, market activity, comments to U.S. market open; previous LONDON) By Saqib Iqbal Ahmed NEW YORK, July 7 (Reuters) - The U.S. dollar inched higher against a basket of currencies on Tuesday, holding above the near two-week low hit in the previous session, as investors turned uneasy over new coronavirus flare-ups and local lockdowns in some countries. The U.S. Dollar Currency Index, which measures the greenback's strength against six major currencies, was 0.03% higher at 96.774. On Monday, the index had fallen as low as 96.565 with its 50-day moving average slipping below its 200-day average, viewed as a bearish signal. "While risk appetite has held the upper hand, pu...
Risk currencies breathe after rally, virus resurgence buoys dollar – Kitco NEWS
Currencies

Risk currencies breathe after rally, virus resurgence buoys dollar – Kitco NEWS

LONDON (Reuters) - Risk currencies such as the Australian dollar took a breather from recent gains on Tuesday, with investors hitting pause on an China-led equity market rally, as new coronavirus flare-ups and local lockdowns in some countries lifted the safe-haven dollar.Riskier currencies such as the commodity-driven Aussie, Norwegian crown, the New Zealand dollar and the Swedish crown have rallied strongly since April alongside increased risk appetite in global markets. But with a blazing run-up led by Chinese equities cooling in other stock markets on Tuesday, surging coronavirus infections in places that are attempting a reopening, and regional lockdowns still being introduced, investors appeared to take their foot off the gas. Lockdown measures were reimposed in Australia’s second bi...
Stocks making the biggest moves in the premarket: Novavax, Regeneron, Square, Nvidia & more – CNBC
Stock News

Stocks making the biggest moves in the premarket: Novavax, Regeneron, Square, Nvidia & more – CNBC

Take a look at some of the biggest movers in the premarket: Novavax (NVAX) – Novavax was awarded $1.6 billion in funding from "Operation Warp Speed," the government program aimed at speeding the development and delivery of a Covid-19 vaccine. The money will be used to complete late-stage studies, establish large-scale manufacturing, and deliver 100 million doses as early as late 2020. Regeneron (REGN) – The drugmaker was also the recipient of "Operation Warp Speed" funding, receiving $450 million for the development and production of its Covid-19 anti-viral antibody cocktail. The company said initial doses could be ready as soon as the end of the summer. Quest Diagnostics (DGX) – The medical lab operator said turnaround time for Covid-19 test results has lengthened to four to six days for...
Binance Expands Fiat Gateway to Support 15 New National Currencies
Crypto News

Binance Expands Fiat Gateway to Support 15 New National Currencies

Major cryptocurrency exchange Binance has added support for deposits in 15 additional fiat currencies to its platform. According to a July 7 announcement, Binance added support for the United Arab Emirates dirham, Australian dollar, Canadian dollar, Swiss franc, Czech koruna, euro, British pound, Hong Kong dollar, Danish krone, Hungarian forint, Mexican peso, Norwegian krone, New Zealand dollar, Polish złoty and Swedish krona. Binance added the new currencies through a partnership with crypto asset and fiat money institutional custodian Etana Custody. Binance CFO Wei Zhou told Cointelegraph that users can transfer the funds via SWIFT wire transfer, adding, "After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then...
Market Extra: Forget earnings season. What’s the rest of 2020 going to look like?
Stock News

Market Extra: Forget earnings season. What’s the rest of 2020 going to look like?

Investors will return from a long holiday weekend in the U.S. on Monday to what may be the calm before the storm: a relatively quiet week before a deluge of second-quarter corporate earnings reports are published starting July 13. Most observers are looking past second quarter earnings, as they are likely to not only be awful, but to come without any useful guidance from companies on what to expect for the rest of the year. The bigger question, then, is: what’s next? Analysts who spoke with MarketWatch range from very downbeat to cautiously optimistic on the second half of 2020, a year that’s already been one for the record books. “The market is pricing in a (coronavirus) vaccine by Labor Day as well as endless fiscal and monetary stimulus. We have so many positive data points priced in t...
Market Snapshot: Dow futures pull back 240 points after previous day’s rally
Stock News

Market Snapshot: Dow futures pull back 240 points after previous day’s rally

U.S. stock-index futures on Tuesday were trading lower, as investors reassessed the economic and public-health environment following a strong rally to start the month in the previous session. The pause in enthusiasm over equities comes as both the European Commission and the Paris-based OECD forecast the highest unemployment rates in generations amid the COVID-19 pandemic. How are benchmarks performing? Futures for the Dow Jones Industrial Average YM00, -0.94% YMU20, -0.94% were down 240 points, or 0.9%, at 25,940; those for the S&P 500 index ES00, -0.77% ESU20, -0.77% gave up 27.65 points, or 0.9%, at 3,144.25; while Nasdaq-100 futures NQ00, -0.38% NQU20, -0.38% were 49.50 points lower at 10,549, a decline of 0.5%. On Monday, the Dow Jones Industrial Average DJIA, +1.78% ga...