LIVE UPDATES: Target shares tumble, FTX fallout widens, retail sales jump

8 PostsSort BySort by NewestSort by OldestBack to Top

incoming update…Pinned FTX’s failure likened to Enron’s scandal, Bernie Madoff’s Ponzi schemeThe collapse of cryptocurrency exchange FTX amid reports that at least $1 billion in client funds disappeared, impacting potentially around a million customers, has prompted comparisons to some of the most notorious financial scandals in recent decades, yet the magnitude of customers impacted is much larger.

MARKETSFTX’s Sam Bankman-Fried collapse compared to Enron, MadoffThe collapse of cryptocurrency exchange FTX amid reports at least $1 billion in client funds disappeared has prompted comparisons to notorious financial scandals in recent decades.

Posted by FOX Business Team ShareBreaking News Stocks slip after Target warningU.S. stocks fell after Target said the upcoming holiday season will be challenging forcing it to cut fourth quarter profit and sales estimates. Bitcoin fell below the $16,500 level as the FTX fallout continues. In commodities, oil fell 2% to the $84 per barrel level.

Symbol PriceChange%ChangeTGT$149.24-29.74-16.62

Posted by FOX Business Team ShareDeveloping Story Target shares tumbleTarget exteriors/iStock

Target sees trouble ahead for the rest of the year citing “an increasingly challenging environment” prompting the retailer to cut its sales and profit outlook for the fourth quarter.

Shares fell by double-digits on the news. This followed comp store sales than rose 2.7% vs. 12.7% during the same period a year-ago.

Target Corp.$179.57

Additionally, the company announced a cost cutting plan that will save as much as $3 billion over the next three years.Posted by FOX Business Team ShareBreaking News Retail sales surpriseDespite stubbornly high inflation, consumers spent last month more than expected.

ECONOMYRetail sales rise faster than expected in October, despite painfully high inflationThe Commerce Department released new retail data on Wednesday, revealing how consumers have responded to rapid and stubbornly high inflation in October.

Posted by FOX Business Team ShareCrypto prices for Bitcoin and Ethereum slide, Dogecoin gains on Wednesday morningBitcoin was trading around $16,000, after gaining in three of the last four days.

For the week, Bitcoin was trading lower by 9%.

For the month, the cryptocurrency was off 17%.

Bitcoin is down more than 63% year-to-date.

Ethereum was trading around $1,200, after losing 6% in the past week.

Dogecoin was trading at 8 cents, after losing 2% in the past week.Posted by Ken Martin ShareGasoline price slides againGas Prices (AAA)

The nationwide price for a gallon of gasoline slipped Wednesday to $3.743, according to AAA.

The average price of a gallon of gasoline on Tuesday was $3.759.  

One week ago, a gallon of gasoline cost $3.805. A month ago, that same gallon of gasoline cost $3.888.

Gas hit an all-time high of $5.016 on June 14.

Diesel slipped to $5.352.Posted by Ken Martin ShareOil prices whipsaw as China COVID cases riseOil rigs working (Reuters)

Oil prices bounced between gains and losses on Wednesday as COVID-19 cases in China continued to climb.

That is raising concerns of lower fuel demand that outweighed concerns about an escalation of geopolitical tensions and tighter oil supply.

U.S. West Texas Intermediate (WTI) crude futures traded around $86.00 a barrel. 

Brent crude futures traded around $93.00 a barrel.

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia.

The disruption came concurrent with an explosion in a village in eastern Poland near the Ukraine border that killed two people and raised the possibility that the Russian-Ukraine conflict could spill over.

That has dampened the oil demand growth outlook, with the International Energy Agency (IEA) forecasting demand growth to slow to 1.6 million bpd in 2023 from 2.1 million bpd this year, according to Reuters.

U.S. crude oil inventories fell by about 5.8 million barrels for the week ended Nov. 11, according to market sources citing American Petroleum Institute figures.Posted by Ken Martin ShareBonus season not looking bright for private equity, Wall Street: reportThe financial community may not have a happy holiday as this year’s bonus season may not look anything like last year.

Wall Street compensation consulting firm Johnson Associates is flashing a caution signal to fund managers, bankers and brokers when the time arrives for those annual checks.

Payouts for private-equity fund managers could drop as much as 15% this year compared with 2021 while public equities investment managers could endure cuts of as much as 25%, according to the Wall Street Journal.

Investment bankers at the largest institutions stand to absorb the sharpest cuts of as much as 40%, the firm added.

The forecast said the declines stem partly from inflated incentive payments coming out of last year’s record level of activity for private equity, investment bankers and others on Wall Street.

By comparison, last year was a banner year for bonuses where private-equity managers last year stood to see increases of as much as 20%, and investment bankers were expected to enjoy 30% to 35% increases in their annual incentive payments, according to Johnson’s forecast in November 2021.

Read more on the story by clicking here: Bonus season not looking bright for private equity, Wall StreetPosted by FOX Business Team Share

Live Coverage begins here