Ukrainians are buying more bitcoins than ever to defend their holdings while countering an attack from neighboring Russia.
A report published on Tuesday by Arcane Research, showed that Ukrainians are using Binance, the world’s largest cryptocurrency exchange, to acquire stable Tether and Bitcoin coins with a bracelet. (A Ukrainian hryvnia currently costs about $ 033.)
Arcane data show that the 24-hour trade in the Tether bracelet rose from just over $ 6 million just before the invasion to about $ 8.5 million. Over the past six weeks, the volume has rarely exceeded $ 3 million. In addition, 24-hour bitcoin bracelet transactions rose from $ 1 million to $ 3 million.
“Like the Russians, Ukrainians are buying crypto as never before,” the report said. “Many Ukrainians are worried that the country’s banking system may collapse and seek to use crypto as a safe haven.
The report adds that Ukrainians fleeing the country will be able to “bring some of their wealth with them” – hence the jump in trade.
Since Russia invaded Ukraine on February 24, interest in cryptocurrency has skyrocketed in both nations.
The Ukrainian government today said will receive Polkadot – the 11th largest cryptocurrency by market capitalization – after donations of over $ 20 million in Bitcoin, Ethereum and USDT flooded to assist the army.
1/6 I understand the rationale for this request, but despite my deep respect for the Ukrainian people, @krakenfx we cannot freeze the accounts of our Russian clients without a legal requirement to do so.
The Russians must be aware that such a requirement may be inevitable. #NYKNYC https://t.co/bMRrJzgF8N
Cryptocurrency activity grew up in Russia as the ruble fell, most of this activity included bitcoin and Binance.
Meanwhile, stock exchanges are also facing growing pressure to impose a total ban on transactions involving Russian addresses. Coinbase and Kraken have both said no.
Inscription of GoodRx on the outside of Nasdaq on the day of its IPO, September 23, 2020
Source: GoodRx
Shares of the GoodRx prescription service fell 39% to a record low on Tuesday after the company reported weaker-than-expected earnings and issued a disappointing forecast.
GoodRx allows users to search for the cheapest place to find a prescription and gives them a coupon to take to the pharmacy. The company makes money from advertisements on its website and fees for recommended services that hit during the Covid-19 pandemic.
“The reality is that the effects of Covid-19 have lasted longer than we expected, and the impact on our business is greater than expected,” said Trevor Bezdek, co-CEO of GoodRx, during the call for profit. “I want to admit that we underestimated the length of time that Covid-19 will affect our business.
GoodRx reported fourth-quarter revenue of $ 213.3 million, with analysts missing an average estimate of $ 217.5 million, according to FactSet.
The closure of some medical offices and the reluctance of consumers to see a doctor during the pandemic have led to fewer prescriptions and recharges in the last two years, Doug Hirsch, another co-executive director of GoodRx, said in an interview.
“There is this huge gap that we thought we would just fill, but then a lot of people just chose not to come back. [to doctors]”There seems to be this constant gap of users who are not diagnosed and do not receive the treatment they need.”
For investors, the company’s forecast is particularly problematic. GoodRx estimates 23% year-over-year growth of about $ 917 million. According to FactSet, analysts expected $ 963 million.
“We get smarter with each new wave of Covid,” Hirsch said. “I think right now we have two years of understanding literally when the doctor’s office is closed or when the consumer doesn’t leave home.”
GoodRx also offers telehealth services. He bought the startup HeyDoctor in 2019 so that consumers can recharge their medicines and get advice on their prescriptions. And there’s a service called GoodRx Gold that offers a monthly subscription of $ 9.99 for customers who have many prescriptions.
GoodRx went public in September 2020 and took off from the gate, with shares peaking at $ 64.22 this month. With the fall on Tuesday, the shares are now trading at a price lower than $ 16.73, about 50% below the place where they debuted at the IPO. The company’s market value fell to 6.7 billion dollars.
I WATCH: The GoodRx co-CEO is discussing the growth of his subscription business
US stock indexes fell and bond yields fell on Tuesday as oil prices rose to multi-year highs as Russia’s invasion of Ukraine continued to pass through markets.
Stock markets were shattered in 2022, with the S&P 500 and Nasdaq posting their worst bienniums from March 2020 to the beginning of the year. The war in Ukraine has further exacerbated investor sentiment: although only 1% of S&P 500 companies’ revenues come from Russia and Ukraine, according to FactSet, investors are still worried about the turbulent effect on the global economy. The geopolitical crisis came when economies were already facing the highest inflation in decades, huge pressure on central banks to raise interest rates.
“We now have this shock, and this shock involves the biggest risk: sustained high inflation,” said John Mayer, chief investment officer at Global X ETFs.
The S&P 500 fell 67.68 points, or 1.5%, to 4,306.26 on Tuesday. The Dow Jones Industrial Average lost 597.65 points, or 1.8 percent, to 33,294.95, while the technology Nasdaq Composite fell 218.94 points, or 1.6 percent, to 13,532.46.
Oil prices rose above $ 100 a barrel to their highest level since 2014. Brent crude, the international oil figure, rose $ 7 a barrel, or 7.1%, to $ 104. $ 97. European reference gas prices jumped by more than 24%. Members of the International Energy Agency agreed on Tuesday to release supplies from oil reserves in a bid to contain rising crude oil prices.
Shares of energy companies rose along with oil prices, with Occidental Petroleum rising $ 3.06, or 7%, to $ 46.79 and Chevron adding $ 5.72, or 4%, to $ 149.72. According to oil executives, bankers and traders, refineries have refrained from buying Russian oil, while banks have refused to finance supplies of Russian goods. Russia is the largest exporter of gas and a major supplier of crude oil.
The assets of a safe harbor were sought after, raising gold prices and putting pressure on government bond yields. Gold prices rose $ 43 an ounce, or 2.3 percent, to $ 12.40.40. Yields on US 10-year benchmarks fell to 1.708 percent on Tuesday, its fourth-lowest close this year, with investors betting the Federal Reserve won’t act so aggressively to curb inflation. German government bond yields fell in negative territory for the first time since January. Yields decrease with rising bond prices.
The decline in government bond yields also dragged down bank stocks. The KBW Nasdaq Bank index of major US commercial creditors lost more than 6%.
Global stock indices have been volatile in recent days as investors try to assess the potential global economic impact of the invasion and the resulting sanctions. Limited supplies of Russian goods could boost inflation, but investors hope the overall effect on the world’s largest economies will be dampened.
“We are in a situation where I do not believe there is a real book,” said Eric Merlis, managing director of corporate risk decisions at Citizens.
Bitcoin prices rose 5.3 percent to $ 43,869.58 from 5pm on Monday. The invasion of Ukraine sparked a demand for cryptocurrencies, helping to raise bitcoin and other coins.
The Russians are queuing up to use ATMs as ordinary citizens begin to feel the impact of Western allies’ sanctions on the country following Moscow’s invasion of Ukraine. Meanwhile, the Moscow Stock Exchange remained closed on Tuesday. Photo: AP Photo / Dmitry Lovetsky
In the corporate news Target‘s
shares jumped $ 19.66, or 9.8%, to $ 219.43 after the trader reported strong sales during the holiday season. Albertsons rose $ 2.25, or 7.7%, to $ 31.40 after the supermarket chain said it had launched a strategic review. The human resources software company Workday earned $ 11.28, or 4.9%, to $ 240.33, after reporting earnings late Monday that exceeded forecasts.
“The question here is, can the economy continue to push forward through these segments and avoid contractions?” Said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Company.
Ceasefire talks have so far yielded no concrete results. Russia and Ukraine have agreed to further talks, and investors have welcomed the fact that some have taken place. However, Moscow is pouring manpower and equipment into the country, and Russian forces have adopted a strategy to break up civilian areas in an attempt to demoralize the resistance.
“I am not sure what we will see from the negotiations, but there will be no stopping on the ground, because [Russian President Vladimir] “Putin needs to leave this war with something to show,” said Hani Redha, a portfolio manager at PineBridge Investments.
New York Stock Exchange traders on Monday.
photo:
Allie Joseph / Nyse / Zuma Press
Russian markets have been hit hard by the invasion and subsequent sanctions, with investors dumping Russian stocks. The sharp, sudden rise in interest rates from the country’s central bank helped the ruble fall. Tradeweb Markets Inc.
a leading bond trading platform, removed Russian securities on Tuesday, citing Western sanctions.
The Russian ruble withdrew against the dollar on Tuesday after falling nearly 30% on Monday. Market data services showed limited price updates this week, suggesting that few transactions are taking place. Russia’s stock market, which collapsed last week, remained closed. This has created a gap between the pricing of some funds with large exposures to Russia and the value of their underlying assets.
In Europe, the pan-continental Stoxx Europe 600 fell 2.4%. The London Stock Exchange has suspended trading in shares of Russia’s VTB Bank after the exchange announced that the Bank of New York Mellon had resigned as the company’s depository. JPMorgan Chase also stopped trading two funds due to the crisis in Ukraine.
In the Asia-Pacific region, stock markets were mixed. Japan’s Nikkei 225 rose 1.2 percent, while Hong Kong’s Hang Seng rose 0.2 percent.
The company said in a statement that it was “deeply concerned” about the Russian invasion and that in response it had “paused all product sales” in the country. Apple also said it has restricted access to digital services, such as Apple Pay, in Russia and has restricted access to Russian state-owned media applications outside the country.
“Last week we stopped all exports to our sales channel in the country. Apple Pay and other services were limited. RT News and Sputnik News are no longer available for download from the App Store outside of Russia,” Apple said. “And we have deactivated both traffic and live incidents on Apple Maps in Ukraine as a safety measure and precautionary measure for Ukrainian citizens.”
Apple’s decision comes as technology companies face growing public pressure to act against Russia. The Ukrainian government last week asked Apple to stop offering its app store in Russia, but some security and democracy experts said it could hurt Russian consumers protesting the Kremlin and relying on Western organizing tools.
Facebook, YouTube and Twitter have begun battling content shared by Russian media amid growing pressure from European officials to act against pro-Russian propaganda. Netflix also said it refused to broadcast Russian state television channels in the country.
Following the news of Apple’s decision on Tuesday, the Minister of Digital Transformation of Ukraine Mykhailo Fedorov tweets that Apple CEO Tim Cook must “get the job done” and again called on the company to “block” access to its app store in Russia.
Buyers leave the Nordstrom store on May 26, 2021 in Chicago, Illinois.
Scott Olson Getty Images News Getty Images
Nordstrom on Tuesday reported better-than-expected earnings and sales for the holiday quarter, prompting retailers to offer an optimistic outlook for next year, despite continuing concerns in the supply chain and rampant inflation.
Shares of Nordstrom jumped more than 35% in after-hours trading immediately after the report. Nordstrom is currently among the stocks with the most short trades, with 22% of its shares available for short sale.
Importantly, retailer has called for improvements in its off-price business, Nordstrom Rack, amid a report that the company is reviewing potential segments of the segment after its poor performance in recent quarters.
For its fourth fiscal quarter, Nordstrom said Rack’s net sales fell 5% over the two-year period, a steady improvement from the previous quarter, when its off-price segment fell 8% from 2019.
However, the segment lags behind Nordstrom’s overall business, with this revenue stream recovering to virtually equal levels with 2019 levels.
During the pandemic, Rack struggled to procure goods as he relied on other brands of clothing to unload items to sell on release. With less clothing inventory, the company has difficulty storing shelves. Rack also competes with other chains at lower prices, including TJ Maxx, Ross Stores, Burlington and Macy’s Backstage.
Nordstrom CEO Eric Nordstrom said in a statement that the department store chain is focused on three key things: improving Nordstrom Rack’s productivity, increasing profitability and optimizing the supply chain and inventory flow.
Here’s how the retailer performed in its fourth quarter compared to what Wall Street expected, according to a study by analysts at Refinitiv:
Earnings per share: $ 1.23 versus $ 1.02 expected
income: $ 4.49 billion against the expected $ 4.35 billion
Nordstrom’s net profit for the quarter ended January 29 rose to $ 200 million, or $ 1.23 per share, from $ 33 million, or 21 cents per share, a year earlier. This exceeds the earnings per share forecast of $ 1.02, according to Refinitiv.
Total revenue, including credit card sales, rose to $ 4.49 billion from $ 3.65 billion a year earlier. That exceeds estimates of $ 4.35 billion. Net sales, which do not include credit card revenues, increased by 23% during the year, but decreased by 1% compared to 2019 levels.
The department store chain said that its categories of home, active, designer, cosmetic and children’s are the most prominent, as buyers were looking for comfortable clothing and more items to decorate their homes.
Suburban shops also continue to perform better than urban areas, it said. This is largely due to the lack of international tourists in the United States
Digital sales, boosting in the early days of the pandemic by keeping consumers at home, fell 1% from the same period in 2020. However, they rose 23% on a two-year basis and accounted for 44% of total revenue for the quarter.
Growth forecasting
In the coming months, Nordstrom hopes – like other retailers – that consumers will return to offices, parties, concerts and other social venues. His business is ready to take advantage, as buyers spend money to freshen up their wardrobes.
Nordstrom said on Tuesday that it has so far been encouraged by the resumption of consumer travel following the launch of the omicron option.
For fiscal 2022, Nordstrom sees revenue, including credit card sales, up 5% to 7% from 2021. Analysts had expected growth of 3.7%.
He sees earnings, excluding the impact of any share repurchase activity, in the range of $ 3.15 to $ 3.50 per share. That’s far ahead of the $ 2.01 share earnings forecast.
Pete Nordstrom, president and CEO, said Nordstrom is focused on balancing inventory levels with demand. During the pandemic, the company struggled to bring seasonal items into stores at the right time due to poor planning and lagging behind in the supply chain.
Nordstrom said it ended the fourth quarter with more inventories than planned, but expects those levels to fall from first-quarter sales.
The company also advertises a growing media advertising platform that allows brands to pay and advertise on its website. Retailers from Macy’s to Target to Best Buy are investing in their own advertising platforms as a new revenue stream.
“We believe we have a meaningful opportunity to improve both the consumer experience and our financial performance,” Pete Nordstrom told analysts during a conference call on profits.
Ahead of a long jump in trading on Tuesday, Nordstrom shares fell about 14% year on year.
Find the full Nordstrom financial press release here.
TRENTON, New Jersey (WPVI) – To put it mildly, it is controversial and the topic is met with passion: pumping gas in New Jersey.
New Jersey is the only state in the country that does not allow its drivers to pump their own gas, while Oregon has some restrictions.
However, this could end with a new proposal to allow self-service as an option, as gas prices rise due to inflation and the Russian invasion of Ukraine.
Introduced by the New Jersey Legislature, A3105 – called the Fuel Motor Vehicle Selection and Convenience Act – is a bipartisan measure that will allow residents to be able to pump their own gas or continue to be fully serviced by an escort.
Sponsors for the bill include MP Carol A. Murphy (D) of Burlington County.
After the presentation, members of the New Jersey Gasoline, Convenience Store, Automotive Association (NJGCA), whose membership includes nearly 1,000 small dealers in motor fuels, came out in support of the bill.
“The current self-service law is crippling my small business,” said Joe Ochelo, president of the NJGCA and owner of the gas station. “When I started the business years ago, it was a great way to make a living, a path to the American dream. But rising prices and labor shortages are making it difficult to run a gas station.”
The bill will allow gas stations to offer the self-service option, although stations with more than four sprinklers will still have to continue to offer full service.
“I can guarantee that allowing a self-service option will save gas station motorists money at the gas station,” said Kashmir Gill, a NJGCA member and owner of many locations in Central Jersey. “As a station owner, I know that the self-service option will bring my business significant cost savings that I can pass on to my customers.”
Congress passed a statute in 1949 called the Retail Gasoline Safety Safety Act, which bans self-service gas, citing safety concerns such as fire hazards. New Jersey is currently the only state that supports the law and requires a gas station employee to pump.
“It’s becoming increasingly difficult for me to keep my gas stations open due to labor shortages, which is having a significant impact on my business,” said Levent Sertbas, a NJGCA member and gas station owner. “There were many cases where I had to close lunch because I could not find employees to work with gas stations.”
As oil prices rise well above $ 100 a barrel – and some industry analysts predict it could reach $ 130 – the energy agency said it intended to “send a unified and strong message to global oil markets that there will be no shortage of supplies as a result of Russia’s invasion of Ukraine.
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The release is only the fourth time the international organization has seen a coordinated withdrawal of reservations since its inception in 1974.The IEA said in a statement that its initial release was equivalent to 2 million barrels per day for 30 days.
“I am just happy that the IEA also came together today to take action. The situation in the energy markets is very serious and requires our full attention, “said IEA Executive Director Fatih Birol. “Global energy security is under threat, putting the global economy at risk during a fragile phase of recovery.
The US Department of Energy plans to release 30 million barrels of oil from the strategic oil reserve, one of the most aggressive steps the White House has taken as it seeks to cut costs for consumers. In separate statements released Tuesday, Energy Secretary Jennifer Granholm and White House spokeswoman Jen Psaki suggested the Biden administration could release more.
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The United States is “prepared to use every tool we have to limit the disruption of global energy supplies as a result of President Putin’s actions,” Psaki said. We will also continue our efforts to accelerate the diversification of energy supplies away from Russia and to protect the world from the armament of oil and gas from Moscow.
The release represents a small percentage of the country’s total reserves, which held 582.4 million barrels as of February 22nd. This is the second time the Biden administration has used the reserves in coordination with other countries. The energy ministry released 50 million barrels of oil from reserves last November in a bid to cut world prices.
Analysts in the oil industry said it was unclear exactly what effect the release of oil reserves would have on prices. Uncertainty about how long the war in Ukraine will last and what effect it will have on Russian oil exports makes it difficult for experts to predict how much worse the oil shortage could become in the coming weeks and months.
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Russia is the world’s third-largest oil producer. It exports more oil than any other country – about 5 million barrels of crude oil a day – and accounts for approximately 12 percent of world trade.
Replacing Russia’s oil exports in the long run with emergency reserves is not an option, industry analysts said. But as a short-term response to inflationary pressures and rising gasoline prices, it is expected to compensate for supply shortages and either lower prices or prevent them from rising.
Drivers and Americans who depend on oil to heat their homes are unlikely to feel the impact of the parties’ decision for several weeks. It takes time for refineries to convert crude oil into petrol, diesel and other petroleum products, and more time for these fuels to reach consumers. Meanwhile, experts say the average price of gasoline in the United States is likely to continue to rise.
Mark Benioff, co-founder and CEO of Salesforce.com Inc., paused during an interview with Bloomberg TV at the World Economic Forum in Davos, Switzerland, on Wednesday, January 18, 2017.
Simon Dawson Bloomberg | Getty Images
Salesforce surpassed analysts’ earnings and revenue forecasts in its fourth-quarter earnings report. Shares jumped in expanded trading.
Here’s how the company did:
Profits: 84 cents a share adjusted against 74 cents a share, analysts expect, according to Refinitiv.
income: $ 7.33 billion versus $ 7.24 billion, analysts expect, according to Refinitiv.
Revenue rose 26% in the quarter ended Jan. 31, according to a statement.
For the first quarter, Salesforce demanded revenue of between $ 7.37 billion and $ 7.38 billion. Analysts polled by Refinitiv expected revenue of $ 7.26 billion.
The company’s updated guidelines for fiscal 2023 are revenue from $ 32 billion to $ 32.1 billion. Analysts polled by Refinitiv were looking for $ 31.78 billion in revenue.
During this time, Salesforce promoted Brett Taylor to co-CEO along with Mark Benioff, a billionaire and co-founder of the company. Taylor joined Salesforce in 2016 through the acquisition of Quip’s startup performance software and quickly rose to become chief operating officer.
Before moving after hours, Salesforce has fallen 15% so far this year, down from the S&P 500, which is down about 10%.
Leaders will discuss the results with analysts during a conference call starting at 17:00 ET.
This is breaking news. Please check again for updates.
I WATCH: The hybrid work is here to stay forever, says Slack’s CEO
