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Bitcoin has had a stellar year and one of Wall Street’s top strategists thinks it can rise 40 percent more by next year. Tom Lee, co-founder of Fundstrat Global Advisors, established a mid-2018 target of $6,000 on the cryptocurrency. Bitcoin traded at $4,284.14 on Friday, according to Coindesk. For the year, bitcoin has surged nearly
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Blackstone’s Byron Wien, who’s been working on Wall Street for more than a half-century, thinks the recent stock market weakness on diminishing prospects for President Donald Trump’s business-friendly agenda is nothing for investors to panic about. “I’m worried he won’t get a lot of his program through, but offsetting that is the economy doing better
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Cosmetics maker Estee Lauder forecast full-year profit ahead of analysts’ estimates and posted higher-than-expected quarterly results, driven by strong demand for its brands such as M.A.C, Tom Ford, and Smashbox. Estee Lauder’s shares rose nearly 5 percent to $103.00 before the bell on Friday. The company said it expects full-year net sales to rise between
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Clothing retailer Gap reported better-than-expected same-store sales for the second quarter, helped by strong demand for Old Navy products, fewer discounts, and the company’s efforts to better manage inventory. Shares rallied more than 6 percent in extended-hours trading Thursday. The company also said its quarterly net income more than doubled and raised its full-year earnings
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Wal-Mart on Thursday reported second-quarter earnings and sales that topped Street expectations, as the big-box retailer continues to expand its online business. Fresh digital initiatives and a growing assortment of products on Walmart.com aided the retailer in boosting online transactions by 60 percent, the company said. Last quarter, e-commerce sales climbed 63 percent, compared to
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Alibaba, China’s top e-commerce firm, beat analyst’s estimates with a 56 percent rise in first-quarter revenue, driven by growth in online sales which make up most of its business. Thursday’s results show that Alibaba, one of Asia’s most valuable companies, is benefiting from more and more Chinese buying an increasing proportion of everything from food
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Following moves by China and Japan to regulate digital currencies, Australia is attempting to crackdown on money laundering and terrorism financing with plans to regulate bitcoin exchanges. “The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals
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A former Bank of America technology consultant used his access to the bank’s internal deal tracking system to share more than 50 trading tips with friends, who generated more than $5 million in illegal trading profits, federal prosecutors said. The worker, Daniel Rivas, “serially misappropriated material, non-public information from the bank’s deal tracking system and
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