Wirecard, once hailed as the darling of Germany’s financial technology scene, is now facing a fight for survival amid scrutiny into its accounting practices. The payments processor said Thursday, for the fourth time, that it couldn’t publish its financials for 2019. Auditors at EY couldn’t account for 1.9 billion euros ($2.1 billion) of cash on
Finance
Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. Brendan McDermid | Reuters Bluster about bubbles is blowing through Wall Street again, stirring
The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City. Markets surged today as promising details of a potential COVID-19 vaccine were released and more European countries gradually re-opened after months of lockdown. Spencer Platt | Getty Images The stock market, so eager to put the entire
Senator Ron Wyden, a Democrat from Oregon and ranking member of the Senate Finance Committee, speaks during a hearing in Washington, D.C., U.S., on June 9 about unemployment insurance during the Covid-19 pandemic. Leah Millis/Reuters/Bloomberg via Getty Images The enhanced unemployment benefits supporting household income for millions of jobless Americans will soon lapse. Lawmakers, scrambling
The Slack Technologies application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia, on Monday, April 29, 2019. Andrew Harrer | Bloomberg | Getty Images Check out the companies making headlines midday Friday: Slack — Shares of Slack Technologies dipped nearly 2% after Goldman Sachs downgraded the business messaging service to sell
Long-time bear David Tice believes the market has become a house of cards. The AdvisorShares Ranger Equity Bear ETF manager warns unprecedented Federal Reserve policies designed to mitigate the coronavirus fallout is creating major damage. “I find the biggest disconnect that we’ve ever seen in my 35-year history of watching Wall Street between fundamentals of
People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City. Spencer Platt | Getty Images U.S. stock futures opened slightly higher on Thursday night following a muted session in which traders grappled with disappointing unemployment data and rising coronavirus cases. Dow Jones Industrial Average futures gained 30 points,
Wirecard’s logo can be seen on a smartphone held in front of a stock market chart. Alexander Pohl | NurPhoto | Getty Images Wirecard shares plunged more than 60% on Thursday as the German payments giant postponed its annual results once again and said auditors could not confirm the existence of 1.9 billion euros ($2.1
An Institutional Investor Hall of Famer sees more trouble lurking in the market. Richard Bernstein warns unprecedented Federal Reserve policies may eventually cause serious harm. He cites near record deficits and aggressive efforts to increase the money supply among the biggest problems. “I’m surprised that people aren’t more concerned about what huge monetary growth means
The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City. Markets surged today as promising details of a potential COVID-19 vaccine were released and more European countries gradually re-opened after months of lockdown. Spencer Platt | Getty Images Stock futures were flat in overnight trading on Wednesday
Jay Clayton, chairman of U.S. Securities and Exchange Commission Zach Gibson | Bloomberg | Getty Images The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that
The Norwegian Bliss cruise ship is seen docked on March 15, 2020 in New York City. Mayor Bill de Blasio said on Tuesday that any cruise ship passenger disembarking in New York City with a temperature over 100.4 will be given the choice of self-isolating at home or be taken to a hospital to protect
U.S. stock futures moved lower in overnight trading, following a big rally in the previous session fueled by growing belief that the worst may be over for the world’s largest economy. Dow futures fell 130 points, indicating a loss of 0.5% at the open on Wednesday. The S&P 500 and Nasdaq-100 were also set to
A person walks at the Wall Street subway stop in New York City. Angela Weiss | AFP | Getty Images 8:37 am: Retail sales surge 17.7% in May, biggest monthly increase ever Retail sales for the month of May soared 17.7%, the biggest monthly jump on record, as retailers start to reopen following the coronavirus
A “Sold” sign is displayed outside a home under construction at a Lennar Corp. development in Montgomery, Illinois. Daniel Acker | Bloomberg | Getty Images Check out the companies making headlines after the bell. Lennar — Shares of the homebuilder whipsawed and fell 1% in extended trading after Lennar released its second-quarter financial results, which beat
The stronger dollar era may be on borrowed time. Stephen Roach, one of the world’s leading authorities on Asia, is worried a changing global landscape paired with a massive U.S. budget deficit will spark a dollar crash. “The U.S. economy has been afflicted with some significant macro imbalances for a long time, namely a very
7:42 am: Morgan Stanley raises S&P forecast, says recovery will be V-shaped Morgan Stanley’s U.S. equity strategist Michael Wilson raised his S&P 500 target while reiterating his belief that the recovery will be V-shaped based on positive economic data and policy action from governments and central banks. “We remain firmly in the camp that the
Investors may want to hold on tight. National Securities’ Art Hogan warns the volatility burst will affect the market for weeks. He cites a laundry list of risks including the uptick of coronavirus cases paired with overbought conditions. “The fear of the unknown catches more volatility than anything,” the firm’s chief market strategist told CNBC’s
The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. Spencer Platt | Getty Images Stock futures fell in overnight trading on Sunday, pointing to more losses ahead, as investors grapple
A sign is posted in front of a Hertz car sales and rental car office on August 8, 2017 in South San Francisco, California. Getty Images Check out the companies making the biggest moves in midday trading Friday: Adobe — Shares of the software company jumped more than 4% following second-quarter earnings results. Adobe reported a profit