Shares of retailer-turned-bitcoin-play Overstock.com rocket higher after Morgan Stanley reveals stake

Shares of retailer-turned-bitcoin-play Overstock.com rocket higher after Morgan Stanley reveals stake

Shares of Overstock.com briefly surged more than 23 percent Monday after Morgan Stanley Investment Management disclosed an 11.4 percent stake in the company. The investment management division has $447 billion in assets under management and its products include mutual funds and hedge funds. The department said in a 13G filing Friday with the U.S. Securities and Exchange Commission that it owned nearly 2.87 million shares of Overstock.com as of Nov. 30. The 13G filing is…

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Brent crude oil hits 2½-year high on major pipeline outage

Brent crude oil hits 2½-year high on major pipeline outage

Brent crude oil prices spiked to the highest level in 2½ years on Monday on news that a major pipeline in the U.K.’s North Sea will shut down for repairs. The Forties pipeline system will close for several weeks while its operator, INEOS, repairs a crack in a pipe discovered last week. The pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in…

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The charts are pointing to a Santa Claus rally for small caps

The charts are pointing to a Santa Claus rally for small caps

Small caps are lagging the broader market, but one technician says the charts are pointing to a potential Santa Claus rally for the group. As the Dow and S&P 500 just hit record closing highs, the Russell 2000 continues to underperform this year. While the Dow and S&P 500 have surged 23 percent and 19 percent, respectively, in 2017, the Russell 2000 is only up 12 percent. However, according to Carter Worth of Cornerstone Macro,…

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Cramer: Bitcoin’s futures launch is a ‘very big victory’ for the digital currency

Cramer: Bitcoin’s futures launch is a ‘very big victory’ for the digital currency

The launch of bitcoin futures on the Cboe Futures Exchange over the weekend was a “very big victory” for the digital currency, CNBC’s Jim Cramer said Monday. Bitcoin futures, trading under the ticker symbol XBT, debuted Sunday night on the Cboe. The futures price climbed 10 percent in the first two hours and triggered at least two trading halts due to rapid price gains. “I was hoping we’d get some price discovery. If this is…

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UBS: Cryptocurrencies like bitcoin are ‘the bubble to end all bubbles’

UBS: Cryptocurrencies like bitcoin are ‘the bubble to end all bubbles’

UBS Wealth Management is not a believer in bitcoin becoming a legitimate currency even as the launch of futures lead some investors to believe the cryptocurrency will become a more stable market. “The bubble to end all bubbles continues. Cryptocurrencies only have value if accepted as currencies. However, they cannot be used for the most important transaction in an economy, and cryptocurrency supply can only rise and never fall (making them a poor store of…

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Bitcoin futures launch could be bad for bitcoin’s price, tech analyst Gene Munster says

Bitcoin futures launch could be bad for bitcoin’s price, tech analyst Gene Munster says

The launch of bitcoin futures could “have a material negative impact on the price of bitcoin,” a well-respected technology analyst said Monday. With the futures, “investors will have an easier time betting against bitcoin,” and “investors could move towards trading futures contracts and out of bitcoin itself,” Gene Munster, co-founder of venture capital firm Loup Ventures, said in a research note Monday. Munster was a widely followed Apple analyst at Piper Jaffray before launching Loup…

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Investors ‘haven’t missed the train’ on bitcoin yet, but it could be a wild ride, analyst says

Investors ‘haven’t missed the train’ on bitcoin yet, but it could be a wild ride, analyst says

It isn’t too late for investors to hop into cryptocurrencies after the bitcoin futures launch on the Cboe, an analyst told CNBC on Monday. “Relative to assets, you’re talking $100 trillion in investable assets,” said Brian Kelly, founder of BK Capital Management. “All you would need is 1 percent of those assets to be allocated to this and you’ve got a double in bitcoin.” “It’s so early,” Kelly added in a “Squawk Box” interview. “You…

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S&P 500 futures erase gains, Treasurys rise after reports of explosion at New York’s Port Authority terminal

S&P 500 futures erase gains, Treasurys rise after reports of explosion at New York’s Port Authority terminal

U.S. stock futures gave back some of their initial gains on Monday following reports of an explosion at a terminal at New York City’s Port Authority. Dow Jones industrial average futures traded 25 points higher, while Nasdaq 100 futures were up 4.75 points. S&P 500 futures turned slightly negative, trading down 0.75 point. Treasurys rose, pushing the yield on the 10-year note to 2.36 percent. A senior New York City Police Department official said that…

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Bitcoin futures set to trade on CBOE Sunday evening after a wild surge for the cryptocurrency

Bitcoin futures set to trade on CBOE Sunday evening after a wild surge for the cryptocurrency

Bitcoin futures will begin trading on the Cboe Futures Exchange on Sunday, following a huge ramp-up in the digital currency’s price. The futures will launch at 6 p.m. New York time and will be trading under the ‘XBT’ ticker symbol. The launch will let institutional investors buy into the cryptocurrency space. Until now, bitcoin has been mostly owned and traded by a few entrepreneurs. The cryptocurrency has become immensely popular this year, sending its price…

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Bitcoin jumps higher as futures trading begins on CBOE; new futures rise

Bitcoin jumps higher as futures trading begins on CBOE; new futures rise

Bitcoin prices jumped on Sunday evening right as the Cboe Futures Exchange began trading futures on the cryptocurrency. The digital currency was at $14,890 right at 6 p.m. New York time and then surged about $600 to $15,500.13 as of 7:17 p.m. on the Coinbase exchange. The new futures were up 2.6 percent to $15,860 on the Cboe in very early trading. They also turned negative for a brief moment at about 6:55 p.m. New…

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