Winklevoss twins bitcoin ETF rejected by SEC

Winklevoss twins bitcoin ETF rejected by SEC

The Securities and Exchange Commission rejected a proposal by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, for the first-ever cryptocurrency ETF. Last year, the SEC disapproved an application for the “Winklevoss Bitcoin Trust” but in June the group submitted a proposed rule change. Among other arguments, the agency said in a release Thursday that it did not support the Winklevoss’s argument that bitcoin markets, including the Gemini Exchange, are “uniquely resistant to manipulation.”…

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Amazon cloud revenue jumps 49 percent

Amazon cloud revenue jumps 49 percent

Amazon on Thursday said that its cloud business grew nearly 48.9 percent in the second quarter, coming in above analysts’ expectations. The growth keeps Amazon’s cloud solidly ahead of its closest rivals, Microsoft and Google, as well as smaller players like Oracle and international challengers like Alibaba. In the quarter, Amazon said, its Amazon Web Services business generated $6.11 billion in revenue, above the FactSet analyst consensus of $6.01 billion. AWS’ revenue growth rate went…

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Growth in second quarter tracks at over 4 percent as some economists trim estimates ahead of Friday’s report

Growth in second quarter tracks at over 4 percent as some economists trim estimates ahead of Friday’s report

Second quarter growth is tracking at 4.1 percent, after some economists tweaked their forecast after Thursday’s economic reports. The CNBC/Moody’s Analytics GDP survey rapid update said tracking estimates slipped to a median forecast of 4.1 percent from 4.2 percent, reflecting the latest durable goods and advanced trade data released Thursday. Tracking data reflects the GDP forecast, after it incorporates the latest relevant economic reports for the quarter. Economists’ own forecasts for growth, however, were unchanged…

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Chipotle Mexican Grill to report second quarter earnings after the bell — Here’s what to expect:

Chipotle Mexican Grill to report second quarter earnings after the bell — Here’s what to expect:

Chipotle Mexican Grill is set to report second-quarter earnings after the closing bell Thursday. Here is what analysts surveyed by Thomson Reuters expect: Earnings: $2.80 per share Revenue: $1.26 billion Same-store sales: up 2.7 percent, according to StreetAccount It’s been about a month since the company announced plans to spend up to $135 million to win back customers and reposition Chipotle as a lifestyle brand. The expenses will cover a new ad campaign, digital investments…

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Here’s everything you need to know about Starbucks’ earnings

Here’s everything you need to know about Starbucks’ earnings

Starbucks is set to report third-quarter earnings after the markets close Thursday. Here’s what analysts are expecting, based on a Thomson Reuters survey: Earnings per share: 61 cents Revenue: $6.25 billion Same-store sales: 1 percent growth, according to StreetAccount. The fiscal third quarter has been a bumpy one for the Starbucks, which closed 8,000 of its U.S. locations for a day in May to provide racial bias training to 175,000 employees. The company has taken…

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The biggest crypto firm on Wall Street just took a $134 million loss on bitcoin’s plunge

The biggest crypto firm on Wall Street just took a $134 million loss on bitcoin’s plunge

Crypto merchant bank Galaxy Digital took a $134 million hit in the first quarter as bitcoin lost half its value and other cryptocurrencies struggled to break out of a bear market. In its first-ever financial disclosure released this week, the New York-based firm reported a net loss of $103.3 million on trading, with $13.5 million on digital assets and another $85.5 million of unrealized losses on those assets. Former Goldman Sachs macro trader Michael Novogratz…

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August is the cheapest summer travel month — here are 11 flights to Europe up to 50% off

August is the cheapest summer travel month — here are 11 flights to Europe up to 50% off

If you think summer vacation is too expensive and you’re looking for deal, August is the cheapest travel month of the season, especially to Europe, according to flight booking app Hopper. Prices for round-trip flights from the U.S. to Europe drop as much as 47 percent from peak months June and July, and now is the most optimal time to buy airfare for travel next month, finds Hopper. For its methodology, Hopper used data that…

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Don’t lose faith in Facebook now, because its valuation remains solid, analysts say

Don’t lose faith in Facebook now, because its valuation remains solid, analysts say

Two analysts cut Facebook targets after the company released a weak full-year outlook and second quarter revenue that missed estimates. But now is the time to buy, RBC Capital Markets lead internet analyst Mark Mahaney and Jefferies senior technology analyst Brent Thill told CNBC’s “Squawk on the Street.” Mahaney said Facebook is being overly conservative on its outlook and that fundamentals won’t deteriorate as fast as guidance implied in the company’s second quarter earnings report…

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Yum China soars more than 16% after report Hillhouse Capital wants to buy fast-food company

Yum China soars more than 16% after report Hillhouse Capital wants to buy fast-food company

Shares of Yum China shot up more than 16 percent on Thursday after The Information reported that Hillhouse Capital Group, one of China’s major investors in tech, is in talks to acquire the fast-food restaurant company. Yum China stock was briefly halted due to volatility. Hillhouse Capital, a private equity firm known for its investment in tech companies like Tencent, could help Yum China with its goal of incorporating more technology in its restaurants. Hillhouse…

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Facebook’s tumble threatens to take a big bite out of the Trump rally

Facebook’s tumble threatens to take a big bite out of the Trump rally

Facebook‘s sudden and stunning vulnerability threatens to undercut the foundation of the stock market rally since Donald Trump was elected president. The social media giant has been the cornerstone of the FAANG trade — Facebook, Amazon, Apple, Netflix and Google parent Alphabet. Just by itself, Facebook has gained more than 80 percent since Trump’s November 2016 victory. The S&P 500 more broadly is up some 35 percent during the time period. But a disappointing earnings…

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