(Bloomberg) -- Traders struggling to keep up with gyrations in U.S. stocks just got jolted by a surge of trading volume and wild price swings.Transactions in stocks spiked amid a quarterly event known as quadruple witching, when options and futures on indexes and equities expire. More than 16 billion shares changed hands, 30% above the average in the past three months, while the S&P 500 reversed earlier gains to close the session lower amid renewed concern over coronavirus reinfections.Quadruple witching usually coincides with a rebalancing of major indexes such as the S&P 500 and can spark some of the busiest trading days of the year. While the global market turmoil in March prompted S&P Dow Jones Indices to postpone the last rebalancing, the quadruple witching alone was enough to trigger a volume surge.This time, the need to adjust stock positions appeared to be higher than usual. About $1.8 trillion of S&P...
(Bloomberg) -- Wirecard’s lenders are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said.At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in hectic negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion), the people said.Concerns over the missing money prompted a collapse in Wirecard AG shares and the departure of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk. With Wirecard potentially facing a default on its debt...
On Friday, Rosenblatt analysts led by Mark Zgutowicz raised their price target on shares of Spotify from $190 to $275 while keeping their ‘buy’ rating, as the firm sees ‘attractive monetization potential’ from recent exclusive deals. These include The Ringer, The Joe Rogan Experience, and most recently, Kim Kardashian West’s The Innocence Project and Warner Bros./DC Entertainment. The Final Round panel discusses. ...
(Bloomberg) -- Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April.U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world’s major oil products have begun to roar higher. OPEC+ gave reassurance on output cuts on Thursday.“You had three key ingredients making the market climb this week,” said Thomas Finlon of Houston-based GF International. A drop in U.S. refined product inventories, OPEC compliance and falling crude inventories at Cushing, Oklahoma, all contributed to the price strength, he said.Inventories in Cushing, the delivery point for West Texas Intermediate futures, have contracted every...
Stocks ended mixed on Friday as investors weighed rising coronavirus cases in key U.S. states against optimism about a quick economic rebound. Overall, investors were rattled by the news that Apple would temporarily shutter stores again in U.S. states where coronavirus cases have been on the rise in recent weeks. The Final Round panel breaks down the details. ...
