These are the stocks posting the largest moves before the bell.Market Insiderread more
U.S. stock futures pointed to a higher open on Monday as Treasury yields rebounded to quell fears of a possible recession.US Marketsread more
The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Bianco Research's James Bianco suggests Wall Street is desperately looking for a signal that a 50 basis point cut is coming next month.Trading Nationread more
Amid the headlines of stores closures and retail bankruptcies, it can be tough to accept that the U.S. consumer is doing just fine.Retailread more
U.S. Commerce Secretary Wilbur Ross said the U.S. will extend a reprieve given to Huawei that permits the Chinese firm to buy supplies from U.S. companies.Politicsread more
Here are the biggest calls on Wall Street on MondayInvestingread more
HelloFresh will start carrying Beyond Meat's vegan burger on its U.S. menus in September.Restaurantsread more
Goldman notes that high-dividend payers are trading at their largest valuation discount in nearly 40 years.Marketsread more
Dow to jump; Trump defends economy; Huawei hopes for US reprieve; Trump and Apple's Tim Cook meet; president ties Hong Kong protests to China trade disputeMarketsread more
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 launched the company in November, a month before bitcoin hit its high near $20,000.
"I am very proud of the progress that we have made since the beginning of the year," Galaxy CEO Novogratz said in a statement, which was published on a Canadian financial regulator's website. Despite the loss, Novogratz, who was formerly chief investment officer of Fortress Investment Group's macro fund, said he still has "complete confidence" in the team's ability to drive growth and that Galaxy is "strategically positioned to help further institutionalize the digital assets and blockchain industry."
As part of that growth, Novogratz outlined plans to list the merchant bank on Canada's TSX Venture Exchange. In order to list, Galaxy Digital will buy Canadian crypto startup Coin Capital, then merge through a reverse takeover with Canadian shell company Bradmer Pharmaceuticals, which it plans to rename. The company will have more than 70 employees as a result.
Novogratz has long been bullish on bitcoin and blockchain, the technology that underpins it. So far this year, Galaxy Digital has invested $86.8 million across 11 different investments and six acquisitions. The company had $281.7 million in assets as of the end of March, with $225.8 million of that total digital, the release said. Novogratz contributed $302 million of his own assets to the company, according to the documents.
Bitcoin and other cryptocurrencies have yet to find price footing this year. The world's largest cryptocurrency rallied to $8,300 this week but is down more than 40 percent since the start of 2018, according to data from CoinDesk. The entire market capitalization for cryptocurrencies has also plunged, down 51 percent this year, according to CoinMarketCap.com.
Galaxy Digital declined to comment on the financial disclosure.