What we’re reading (3/26)
“Cathie Wood Suffers Double Blow As Drama Hits Coinbase And Block” (Bloomberg). “An activist short seller attack on one US firm and the threat of regulatory action against another have conspired to deal a double blow to Cathie Wood and ARK Investment Management, as both shares are among her top holdings.”
“How Options-Hedging Turbocharged Oil Volatility” (Wall Street Journal). “The economic fears gripping Wall Street have sparked outsize swings in oil prices, exacerbated by trading that investors and analysts say has little to do with the fundamental value of crude. One culprit is an arcane area of trading known on Wall Street as delta hedging, aimed at reducing the risks tied to directional price moves.”
“Deutsche Bank, UBS Stocks Sink As Fear Of European Banking Crisis Returns” (CNN Business). “Europe’s banking stocks tumbled Friday as investors acted on their lingering worries that the recent crises at some banks could spill over into the wider sector. Europe’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, closed 3.8% lower. The index is down 18% from its high in late February. London’s bank-heavy FTSE 100 index closed down 1.3%. Shares in Germany’s biggest bank, Deutsche Bank (DB), plunged as much as 14.5% before paring its losses to close 8.5% lower. Shares in UBS (UBS) and Credit Suisse (CS) were 3.6% and 5.2% down respectively.”
“Apple Enjoys ‘Symbiotic’ Relationship With China, Cook Says” (AFP). “Apple enjoys a ‘symbiotic’ relationship with China, CEO Tim Cook said on Saturday, as the iPhone giant looks to move production out of the country. Cook, who is in China to attend the high-profile China Development Forum, said ‘Apple and China grew together,’ during an interview on the role of technology in education. ‘This has been a symbiotic kind of relationship that I think we both enjoyed,’ he said at the state-run event attended by top government officials and corporate leaders.”
“Accenture Slashes 19,000 Jobs Worldwide” (CNN Business). “Accenture (ACN), which has 738,000 employees globally, said in its latest quarterly report to the Securities and Exchange Commission that it continues to hire, but had ‘initiated actions to streamline [its] operations and transform our non-billable corporate functions to reduce costs.’”
