The Daily Business and Finance Show - Friday, 19 July 2024 We get our business and finance news from Seeking Alpha and you should too! Subscribe to Seeking Alpha Premium for more in-depth market news and help support this podcast. Free for 14-days!
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Welcome to the Daily Business and Finance Show. Elon Musk cuts ties with CrowdStrike, Trump vows to end EV mandates causing market jitters, FTC investigates oil execs for potential collusion with OPEC. CrowdStrike outage impacts Microsoft's systems globally, Bitcoin surges to $66,000, SunPower stock plummets amid grim forecasts, and Elliot management takes a significant stake in Starbucks. Stay tuned after the short ad break to learn more. So what's it like to buy your first cryptocurrency on Kraken? Well, let's say I'm at a food truck I've never tried before. Am I gonna go all in on the low to taco? No, sir. I'm keeping it simple. Starting small, that's trading on Kraken. Pick from over 190 assets, and start with the 10 bucks in your pocket. Easy. Go to Kraken.com and see what Crypto can be. Not investment advice. Crypto trading involves risk of loss. Crypto currency services are provided to US and US territory customers by Payward Interactive bank PWI, DBA Kraken, UPWI's disclosures at Kraken.com/legal/disclosures. Tesla and SpaceX CEO Elon Musk announced the removal of CrowdStrike from their systems. A Windows host outage caused by an update to CrowdStrike's cybersecurity platform led to global disruptions affecting Tesla factories and various industries. CrowdStrike is addressing the issue, which is not a security incident. Chairs of US electric vehicle automakers fell after former President Trump vowed to end the electric vehicle mandate if reelected, calling it a "green new scam." Stocks of Rivian, Tesla, Lucid, Ford, and General Motors dropped. Trump plans to redirect funds from electric vehicles to infrastructure. The Federal Trade Commission is investigating executives from Occidental Petroleum, Hess Corporation, and Diamondback Energy for potentially improper communications with the organization of the petroleum exporting countries. The probe seeks evidence of collusion on oil pricing and production. This follows a similar investigation involving pioneer natural resources and ExxonMobil's acquisition review. A global computer outage disrupted air travel and significantly impacted cybersecurity firm CrowdStrike with shares dropping 10% in pre-market trading. Wedbush securities described it as a "major black eye," but clarified it's not a hack. Competitors like Palo Alto Networks and Fortinet experienced gains. Microsoft is also dealing with public relations issues. A major Microsoft outage caused the blue screen of death on several Windows systems and disrupted Microsoft 365 services globally. The issue stemmed from a glitch in CrowdStrike's cybersecurity platform update. Microsoft resolved most issues overnight but some cloud services still face residual impacts. Airlines like Frontier, Sun Country, and Allegiant experienced flight delays and cancellations due to the outage. Bitcoin surged this week, expected to rise 15.9% as it hit $66,000. The increase followed an assassination attempt on former President Donald Trump, boosting his election odds. Trump's crypto-friendly stance and VP pick, Ohio Senator J.D. Vance, also contributed. Bitcoin rose to $65,000 before retreating below $64,000. State Street is developing a stablecoin for blockchain payments. B. Riley Securities upgraded core scientific shares to buy, predicting leadership in high performance computing hosting. Bitcoin rose 5.1% to $66,800 amid a Microsoft outage, Ether increased 2.9% to $3,500. Analyst Ryan Willday suggests Bitcoin could reach new highs if it stays above $50,600 but advises caution until confirmed trends emerge. SunPower Corporation shares dropped 48.2% on Friday to a record low of 72 cents after Guggenheim Securities deemed the stock worthless and forecasted its delisting. Analyst Joseph OSHA mentioned that SunPower is winding down operations, which will likely result in asset sales and equity delisting due to accumulated debt. Starbucks shares surged 7% on Friday after a Wall Street Journal report revealed that activist investor Elliott Management has acquired a significant stake in the company. Elliott is reportedly advising Starbucks on boosting its share price amid profit pressures from wages and promotions. This marks the first weekly gain for Starbucks in four weeks. Thanks for tuning in to the Daily Business and Finance Show. Stay informed. Stay ahead. Catch you next time with more insights and updates. I'm Montgomery Jones and I'm Amalia Duprey. Until tomorrow dawns, take care and goodbye for now. This content is sourced from the Seeking Alpha website, so support our podcast by becoming a Seeking Alpha Premium subscriber. See the Show Notes page for links to sign up. This episode is produced by Classic Studios. This podcast provides information only and should not be construed as financial or business advice. Check out our other podcasts in our network at Classic Studios dot com. . (upbeat music) [MUSIC PLAYING]
