Wall Street Breakfast November 23: FTX, Bankman-Fried’s ‘Personal Fiefdom’

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 23 November 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bankman-Fried treated crypto exchange FTX as his 'personal fiefdom', lawyer says. Lawmakers urge Fidelity to reconsider offering bitcoin (BTC-USD) 401(k) plans after FTX collapse. HP (HPQ) to cut up to 6,000 jobs as part of plan to 'Future Ready' PC company. Learn more about these stocks with a free trial of Seeking Alpha Premium here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Wednesday, November 23rd, and I'm your host Julie Morgan.
0:16.2	Our top stories.
0:17.8	FTX a personal fiefdom?
0:20.2	Goldman Sachs pays a hefty fine.
0:22.6	Tegna extends its deal agreement with standard general.
0:26.4	Lombakers are making a special request of fidelity.
0:30.1	HP is cutting up to 6,000 jobs, another student loan payment pause extension,
0:36.2	and the retail sector is in our day watch.
0:39.2	Following a stumble the day before, the major U.S. equity averages found their footing on Tuesday,
0:45.0	with each posting gains of more than 1%. A spate of strong retail earnings helped lift the broader market.
0:51.9	Amid then trading ahead of the Thanksgiving holiday tomorrow.
0:55.7	The NASDAQ closed up 1.4%.
0:58.3	The S&P 500 also ended up 1.4% and the Dow finished up 1.2%. All 11 S&P sectors post it gains on the day.
1:08.0	Energy let the advance climbing by more than 3%.
1:11.4	Materials and Infotech were also among the leaders to the upside.
1:15.6	Andrew Hecht is a seeking alpha contributor and the author of the Hecht Commodity Report.
1:20.9	He said stocks rallied with retailers leading the way as the market appears to be in holiday mode.
1:26.4	Meanwhile, liquidity is low in what could be a case of all quiet before a volatile storm.
1:31.8	He went on to say that the Fed's monetary policy
1:34.4	approach is critical and the stock market could face end of the year tax loss
	...

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