Deep discounts are set to define this holiday shopping season as retailers whack through excess inventory and face inflation-weakened consumer demand.
By the numbers: Price drops for toys have hit a record high, peaking at 30% off the listed price in the first three weeks of November, fresh data from Adobe Analytics shows. That's up from 19% last year.
Brendan Blumer, the founder of Block.One, has disclosed a 9.3% stake in Silvergate Capital, according to a new filing with the Securities and Exchange Commission.
Why it matters: Silvergate, the parent company of Silvergate Bank, is one of the largest providers of financial services in the blockchain industry.
Crypto mining stocks have given back a lot over the past 30 days — mainly the ground they won amid the run-up in bitcoin prices — but Core Scientific has been cut down more than others.
Driving the news: With its stock already down 86% in the past month, Core Scientific in a filing Tuesday disclosed $1.7 billion in losses this year through the end of September.
It's been a dramatic year for economic news: high inflation, the fastest rate increases in decades, swooning markets and widespread recession fears.
Yes, but:Surveying the landscape this Thanksgiving, we see a pretty remarkable list of shifts for the better. These are the five that stand out as reasons to be thankful even in this time of economic uncertainty.
Assure, a popular fintech platform for administering special purpose vehicles (SPVs), on Tuesday night informed clients that it is shutting down, Axios has learned from multiple sources.
Why it matters: SPVs, or investment pools designed to invest in a specific company, have boomed in popularity over recent years — being used not only by individual deal sponsors, but also by institutional investors like venture capital firms.
Norfolk Southern, an Atlanta-based freight rail operator, has agreed to buy Cincinnati Southern Railway from the City of Cincinnati for $1.62 billion in cash.
Why it matters: This comes against the backdrop of a possible freight rail-workers strike, which could cripple the U.S. economy.
Stories from people who held cash or crypto on FTX's exchange in the U.S. are starting to emerge — and the picture looks grim.
Why it matters: FTX customers understood they were trading volatile assets. But many appeared to assume their money (or crypto) was safe, in the sense that even if it dropped in value, they could still get it back — as with a bank or a brokerage. FTX was neither.
Analysts have been slow to slash their target prices on Tesla — despite a price drop that's destroyed more than half a trillion dollars in paper gains over the last year.
The big picture: The fact that analysts still think Tesla should be worth $290 a share — 70% above the current market price of $170 — reflects the difficulty the market is having in adjusting to the new reality of higher interest rates.
"Why vote 'yes' on something I'm unhappy with? We've taken enough concessions," Matthew Weaver, a member of BMWE, one of the railroad unions who voted down the Biden-brokered labor agreement, told Axios on Tuesday.
The big picture: Negotiations between the railroad unions and their employers are edging toward a cliff, now that four of 12 unions — making up a majority of workers — rejected the deal.
Cruise and Waymo are plowing ahead with plans to bring robotaxis to more cities, despite growing disillusionment among investors and automakers about the timeline for self-driving cars.
Why it matters: The two companies already operate driverless taxis in San Francisco and Phoenix.
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