SBF found guilty

Market Overview
Read time 1.9 minutes

Year To Date Performances:

1. Cryptocurrency mogul Sam Bankman-Fried was convicted on a slew of fraud charges last week, marking a dramatic fall from grace for the former FTX founder. The conviction, delivered sharply at 7:40 p.m. by a Manhattan federal jury after just four hours of deliberation, stems from the spectacular implosion of his crypto exchange, FTX, which wiped out the investments of countless customers a year prior. Faced with seven counts, including wire fraud, securities fraud, and money laundering, Bankman-Fried's actions had severe ramifications, leading to the rapid unravelling of both FTX and its sibling hedge fund, Alameda Research, in November 2022. Central to the conviction was the revelation that Alameda had misappropriated billions from FTX's customer funds and was significantly leveraged with illiquid digital assets it had created, prompting a panic-stricken withdrawal frenzy akin to a bank run when these facts came to light.

2. Apple beat earnings expectations but delivered a cautious outlook, causing a dip in its stock price late last week. The tech titan reported a slight revenue decrease for its fourth quarter and projected a modestly weaker performance in the upcoming holiday season, marking a 3% year-on-year decline. Yet, it wasn't all subdued news: Apple's services segment saw a robust 16% increase, surpassing analyst predictions. The iPhone, accounting for half of Apple's revenue, recently underwent a substantial redesign with the premium iPhone 15 models featuring titanium casings and improved zoom lenses, aiming to entice customers to upgrade despite longer phone retention trends. This year's launch contrasted last year's, with the iPhone 15 Pro avoiding the supply issues that plagued the iPhone 14 Pro due to factory shutdowns in China. Amidst a challenging economic landscape, Apple's stock remains a standout, up by 36% in 2023, sustaining its $2 trillion market cap.

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4. Headlines

   1. Block (formerly Square) announced higher-than-expected revenue and earnings per share.

   2. Starbucks has announced plans to add 17,000 new locations.

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