Starbucks takes another step in the right direction — plus, mixed reviews on cyber stocks
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Thursday's key moments. 1. The stock market was mixed on Thursday, with the S & P 500 slightly higher and extending its three-day winning streak. The April readings on retail sales and producer prices both came in better than expected. The 10-year Treasury yield fell Thursday but was still near 4.5%. The S & P Short Range Oscillator cooled a bit, as of Wednesday's close, but remained in overbought territory for the 14th straight session. "As long as we're overbought, I like to raise a little cash," said Jim Cramer, stating it's important to trim a bit after a nice rally. Shortly after the Morning Meeting, the Club trimmed on Eaton , booking about a 45% gain . 2. Club stock CrowdStrike was downgraded to neutral from outperform at Mizuho. The analysts said that industry channel checks showed clients "below plan." They also cited "some potential risk factors," such as the company's 5% workforce reduction and a government investigation into its $32 million Carahsoft deal. Mizuho said, "Shares have been remarkably robust and now trade above our $425 price target," suggesting investors wait for a better entry point. Morgan Stanley offered an opposing take on CrowdStrike: Keeping its buy-equivalent rating and raising its price target to $455. The analysts said they favor CrowdStrike over fellow Club name Palo Alto Networks ahead of earnings. 3. Starbucks started reaching out to private equity firms, tech companies, and others as it considers selling a stake in its China business, according to Bloomberg . Jeff Marks, director of portfolio analysis for the Club, said he wants Starbucks to find a partner in China. "I want them to focus more on the United States because that's what they have to fix." Jim agreed and added that he's not concerned about the barista strike over the newly implemented dress code. A Starbucks spokesperson told CNBC, "Having a dress code at work, especially in the service industry is incredibly common, and the idea that union members are walking out because of being asked to wear a black shirt – either one we've provided or one from their own closet – is hard to believe." The union, which represents about 5% of workers at company-owned stores, said that such a change should have gone through collective bargaining. 4. Stocks covered in Thursday's rapid fire at the end of the video were: Dick's Sporting Goods , Nextracker , Deere & Co. , and Alibaba . (Jim Cramer's Charitable Trust is long. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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14 minutes ago
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Create a Portfolio of Passive Income: 3 High-Yielding Dividend Stocks That Pay More Than 5%
These stocks all pay more than 5% in dividends, and their payouts look safe. These companies have strong fundamentals, which can make them ideal investments to hold for the long term. 10 stocks we like better than Pfizer › Dividend income offers a great way to strengthen your overall financial position. It can potentially make you less dependent on the income you earn from a job, maybe even allowing you to work less or retire earlier than planned. Money doesn't buy happiness, but being less dependent on work to fund your lifestyle could be a contributor to a happier, less stressful life. A great way to build up dividend income is to invest in high-yielding dividend stocks that also happen to be lower-risk investments. Pfizer (NYSE: PFE), Realty Income (NYSE: O), and Bank of Nova Scotia (NYSE: BNS) are three attractive investments that you'll want to consider if you want to create a strong portfolio of income-generating stocks. If you're looking for a high-yielding stock to hold for the long term, Pfizer is one you'll want to strongly consider. At 7.4%, its yield right now is more than five times what you'd get with the average stock on the S&P 500, which pays about 1.3%. Pfizer's stock is trading down more than 10% this year (as of the end of last week), as it can't seem to catch a break. While its valuation is modest -- it trades at 17 times its trailing earnings -- concerns about healthcare reform and the company's future growth prospects have made investors uneasy about the business and investing in it. But the healthcare company is still doing well and is on track to hit its guidance, which calls for revenue between $61 billion and $64 billion this year (comparable to how it did last year). It is also slashing costs to improve its bottom line. And it has been less than two years since it acquired oncology company Seagen, which may unlock more long-term growth for Pfizer in the future. Last year, the company also obtained approval from regulators for its first gene therapy in the U.S. -- Beqvez, a treatment for a genetic bleeding disorder. There's some uncertainty and risk with Pfizer, but there are opportunities as well. And at such a modest valuation, now can be an excellent time to add it to your portfolio. Pfizer has been a big name in healthcare for decades, and I don't think that's likely to change anytime soon. One dividend stock I think all income investors should consider owning is Realty Income. This is a real estate investment trust (REIT) that not only offers a high yield of 5.8%, but it also pays a dividend every month. There's no need to wait around for multiple months, as is the case with other dividend stocks; with Realty Income, you're getting a much more regular stream of cash flow. The REIT has a diverse mix of tenants, which makes it an ideal option for long-term investors. 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The Motley Fool has positions in and recommends Pfizer and Realty Income. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy. Create a Portfolio of Passive Income: 3 High-Yielding Dividend Stocks That Pay More Than 5% was originally published by The Motley Fool Sign in to access your portfolio
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17 minutes ago
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Stock market today: Dow, S&P 500, Nasdaq losses accelerate as Iran retaliates after Israel attack
US stocks fell on Friday after Israel's attack on Iran shook global markets, leading oil prices to spike after Iran called the strike a "declaration of war" and retaliated with a missile barrage. The Dow Jones Industrial Average (^DJI) tumbled nearly 2%, or over 800 points, as investors steadily fled from riskier assets. The S&P 500 (^GSPC) dropped about 1.2%, while the tech-heavy Nasdaq Composite (^IXIC) fell 1.3%. The major averages sank to a session low in the afternoon after Israeli defense forces said "all of Israel is under fire," saying dozens of Iranian missiles were launched at Israel. Iran's response came after Israel overnight conducted what it called a "preemptive strike" against Iranian targets, citing fears over the development of nuclear weapons. Crude oil (CL=F) prices soared as much as 13% as the strikes hit the third-largest OPEC producer. Oil prices were last up around 8%. The safe-haven asset of gold (GC=F) jumped around 1.5%. Israel's prime minister, Benjamin Netanyahu, has vowed that the operation against Iran's nuclear and military facilities would continue "for as many days as it takes," stoking fears of escalation. He said he expected "several waves" of retaliation from Iran. President Trump urged Iran to "make a deal" over its nuclear program to avert further conflict, in a post on social media. "JUST DO IT, BEFORE IT IS TOO LATE," he wrote. Iran has threatened to target US assets in the Middle East as part of its "severe response." Earlier, Secretary of State Marco Rubio said Israel took "unilateral action" with no US involvement, as he warned Iran against targeting US interests and personnel. The dramatic developments came as stocks have been creeping higher despite questions around Trump's domestic agenda, as he hinted at steps that could rattle markets. The president floated hiking auto tariffs just a day after he said he would impose unilateral tariff rates on countries within two weeks. Read more: The latest on Trump's tariffs Separately, he reiterated his call for a jumbo rate cut from the Federal Reserve, adding that he "may have to force something" amid easing inflation. Analysts expect the central bank to hold rates steady next week. The market dipped to session lows on Friday after Israel said it had identified missiles launched from Iran. "All of Israel is under fire as Iran fires projectiles," said the Israel Defense Forces in an X post. "The Iranian attack is ongoing. Dozens of additional missiles were launched toward Israel," said another IDF post. Stocks fell to a session low with the Dow Jones Industrial Average (^DJI) dropping about 2%. The S&P 500 (^GSPC) fell around 1.2%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.4%. Gold (GC=F) prices surged Friday as investors flocked to safe-haven assets following Israel's airstrikes on Iran. Spot gold climbed to hover near $3,425 per troy ounce, inching closer to its April record high of $3,500.05. Gold futures rose 1.3% to trade near $3,450.50 per ounce. Year to date gold is up roughly 32%. Energy stocks outperformed the rest of the market on Friday as oil prices surged as much 7% in reaction to Israel's airstrikes against Iran. The S&P 500 Energy Select ETF (XLE) gained more than 1%. Year to-date, the sector is up more than 2%. Yahoo Finance's Ben Werschkul reports: Read more here. Visa (V) Visa was the No. 1 trending ticker on Yahoo Finance on Friday after a Wall Street Journal report said major retailers like Walmart (WMT) and Amazon (AMZN) are considering issuing their own stablecoins, which could allow the retailers to avoid significant fees from traditional payment systems. Adobe (ADBE) Adobe stock is under pressure despite raising its full-year outlook and reporting record-high sales in its second quarter. Despite the results, Wall Street analysts pointed out concerns over competitive pressures and a longer time horizon to reach significant AI monetization. RH (RH) RH stock rallied on Friday, rising more than 11% in early trading after the company reported a surprise profit in the first quarter and maintained its full-year outlook, alleviating concerns about the business amid tariffs and a weak housing market. Yahoo Finance's Pras Subramanian reports: Read more here. Consumers are starting to feel better about the US economy as President Trump dials back his most aggressive stances on tariffs. The latest University of Michigan survey released Friday showed sentiment increased for the first time in six months. The index increased to a reading of 60.5, above the 52.2 seen last month and the 53.6 expected by economists. The increase came after May brought one of the lowest readings on record. Pessimism over the inflation outlook lessened in June as one-year inflation expectations plunged from a more than four-decade high to 5.1%. In May, one-year inflation expectations hit 6.6%. Long-run inflation expectations, which track expectations over the next five to 10 years, also fell, hitting 4.1% in June, down from 4.2% in May. "Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed," Survey of Consumers director Joanne Hsu wrote in the release. Hsu added, "Despite this month's notable improvement, consumers remain guarded and concerned about the trajectory of the economy." Read more here. President Trump told The Wall Street Journal on Friday that Israel's strikes on Iran could end up being "great for the market." He told the publication: Trump did not immediately react to the unfolding situation late Thursday, but he has spent Friday morning expressing support for Israel's actions and warning Iran to make a deal over its nuclear program — or face more repercussions. Stocks opened lower on Friday after Israel attacked Iran, and oil prices surged as investors fled to safe-haven assets. The Dow Jones Industrial Average (^DJI) dropped about 1%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.3%. Israel said it targeted Iran's nuclear program. Oil futures (CL=F) soared as much as 13%. Gold futures (GC=F) jumped 1.7%, while bitcoin (BTC-USD) partially recovered from an overnight tumble to hover around $105,000 per token. RH stock soared 20% premarket Friday after the company reported a surprise profit and maintained its full-year outlook. The home furnisher reported earnings of $0.13 per share, compared to analyst estimates for a $0.09 loss. Revenue came in at $814 million, slightly below LSEG-compiled estimates for $818 million. RH has had a rough start to its 2025 fiscal year. The stock is down 55% year to date as the company battled tariffs, market volatility, and a weaker housing market. On the company's earnings call, RH CEO Gary Friedman outlined some of the company's struggles, particularly with its supply chain in the wake of "Liberation Day" tariffs. "Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down." Read more here. For a two-year stretch, the "Magnificent Seven" stocks led a small cohort of stocks outperforming the S&P 500 (^GSPC). Now, a broader set of names are participating in year-to-date gains, and several Wall Street strategists see that as a bullish sign for markets. Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. Shares in airlines are under pressure from the surge in crude oil prices, which is likely to hike their fuel costs. United Airlines (UAL) led the stock declines, sliding 5.2% in pre-market trading. Delta Air Lines (DAL) shares fell 4.8%, Southwest Airlines (LUV) backed off 3.1%, and American Airlines (AAL) moved 4.3% lower. Carriers are already grappling with a slowdown in bookings, the risk of new US tariffs on imported planes, and a hit to consumer confidence from trade tensions. Israel's attack on Iran's nuclear and military facilities is spooking markets across the board. Here's where major assets stand early on Friday morning amid mounting fears of an escalating conflict. Oil Crude futures were up about 8%, with Brent (BZ=F) trading at $74.60 a barrel and West Texas Intermediate (CL=F) at $73.. Both benchmarks were easing back from a steeper spike in the aftermath of the strike, which saw Brent surge over 13%. Gold The precious metal jumped 1% to about $3,437 an ounce as investors sought out safer assets. Gold has already risen about 30% this year so far as President Trump's trade policy unsettled markets. US Dollar The greenback (DX=F) rose in the rush to havens, gaining over 0.6% against a basket of other major currencies. But some see the rally as more limited than expected, putting its reputation as a crisis shelter to the test. Bitcoin The biggest cryptocurrency (BTC-USD) sank as much as 3% against the dollar after the attack. It has pared losses slightly, and is now down about 2% at around $104,800. Other digital tokens also retreated, with ether (ETH-USD) pulling back almost 8% at one point. Economic data: University of Michigan Consumer Sentiment (June preliminary) Earnings: No notable earnings releases. Here are some of the biggest stories you may have missed overnight and early this morning: What analysts are watching as MidEast war risks loom Oil surges as Israel strikes on Iran stoke tensions This year's stock rally is about more than the 'Magnificent 7' Gold jumps after Israel launches strikes on Iran Israel hits Iran, warns more attacks to come Robotaxi wars: How Waymo got the edge on Tesla (so far) Oil outlook in flux as analysts revise views after Israel strike US dollar rises in rush to safety after Israel strikes Iran President Trump weighed in early Friday with his first comments on the escalating situation in the Middle East. On Truth Social, he posted a screed urging Iran to "make a deal." The only event on Trump's public schedule today is national security council meeting at 11 a.m. ET. Here are some top stocks trending on Yahoo Finance in premarket trading: Israel launched a surprise strike on an Iranian military site overnight. The move raised fears of wider conflict in the region. As a result, energy stocks rose in premarket trading. Diamondback Energy, Inc. (FANG) stock was up 6%, and Occidental Petroleum Corporation (OXY) rose 5%. Defense stocks also climbed before the bell as investors reacted to Israel's strike on Iran. RTX Corporation (RTX) was up 6%, and Lockheed Martin Corporation (LMT) rose 4%. Bitcoin and other cryptocurrencies fell as the Israeli attack on Iran shook global markets. Both of the two major currencies, bitcoin and ether, held significant losses. Bloomberg reports: Read more here. Asian markets sank late Thursday evening as an Israeli attack on Iran shook global markets, leading to widespread sell-offs as investors sought safer assets. Reuters reports: Israel has attacked Iran in the largest recent escalation of tensions in the region. Markets reacted swiftly to the news, with the three major gauges all plunging over 1%. Gold (GC=F) and oil prices surged with investors scurrying to safer assets, hoping to avoid the worst of a financial shake up. Iran is the third largest producer of oil within OPEC+, and the attack has caused prices to surge over 5%. Brent crude (BZ=F) futures jumped 5.5% to $73.27 a barrel while West Texas Intermediate surged 5.9% to $72.05 a barrel. Gold (GC=F) popped 0.9% to $3,434.40 an ounce. A retaliatory attack from Iran against Israel is expected imminently, with a "special situation" being declared by the Isreali defense minister. US Secretary of State Marco Rubio said Israel took "unilateral action", clarifying that the US was not involved in the strikes ahead of a sixth meeting between the US and Iran on Sunday. Read more here. The market dipped to session lows on Friday after Israel said it had identified missiles launched from Iran. "All of Israel is under fire as Iran fires projectiles," said the Israel Defense Forces in an X post. "The Iranian attack is ongoing. Dozens of additional missiles were launched toward Israel," said another IDF post. Stocks fell to a session low with the Dow Jones Industrial Average (^DJI) dropping about 2%. The S&P 500 (^GSPC) fell around 1.2%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.4%. Gold (GC=F) prices surged Friday as investors flocked to safe-haven assets following Israel's airstrikes on Iran. Spot gold climbed to hover near $3,425 per troy ounce, inching closer to its April record high of $3,500.05. Gold futures rose 1.3% to trade near $3,450.50 per ounce. Year to date gold is up roughly 32%. Energy stocks outperformed the rest of the market on Friday as oil prices surged as much 7% in reaction to Israel's airstrikes against Iran. The S&P 500 Energy Select ETF (XLE) gained more than 1%. Year to-date, the sector is up more than 2%. Yahoo Finance's Ben Werschkul reports: Read more here. Visa (V) Visa was the No. 1 trending ticker on Yahoo Finance on Friday after a Wall Street Journal report said major retailers like Walmart (WMT) and Amazon (AMZN) are considering issuing their own stablecoins, which could allow the retailers to avoid significant fees from traditional payment systems. Adobe (ADBE) Adobe stock is under pressure despite raising its full-year outlook and reporting record-high sales in its second quarter. Despite the results, Wall Street analysts pointed out concerns over competitive pressures and a longer time horizon to reach significant AI monetization. RH (RH) RH stock rallied on Friday, rising more than 11% in early trading after the company reported a surprise profit in the first quarter and maintained its full-year outlook, alleviating concerns about the business amid tariffs and a weak housing market. Yahoo Finance's Pras Subramanian reports: Read more here. Consumers are starting to feel better about the US economy as President Trump dials back his most aggressive stances on tariffs. The latest University of Michigan survey released Friday showed sentiment increased for the first time in six months. The index increased to a reading of 60.5, above the 52.2 seen last month and the 53.6 expected by economists. The increase came after May brought one of the lowest readings on record. Pessimism over the inflation outlook lessened in June as one-year inflation expectations plunged from a more than four-decade high to 5.1%. In May, one-year inflation expectations hit 6.6%. Long-run inflation expectations, which track expectations over the next five to 10 years, also fell, hitting 4.1% in June, down from 4.2% in May. "Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed," Survey of Consumers director Joanne Hsu wrote in the release. Hsu added, "Despite this month's notable improvement, consumers remain guarded and concerned about the trajectory of the economy." Read more here. President Trump told The Wall Street Journal on Friday that Israel's strikes on Iran could end up being "great for the market." He told the publication: Trump did not immediately react to the unfolding situation late Thursday, but he has spent Friday morning expressing support for Israel's actions and warning Iran to make a deal over its nuclear program — or face more repercussions. Stocks opened lower on Friday after Israel attacked Iran, and oil prices surged as investors fled to safe-haven assets. The Dow Jones Industrial Average (^DJI) dropped about 1%, while the S&P 500 (^GSPC) fell around 1%. The tech-heavy Nasdaq Composite (^IXIC) declined roughly 1.3%. Israel said it targeted Iran's nuclear program. Oil futures (CL=F) soared as much as 13%. Gold futures (GC=F) jumped 1.7%, while bitcoin (BTC-USD) partially recovered from an overnight tumble to hover around $105,000 per token. RH stock soared 20% premarket Friday after the company reported a surprise profit and maintained its full-year outlook. The home furnisher reported earnings of $0.13 per share, compared to analyst estimates for a $0.09 loss. Revenue came in at $814 million, slightly below LSEG-compiled estimates for $818 million. RH has had a rough start to its 2025 fiscal year. The stock is down 55% year to date as the company battled tariffs, market volatility, and a weaker housing market. On the company's earnings call, RH CEO Gary Friedman outlined some of the company's struggles, particularly with its supply chain in the wake of "Liberation Day" tariffs. "Everywhere got rocked from the reciprocal tariff announcements," Friedman said. "When the market went down, our business went down." Read more here. For a two-year stretch, the "Magnificent Seven" stocks led a small cohort of stocks outperforming the S&P 500 (^GSPC). Now, a broader set of names are participating in year-to-date gains, and several Wall Street strategists see that as a bullish sign for markets. Yahoo Finance's Josh Schafer writes in today's Morning Brief: Read more here. Shares in airlines are under pressure from the surge in crude oil prices, which is likely to hike their fuel costs. United Airlines (UAL) led the stock declines, sliding 5.2% in pre-market trading. Delta Air Lines (DAL) shares fell 4.8%, Southwest Airlines (LUV) backed off 3.1%, and American Airlines (AAL) moved 4.3% lower. Carriers are already grappling with a slowdown in bookings, the risk of new US tariffs on imported planes, and a hit to consumer confidence from trade tensions. Israel's attack on Iran's nuclear and military facilities is spooking markets across the board. Here's where major assets stand early on Friday morning amid mounting fears of an escalating conflict. Oil Crude futures were up about 8%, with Brent (BZ=F) trading at $74.60 a barrel and West Texas Intermediate (CL=F) at $73.. Both benchmarks were easing back from a steeper spike in the aftermath of the strike, which saw Brent surge over 13%. Gold The precious metal jumped 1% to about $3,437 an ounce as investors sought out safer assets. Gold has already risen about 30% this year so far as President Trump's trade policy unsettled markets. US Dollar The greenback (DX=F) rose in the rush to havens, gaining over 0.6% against a basket of other major currencies. But some see the rally as more limited than expected, putting its reputation as a crisis shelter to the test. Bitcoin The biggest cryptocurrency (BTC-USD) sank as much as 3% against the dollar after the attack. It has pared losses slightly, and is now down about 2% at around $104,800. Other digital tokens also retreated, with ether (ETH-USD) pulling back almost 8% at one point. Economic data: University of Michigan Consumer Sentiment (June preliminary) Earnings: No notable earnings releases. Here are some of the biggest stories you may have missed overnight and early this morning: What analysts are watching as MidEast war risks loom Oil surges as Israel strikes on Iran stoke tensions This year's stock rally is about more than the 'Magnificent 7' Gold jumps after Israel launches strikes on Iran Israel hits Iran, warns more attacks to come Robotaxi wars: How Waymo got the edge on Tesla (so far) Oil outlook in flux as analysts revise views after Israel strike US dollar rises in rush to safety after Israel strikes Iran President Trump weighed in early Friday with his first comments on the escalating situation in the Middle East. On Truth Social, he posted a screed urging Iran to "make a deal." The only event on Trump's public schedule today is national security council meeting at 11 a.m. ET. Here are some top stocks trending on Yahoo Finance in premarket trading: Israel launched a surprise strike on an Iranian military site overnight. The move raised fears of wider conflict in the region. As a result, energy stocks rose in premarket trading. Diamondback Energy, Inc. (FANG) stock was up 6%, and Occidental Petroleum Corporation (OXY) rose 5%. Defense stocks also climbed before the bell as investors reacted to Israel's strike on Iran. RTX Corporation (RTX) was up 6%, and Lockheed Martin Corporation (LMT) rose 4%. Bitcoin and other cryptocurrencies fell as the Israeli attack on Iran shook global markets. Both of the two major currencies, bitcoin and ether, held significant losses. Bloomberg reports: Read more here. Asian markets sank late Thursday evening as an Israeli attack on Iran shook global markets, leading to widespread sell-offs as investors sought safer assets. Reuters reports: Israel has attacked Iran in the largest recent escalation of tensions in the region. Markets reacted swiftly to the news, with the three major gauges all plunging over 1%. Gold (GC=F) and oil prices surged with investors scurrying to safer assets, hoping to avoid the worst of a financial shake up. Iran is the third largest producer of oil within OPEC+, and the attack has caused prices to surge over 5%. Brent crude (BZ=F) futures jumped 5.5% to $73.27 a barrel while West Texas Intermediate surged 5.9% to $72.05 a barrel. Gold (GC=F) popped 0.9% to $3,434.40 an ounce. A retaliatory attack from Iran against Israel is expected imminently, with a "special situation" being declared by the Isreali defense minister. US Secretary of State Marco Rubio said Israel took "unilateral action", clarifying that the US was not involved in the strikes ahead of a sixth meeting between the US and Iran on Sunday. Read more here. 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Yahoo
20 minutes ago
- Yahoo
Exclusive-Crypto giants set for EU green light amid growing regulatory rift, sources say
By Elizabeth Howcroft and John O'Donnell PARIS/FRANKFURT (Reuters) -Two of the world's largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, according to sources familiar with the matter. Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted, two people familiar with those discussions said, asking not to be named because of the sensitivity of the matter. At stake is the oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could facilitate fraud, market instability and illicit financial flows if it is not properly supervised. MiCA aims to bring crypto under the same regulatory umbrella as traditional finance, but some fear that uneven enforcement could undermine its goals. Gemini, a crypto trading platform founded by billionaire twins Tyler and Cameron Winklevoss, is on the verge of receiving a licence to operate from Malta, the smallest country in the European Union, two people said. This follows Malta's earlier approvals of OKX and granted within weeks of the new regime's introduction. The pace of Malta's approvals has drawn scrutiny from other national regulators, who meet under the umbrella of the European Securities and Markets Authority (ESMA). France's AMF has publicly warned that ESMA's lack of direct authority could lead to a "regulatory race to the bottom". Another senior regulatory official, who did not wish to be identified, said that they were concerned about accepting licences granted in countries where regulators had fewer staff, citing Malta as one example. ESMA has scrutinized Malta's licensing process, with a report due to be circulated in the near future, said one of those people. A spokesperson for the Malta Financial Services Authority said it had granted four crypto licences so far and was able to move fast due to its past experience, adding that "expedited processing" was due to its "in-depth understanding acquired over these years". It said its local money laundering standards were strict. ESMA declined to comment. OKX said its application was "rigorous" and that compliance was a priority. SELF INTEREST? The regulatory debate has intensified with expectations that Luxembourg will soon grant a licence to Coinbase, the first U.S. crypto-focused company to join the S&P 500, one of the people said. While the application has been in progress for several months, one person pointed to the relatively modest size of Coinbase's planned operation in Luxembourg. A Coinbase spokesperson did not comment on its application but said it employed 200 in Europe and that it invested in staff to ensure operations were safe. The spokesperson said Luxembourg was a "high-bar, well respected global financial centre" and that Coinbase would hire more than 20 people there by the end of the year. Luxembourg's financial watchdog declined to comment. One person familiar with Luxembourg's thinking dismissed any suggestion that the country was lax and said some critics were rather motivated by self interest in a race to attract crypto firms. Coinbase's anticipated approval is seen as a setback for Ireland, where relations with the crypto industry have cooled. In 2023, Central Bank Governor Gabriel Makhlouf compared crypto to a Ponzi scheme, warning that 'most of the time when you gamble, you're actually losing.' The global cryptocurrency market is currently valued at roughly $3.3 trillion but it has seen crises, such as the collapse and fraud of top U.S. exchange FTX in 2022. The European Union has long had to contend with divergence between its members. The dispute is unfolding as European politicians consider granting greater powers to regulator ESMA. While the European Union is united as a trading bloc and writes much regulation centrally in Brussels, countries vie with each other to attract international businesses. ESMA head Verena Ross has also pushed publicly for more powers to oversee crypto, although one person familiar with discussions among EU politicians said several countries were sceptical. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
