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Trump offers regulatory relief for coal, iron ore and chemical industries

Trump offers regulatory relief for coal, iron ore and chemical industries

WASHINGTON (AP) — President Donald Trump is granting two years of regulatory relief to coal-fired power plants, chemical manufacturers and other polluting industries as he seeks to reverse Biden-era regulations he considers overly burdensome.
Trump issued a series of proclamations late Thursday exempting a range of industries that he calls vital to national security.
The proclamations cover coal-fired power plants, taconite iron ore processing facilities used to make steel, and chemical manufacturers that help produce semiconductors and medical device sterilizers.
The proclamations allow the facilities to comply with Environmental Protection Agency standards that were in place before rules imposed in recent years by President Joe Biden's administration, the White House said.
Trump called the Biden-era rules expensive and, in some cases, unattainable. His actions will ensure that 'critical industries can continue to operate uninterrupted to support national security without incurring substantial costs,'' the White House said in a fact sheet.
Trump's EPA had earlier exempted dozens of coal-fired plants from air-pollution rules for the same reasons. The EPA also offered other industrial polluters a chance for exemptions from requirements to reduce emissions of toxic chemicals such as mercury, arsenic and benzene. An electronic mailbox set up by the EPA allowed regulated companies to request a presidential exemption under the Clean Air Act to a host of Biden-era rules.
Environmental groups denounced the offer to grant exemptions, calling the new email address a 'polluters' portal' that could allow hundreds of companies to evade laws meant to protect the environment and public health. Mercury exposure can cause brain damage, especially in children. Fetuses are vulnerable to birth defects via exposure in a mother's womb.
Within weeks of the EPA's offer, industry groups representing hundreds of chemical and petrochemical manufacturers began seeking the blanket exemptions from federal pollution requirements.
The Clean Air Act enables the president to temporarily exempt industrial sites from new rules if the technology required to meet them is not widely available and if the continued activity is in the interest of national security.
In April, the EPA granted nearly 70 coal-fired power plants a two-year exemption from federal requirements to reduce emissions of toxic chemicals. A list posted on the agency's website lists 47 power providers — which operate at least 66 coal-fired plants — that are receiving exemptions from the Biden-era rules.
EPA Administrator Lee Zeldin announced plans in March to roll back dozens of key environmental rules on everything from clean air to clean water and climate change. Zeldin called the planned rollbacks the 'most consequential day of deregulation in American history."
An Associated Press examination of the proposed rollbacks concluded that rules targeted by the EPA could prevent an estimated 30,000 deaths and save $275 billion each year they are in effect. The AP review included the agency's own prior assessments as well as a wide range of other research.
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Stock market today: Dow, S&P 500, Nasdaq rise in march to latest records
Stock market today: Dow, S&P 500, Nasdaq rise in march to latest records

Yahoo

time25 minutes ago

  • Yahoo

Stock market today: Dow, S&P 500, Nasdaq rise in march to latest records

US stocks moved higher on Friday, holding near record highs as signs of strength in the economy provided the buoyancy that Netflix's (NFLX) earnings report lacked. The Dow Jones Industrial Average (^DJI) added 0.1% while the S&P 500 (^GSPC) rose 0.2% and the tech-focused Nasdaq Composite (^IXIC) climbed 0.3% Stocks are consolidating after the S&P 500 and Nasdaq Composite vaulted to their latest all-time closing highs on Thursday. Wall Street welcomed a softening in jobless claims and stronger-than-expected retail sales, which showed little indication that President Trump's tariffs are affecting consumer spending habits. Read more: The latest on Trump's tariffs On the downside, Netflix's second quarter results failed to enthuse the market, pulling the stock about 1% lower in premarket trading. The streaming giant kicked off Big Tech earnings late Thursday with a wide profit beat and a solid revenue number. But investors likely wanted a bigger boost to full-year guidance to justify a raise on an already lofty valuation, analysts suggested. Meanwhile, earnings continue to roll in, with a focus on whether they continue to reflect steady resilience in corporate America. Friday's highlights include 3M (MMM), American Express (AXP), and Charles Schwab (SCHW). Read more: Full earnings coverage in our live blog The major indexes are set for weekly wins, with this week's drama involving Trump's fury with Fed Chair Jerome Powell largely on the back burner. Powell sent a letter to Trump's top budget official on Thursday, defending the Fed's headquarters renovation project for which he has come under fire in recent days. But already, the focus is turning to who could replace Powell next year and the additional dual mandate that person will face: keeping Trump happy while attempting to maintain the Fed's independence. Stocks tick higher after hitting fresh records Stocks were in the green at the opening bell after hitting fresh records in the previous session amid investor enthusiasm over stronger-than-expected economic data. The S&P 500 (^GSPC) rose 0.2% while the Dow Jones Industrial Average (^DJI) added 0.1%, and Nasdaq Composite (^IXIC) was up 0.3% in early trading. The S&P and Nasdaq rose to fresh records on Thursday. Second quarter earnings continued to roll in with morning reports from 3M (MMM), American Express (AXP), and Charles Schwab (SCHW). Waller makes strongest call yet for rate cut in July, underscoring Fed divide Yahoo Finance's Jennifer Schonberger reports: Read more here. Market volatility provides Charles Schwab a tailwind in Q2 Charles Schwab (SCHW) stock rose 3% ahead of the opening bell as the company's adjusted profits surged more than 50% year over year. Market volatility surrounding President Trump's tariffs fueled higher trading activity for the brokerage. The company reported adjusted earnings per share of $1.14, beating Wall Street estimates for EPS of $1.10. Revenue came in at $5.9 billion, above expectations for $5.7 billion. Charles Schwab also brought in new assets of $80.3 billion, representing 31% growth annually. 'Schwab delivered growth on all fronts during the second quarter,' Charles Schwab CEO Rick Wurster said. 'The firm's diversified revenue model, coupled with our best-in-class scale and efficiency, produced quarterly records for both revenue and earnings per share.' Listen to the earnings call live at 9:30 a.m. ET here. 3M stock gains on earnings beat, smaller tariff hit forecast 3M (MMM) stock rose over 2% in premarket trading on Friday after posting an earnings beat and raising its full-year profit forecast. The Scotch tape maker reported second quarter adjusted earnings per share of $2.16 on revenue of $6.16 billion, both above estimates. It now sees full-year adjusted profits between $7.75 and $8 per share, compared with its previous estimate of $7.60 to $7.90. 3M also projected tariffs would create a smaller hit to earnings this year than previously expected. Its forecast includes a $0.10 per share hit to 2025 earnings, versus the $0.20 to $0.40 impact it guided for previously. Other companies have also scaled back their projected losses from tariffs. Earlier this week, Johnson & Johnson (JNJ) halved its expected tariff impact to $200 million. Read more here from Reuters. Chevron to proceed with Hess deal after winning legal battle against Exxon Chevron (CVX) and Hess (HES) have won an arbitration battle against Exxon (XOM) over access to an oil project off the coast of Guyana. Chevron stock rose 3% premarket, while shares of Hess climbed 7%. Exxon's stock declined less than 1%. The result clears the way for Chevron to proceed with its $53 billion acquisition of the smaller oil firm, whose value was partially tied up in its 30% stake in the Guyanese oil project shared with Exxon. Chevron had said it could delay or terminate the acquisition altogether if it didn't win the arbitration. But in the end, it prevailed. "We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process," Exxon said in a statement. Read more here. UK stocks seem to be reversing years of underperformance Overseas investors are starting to warm up to the UK's unloved stocks as a UK-US trade deal, lighter regulation, and cheap stocks deliver juicy returns versus the rest of Europe. The FTSE 100 (^FTSE) has gained nearly 10% this year to hit record highs this week, beating the STOXX 600 (^STOXX), which is up 7.5%. Reuters reports: Read more here. Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. Netflix stock slips after a 'solid' report Netflix (NFLX) shares are faltering in premarket trading, despite "solid" second quarter earnings. The streamer delivered beats on both profit and sales, and upped its full-year revenue guidance in its report late Thursday. Some on Wall Street had flagged Netflix's lofty valuation going into the print, Yahoo Finance's Allie Canal reports. Bloomberg Intelligence senior media analyst Geetha Ranganathan told Yahoo Finance that the stock was priced to perfection heading into the report. "It was a really solid print," Ranganathan said in reaction to the earnings. "The big thing that investors were really focused on was commentary for the rest of the year, and they delivered there as well." Ranganathan also noted that while the operating margin was also solid, it was "maybe not spectacular." "I think investors were looking for something a little but more here," she said. "So it was originally forecast at 29% for the full year operating margin — they just took that up a smidge to 29.5%. I think investors were looking somewhere in the range of 30%-31%." Read more on Netflix's earnings here. Meta continues Apple-targeted AI hiring spree After headhunting a top AI expert at Apple (AAPL) to lead Meta's (META) faltering AI division, the social media giant has followed up by taking two more key players from the artificial intelligence team, both of whom had previously worked under Meta's new head of AI. Bloomberg reports: Read more here. Trending tickers in after-hours trading Netflix (NFLX) Stock in the streamer dipped nearly 2% despite topping analyst expectations for both earnings and revenue in Q2. The streaming leader reported revenue of $11.08 billion, just above the $11.07 billion Wall Street had forecast. Investors may be reacting to the narrower-than-hoped revenue beat and looking ahead to guidance. Norfolk Southern (NSC) Share value in railroad operator Norfolk Southern soared 4.7% in after-hours trading following a report from WSJ that Union Pacific is in preliminary talks to acquire the railroad operator. There's also discussion of a merger in the possible creation of what would be America's largest railroad. Stocks tick higher after hitting fresh records Stocks were in the green at the opening bell after hitting fresh records in the previous session amid investor enthusiasm over stronger-than-expected economic data. The S&P 500 (^GSPC) rose 0.2% while the Dow Jones Industrial Average (^DJI) added 0.1%, and Nasdaq Composite (^IXIC) was up 0.3% in early trading. The S&P and Nasdaq rose to fresh records on Thursday. Second quarter earnings continued to roll in with morning reports from 3M (MMM), American Express (AXP), and Charles Schwab (SCHW). Stocks were in the green at the opening bell after hitting fresh records in the previous session amid investor enthusiasm over stronger-than-expected economic data. The S&P 500 (^GSPC) rose 0.2% while the Dow Jones Industrial Average (^DJI) added 0.1%, and Nasdaq Composite (^IXIC) was up 0.3% in early trading. The S&P and Nasdaq rose to fresh records on Thursday. Second quarter earnings continued to roll in with morning reports from 3M (MMM), American Express (AXP), and Charles Schwab (SCHW). Waller makes strongest call yet for rate cut in July, underscoring Fed divide Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Market volatility provides Charles Schwab a tailwind in Q2 Charles Schwab (SCHW) stock rose 3% ahead of the opening bell as the company's adjusted profits surged more than 50% year over year. Market volatility surrounding President Trump's tariffs fueled higher trading activity for the brokerage. The company reported adjusted earnings per share of $1.14, beating Wall Street estimates for EPS of $1.10. Revenue came in at $5.9 billion, above expectations for $5.7 billion. Charles Schwab also brought in new assets of $80.3 billion, representing 31% growth annually. 'Schwab delivered growth on all fronts during the second quarter,' Charles Schwab CEO Rick Wurster said. 'The firm's diversified revenue model, coupled with our best-in-class scale and efficiency, produced quarterly records for both revenue and earnings per share.' Listen to the earnings call live at 9:30 a.m. ET here. Charles Schwab (SCHW) stock rose 3% ahead of the opening bell as the company's adjusted profits surged more than 50% year over year. Market volatility surrounding President Trump's tariffs fueled higher trading activity for the brokerage. The company reported adjusted earnings per share of $1.14, beating Wall Street estimates for EPS of $1.10. Revenue came in at $5.9 billion, above expectations for $5.7 billion. Charles Schwab also brought in new assets of $80.3 billion, representing 31% growth annually. 'Schwab delivered growth on all fronts during the second quarter,' Charles Schwab CEO Rick Wurster said. 'The firm's diversified revenue model, coupled with our best-in-class scale and efficiency, produced quarterly records for both revenue and earnings per share.' Listen to the earnings call live at 9:30 a.m. ET here. 3M stock gains on earnings beat, smaller tariff hit forecast 3M (MMM) stock rose over 2% in premarket trading on Friday after posting an earnings beat and raising its full-year profit forecast. The Scotch tape maker reported second quarter adjusted earnings per share of $2.16 on revenue of $6.16 billion, both above estimates. It now sees full-year adjusted profits between $7.75 and $8 per share, compared with its previous estimate of $7.60 to $7.90. 3M also projected tariffs would create a smaller hit to earnings this year than previously expected. Its forecast includes a $0.10 per share hit to 2025 earnings, versus the $0.20 to $0.40 impact it guided for previously. Other companies have also scaled back their projected losses from tariffs. Earlier this week, Johnson & Johnson (JNJ) halved its expected tariff impact to $200 million. Read more here from Reuters. 3M (MMM) stock rose over 2% in premarket trading on Friday after posting an earnings beat and raising its full-year profit forecast. The Scotch tape maker reported second quarter adjusted earnings per share of $2.16 on revenue of $6.16 billion, both above estimates. It now sees full-year adjusted profits between $7.75 and $8 per share, compared with its previous estimate of $7.60 to $7.90. 3M also projected tariffs would create a smaller hit to earnings this year than previously expected. Its forecast includes a $0.10 per share hit to 2025 earnings, versus the $0.20 to $0.40 impact it guided for previously. Other companies have also scaled back their projected losses from tariffs. Earlier this week, Johnson & Johnson (JNJ) halved its expected tariff impact to $200 million. Read more here from Reuters. Chevron to proceed with Hess deal after winning legal battle against Exxon Chevron (CVX) and Hess (HES) have won an arbitration battle against Exxon (XOM) over access to an oil project off the coast of Guyana. Chevron stock rose 3% premarket, while shares of Hess climbed 7%. Exxon's stock declined less than 1%. The result clears the way for Chevron to proceed with its $53 billion acquisition of the smaller oil firm, whose value was partially tied up in its 30% stake in the Guyanese oil project shared with Exxon. Chevron had said it could delay or terminate the acquisition altogether if it didn't win the arbitration. But in the end, it prevailed. "We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process," Exxon said in a statement. Read more here. Chevron (CVX) and Hess (HES) have won an arbitration battle against Exxon (XOM) over access to an oil project off the coast of Guyana. Chevron stock rose 3% premarket, while shares of Hess climbed 7%. Exxon's stock declined less than 1%. The result clears the way for Chevron to proceed with its $53 billion acquisition of the smaller oil firm, whose value was partially tied up in its 30% stake in the Guyanese oil project shared with Exxon. Chevron had said it could delay or terminate the acquisition altogether if it didn't win the arbitration. But in the end, it prevailed. "We disagree with the International Chamber of Commerce (ICC) panel's interpretation but respect the arbitration and dispute resolution process," Exxon said in a statement. Read more here. UK stocks seem to be reversing years of underperformance Overseas investors are starting to warm up to the UK's unloved stocks as a UK-US trade deal, lighter regulation, and cheap stocks deliver juicy returns versus the rest of Europe. The FTSE 100 (^FTSE) has gained nearly 10% this year to hit record highs this week, beating the STOXX 600 (^STOXX), which is up 7.5%. Reuters reports: Read more here. Overseas investors are starting to warm up to the UK's unloved stocks as a UK-US trade deal, lighter regulation, and cheap stocks deliver juicy returns versus the rest of Europe. The FTSE 100 (^FTSE) has gained nearly 10% this year to hit record highs this week, beating the STOXX 600 (^STOXX), which is up 7.5%. Reuters reports: Read more here. Battery materials stocks jump after US lays out 93.5% graphite duty Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. Bloomberg reports: Stocks of battery material makers climbed after the US announced it would impose preliminary anti-dumping duties of 93.5% on graphite imports from China. Shares of Australian graphite miner Syrah Resources Ltd. (SYAAF) surged as much as 38%, while shares of South Korea's Posco Future M Co. ( climbed 24%. Novonix Ltd. (NVNXF), an Australian-listed company with a graphite production plant in Chattanooga, Tennessee, surged 21%. Gains in these and other Asian stocks tracked earlier jumps in Canadian peers including Nouveau Monde Graphite Inc. (NMG) The Commerce Department issued the preliminary determination Thursday, and a final plan should be announced by Dec. 5. The US determined that China, which dominates the processing capacity of graphite, had been unfairly subsidizing the industry. Graphite is a key raw material in the anodes of electric-vehicle batteries. About two-thirds of the material imported by the US still came from China last year. Read more here. Netflix stock slips after a 'solid' report Netflix (NFLX) shares are faltering in premarket trading, despite "solid" second quarter earnings. The streamer delivered beats on both profit and sales, and upped its full-year revenue guidance in its report late Thursday. Some on Wall Street had flagged Netflix's lofty valuation going into the print, Yahoo Finance's Allie Canal reports. Bloomberg Intelligence senior media analyst Geetha Ranganathan told Yahoo Finance that the stock was priced to perfection heading into the report. "It was a really solid print," Ranganathan said in reaction to the earnings. "The big thing that investors were really focused on was commentary for the rest of the year, and they delivered there as well." Ranganathan also noted that while the operating margin was also solid, it was "maybe not spectacular." "I think investors were looking for something a little but more here," she said. "So it was originally forecast at 29% for the full year operating margin — they just took that up a smidge to 29.5%. I think investors were looking somewhere in the range of 30%-31%." Read more on Netflix's earnings here. Netflix (NFLX) shares are faltering in premarket trading, despite "solid" second quarter earnings. The streamer delivered beats on both profit and sales, and upped its full-year revenue guidance in its report late Thursday. Some on Wall Street had flagged Netflix's lofty valuation going into the print, Yahoo Finance's Allie Canal reports. Bloomberg Intelligence senior media analyst Geetha Ranganathan told Yahoo Finance that the stock was priced to perfection heading into the report. "It was a really solid print," Ranganathan said in reaction to the earnings. "The big thing that investors were really focused on was commentary for the rest of the year, and they delivered there as well." Ranganathan also noted that while the operating margin was also solid, it was "maybe not spectacular." "I think investors were looking for something a little but more here," she said. "So it was originally forecast at 29% for the full year operating margin — they just took that up a smidge to 29.5%. I think investors were looking somewhere in the range of 30%-31%." Read more on Netflix's earnings here. Meta continues Apple-targeted AI hiring spree After headhunting a top AI expert at Apple (AAPL) to lead Meta's (META) faltering AI division, the social media giant has followed up by taking two more key players from the artificial intelligence team, both of whom had previously worked under Meta's new head of AI. Bloomberg reports: Read more here. After headhunting a top AI expert at Apple (AAPL) to lead Meta's (META) faltering AI division, the social media giant has followed up by taking two more key players from the artificial intelligence team, both of whom had previously worked under Meta's new head of AI. Bloomberg reports: Read more here. Trending tickers in after-hours trading Netflix (NFLX) Stock in the streamer dipped nearly 2% despite topping analyst expectations for both earnings and revenue in Q2. The streaming leader reported revenue of $11.08 billion, just above the $11.07 billion Wall Street had forecast. Investors may be reacting to the narrower-than-hoped revenue beat and looking ahead to guidance. Norfolk Southern (NSC) Share value in railroad operator Norfolk Southern soared 4.7% in after-hours trading following a report from WSJ that Union Pacific is in preliminary talks to acquire the railroad operator. There's also discussion of a merger in the possible creation of what would be America's largest railroad. Netflix (NFLX) Stock in the streamer dipped nearly 2% despite topping analyst expectations for both earnings and revenue in Q2. The streaming leader reported revenue of $11.08 billion, just above the $11.07 billion Wall Street had forecast. Investors may be reacting to the narrower-than-hoped revenue beat and looking ahead to guidance. Norfolk Southern (NSC) Share value in railroad operator Norfolk Southern soared 4.7% in after-hours trading following a report from WSJ that Union Pacific is in preliminary talks to acquire the railroad operator. There's also discussion of a merger in the possible creation of what would be America's largest railroad.

Coinbase Stock Just Hit a New 52-Week High. How Much Higher Can Crypto Week Take COIN?
Coinbase Stock Just Hit a New 52-Week High. How Much Higher Can Crypto Week Take COIN?

Yahoo

time25 minutes ago

  • Yahoo

Coinbase Stock Just Hit a New 52-Week High. How Much Higher Can Crypto Week Take COIN?

Bitcoin's (BTCUSD) march to new heights has entered a remarkable phase. Trading above $122,000 on July 14, the cryptocurrency has more than doubled annually, marking an explosive run that has drawn global attention. Indeed, the digital currency's steep ascent speaks volumes about the current political and financial climate. In what is being called 'Crypto Week,' the U.S. House of Representatives is preparing to debate legislation aimed at turning the U.S. into a regulatory haven for crypto innovation. U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded over $2.7 billion in inflows last week alone, one of their strongest stretches since inception in 2024. More News from Barchart Insider Trading Alert: Here's Who Bought Nvidia and AMD Stock Before the U.S. Chip Deal with China Dear Tesla Stock Fans, Mark Your Calendars for July 23 Robinhood Keeps Hitting New Highs. How Should You Play HOOD Stock Here? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. While the crypto industry's bets on President Donald Trump and the Republican party are clearly paying off, many analysts believe this is just the beginning. According to Nansen's Nicolai Sondergaard, an expanding fiscal stance and loosening monetary policy have laid the groundwork for sustained crypto growth. Amid this momentum, Coinbase Global (COIN) — a leading crypto trading powerhouse — hit a fresh 52-week high of $415.96 on July 17. That has set the stage for what could be an even steeper climb as the Crypto Week unfolds. About Coinbase Stock Coinbase stands as the largest cryptocurrency exchange in the United States. The company holds a market capitalization of $101 billion and serves as a primary financial gateway into the crypto economy for customers. Over the past 52 weeks, COIN stock has surged 65%, with an even more impressive leap of 135% in just the last three months. Amid the current Bitcoin-driven rally, the stock has gained nearly 6% over the past five trading days. In terms of valuation, Coinbase trades at 79 times forward adjusted earnings and 15 times sales, both figures placing it above industry norms. The valuation premium is supported by the company's solid operational performance, reflecting market confidence in Coinbase's growth prospects and leading position within the crypto ecosystem. A Closer Look at Coinbase's Q1 Earnings Coinbase released its first-quarter 2025 results on May 8, reporting total revenue of $2.03 billion, a 24% year-over-year (YOY) increase driven by higher transaction volumes and growing demand for products such as Coinbase One. While revenue expanded, the figure came in just shy of Wall Street's projection of $2.11 billion. Transaction revenue climbed 17.2% to $1.3 billion, supported by notable growth across both consumer and institutional channels. Consumer trading volume surged 39% YOY to reach $78 billion. Institutional activity was also robust, rising 23% annually to $315 billion. Revenue from subscriptions and services grew nearly 37% to $698.1 million, thanks to strong interest in stablecoins and wider adoption of Coinbase One. Adjusted EPS came in at $1.94, slightly ahead of analyst estimates of $1.93 but down 23% YOY. Despite operating gains, rising costs tempered some of the upside. Adjusted EBITDA for the quarter was $929.9 million, down 8.3% YOY. The company exited the quarter with $8.1 billion in cash and cash equivalents as of March 31. Some challenges remain. However, the company's recent $2.9 billion acquisition of Deribit, a leading crypto options exchange, has shifted the narrative. With over $30 billion in open interest and more than $1 trillion in non-U.S. trading volume in 2024, Deribit puts Coinbase firmly at the top of the global crypto derivatives market. Looking ahead, Coinbase expects Q2 subscription and services revenue between $600 million and $680 million. Meanwhile, analysts anticipate a 21% YOY decline in EPS to $0.84 for the quarter, with full-year EPS forecast at $4.90, down 35% YOY. However, a rebound is expected in the next fiscal year, with EPS projected to rise 26% to $6.18. What Do Analysts Expect for Coinbase Stock? Wall Street remains optimistic about COIN stock's future, reflected in a 'Moderate Buy' consensus among analysts. Oppenheimer analyst Owen Lau set a $395 price target on shares, closely matched by Devin Ryan of JMP Securities at $400. Benchmark analyst Mark Palmer sees further upside with a $421 target. Among the 30 analysts covering the stock, 13 recommend a 'Strong Buy,' one favors a 'Moderate Buy,' 14 suggest a 'Hold,' and two advise a 'Strong Sell" rating. The average price target for COIN stock rests at $309.16, although shares currently trade above this mark. At the upper end, Bernstein holds a Street-high target of $510, indicating potential upside of 24%. Highlighting the gap between market perception and reality, Bernstein believes Coinbase is 'the most misunderstood company" in the crypto coverage universe. On the date of publication, Aanchal Sugandh did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on 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

T-Mobile Removes DEI Programs Just In Time For FCC To Approve Mergers
T-Mobile Removes DEI Programs Just In Time For FCC To Approve Mergers

Black America Web

time26 minutes ago

  • Black America Web

T-Mobile Removes DEI Programs Just In Time For FCC To Approve Mergers

Source: picture alliance / Getty Boy, I tell ya, 2025 has really been the year of finding out how many companies don't value Black dollars. Cell service provider T-Mobile is the latest company announcing an end to its commitment to diversity, equity, and inclusion (DEI) initiatives to appease the Trump administration. Last week, T-Mobile sent a letter to Federal Communications Commission (FCC) Chair Brendan Carr stating it was ending its DEI initiatives 'not just in name, but in substance.' T-Mobile has removed any mention of DEI on its website and employee training manuals, and no longer has any positions or teams dedicated to DEI. 'This is another good step forward for equal opportunity, nondiscrimination, and the public interest,' Carr wrote in response to T-Mobile's letter. On Friday, the FCC approved T-Mobile's acquisitions of regional carrier United States Cellular and internet provider Metronet in two separate transactions. Most of the companies that've made similar moves have at least tried to soften it with some corporate speak about how 'we stand committed to creating a welcoming environment for all customers,' but T-Mobile really stood 10 toes down here. 'Not just in name, but in substance,' is crazy work and tells T-Mobile's Black, Brown, and LGBTQ employees and customers that it has no problem throwing them under the bus when it's politically expedient. FCC Commissioner Anna Gomez, a Democrat, criticized T-Mobile's decision, calling it 'yet another cynical bid to win FCC regulatory approval. T-Mobile is making a mockery of its professed commitment to eliminating discrimination, promoting fairness, and amplifying underrepresented voices.' What's interesting to me is that the GOP loves to go on and on about 'ideological purity tests' and then use their power to punish any individual or organization that doesn't agree with their ideology. Throughout his tenure as FCC Chair, Carr has shown no hesitation in weaponizing his position to target any company that has DEI initiatives he agrees with. He most notably opened an investigation into NBC over Comcast's DEI policies earlier this year. In an interview with Bloomberg, Carr openly said, 'Any businesses that are looking for FCC approval, I would encourage them to get busy ending any sort of their invidious forms of DEI discrimination.' Carr's willingness to use the FCC's merger approval process to pressure companies into removing their DEI initiatives has drawn criticism from House Democrats, resulting in the House Committee on Energy and Commerce opening an investigation into Carr. As a result of the Trump administration's crackdown on DEI initiatives, this year has seen several companies announcing an end to their DEI programs. While it may have gained them favor with the Trump administration, it hasn't gone over smoothly with consumers. Several consumer boycotts have been launched this year over companies removing their DEI programs, with Target being the most notable. The company announced in January it'd be winding down its commitment to DEI and is steadily facing the consequences of that decision. Several consumer boycotts were launched by Rev. Jamal Bryant and Minnesota activist Nekima Levy Armstrong, resulting in foot traffic being down in stores, and the company posting a sales loss during its quarterly earnings report in May. Consumer boycotts over DEI closures are so effective that companies are listing them as potential risks for investors. While T-Mobile may gain the FCC's approval, it's now running the risk of alienating a substantial part of its consumer base. SEE ALSO: Stacey Abrams Warns Companies Dropping DEI, 'It Costs You' Survey: High-Level Business Execs Say DEI Is Necessary SEE ALSO T-Mobile Removes DEI Programs Just In Time For FCC To Approve Mergers was originally published on

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