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Coinbase Global Inc. has introduced perpetual futures trading for Solana (SOL) and XRP, allowing U.S. traders to leverage these contracts up to 5x. CEO Brian Armstrong described this addition as 'great progress,' following the earlier launch of similar offerings for Bitcoin and Ethereum. Coinbase shares fell 0.69% in after-hours trading after a 5.82% decline during the regular session, closing at $302.07, while the stock has gained 21% year-to-date.
Economist Peter Schiff has criticized President Trump's plan to unify Fannie Mae (FNMA) and Freddie Mac (FMCC), warning it could lead to economic risks surpassing those of the 2008 Financial Crisis. Schiff argues that the plan would transform the existing 'implicit guarantee' of government support into an explicit one, potentially creating a significant 'moral hazard.' In contrast, hedge fund manager Bill Ackman supports the merger, suggesting it could lower mortgage rates and streamline government oversight.
SoftBank Group's shares fell 7.64% in Tokyo following its announcement of a $2 billion investment in Intel Corp, marking a second consecutive session of losses. In New York, SoftBank's U.S.-listed shares also declined, with SFTBF down 5.73% and SFTBY down 7.28%. The broader Asian technology sector was affected by a sell-off led by Nvidia, with notable declines in companies like Taiwan Semiconductor Manufacturing Co. and Foxconn.
Tesla Inc. has lost a bid to dismiss a class action lawsuit regarding misleading claims about its Full Self-Driving (FSD) system, with U.S. District Judge Rita Lin stating the lawsuit is justified due to Tesla's failure to demonstrate long-distance autonomous driving. The lawsuit involves drivers who purchased the FSD package between 2016 and 2024 and opted out of Tesla's arbitration agreement. Additionally, Tesla is facing declining sales in multiple markets, including a 60% drop in the UK, and has recently scrapped its in-house AI chip development efforts while entering a $16.5 billion deal with Samsung Electronics.
La-Z-Boy Incorporated (NYSE: LZB) saw its stock plummet 23.55% in after-hours trading, dropping to $29.90 after reporting disappointing first-quarter results. The company posted diluted earnings per share of $0.44, missing expectations, and total sales declined 1% to $492 million. Additionally, La-Z-Boy announced a 15-store acquisition from Atlanta Furniture Galleries, expected to close in late October, which will add approximately $80 million in annual sales but raises concerns due to integration costs amid declining same-store sales. The CFO projected second-quarter sales between $510-530 million with an adjusted operating margin of 4.5-6.0%.
Anthony Scaramucci, CEO of SkyBridge Capital, has set a year-end Bitcoin price target between $180,000 and $200,000, despite a current market pullback. He noted that Bitcoin would need to rise approximately 58% to reach the lower end of this target and 76% to hit the upper end, with Bitcoin currently priced at $113,455.37. Scaramucci emphasized ongoing institutional adoption and demand exceeding supply as key factors supporting his bullish outlook, while he personally owns a significant amount of Bitcoin.
