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News of the day for March 3, 2023

Crypto Prices

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Crypto prices plunge as problems at crypto bank Silvergate worsen, Ford resumes production of its F-150 Lightening EV, and Costco sales fall short of estimates. Here’s what investors need to know today.

1. Crypto Prices Plunge as Silvergate Clients Flee

Prices of major cryptocurrencies are falling sharply amid concerns about the viability of crypto bank Silvergate. The price of Bitcoin is down nearly 5% to $22,354. The price of Ether is down 5% at $1,565. The problems at cryptocurrency bank Silvergate (SI) got worse after the company said it was delaying its latest annual report and said it was under investigation by the Justice Department.

2. Ford Restarts Production of Its F-150 Lightening EV

Ford Motor said it will restart production of its F-150 Lightning EV on March 13 after it halted production on the electric truck following a battery fire in early February. Ford has not set a date for resuming deliveries. 

3. Microsoft Is Expected to Clear EU Approval for Activision Blizzard Deal

Microsoft is expected to get EU antitrust approval for its $69 billion deal to buy Activision Blizzard with its offer of licensing deals to rivals. The European Commission is scheduled to decide on the deal by April 25, and is not expected to demand that Microsoft sell assets to win approval for the deal.

4. Costco Shares Slide After Sales Fall Short of Estimates

Shares of warehouse retailer Costco (COST) fell 2% after reporting its latest sales fell short of analyst estimates though its earnings beat forecasts as consumers pulled back spending on discretionary items amid stubbornly high inflation. Costco's sales for the fiscal second quarter jumped 6.5% to $54.2 billion, coming in below estimates of $55.6 billion. Earnings of $3.30 per share, however, were higher than estimates of $3.21 per share. Costco doesn’t offer future guidance for its earnings. Its shares are up 7% so far this year, but down over 8% for the past year.

5. Commerce Department Targets 28 Chinese Companies With Export Restrictions

The Commerce Department targeted more than two dozen Chinese entities with export restrictions as part of efforts by the Biden administration to deal with what it says is a growing national security threat from China. The Commerce Department says the companies represent a range of potential national security risks, including through dealings with an Iranian electronics firm previously sanctioned by the U.S. for alleged ties to the Iranian military.

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  1. CNBC. “Bitcoin, ether slide on Friday as investors weigh potential fallout from Silvergate woes.”

  2. CBS News. “Ford plans to resume production on its F-150 Lightning truck.”

  3. Reuters. “Exclusive: Microsoft set to win EU nod on Activision with licensing offer, sources say.”

  4. Barron’s. “Costco Sales Fall Short as Earnings Beat Forecasts. The Stock Is Down.”

  5. Wall Street Journal. “U.S. Export Limits Target 28 Chinese Entities, Citing Alleged Ties to Iranian Military.”

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