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Why Capital One is buying Discover in the biggest merger yet of 2024

Capital One CEO and Chairman, Richard Fairbank.Marvin Joseph| The Washington Post | Getty ImagesCapital One's recently announced $35.3 billion acquisition of Discover Financial isn't just about getting bigger — gaining "scale" in Wall Street-speak — it's a bid to protect itself against a rising tide of fintech and regulatory threats.It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. As a cofounder of a top 10 U.S. bank by assets, his tenure is a rarity in a…

Shoppers deal with holiday debt

Pedestrians walk by an advertisement for Klarna.Daniel Harvey Gonzalez | In Pictures via Getty ImagesWhen she started shopping for the holidays late last year, Kiki Andersen was struggling to buy her loved ones gifts. So she turned to a novel solution to get through the season: Buy now, pay later. The 31-year-old comedian from Los Angeles used Klarna and PayPal to split a variety of purchases into four interest-free payments spread out over a series of weeks. At the time, her upfront cost was about a quarter of the…

Affirm’s stock quintupled this year, beating all tech peers

Drew Angerer / Getty Images A year ago, there was little holiday cheer at Affirm. The point-of-sale lender was confronting rising interest rates, recession fears and weakening consumer spending. Affirm shares ended 2022 down 90%, wiping out billions of dollars in market value.Affirm investors are wrapping up 2023 in a much different mood.The stock skyrocketed 430% in 2023, as of Wednesday's close, outperforming all other U.S. tech companies valued at $5 billion or more. The next-best performer was Coinbase, which shot up…

Jack Dorsey’s Block Inc Furthers Bitcoin Foray With New Hardware Wallet Called Bitkey

 Block Inc. is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.  Called Bitkey, the wallet allows users to self-custody the cryptocurrency on a hardware device that resembles a USB thumb drive. While similar products have been available for a while, the majority of crypto assets are still held on trading platforms.  Dorsey unveiled the San Francisco-based company's efforts to…

CEOs matter when picking stocks. Here are 5 things we look for

It's not unusual for a company's stock price to soar — or sink — on news of a CEO shakeup. When Mary Dillon, revered on Wall Street for her eight-year run at Ulta Beauty (ULTA), was named to the top job at Foot Locker (FL) last year, the shoe retailer's stock jumped 20% in a single session. Dillon's track record of turning Ulta around is why the Club started a position in Foot Locker back in March. We hope she can work her magic again. The reaction to Dillon's appointment highlights a CEO's outsized influence over a…

Jack Dorsey’s Block to Tap Bitcoin Reserves for Lightning Network

Jack Dorsey's digital payment company Block Inc. said it will be using its own Bitcoin reserves to provide liquidity to Bitcoin's Lightning Network, a protocol meant to make transactions on the blockchain more efficient. TBD, the Bitcoin-focused unit of Block, plans to launch a so-called Lightning Service Provider named c=, hoping to reduce failed transactions on the Lightning Network stemming from a lack of liquidity. The Lightning Network, built on top of the Bitcoin blockchain, enables users to send and receive

Tesla, Wynn, Traeger, Amazon and more

Tesla charging stations at a car showroom in the morning light. The expansion of the charging infrastructure is still not progressing as desired. Jan Woitas | Picture Alliance | Getty ImagesCheck out the companies making headlines in midday trading.Tesla – Shares of Tesla shed 13% after the company announced fourth-quarter vehicle deliveries that fell short of Wall Street's expectations. The electric vehicle maker delivered 405,278 cars in the fourth quarter, where the median analyst estimate was around 427,000, according…

Who Will Succeed Elon Musk as Twitter CEO? Let’s Guess.

Photo: Win McNamee (Getty Images)Elon Musk is destroying Twitter and Twitter is destroying Elon Musk’s life and fortune. Now that the man himself has publicly agreed to switch horses midstream, who will be the next CEO of Twitter?“I will resign as CEO as soon as I find someone foolish enough to take the job,” Musk tweeted on Tuesday. “After that, I will just run the software and servers teams.” The confirmation came more than a day after the Tesla CEO ran a Twitter poll asking if users want him to step down. Of the

Moderna, First Solar, Pinterest, Norwegian Cruise Line and more

Vials with Pfizer-BioNTech and Moderna coronavirus disease (COVID-19) vaccine labels are seen in this illustration picture taken March 19, 2021.Dado Ruvic | ReutersCheck out the companies making headlines in midday trading.Moderna – The drugmaker saw its stock soar more than 22% after the company issued promising data about its cancer treatment. Moderna announced that its experimental melanoma vaccine combined with Merck cancer treatment Keytruda cut the risk of skin cancer recurrence or death by 44%, compared with a…

Jack Dorsey’s Block Invests in Renewable Bitcoin Miner Gridless in Africa

Jack Dorsey’s Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Jack Dorsey's Block Inc. is among the companies contributing to a funding round for a Bitcoin miner in Africa fired by renewable power. Digital payments firm Block and venture capital investor Stillmark have led a $2 million seed investment in Gridless, a miner that harnesses small-scale renewable energy grids in rural Africa, Block said in a Dec. 6 statement. Bitcoin mining is an