We Made It!

In this buzz: 2023 First Quarter Recap; Binance; Bed Bath & Beyond and a bit more…

Q1:
Through the first quarter of 2023 at least but that’s something. What a three months it’s been.
– SVB and Signature Bank went under,
– Gwyneth was found innocent,
– Trump became the first former president to be indited and
– Nasdaq entered a bull market as the index closed more than 20% higher than its December lows. Volatility fell as bank worries continued to subside.

• The CFTC sued crypto exchange Binance for illegally allowing U.S. customers to trade crypto derivations, over which the CFTC claims authority.
  If the commission wins, Binance could be forces to exit the U.S. market.

Bed Bath and Beyond:
Your mom’s favorite retail store and meme stock fav, Bed Bath and Beyond’s stock tanked Thursday as the company, which need cash to avoid bankruptcy, turned down a fundraising deal in favor of plans to sell up to $300 million in new equity. For BBE’s current shareholders, let’s hope BTFD diamond hands can come to the rescue.

In bad news…
… for the Amagansett summer rental market, Wall Street bonuses were slashed by 26% un 2022, to an average of $176,000. The biggest drop in bonuses since the GFC of 2008 is due to cost-cutting efforts at banks combined with a slowdown in investment banking.
To put it in perspective,
…there were only $7.7 billion in IPOs last year compared to $142 billion in 2021. Bonuses typically account for more than 75% of total compensation for the street. So, don’t hold your breath waiting for an invitation for a chopper ride to the Hamptons, you’re taking the jitney.