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Facebook's earnings disaster has it on pace to lose $115 billion in market value
Facebook is on pace to make the wrong type of history.
The Mark Zuckerberg -led social-media titan saw shares drop more than 18% on Thursday following a disastrous second-quarter earnings report. The damage was swift and unforgiving in the after-market on Wednesday as Facebook plummeted as much as 24% within an hour. The selling has now spilled over into regular trading.
Investors took issue with sales and subscriber numbers that fell short of expectations. But, perhaps most damaging of all, the company warned of a growth slowdown . Facebook is now headed for its biggest single-day drop since it started trading publicly in May 2012.
In other Facebook news, an activist Facebook shareholder is drawing up a new proposal to fire Mark Zuckerberg as chairman.
'The next frontier for us': Inside State Street's multi- billion dollar bet on financial data
State Street recently announced a deal to buy the financial-data firm Charles River Development for $2.6 billion. The deal was seen as a step toward Wall Street trading floors for the company.
It's a big bet. When State Street announced the deal alongside the cancellation of a big buyback, the company's stock dropped 8%.
According to Lou Maiuri, an executive vice president at State Street, the deal is meant to help the firm pipe in tools it's been quietly working on to trading floors everywhere.
It represents the next step in the company's efforts to create a one-stop shop for Wall Street firms looking for solutions from the back office, where State Street helps custody assets, to the front office, where traders pick winning stocks.
A former Goldman Sachs exec is joining a crypto-trading firm as it eyes a major global expansion
Circle, the cryptocurrency exchange operator, has snagged a former Goldman Sachs executive to help navigate the murky regulatory waters as it expands globally, Business Insider has learned.
Benedicte Nolens, who joined the firm directly from Hong Kong's Securities and Futures Commission, has been named Circle's head of global regulatory affairs, as well as head of compliance for its operations in Europe and Asia.
Previously, Nolens was an executive director at Goldman Sachs, working at the firm for more than a decade. She also once served as chief compliance officer for Credit Suisse, the Swiss bank.
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