The International Monetary Fund slashed its growth forecasts for U.S. economic growth last week, predicting that the U.S. GDP will grow 2.9% in 2022, which is below the previous estimate, made in April, of 3.7%.
Digital World Acquisition’s (DWAC) board was subpoenaed by a federal grand jury. TheStreet’s Martin Baccardax wrote that “the subpoenas were related to the SEC probe and issued by a panel sitting in the Southern District of New York.”
The subpoenas “seek certain of the same documents demanded in the above-referenced SEC subpoenas, along with requests relating to Digital World’s S-1 filings, communications with or about multiple individuals, and information regarding Rocket One Capital,” a Miami-based hedge fund.
Goldman Sachs downgraded Coinbase (COIN) – Get Coinbase Global Inc Report to a sell with a $45 price target. Analysts at the bank–which had been hired to bring Coinbase public back in 2020–warned of further downside for the stock based on the impact of asset levels and trading volumes on the company’s revenue.
Full Video Transcript Below:
The International Monetary Fund slashed its forecast for U.S. economic growth. Within its prediction, the IMF said it believes the U.S. will narrowly avoid a recession. However, the path is “narrowing” according to Kristalina Georgieva. The forecast slash comes as American consumers battle inflation at 40-year highs, and investors look to add more defensive names to their portfolios in a shift away from the tech and growth stocks that had dominated headlines during the longest bull market in history.
The board of Digital World Acquisitions has been subpoenaed following the blank-check company’s plans to merge with Trump Media and Technology Group Corp, the company behind Truth Social–one of the few platforms that have not banned or suspended former President Donald Trump. Originally, the deal between the two companies was set to close in the second half of the year but has faced hurdles as DWAC is being probed by the SEC on top of the federal grand jury investigation.
And, finally, Goldman Sachs has slashed its price target to $45 from $70 on Coinbase and slapped a sell rating on the stock. The bank was hired to lead the listing plans for Coinbase back in 2020, but Goldman Sachs analysts believe that the crypto asset levels and overall trading volumes could hurt Coinbase’s revenue base. While Goldman Sachs boosted Robinhood to a neutral from a sell, the crypto sector has faced a lot of negative pressure in the last few months from the de-pegging of the algorithmic stablecoin UST to crypto companies–including Coinbase–announcing mass layoffs as crypto winter sets in.
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