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Crypto-linked stocks advance after Trump signs stablecoin law
(Reuters) -Shares of crypto-linked companies jumped on Monday, as ether prices advanced after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto supporters, who have for long lobbied for a regulatory framework to gain greater legitimacy for the industry. The bill was passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate. Bitcoin, the world's biggest crypotcurrency, climbed about 1% on Monday, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in Ethereum prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. Ether was last trading at $3,783.2, hovering near its highest level since December 2024. U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 5.3%. Other ether holding firms Bit Digital, BTCS and SharpLink Gaming climbed between 3.1% and 12.6%, respectively. Stablecoin issuer Circle Internet rose 1.9%, while crypto exchange Coinbase Global gained 2%. GameSquare Holdings jumped 4.6% after the Delaware-based company announced it was selling some of its shares to fund cryocurrency-related investments. Companies such as GameStop have been rushing to add crypto to their balance sheets, following the footsteps of Strategy. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 2.2% on Monday. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF also jumped 16.2%. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 minutes ago
- Yahoo
Tesla Q2 earnings preview: 3 things to watch
Tesla (TSLA) stock has pared some of its early 2025 losses, but a now rocky relationship between CEO Elon Musk and President Trump is taking its toll on the optimism that fueled the company's late-2024 run. Tesla's second quarter earnings report, slated for release on Wednesday after the bell, comes at a time when the S&P 500 (^GSPC) and Nasdaq (^IXIC) are surging to new highs, bucking Trump's tariff war that led to broad-based selling and fears of a global economic slowdown. While other auto stocks have recovered, Tesla is still down around 20% year to date, with sector tariffs of 25% on foreign cars and parts still in place. Now the focus is on the struggling core auto business and the future of Tesla's robotaxi rollout. Here are three things to watch this Wednesday. The core Tesla's bread and butter, despite Musk's embrace of a robot-driven future, is its core auto business. That drives the huge majority of revenue and profit at Tesla. The company is expected to report second quarter revenue of $22.79 billion, per Bloomberg estimates, a 9% drop compared with the $25.05 billion reported a year ago. From a profitability standpoint, Wall Street analysts are expecting adjusted EPS of $0.43, translating to adjusted net income of $1.513 billion, down slightly from a year ago. Musk's reputational hit stemming from his political activities, the rise of better competition, and US consumer preferences for vehicles like hybrids have Tesla and the EV industry as a whole worried. For Tesla in particular, weakness in key regions like Europe has been an ongoing issue, and the latest registration data shows US sales sliding as well. This resulted in Tesla delivering only 384,122 vehicles globally in Q2, a 13.5% drop year over year. The changeover to the refreshed Model Y may have blunted sales. But the question for management is the availability picture for that new Model Y in Tesla's main selling regions. Read more: How to avoid the sticker shock on Tesla car insurance Robotaxi rollout On the bright side for Tesla is Elon Musk's big bet on the future with robotaxis. Tesla and Musk will most likely focus on that business, and this may perhaps point to future rollout plans with more cars and regions. Tesla has expanded its robotaxi testing in Austin, Texas, with a bigger operating area and likely more vehicles coming. Musk said the company would expand testing to the San Francisco Bay Area, but reports suggest the applications for those state permits have not been submitted. While the good news is that the test began on time as Musk proposed in mid-May, Tesla still has a long way to go. Alphabet's (GOOG, GOOGL) Waymo, the leader in the space, has been expanding its robotaxi deployments in the US, and Uber (UBER) is doing so as well with its technology partners. Speaking of Uber, the ride-hailing giant inked a massive deal with Lucid and autonomous software firm Nuro to launch its own robotaxi service next year. "The earnings call also presents an opportunity for Tesla's robotaxi/AV narrative to shine, which has been front and center of Tesla stock's strength," Barclays analyst Dan Levy wrote in a note to investors. "We could see Elon Musk potentially discussing fleet growth targets or expansion plans." Where's the cheap EV? A year ago, Tesla said in its Q2 earnings report that production remains on track for new vehicles, likely including a cheaper EV, in the first half of next year. Investors and analysts are still waiting. There has been no indication or even renderings of a new vehicle, let alone production of a vehicle priced around $30,000. Tesla's cheapest EV is the rear-wheel-drive Model 3 sedan, which starts at around $43,000 without incentives. Investors are keen to hear more about the development of the long-awaited cheaper EV that Tesla has promised, along with other new vehicles that the company said would allow it to return to a 50% growth rate compared to 2023. The most likely scenario is not a good one for Tesla bulls — a delay in revealing the cheaper EV. "Tesla's forthcoming low-cost model seemingly missed its target for 1H25 start-of-production," Levy said. "With Tesla likely to focus on a 3Q pre-buy in advance of the Sep 30 expiration of the US EV tax credit, we believe it may delay the launch of the low-cost model to 4Q, which could be perceived negatively." Last but not least, Levy had a kicker. With weaker fundamentals in play and more capital needed to fund Tesla's AV/AI rollout, Levy believes an eventual share sale — emphasis on eventual — could be in the cards. But any talk of a dilutive share offering is not exactly what Tesla investors want to hear. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Yahoo
2 minutes ago
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LS Power to acquire BP's onshore wind business in US
LS Power has entered a definitive agreement to acquire BP's onshore wind business in the US, BP Wind Energy North America. The acquisition will strengthen LS Power's renewable energy portfolio by adding 1,700MW gross or 1,300MW net ownership of operating onshore wind capacity across ten assets. These assets will be integrated into LS Power's current fleet that includes renewable, energy storage, flexible gas and renewable fuels assets. LS Power has an operating portfolio of 21GW and more than 780 miles of high-voltage transmission lines in operation, in addition to more than 350 miles under construction or development. Upon completion of the acquisition, BP Wind Energy will be owned and operated as part of Clearlight Energy, LS Power's portfolio company that specialises in renewable power generation across the US and Canada. The deal will expand Clearlight Energy's operating fleet to 4.3GW while diversifying its operations beyond its current mix of wind, solar and battery storage capabilities. LS Power CEO Paul Segal stated: 'LS Power's mission is to solve complex energy problems to improve the world and make lives better by developing a cleaner, more reliable and affordable energy ecosystem, and today's announcement represents a material investment in reaching that goal. 'As an integrated business, bp Wind Energy is a natural addition to Clearlight Energy's growing portfolio of scaleable solutions that will broaden our reach geographically and support our strategy to make energy more efficient, affordable and available.' The acquired assets, spanning Colorado, Hawaii, Idaho, Indiana, Kansas, Pennsylvania and South Dakota, currently supply power to more than 15 off-takers. The transaction is anticipated to close by the end of 2025, pending regulatory approvals. Greenberg Traurig acted as legal advisor while Barclays and Santander provided financial advisory services for LS Power for the transaction. BP gas and low carbon energy EVP William Lin stated: 'We have been clear that while low carbon energy has a role to play in a simpler, more focused BP, we will continue to rationalise and optimise our portfolio to generate value. 'The onshore US wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward. I am pleased we have reached a mutually beneficial deal with LS Power, and I look forward to working with them to support our people in maintaining safe and reliable operations as we transition ownership.' In May 2025, NRG Energy finalised a definitive agreement to acquire the natural gas generation facilities owned by LS Power Equity Advisors in a $12bn deal. "LS Power to acquire BP's onshore wind business in US" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
