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Closing Bell Movers: Levi Strauss up 6% on earnings, crypto stocks gain

Closing Bell Movers: Levi Strauss up 6% on earnings, crypto stocks gain

In the opening hour of the evening session, U.S. equity futures are slightly higher, with S&P 500 e-minis and Nasdaq 100 up 0.1% at 6,327 and 23,036 respectively. In energy WTI Crude Oil is off Thursday's lows, with the contract falling overnight amid oversupply concerns following a second straight weak of large crude inventories build and chatter of OPEC+ members looking to rein in output. In Metals, Gold was up slightly above $3,333 while Silver is breaking out again with a rise above $37.70 per ounce.
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Consumer Discretionary was the best performing sector in the S&P 500 on Thursday, bolstered by high-flying Gaming, Cruiselines, and Travel industries following blowout earnings and restored guidance from Delta Airlines (DAL). United Airlines (UAL) and Southwest (LUV) also rallied thanks to those results. Tesla (TSLA) was also notably higher with a 5% gain as CEO Musk announced plans to expand the company's autonomous robotaxi service and integrate Grok.
After-hours, Levi Strauss posted much stronger than expected earnings for the second consecutive quarter and raised its outlook. Crypto stocks were also firmer as the price of Bitcoin hit new highs above $116K.
Check out this evening's top movers from around Wall Street, compiled by The Fly.
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Tesla must pay $243 Million over fatal autopilot crash
Tesla must pay $243 Million over fatal autopilot crash

Los Angeles Times

time27 minutes ago

  • Los Angeles Times

Tesla must pay $243 Million over fatal autopilot crash

Tesla Inc. was told to pay $243 million in a lawsuit over a 2019 Autopilot crash in Florida that killed a young woman and seriously injured her boyfriend, the first significant court loss for the automaker in litigation related to its driver-assistance technology. A jury in Miami federal court found Friday that Tesla was 33% to blame for the collision. A Tesla Model S ran a stop sign at a T intersection in the Florida Keys and rammed into the couple's parked Chevrolet Tahoe while they were standing next to it. Jurors issued their verdict after less than a day of deliberations following a three-week trial. The jury determined that the Tesla S driver was primarily responsible for the crash and that Tesla should pay $42.5 million to compensate the victims for their losses. The panel also ordered Tesla to pay $200 million in punitive damages, but the company said it expects that figure to be reduced by the court. Tesla had argued the driver was entirely at fault because he was distracted when he dropped his mobile phone on the floorboard. 'Today's verdict is wrong and only works to set back automotive safety and jeopardize Tesla's and the entire industry's efforts to develop and implement life-saving technology,' Tesla said in a statement. 'We plan to appeal given the substantial errors of law and irregularities at trial.' The Miami suit is one of a handful of crash cases that have gone to trial and the verdict tarnishes Tesla's near-perfect record in court. The electric-vehicle maker prevailed in two previous trials in California over Autopilot-related crashes and has struck confidential accords to resolve several cases that blamed defective technology for deadly accidents. The verdict comes as Tesla Chief Executive Officer Elon Musk faces enormous investor pressure after the company's stock has been battered, first by his close affiliation with President Donald Trump, and then by his dramatic falling out with the president. Musk has staked Tesla's future in part on autonomous driving as the company is launching a robotaxi business. But when Tesla recently announced disappointing second-quarter earnings, Musk warned that the company is in for a few 'rough quarters' as incentives like the EV tax credit go away in the US. At trial, the jury heard testimony from the driver of the Model S, family members of the woman who died, company engineers and various outside experts who discussed whether Autopilot played a role in the collision. George McGee, the driver of the Model S, had engaged his vehicle's driver-assistance system while traveling home from work. 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Coinbase Stock Tumbles 7% After Disappointing Q2 Results
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Yahoo

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Coinbase Stock Tumbles 7% After Disappointing Q2 Results

Coinbase (COIN) reported worse than expected second-quarter results on Thursday, sending its shares down 7% in post-market trading. The crypto exchange posted total revenue of $1.5 billion, up from $1.45 billion in the same quarter last year but slightly lower than FactSet estimates of $1.59 billion. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) came in at $512 million, down from $596 million a year ago. The results show Coinbase's continued sensitivity to crypto market cycles. Even though bitcoin (BTC) and ether (ETH) rallied to new yearly highs during the second quarter, transaction volume fell from a quarter-to-quarter basis, Coinbase said in a press release. As a result, transaction revenue was $764 million, a 39% drop from the first quarter. Coinbase's report follows an upbeat performance from rival Robinhood (HOOD), which reported its own quarterly results on Wednesday. HOOD, which is up 160% year-to-date, beat expectations as the company saw $28.3 billion in crypto trading volume in the second quarter. Coinbase, meanwhile, continues to lean into its dual identity as both a retail trading hub and institutional crypto infrastructure provider. The company has launched custody services for spot bitcoin ETFs, expanded its staking offerings and made further progress with its Base layer-2 network, though these businesses remain secondary to trading revenue. 'In Q2, Coinbase made significant strides in bringing the financial system onchain by expanding access to trading through innovative derivative products, listing more spot assets, and expanding our offerings in markets globally,' the company said in its earnings release.

Strategy Reports $10 Billion Q2 Profit, Plans to Raise $4.2 Billion to Buy More Bitcoin
Strategy Reports $10 Billion Q2 Profit, Plans to Raise $4.2 Billion to Buy More Bitcoin

Yahoo

time44 minutes ago

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Strategy Reports $10 Billion Q2 Profit, Plans to Raise $4.2 Billion to Buy More Bitcoin

Strategy, formerly known as MicroStrategy, reported a record profit of $10 billion on Thursday after its Bitcoin holdings rebounded in value during the second quarter. The Tysons Corner, Virginia-based firm, which holds more Bitcoin than any other publicly traded company, disclosed $114.5 million in second-quarter revenue, a 3% increase compared to a year ago, according to a company blog post. The profit was anticipated, given that Bitcoin's falling price in the first quarter resulted in a $5.9 billion loss for the Bitcoin treasury company. The asset's price dipped as low as $77,000 in Q1 before soaring as high as $111,000 in Q2, according to crypto data provider CoinGecko. In a Securities and Exchange Commission filing submitted on Thursday, Strategy also said that it would raise $4.2 billion through its STRC offering. Strategy introduced the perpetual preferred stock ten days ago. On Thursday, Strategy co-founder and Executive Chairman Michael Saylor acknowledged regulatory tailwinds as a driver for cryptocurrencies broadly. He pointed to a sprawling crypto report from the White House this week as a major positive. "Yesterday, the White House released crypto policy report. It's about 150 pages long. I did a scan," he said. "The takeaway is that this administration is going to be very enthusiastic in its support of the entire crypto industry and the Bitcoin ecosystem." Since the company began accumulating Bitcoin in 2020, the firm, which has pivoted away from software development, has built up a stockpile of 628,800 Bitcoin worth $74 billion. At the end of the second quarter, Strategy held 597,000 Bitcoin, growing its Bitcoin stash by nearly 20% quarter-over-quarter, from 499,000 Bitcoin, according to Bitcoin Treasuries. A wave of crypto treasury firms have debuted this year, but Strategy pioneered the playbook, issuing shares to capture a premium that its stock trades at relative to its crypto holdings and issuing corporate debt to purchase more Bitcoin than it could otherwise. This year, the company has issued several types of preferred stock to fund Bitcoin purchases. And on Tuesday, Strategy said that it had purchased around 21,000 Bitcoin after raising $2.5 billion through STRC, the latest in its series of perpetual preferred offerings. In the blog post, Strategy said that it will no longer issue common stock when its shares trade at less than a 2.5x premium to its Bitcoin holdings, unless those funds are used to pay interest on its debut obligations of fund dividends for preferred shareholders. In after-hours trading, the company's shares rose 1.5% to $408. Tether Reports Q2 Profit of $4.9 Billion, CEO Teases U.S. Venture Bitcoin's price has advanced 11% over the past month to $118,000 after setting a record high of $122,838 in July, according to crypto markets data provider CoinGecko. Strategy's shares, however, have edged down 0.6% over the same period, after jumping as high as $543 last year, as of Thursday's market close, according to Yahoo Finance. The company said in October that it would raise $42 billion to purchase Bitcoin through equity and fixed income sales over the next three years. By the end of the first quarter, it had already issued a maximum of $21 billion in common stock approved under the plan. Strategy subsequently unveiled a plan to issue $21 billion more in common stock. (UPDATE July 31, 2025, 4:34 p.m. ET): Updates headline and adds paragraph about $4.2 billion raise. (UPDATE July 31, 2025, 5:33 p.m. ET): Adds Saylor comment and information about issuance of common stock. Sign in to access your portfolio

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