Egg Prices Cracked, Binance Ripple Effect & More
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
BINANCE BITCOIN FALLOUT
Binance, the world’s largest crypto exchange, agreed to a nearly $4 billion settlement over violations of the Bank Secrecy Act and apparent sanctions programs violations. On top of that, founder Changpeng Zhao stepped down as CEO after he pleaded guilty to failing to prevent money laundering. The fallout was immediate for Bitcoin, which fell 5 percent on Tuesday. It clawed back the losses by the end of the week, ending the week up nearly 1 percent. Bitcoin is up nearly 128 percent from where it was a year ago.
BIG EGG SCRAMBLED
BEST BUY
Even though Black Friday sales have been going on for weeks, the holiday shopping season began in earnest on Friday. Shoppers often head to Best Buy to purchase popular electronics for their loved ones, but this year the retailer doesn’t expect a banner season. During its earnings call on Monday, it announced shoppers are pulling back, a trend seen in a number of retailers. The stock dropped off on the news, but came back strong, ending the week up 3 percent.
WHAT’S NEXT FOR THE BIG 3