TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why FTX customers could soon be getting their money back.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Stocks are coming off a mixed session Tuesday,
00:06with the Dow clinching its longest winning streak
00:09since December.
00:10Uber shares are reacting to its disappointing first quarter
00:13results.
00:14The company beat revenue estimates,
00:16but posted an unexpected net loss.
00:19Investors are looking ahead to earnings
00:20from Airbnb, Instacart, AMC, and Bumble,
00:24all slated to report after the closing bell.
00:27So far, 85% of S&P 500 companies have
00:29reported earnings, and of those, roughly 80%
00:33have surpassed Wall Street estimates.
00:36Switching to crypto now, customers
00:37who held money in failed cryptocurrency exchange FTX
00:40received a bit of good news.
00:42According to a new court filing, nearly everyone
00:46who held money with the collapsed firm
00:47will get that money back.
00:49Under its new reorganization plan,
00:51FTX estimates that it owes creditors $11.2 billion
00:56and that it currently has up to $16.3 billion
00:59to distribute back to them.
01:01Customers that are owed $50,000 or less
01:04will receive 118% of their allowed claim,
01:08and FTX says roughly 98% of creditors
01:11will receive this type of compensation.
01:13The plan, which still needs to be approved
01:15by the Bankruptcy Court, will allow users
01:17to access their funds for the first time
01:19since November 2022.
01:22FTX was one of the largest digital currency exchange
01:25platforms, and at its peak, was worth
01:27more than $30 billion, but the crypto empire
01:30crumbled quickly, with former CEO Sam Bankman-Freed
01:33using customer funds for personal purchases
01:35as well as covering up bad business decisions.
01:38In March, Bankman-Freed was sentenced
01:40to 25 years in prison in order to forfeit
01:43more than $11 billion.
01:45That'll do it for your daily briefing from the New York
01:47Stock Exchange.
01:48I'm Conway Gittins with The Street.
01:55you