Stocks battle back to close higher đŸ„Š

The S&P 500 opened Tuesday's session lower, but the bulls quickly took control of the trading action and lifted U.S. indexes to their second gain of the week.

Author

Adam Garcia
March 19, 2024

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks came back from a lower open to close the session higher on Tuesday. Blue chips led the way, carrying the Dow higher, while the Nasdaq underperformed.

  • DJIA [+0.8%]

  • S&P 500 [+0.5%]

  • Nasdaq [+0.3%]

  • Russell 2K [+0.5%]

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Market-Moving News 🔎 

Genesis Slapped with $21M SEC Fine Over Unregistered Sales

Genesis Global Capital will fork over $21 million to the SEC, settling claims its Gemini Earn program was an unregistered securities gig.

The drama unfolded in the Southern District of New York's courts on Monday, tying the penalty to Genesis’s bankruptcy saga. The SEC won't see a dime until Genesis’s bankruptcy dance is done.

The Allegations đŸ’Œ
In a January 2023 legal move, the SEC accused Genesis and Gemini of pooling “billions in crypto from loads of investors” through Gemini Earn, an offer they allegedly forgot to register.

A major no-no under federal law. Genesis, part of Digital Currency Group, and Gemini, run by the Winklevoss duo, found themselves in hot water.

Crisis Chronicles 📉
November 2022 saw Genesis hitting pause on withdrawals from Gemini Earn, citing a cash crunch amid crypto chaos—right when FTX was taking its nosedive.

Genesis was sitting on $900 million in investor crypto then. Adding to the mix, Gemini faced a $37 million slap from New York regulators in February for related compliance hiccups.

Gemini's Game Plan 🔄
Gemini Earn's blog waves a hopeful flag, talking up a court-okayed plan to return all invested digital assets to its investors, keeping mum on the SEC settlement.

What’s Next?
While Genesis plays silent, the SEC's legal tango with Gemini continues. This marks another chapter in the crypto world’s regulatory reckoning, with Genesis’s hefty fine serving as a stark reminder of the SEC’s watchful eye.

Top Winners and Losers đŸ”„

ShiftPixy [PIXY] $6.80 (+100.0%)
agreed to be acquired by AstraZeneca [AZN] in a $2.4 billion cash deal that pays $21 per share, plus $3 in contingent value rights.

Sarcos Robotics [STRC] $1.825 (+40.3%)
changed its name to Palladyne AI Corp, prompting a rally in its shares.

Enliven Therapeutics [ELVN] $17.54 (+38.7%)
announced the launch of a $90 million private financing round and provided updates on its drug pipeline.

Nuscale Power [SMR] $6.58 (34.8%)
was downgraded to “underweight” by Wells Fargo, and UBS slashed its lowered its price target from $10 to $2.

Comtech Telecom [CMTL] $3.43 (25.4%)
missed the consensus estimates for earnings and revenues on its fiscal Q3 2024 financial release late Monday.

ShiftPixy [PIXY] $5.09 (25.1%)
launched a “reasonable best efforts” offering of its common shares and warrants for an expected gross proceed of $5 million.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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