The Market News Today: Nvidia Directors Sell $80M Shares After Record Results

The Market News Today: Nvidia Directors Sell $80M Shares After Record Results

Nvidia’s directors cashed in on the company’s success, selling $80 million worth of shares following impressive financial results. The move, marked by a reduction of 99,000 shares, represents the largest insider sell-off since September. With Nvidia’s stock soaring 59% year-to-date and its market value surging over $700 billion, insiders have been unloading shares, with approximately 370,000 shares sold or filed for sale last month, following a remarkable 220% rally driven by AI advancements. (Bloomberg)

Snowflake CEO Slootman Retires, Ramaswamy Takes Over

Snowflake, the cloud software company, sees shares plummet 24% in after-hours trading as CEO Frank Slootman announces retirement. Former Google ad chief Sridhar Ramaswamy will succeed him. Slootman, renowned for leading ServiceNow and Data Domain, guided Snowflake through its record-breaking IPO in 2020. Ramaswamy, recognized for his tenure at Google and co-founding Neeva, brings extensive tech leadership experience. Snowflake also reports fourth-quarter financials, with sales up 32% year over year, but forecasts lower-than-expected first-quarter revenue and operating margin. (CNBC)

FAA Imposes 90-Day Deadline on Boeing for Quality-Control Plan

Boeing faces pressure from the Federal Aviation Administration (FAA) to address safety concerns within 90 days, following a year-long investigation revealing a “disconnect” between executives and employees on safety issues. The FAA’s demand comes after a meeting between FAA Administrator Mike Whitaker and Boeing CEO Dave Calhoun. The plan must address weaknesses in Boeing’s Safety Management System (SMS) and integrate it with another quality program, aiming for a significant shift in manufacturing quality control. (CNN)

Wendy’s Denies Surge Pricing Plans Amid Backlash

Wendy’s, the US burger chain, refutes claims of considering surge pricing, stating its intent was “misconstrued”. After facing backlash for discussing dynamic pricing in investor meetings, the company clarifies its digital menu boards aim to offer flexibility in promoting discounts, not raising prices during peak hours. The term “surge pricing” drew comparisons to Uber’s model, triggering criticism from customers and politicians like Senator Elizabeth Warren, who denounced the potential move as price gouging. (BBC)

Bitcoin Plummets 7% to $59.4K, Sparks $700M Crypto Liquidations Amid Volatility

Bitcoin’s rapid ascent to $64,037 followed by a sudden plunge to $59,400 triggered a wave of over $700 million in crypto liquidations. The CoinDesk 20 Index (CD20) also dropped nearly 5%, impacting major cryptocurrencies like ether, XRP, and dogecoin. Wednesday’s sell-off, causing the largest wipe-out since August, impacted both long and short positions. Record-breaking trading volumes were seen in U.S.-listed spot bitcoin exchange-traded funds, while some Coinbase users reported zero balances in their accounts. (CoinDesk)

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