Diamonds and Dogs

7/5/24

Macys is jumping 9% as the private groups trying to purchase Macy's boosted their offer for a second time. Investment firm Arkhouse Management and asset manager Brigade Capital Management have now offered Macy's roughly $6.9 billion, or $24.80 a share for the department retailer or $300 million more than the March offer. Macy's has wanted to stay independent as their new CEO, Tony Spring, remains confident the company's turnaround strategy will work.

Bitcoin takes a hit on fears of forced selling hitting the market. Bitcoin is down 3% as a now defunct Mt. Gox exchange which owns $9 billion in bitcoin will have to repay creditors who could then sell their bitcoin after some creditors had to wait nearly 10 years for a resolution. Luckily the price has performed well the last 10 years for these creditors. The U.S. and German governments have also sent large amounts of previously seized bitcoin to exchanges at the end of June for sale as well.