Two of FTX founder Sam Bankman-Fried's colleagues have pleaded guilty to fraud-related charges in connection with the collapse of the cryptocurrency exchange. Caroline Ellison, the former chief executive at Alameda Research, and FTX co-founder Gary Wang have agreed to cooperate with authorities in their ongoing investigations. Bankman-Fried is now in the U.S. and expected to appear in a federal court today.
 


CHIP MARKET STAGNATION CONTINUES


Shares of Micron Technology are trading lower in the pre-market after the company forecasted a sharp sales decline and a wider loss than Wall Street was expecting for the current quarter. The semiconductor maker also announced it would be cutting its workforce by 10 per cent, which would include voluntary partings and layoffs. Higher prices are keeping consumers from buying computers and smartphones, and as a result the companies that make these products are buying fewer memory chips. Less than a year after being unable to produce enough to meet orders semiconductor makers are facing a steep drop in demand for their products. Micron's CEO Sanjay Mehrotra said in a prepared statement, “due to the significant supply demand mismatch entering calendar 2023, we expect that profitability will remain challenged throughout 2023.”
 
OTTAWA BLOCKS OPEN-PIT COAL MINE IN B.C.

The Canadian government is saying no to Glencore's proposed Sukunka Coal Mine Project in British Columbia due to the potential damage the open-pit metallurgical coal mine could cause to waterways, animal habitats, and Indigenous communities. Environment and Climate Change Minister Steven Guilbeault said, “The scientific evidence gathered in assessing this project showed that its negative impacts were significant and could not be mitigated. While encouraging sustainable resource development, Canadians expect the Government of Canada to take concrete actions to protect our country's natural landscapes, its people and wildlife today and for the generations that follow.”
 
OTHER NOTABLE STORIES

  • Superior Plus plans to buy Certarus in a cash and stock deal worth $853 million.
  • The price of oil continues to head higher following three straight days of gains, West Texas Intermediate is now trading above US$79 a barrel.
  • Under Armour has picked Stephanie Linnartz to be the company's new chief executive officer. She is currently president of Marriott International and will move over to the sportswear company at the end of February
  • Bloomberg is reporting China plans to cut quarantine requirements for overseas travelers next month.

NOTABLE RELEASES/EVENTS

  • Notable data: Survey of Employment, Payrolls and Hours, U.S. Initial Jobless Claims, U.S. GDP, U.S. Leading Indicators
  • Notable earnings: CarMax, Paychex