More dominoes are falling in the crypto space: Genesis, the troubled cryptocurrency brokerage that was forced to suspend consumer withdrawals last week in the wake of crypto exchange FTX's implosion, has warned that it may need to file for bankruptcy protection, according to published reports. Genesis said what companies imminently filing for bankruptcy never say: “We have no plans to file bankruptcy imminently, our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”
In earnings news, Best Buy surpassed Wall Street’s expectations for Q3, as inflation-dented demand for pricey consumer electronics came in significantly better than feared. The consumer electronics retailer, which had cut its forecast this summer, reiterated its outlook for the holiday quarter. It raised its full-year forecast to reflect the beat, saying it expects comparable sales to decline about 10%.
Crude is higher after a rollercoaster move Monday. Oil futures surged more than 5% midday Monday in reaction to a Wall Street Journal report that OPEC+ is considering a production hike of as much as 500K bbl/day for the cartel's meeting next month. Saudi Arabia then denied the report, adding the "current cut of 2M bbl/day by OPEC+ continues until the end of 2023," and the United Arab Emirates also said it has not discussed changing the previous agreement. Prices quickly retreated.