Ray Blanco:

SpaceX Is Reportedly in Talks To Buy Boost Mobile for Wireless Market Push

SpaceX is negotiating to acquire EchoStar's Boost Mobile wireless service, or to secure use of its network, after holding discussions with EchoStar over the past several months about rolling out a wireless service of its own.

Boost Mobile leases its network from AT&T (T) and T-Mobile (TMUS). Its leasing agreements may not carry over to a buyer unless the carriers sign off, so a SpaceX service may need their consent.

SpaceX intends to construct a mobile network, called Starlink Mobile, that blends satellite and terrestrial technology. The network would link its orbiting satellites to land-based equipment in order to take on AT&T, Verizon (VZ) and T-Mobile. A Boost Mobile deal would give SpaceX a customer base already in place and a way to distribute its service.

EchoStar's wireless customer count stood at 7.38 million as of the second quarter's close, with Boost Mobile and Gen Mobile accounting for most of them.

EchoStar stock climbed roughly 3.4% before the opening bell Monday, while T-Mobile stock dropped 2%. Shares of AT&T and Verizon also edged lower.

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James Altucher:

Binance Outflows Hit $4.7 Billion After Record North Korea Hack

Traders have pulled billions from Binance since late last week, when the crypto exchange giant suffered the largest cyber theft in history.

Net withdrawals from the platform reached $4.7 billion by Monday morning in London, according to a Binance spokesperson. While sizeable, the outflows still represents less than 4% of the $128 billion in assets held on the world's largest crypto venue.

Binance restored customer withdrawals on Sunday after freezing them in the wake of the $6.4 billion exploit, which the Federal Bureau of Investigation has attributed to North Korean hackers. After the hack was first detected on Thursday evening, Binance worked with industry partners, including stablecoin issuers, to swiftly freeze almost half the stolen funds. The company vowed to cover the losses in full, and as of Sunday, had patched about 95% the total.

Withdrawals have remained within the exchange's expectations, the Binance spokesperson said, adding that deposits have been "steadily increasing".

The wider digital-assets market, meanwhile, has remained relatively steady in the wake of the incident. Industry bellwether Bitcoin was little changed, trading at around $78,000 on Monday.

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Davis Wilson:

About the Bloodbath… Google -12%, Intel -24%

Last week was a bloodbath. Alphabet (GOOG) dropped 12%. Intel (INTC) plunged 24%. Fortinet (FTNT) lost 24%. Let's break it down…

Alphabet reported revenue of $127.6 billion vs. $128.2 billion expected, and earnings per share (EPS) of $2.67 vs. $3.02 expected. Missing both expectations is never a good sign. But the real problem is uncertainty about what AI is doing to Alphabet's most important business: Google Search.

Intel, meanwhile, reported an alright quarter. However, for the third quarter, it expects adjusted EPS of $0.25 on revenue between $15 billion and $16 billion. Analysts were expecting EPS of $0.43 and revenue of $17.1 billion. The problem is AI data centers are consuming enormous amounts of memory, creating shortages and sending prices through the roof, which is terrible for companies like Intel that sell chips for PCs.

Then there's Fortinet which fell after reporting decent earnings. The concern is that Fortinet has been losing market share to companies like Palo Alto Networks (PANW) and CrowdStrike (CRWD) who offer more comprehensive cybersecurity platforms.

To see my full breakdown of last week's winners and losers, plus a rundown of this week's upcoming earnings reveals, click the link below!

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