TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and good news for FTX creditors.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05Investors are hoping to put together a stock market win Tuesday after stocks dropped one
00:09percent the day before.
00:11Earnings season kicks off with quarterly results from Pepsi.
00:14The drinks and snacks conglomerate beat profit estimates.
00:17Sales, however, were disappointing for the second quarter in a row.
00:21Pepsi says price-conscious consumers are continuing to watch their budgets.
00:27In other news, FTX creditors are not only getting back what they were owed, they're
00:31getting it back with interest.
00:33Nearly two years after the revelation of massive fraud by founder Sam Bankman-Freed brought
00:38down the crypto exchange, a bankruptcy judge approved the more than $14 billion payout.
00:44John Ray, who is steering FTX through the bankruptcy process, said in a statement, quote,
00:49Looking ahead, we are poised to return 100 percent of bankruptcy claim amounts plus interest
00:55for non-governmental creditors through what will be the largest and most complex bankruptcy
01:00estate distribution in history.
01:02Fortunately for customers and creditors, FTX had a lot of assets to sell during the bankruptcy
01:07process.
01:08The company collected between $14.7 billion and $16.5 billion worth of assets, which more
01:14than covered the $11.2 billion owed to creditors.
01:19One thing working in FTX's favor, Bitcoin.
01:23The hoard of Bitcoin it held surged 260 percent in value since the scandal broke in 2022.
01:30FTX was able to sell that at a profit.
01:33The other payday came from its stake in artificial intelligence.
01:37FTX sold off its investment in Anthropic, an AI startup, for nearly $900 million.
01:45The architect behind the fraud scheme is currently serving a 25-year prison sentence.
01:51That will do it for your daily briefing from the New York Stock Exchange.
01:53I'm Conway Gittins with The Street.