Goldman Sachs (GS), Morgan Stanley (MRS), Bank of America (BAC), Citigroup (VS): Wall Street banks were hit with $1.8 billion in fines on Tuesday linked to investigations into how companies failed to monitor employee use of unauthorized messaging apps. The Securities and Exchange Commission announced that 16 companies, including Goldman Sachs, Citigroup, Bank of America and Morgan Stanley, will pay $1.1 billion in fines. The Commodity Futures Trading Commission announced fines against 11 banks totaling $710 million.
Medicine of the mind (MNMD): The biopharmaceutical company has announced a proposed public offering of common shares. RBC Capital Markets and Cantor are acting as co-lead bookkeepers for the offering. The shares fell more than 30% in extended trading following a Bloomberg report that the shares will be offered at $4.25 each.
Lyf (LYFT): The ride-sharing company is freezing all hiring in the United States amid the recent stock drop and economic downturn, according to the New York Post. Lyft shares are down 68% so far this year.
Blackberry (BB): Shares fell more than 2% in extended trading after BlackBerry’s second-quarter revenue beat Wall Street expectations. Sales fell 4% for the quarter to $168 million. Revenue from its Internet of Things (IoT) unit rose 28% from a year ago to $51 million, while cybersecurity sales totaled $111 million.
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