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Atlas Trading sees criminal case dismissed

The criminal case against social media personalities led by Zack Morris has been dismissed without prejudice by the United States District Court. Morris (legally Edward Constantinescu) is in a legal battle against the Securities and Exchange Commission (SEC) for fraudulently earning approximately $100 million from this stock-manipulation scheme.”

Morris defends the case together with his cohorts in the Atlas Trading group: Perry Matlock (aka PJ Matlock), Thomas Cooperman (aka Tommy Coops), Gary Deel (aka Mystic Mac), Mitchell Hennessey (aka Huge Henne), Stefan Hrvatin (aka LadeBackk), and John Rybarcyzk (aka Ultra Calls). Daniel Knight (aka Deity of Dips) is also named a co-defendant as he “aided and abetted” the scheme through his podcast with Hennessey.

You can read more on the matter here.

What’s going on?

• Neuralink, A Biotech Firm, Releases Results Of First Brain Transplant In A Live Stream (theDeepDive)

• U.S. Home Sales Jumped 9.5% in February (WSJ)

• Data Centers To Take Up A Massive Percentage Of Electricity Demand Growth (theDeepDive)

• UBS to Shut Thousands of Smaller Credit Suisse Asia Accounts (Bloomberg)

• Hundreds of Bell Employees Laid Off in ‘Shameful’ Virtual Meetings (theDeepDive)

• U.S. Sues Apple, Alleges Tech Giant Exploits Illegal Monopoly (WSJ)

• Toronto Grapples with Dramatic Increase in Carjackings, Police Chief Says It’s ‘Not Just A Law Enforcement Problem’ (theDeepDive)

• Canadian provinces to borrow 22% more this year as deficits rise (BNN)

• US Federal Reserve Maintains Rates, Signals Coming Rate Cuts (theDeepDive)

What’s the latest?

• Reddit IPO: Reddit Inc. and its selling shareholders successfully raised $748 million through an initial public offering (IPO), with shares priced at $34 each, hitting the top end of the expected range of $31 to $34. This move involved the sale of 22 million shares by the social media company, along with its executives and other employees

• Cuts Coming?: The Bank of Canada is internally divided on the timing for anticipated rate cuts later this year, contingent on aligning economic and inflation projections. Despite recent data suggesting a drop in inflation to 2.8% in February, officials express caution, especially given rising shelter costs that could delay achieving the 2% inflation target.

• Minimum Wage Hike: The federal minimum wage in Canada is set to increase to $17.30 per hour on April 1, up from the previous rate of $16.65. This adjustment is in line with the rise in the annual average consumer price index for 2023. Approximately 30,000 workers in the federally regulated private sector are expected to benefit from this hike.

• Debt To Rise: Canadian provinces are projected to increase their debt issuance to $130 billion in the upcoming fiscal year, marking a 21.5% rise from the previous year and the highest in four years, to address growing deficits and maturing debt amid high borrowing costs. Quebec and other provinces have already initiated significant bond issuances, utilizing both domestic and international markets to manage their financing needs.

• Turkey Hikes Rates: Turkey's central bank significantly raised interest rates by 500 basis points to 50%, a move aimed at addressing a worsening inflation outlook, with a commitment to further tightening if necessary. Following this unexpected rate hike, the Turkish lira appreciated by up to 1.5% against the dollar, and the nation's dollar bonds saw an extension in their rally.

Nickel in Quebec

The stock market and stuff

• Zack Morris And Atlas Trading See SEC Case Dismissed (theDeepDive)

• Turkey central bank stuns market with 500-point rate hike to 50% (Reuters)

• Elon Musk companies are gobbling up Nvidia hardware even as Tesla aims to build rival supercomputer (CNBC)

• Did A Hedge Fund Blow Up In The MicroStrategy Squeeze?(theDeepDive)

In the juniors

• SNDL Continues To Post Operating Losses Despite Record Revenues In 2023 (theDeepDive)

• Moon Lander Maker Intuitive Machines Tops Sales Expectations (Bloomberg)

• Benton Resources Completes 3,260 Metre Drill Program, Readies For Phase 3 Drilling (theDeepDive)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.