Finance

Aircraft VMS EVE carries spacecraft VSS Unity during a flight test.
Virgin Galactic

Check out the companies making the biggest moves in premarket trading:
Virgin Galactic — Shares soared nearly 45% in premarket trading, a day after the company said its first commercial space tourism flight is set for later in June. Its second commercial flight is expected in early August, with monthly runs after that, the company said.

Adobe — The tech stock rallied nearly 5% following its earnings and revenue beat after the bell Thursday. The company also raised its forecast for the fiscal third quarter and full year. It expects to earn between $15.65 and $15.75 a share, after adjustments, on revenue in the range of $19.25 billion to $19.35 billion in fiscal 2023, which is on the high end of estimates.
iRobot — Shares surged more than 20% after Britain’s regulator, Competition and Markets Authority, approved Amazon’s $1.7 billion acquisition of the Roomba vacuum cleaner. Shares of Amazon were flat.
SoFi Technologies — Shares dropped about 6% after being downgraded by both Bank of America and Piper Sandler to neutral from buy. The Wall Street firms cited the stock’s high valuation, with Piper Sandler calling the financial technology firm a “long-term winner.” Oppenheimer also downgraded the stock Thursday due to its recent appreciation.
Cava Group — The newly debuted restaurant stock rose more than 4% in premarket trading Friday, extending its massive gains from Thursday’s session. Cava closed at $43.78 per share on its first day of trading Thursday, 99% above its IPO price of $22 per share.
Micron Technologies — The chip stock gained almost 3% following a report by Bloomberg that said Micron is close to sealing a $1 billion deal to build a new factory in India.

DraftKings — Shares rose more than 1% after the online betting company made a $195 million offer for PointsBet’s U.S. assets, outbidding Fanatics.
— CNBC’s Jesse Pound contributed reporting. More

Binance said that it can no longer serve Dutch clients, as it has been unable to register as a virtual asset service provider with the Dutch regulator.
Starting Friday, no new Binance users will be accepted onto the platform, and the company will cease allowing users to buy tokens, trade, or make deposits from July 17.
Binance said it remains “committed to working collaboratively with regulators around the world” and is looking to get its business compliant with the incoming EU crypto regulations.

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.
Justin Sullivan | Getty Images

Cryptocurrency exchange Binance said it will leave the Netherlands after the company’s application to register under the Dutch crypto authorization regime was rejected.
Referring to a virtual asset service provider, Binance on Friday said that it could no longer serve Dutch clients “as we have been unable to register as a VASP with the Dutch regulator.”

The company didn’t give a reason for why it was unable to receive a license from regulators.
Starting Friday, no new Binance users will be accepted onto the platform. From July 17, Binance said it will cease allowing users to buy tokens, trade, or make deposits, although its withdrawal function remains active.
Binance recommended that users withdraw their assets from their accounts.
The Dutch central bank, which is responsible for authorizing new virtual asset services providers, was not immediately available for comment.
Under the current regulatory regime, Binance can only get approval to operate in an EU country by registering under its money laundering prevention rules.

The firm has so far received such approvals in France, Italy, Spain, Poland, Sweden and Lithuania. This is set to change once the EU approves its Markets in Crypto Assets (MiCA) regulation.
MiCA aims to harmonize crypto regulation across the bloc and to prevent bad actors from harming consumers, particularly in the wake of the shock bankruptcy of FTX in November.
Once MiCA comes into force, crypto firms with registration in one EU country will be able to then use that to offer their services across other member states.
Binance said it remains “committed to working collaboratively with regulators around the world and are additionally focused on getting our business ready to be fully MiCA compliant.”
“Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take,” a Binance spokesperson told CNBC.
“While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.”
The latest blow to the crypto giant follows a tumultuous few months for the broader cryptocurrency industry. Last week, the U.S. Securities and Exchange Commission sued Binance and CEO Changpeng Zhao, alleging that they engaged in the unregistered offer and sale of securities and commingled investor funds with their own.
WATCH: How a $60 billion crypto collapse got regulators worried More

Zopa told CNBC exclusively it has hired Peter Donlon, the former chief technology officer of online card retailer Moonpig, as its CTO.
The firm has also brought in Kate Erb, a qualified chartered accountant, as its chief operations officer.
Donlan’s appointment reflects a push from Zopa to grow in maturity and ramp up user growth in anticipation of an eventual initial public offering.

Jaidev Janardana, CEO of U.K. digital bank Zopa.

LONDON — British digital bank Zopa is beefing up its management team with a couple of senior hires, as the company looks to fuel growth and prepare its business for an eventual public listing.
The SoftBank-backed company, which offers credit cards, personal loans and savings accounts, told CNBC exclusively it has hired Peter Donlon, the former chief technology officer of online card retailer Moonpig, as its CTO.

The firm has also brought in Kate Erb, a qualified chartered accountant from KPMG with over 20 years of experience in financial services, as its chief operating officer.
Erb was most recently an operations director at Leeds Building Society.
Donlon notably saw Moonpig through its public listing in 2021, which valued the company at around £1.2 billion at the time. Moonpig now trades at a price of £151 per share, which gives it a market capitalization of £518 million, reflecting a broad slump in technology shares.
His appointment reflects a push from Zopa to grow in maturity and ramp up user growth in anticipation of an eventual initial public offering (IPO). Zopa had planned to go public last year, however it put this ambition on ice as the stock market took a turn for the worst with rising interest rates clobbering high-growth tech stocks.
CEO Jaidev Janardana insisted the bank has no plans for an IPO in the immediate term, however he suggested a flotation could be on the horizon by mid-next year were sentiment in the public markets to change.

What will need to change for that to happen, he explained, is for the public markets to open back up.
“We haven’t had great IPOs,” he told CNBC in an interview on the sidelines of London Tech Week this week. “I would love to see some successful IPOs actually coming.”
“If you look at kind of banks, and how they’re valued, or tech companies, both of them, public market valuations are not great.”
“The second thing is … liquidity.” he added. “We need to make sure that there is enough liquidity for a public company to be truly public. Shares should be able to be bought and sold reasonably easily.”

Zopa will soon reach 1 million customers, a spokesman for the company told CNBC. It ultimately wants to hit 5 million users in the coming years. The firm competes with large banks as well as fintechs like Monzo, Revolut and Starling.
Janardana suggested the company could look to ramp up growth of its business through mergers and acquisitions, and a move into other areas of finance including small business loans and open banking, which allows for the sharing of data between banks and third-party firms.
Zopa raised £75 million ($95.9 million) from investors earlier this year.
“We are open,” he said. “Where there is opportunity for us to use open banking, infrastructure, data, to be able to provide holistic experiences to customers is something that has been of interest for us.”
“SME (small and medium-sized enterprises) lending is another thing that is of interest for us.”
Zopa reached profitability on a monthly basis in April 2022. Zopa aims to achieve full-year profitability by the end of 2023.
In terms of the products that Janardana isn’t interested in rolling out, crypto tops the list. The financial executive, who has helmed Zopa since 2014, said that crypto “is not great for the retail consumer today.”
“I’m not a big fan of crypto yet, I’m not convinced,” he said. “It’s a complicated product that people don’t understand, which is why we never offered it.” More

Many Middle East investors have talked about deals in the last 12 months with Chinese venture capital funds, according to three Chinese firms with U.S. dollar-denominated funds, which requested for anonymity.
Although the money isn’t completely replacing U.S. investment, it’s expected to account for about 20% of all U.S. dollar funding by Chinese venture capital firms, one of the sources estimated.
The eight largest Middle East sovereign wealth funds had more than $3 trillion in combined total assets as of last year, according to the latest estimates available from Preqin.

Saudi Foreign Minister Faisal bin Farhan al-Saud (C-R) and Vice Chairman of the Chinese People’s Political Consultative Conference (CPPCC) Hu Chunhua attend 10th Arab-China Business Conference in Riyadh, on June 11, 2023.
Fayez Nureldine | Afp | Getty Images

BEIJING — Venture capitalists in China that once relied on U.S. investors are now holding court with Middle Eastern money.
A flurry of China-Middle East conferences and business visits in the last several months represent what’s expected to be a growing trend in international capital flows.

Many Middle East investors have discussed deals with Chinese venture capital funds in the last 12 months, according to sources at three Chinese firms with U.S. dollar-denominated funds. They requested anonymity because they are not permitted to speak publicly about the fundraising talks.
Although the money isn’t completely replacing U.S. investment, it’s expected to account for about 20% of all U.S. dollar funding by Chinese VCs, one of the sources estimated.
Middle East investors are actively looking for China opportunities, then investing at a small scale to test the waters, the source told CNBC this week, noting frontier tech, new consumer trends and biotech were popular industries of interest.

Bolstering the investment trend is a confluence of diplomatic, financial and economic developments.
China’s ties with the Middle East have warmed since Saudi Arabia and Iran restored diplomatic relations earlier this year — through discussions brokered by Beijing.

Meanwhile, U.S.-China tensions have simmered.
Those tensions and increased regulatory scrutiny in both countries prompted many U.S.-based investors to hold off on investments in Chinese venture capital funds. Those funds were typically denominated in U.S. dollars and invested startups would then go on to list on U.S. stock exchanges.
Middle East capital is looking to step in, especially as countries such as Saudi Arabia and Qatar look to diversify from dependence on fossil fuels.
However, many potential investments in Chinese funds are still in discussion, the venture capital funds said.

Trillions in assets

As of February 2022, Middle East investors’ allocation to North American assets were still clearly higher than Asia-Pacific ones, according to Preqin, an alternative assets research firm. Alternative assets include venture capital, but not publicly traded stocks and bonds.
That exposure is growing.
Preqin data showed the share of Middle East sovereign wealth funds’ investment in alternative assets worldwide roughly doubled between 2021 and the first half of 2022.
In all, the eight largest Middle East sovereign wealth funds had more than $3 trillion in combined total assets as of last year, according to the latest estimates available from Preqin.

Saudi Arabia’s ties with China are shifting from being based on trade to a “core investment relationship,” Khalid Al-Falih, Saudi minister of investment, told CNBC’s Dan Murphy this week.
In addition to Saudi investment in oil refining and petrochemicals in China, Al-Falih noted investments in technology by the kingdom’s sovereign wealth fund, the Public Investment Fund, and private sector companies.
PIF has about $700 billion in assets under management, according to its website. The fund did not respond to a request for comment about the share of its China investments.

Investment in car technology

China is a major source of technology, a major source of business. Partnering with China is one of the key drivers of implementing a successful transformation of the UAE.

Massimo Falcioni
Business Council of Dubai

“It was very clear that trucking in China is bigger than anywhere else. If a company is successful in creating safe, autonomous trucking, the chances of it scaling in China is higher than in other places,” said Aysar Tayeb, executive managing director at Prosperity7.
Prosperity7’s investments in about 30 startups are split roughly evenly between U.S.-based and China-based companies, Tayeb said in a phone interview earlier this month.
“We’re beginning to see more activity in China for sure,” he said, noting that China deal flow “was a little bit slower” in the past two years due to the Covid-19 pandemic.
In May, Abu Dhabi hosted conferences targeted specifically at Chinese entrepreneurs.
Local authorities claimed in May they hosted China’s “top 50 unicorns” — a term referring to startups valued at more than $1 billion — and launched the “Arab China Unicorn Investment Conclave,” according to a UAE state-media release.

Read more about China from CNBC Pro

“After the conference it will increase the participation of investors from China,” said Massimo Falcioni, secretary general and vice president of the Business Council of Dubai. He said more investment fund and asset management companies were coming from China to the United Arab Emirates.
“China is a major source of technology, a major source of business,” he said. “Partnering with China is one of the key drivers of implementing a successful transformation of the UAE.”
Whether Saudi Arabia or Dubai, Middle East governments have announced plans in the last several years to spend heavily on reshaping their economies for future growth.
Chinese companies have valuable infrastructure and manufacturing knowhow, said Niol Ma, a Chinese native who says he’s lived in Dubai for about 20 years.
Regional interest in doing business with China has grown so rapidly that Ma claims his firm, Gulf Ferry Management Consultancies, went from no clients in 2021 to meetings with more than 100 prospective customers in the last 12 months. Ma claims his firm has already helped those Chinese clients raise more than $350 million.
For a number of Chinese clients, he said the goal is for them to repackage themselves as local companies in the Arab region ultimately able to list on the Nasdaq.
— CNBC’s Natasha Turak contributed to this report. More

U.S. Secretary of State Antony Blinken is set to visit Beijing in his first trip to China under the Biden administration.
Little is expected to emerge from the talks themselves.
But Blinken’s Beijing visit helps pave the way for additional meetings — including a potential one between U.S. President Joe Biden and Chinese President Xi Jinping later this year.

U.S. Secretary of State Antony Blinken boards his plane for travel to Berlin at Joint Base Andrews, Maryland, June 22, 2021.
Andrew Harnik | Pool | Reuters

BEIJING — U.S. Secretary of State Antony Blinken is set to travel to Beijing this weekend in his first trip to China under the Biden administration.
Delayed by more than four months, Blinken’s trip marks a rare high-level meeting between the U.S. and China in a period of heightened tension.

Little is expected to emerge from the talks themselves. But Blinken’s Beijing visit helps pave the way for additional meetings — including a potential one-to-one between U.S. President Joe Biden and his Chinese counterpart Xi Jinping later this year.
Blinken’s Beijing trip is a “potential important turning point in the relationship,” Scott Kennedy, senior advisor and trustee chair in Chinese business and economics at the Center for Strategic and International Studies, told CNBC.
“Just simply strengthening communication is a reasonable goal,” he said. “If [both sides] announce the talks went well enough they can schedule additional cabinet-level meetings.”

Communication and meetings between the U.S. and China have dried up in the last few years due to the pandemic and political tensions.
The U.S. Department of State said Blinken is set to meet with “senior [People’s Republic of China] officials where he will discuss the importance of maintaining open lines of communication to responsibly manage the U.S.-PRC relationship.”

Blinken “will also raise bilateral issues of concern, global and regional matters, and potential cooperation on shared transnational challenges,” department spokesperson Matthew Miller said in a statement.
China’s Ministry of Foreign Affairs confirmed the visit but did not provide details on specific meetings.
Expectations for a significant recovery in the U.S.-China relationship, especially as a result of Blinken’s upcoming trip, remain low.
“The objective is still to prevent the relationship from deteriorating further, rather than articulating and agreeing to a shared vision for a way ahead,” said Drew Thompson, a former U.S. Defense Department official and current visiting senior research fellow at the Lee Kuan Yew School of Public Policy in Singapore.
“The Biden administration’s rhetoric is we’ll compete, where we can; and cooperate, where we must,” Thompson said. “But China doesn’t see it that way. China sees the political elements of both competition and cooperation, and they’re not willing to cooperate if there’s still an element of competition or the U.S. is challenging it politically.”

“And so I think that the administration’s goals are, at this point unrealistic because of the way Beijing has framed its interest in its strategy.”

Growing tensions

It’s been an intense few months geopolitically while the world waited for Blinken to reschedule his trip to China — and potentially help stabilize the relationship between the two economic powers.
The U.S. in February shot down an alleged Chinese spy balloon flying over U.S. airspace. Its appearance had forced Blinken to indefinitely postpone his Beijing trip at the time. Beijing insisted the balloon was an unnamed weather tracker that blew off course.
Elsewhere, the CEO of TikTok, owned by Chinese tech giant ByteDance, got grilled in U.S. Congress in March over security concerns. China’s Foreign Ministry said at the time that it “has never” and “will never” ask companies to go against local laws and provide data located abroad.
“The US government has provided no evidence or proof that TikTok threatens U.S. national security, yet it has repeatedly suppressed and attacked the company based on the presumption of guilt,” the ministry said, according to a briefing transcript.
And in May, China said U.S. chipmaker Micron had failed a security review and banned operators of critical infrastructure from buying from the company.
“The relationship has not remained in a steady state since February,” Kennedy said. But he added that the mood in Washington, D.C., where he’s based, is “not as dark as it had been” in February and March.

Taiwan tensions

“The U.S. needs to honor its commitment to the ‘One China’ policy,” Jia Qingguo, a professor at Peking University, said Tuesday on the sidelines of the Caixin New Asia Vision conference in Singapore.
“China also does not wish to see any accidents between both militaries,” Jia added.
“It recognizes that even though there is a need to establish military guardrails between both countries, that is not enough. The two countries should also establish similar guardrails for diplomacy and economic relations to avoid confrontation. This will reduce reactive actions and reduce any possibility of accidents.”
Among the many other points where the U.S. and China differ is the Russian war on Ukraine, which Beijing has refused to label an invasion, while calling for peace talks.

Hopes for more U.S.-China meetings

Still, the two sides remain each other’s largest trading partners in terms of goods.
China’s Commerce Minister Wang Wentao met with his U.S. counterpart in Washington in May. And U.S. Treasury Secretary Janet Yellen is expected to visit China at an unspecified date.
Looking ahead, Xi could potentially visit the U.S. during the Asia-Pacific Economic Cooperation Leaders’ Summit — set to be held in San Francisco in November.
Jia said expectations for any outcomes of Blinken’s upcoming meetings with the Chinese should not be too high, but that it was important he was going.
“It’s not usual for two of the world’s great powers to rely on the highest levels of leadership to upkeep ties. It is actually quite risky.” Jia said. “Hence, it is important that both countries have more levels of exchange.”
— CNBC’s Clement Tan contributed to this report. More

Employees of a startup purchased by JPMorgan Chase expressed disbelief when the company’s founder directed them to boost their customer count ahead of the acquisition, according to internal messages released Thursday in a legal filing.
The founder, Charlie Javice, instructed employees to change “public-facing numbers” of college aid platform Frank to 4.25 million customers in January 2021, JPMorgan alleged in the filing.
“Do we really have 4.25M students?” one Frank employee asked in a January 2021 Slack thread.

Charlie Javice, who is charged with defrauding JPMorgan Chase & Co into buying her now-shuttered college financial aid startup Frank for $175 million in 2021, arrives at United States Court in Manhattan in New York City, June 6, 2023.
Mike Segar | Reuters

Employees of a startup purchased by JPMorgan Chase expressed disbelief when the company’s founder directed them to boost their customer count ahead of the acquisition, according to internal messages released Thursday in a legal filing.
The founder, Charlie Javice, instructed employees to change “public-facing numbers” of college aid platform Frank to 4.25 million customers in January 2021, JPMorgan alleged in the filing. Frank had fewer than 300,000 real customers when JPMorgan bought it in September 2021, the bank has alleged.

“Do we really have 4.25M students?” one Frank employee asked in a January 2021 Slack thread.
“Is this real?” another asked.
“Charlie is king of finding magic numbers,” wrote another employee, whose names were redacted in the filing.
The release of private staff messages is part of the latest salvo in the legal dispute between Javice and JPMorgan, which paid $175 million for the startup. JPMorgan, the biggest U.S. bank by assets and a steady acquirer of fintech startups, sued Javice in December 2022, alleging that the founder had lied about her company’s scale to close the deal.
According to Thursday’s filing, Javice justified the change in user stats by telling employees that website visitors counted as customers, the bank alleged.

In its original suit, JPMorgan alleged that Javice hired a data science professor to concoct fake accounts after an employee refused to do so.
Javice’s problems have intensified in recent weeks. In April, the startup founder was criminally charged by the Department of Justice and sued by the Securities and Exchange Commission, both which accused her of fraud related to the company sale.
Javice has said in court filings that JPMorgan knew how many users Frank had and that the bank sought to blame her for its mistakes.
A lawyer for Javice didn’t immediately respond to messages left late Thursday. More

Bank of America has committed to giving more than $500 million in equity investments to minority- and women-led fund managers to support diverse entrepreneurs.
More than 60% of the fund managers who can pull from the equity pool are led by women.
So far, more than 150 funds have used the equity to invest in upward of 1,000 companies.

A Bank of America branch in New York’s Times Square.
Stan Honda/AFP/Getty Images

Bank of America has committed to giving more than $500 million in equity investments to minority- and women-led fund managers to support diverse entrepreneurs, the bank announced Thursday in a press release. 
More than 60% of the fund managers who can pull from the equity pool are led by women, more than 65% are led by Black individuals, more than 20% by Hispanics and Latinos and more than 15% are led by Asians, said Tram Nguyen, global head of strategic and sustainable investments at Bank of America.

The program started in 2020 and so far, more than 150 funds have used the equity to invest in upward of 1,000 companies, collectively controlling $7 billion of capital, Bank of America said. This translates to support for 1,500 diverse entrepreneurs and the employment of more than 21,000 people.
“We work across our company to address critical needs in our communities, including the lack of access to capital that diverse business owners face as they start or grow their businesses,” Nguyen said in a news release.
In 2023 so far, ventures led or founded by Black or Asian individuals typically received approximately 0.9% of venture capital funding, while businesses led by Hispanic and Latino individuals received roughly 0.94%, according to data from Crunchbase.
Total VC dollars put into companies last year dropped 36%, affected by the rise in inflation and interest rates, and Black-owned businesses saw a 45% drop, CNBC’s Gabrielle Fonrouge reported in February.
Bank of America is also separately working with the National Football League and National Black Bank Foundation to support Black- and minority-owned banks, CNBC’s Frank Holland reported.
“We’re very focused on supporting our fund managers,” Nguyen said. “We’re building a community, connecting them with our company and its vast network and resources, connecting them with each other and the broader investment community.” More

CAVA, at the New York Stock Exchange during its initial public offering, June 14, 2023.
Source: NYSE

Check out the companies making the biggest moves midday.
Cava Group — Shares soared 99% in midday trading during its first day as a public company. Cava Group priced its initial public offering at $22 per share and began trading Thursday at $42 per share.

SkyWest — The airline stock gained 4.51% after being upgraded by Deutsche Bank to buy from hold. The Wall Street firm said it believes there will be “significant improvement” in the company’s return on invested capital over the next two to three years. Deutsche Bank also upgraded Allegiant, which was up 1.4% in midday trading.
Domino’s Pizza — The pizza chain gained 6.46% after Stifel upgraded the stock to buy from hold. The firm said delivery sales should stabilize further while carryout sales pick up in the next year.
Kroger — Shares dropped 2.69%. On the company’s earnings call Thursday, Kroger CEO Rodney McMullen said, “The economic environment is more significantly impacting our budget-conscious shoppers.” The company reaffirmed identical sales, without fuel, and adjusted earnings-per-share guidance for the full year. Kroger also posted revenue that came in slightly below Wall Street’s expectations. Sales for the first quarter were $45.17 billion, compared with analysts’ forecast of $45.26 billion, according to FactSet.
Target — Shares of the big-box retailer jumped nearly 3.46% after Bernstein reiterated its outperform rating on the stock. The Wall Street firm said investors should buy the weakness in Target shares, which are down 15% over the past month.
Lennar — Shares of the homebuilder rose 4.41% Thursday. Lennar reported better-than-expected results for the fiscal second quarter Wednesday evening. The company said it generated $3.01 in earnings per share on $8.05 billion in revenue. Analysts were expecting $2.33 in earnings per share on $7.22 billion of revenue, according to FactSet. The company’s earnings were boosted by gains on technology investments, but Lennar still would have beaten expectations excluding that benefit. Lennar also hiked its full-year guidance for home deliveries.

SoFi Technologies — The financial technology stock slid 1.95% following a downgrade by Oppenheimer to perform from outperform. The Wall Street firm said it was bullish long term, but believes the stock price has been seeing appreciation much stronger than experienced in the broader market.
AutoZone — The stock added 4.08% after the auto parts retailer authorized the repurchase of an additional $2 billion of the company’s common stock late Wednesday.
Corning — Shares gained 1.81% after Citi upgraded Corning to buy from neutral. The Wall Street firm also boosted its price target to $40 from $36, suggesting upside of more than 20% from Wednesday’s close. Citi said it has “greater conviction” in the glass maker’s margin recovery potential.
John Wiley & Sons — Shares sank about 11.39%. The company reported adjusted earnings per share for the fiscal fourth quarter of $1.45, up from $1.08 per share a year ago. However, revenue declined, coming in at $526.1 million, compared with $545.7 million last year. Management also announced a restructuring plan, divesting its noncore education businesses.
Coinbase — The stock recovered earlier losses and closed 0.65% higher. Mizuho questioned if traders were moving to Robinhood. Mizuho reiterated its underperform rating on the crypto platform in a note to clients.
Patterson-UTI Energy, NexTier Oilfield Solutions — The two companies agreed to merge in an all-stock deal with an enterprise value of $5.4 billion. Shares of Patterson-UTI Energy rallied 12.13% while NexTier Oilfield Solutions gained 6.73%
T-Mobile — T-Mobile popped 3.68%. Morgan Stanley reinstated the telecommunications stock as a top pick, saying T-Mobile is well-positioned to take advantage of market volatility with a strong buyback program.
— CNBC’s Yun Li, Alex Harring, Jesse Pound and Sarah Min contributed reporting. More