Tuesday☕️

Time Is Money

Jul 30, 2024 • 5 min read

Trending:

Gemini Data Breach
McDonald’s Earnings

Markets:

Yesterday’s U.S. stock market:

Yesterday’s commodity market:

Yesterday’s crypto market:

Gemini Data Breach:

Gemini, a cryptocurrency exchange, recently disclosed a data breach caused by a cyberattack on its Automated Clearing House (ACH) service provider. This breach, which occurred between June 3 and June 7, 2024, compromised the banking information of approximately 15,000 Gemini customers, including their full names, bank account numbers, and routing numbers. The identity of the service provider has not been revealed.
In response to the breach, Gemini began notifying affected individuals on June 26, 2024, and submitted a sample of these notifications to the California Attorney General's Office yesterday. The exchange clarified that no other personal information, such as birth dates, physical addresses, social security numbers, email addresses, phone numbers, usernames, or passwords, was compromised. Gemini emphasized that their internal systems remain secure and that the notifications were issued out of an abundance of caution.
Gemini has advised affected customers to remain vigilant for suspicious communications and to monitor their bank accounts for unauthorized activities. They recommend enabling multi-factor authentication on linked bank accounts and contacting banks to implement additional protective measures or request new account numbers. This incident follows a significant data breach in 2022, where a third-party vendor exposed the contact details of 5.7 million Gemini users, highlighting the ongoing challenges in securing sensitive information and the importance of robust cybersecurity measures.

McDonald’s Earnings:

In the second quarter of 2024, McDonald's Corp. reported earnings per share (EPS) of $2.80, which missed the consensus estimate of $3.07. The company's revenue for the quarter was $6.49 billion, slightly below the expected $6.62 billion and a 0.1% decrease compared to the same quarter last year. Global comparable store sales decreased by 1%, marking the first decline since the fourth quarter of 2020. This drop in sales was primarily due to higher menu prices, which negatively impacted customer traffic and spending habits.
To counter these challenges, McDonald's has implemented various promotional strategies, including the $5 meal deal and limited-time menu items such as the Bacon Cajun McCrispy and Grandma McFlurry. While these promotions have received some initial positive response, they have not been sufficient to offset the overall sales decline. The company is also focusing on expanding its digital footprint and loyalty programs, which have shown growth and are contributing significantly to sales. Despite these efforts, McDonald's stock has faced a 11% decline year-to-date, contrasting with the broader market's performance.

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