Coinbase (COIN)

Shares in Coinbase (COIN) were down in pre-market trading, extending a 7% slide from the previous session, after the US cryptocurrency exchange revealed it had been the target of a cyberattack in which customer data was stolen and a $20m (£15m) ransom demanded to prevent its public release.

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The breach comes just days before Coinbase (COIN) is scheduled to join the S&P 500 (^GSPC) index on 19 May, becoming the first crypto exchange to be included in the US benchmark. The company disclosed that the extortion demand was made on Sunday and said it is offering a $20m reward — equal to the amount demanded — for information leading to the arrest and conviction of those responsible.

“Their aim was to gather a customer list they could contact while pretending to be Coinbase (COIN) — tricking people into handing over their crypto. They then tried to extort Coinbase (COIN) for $20m to cover this up. We said no,” the group said in a statement on its website.

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Coinbase’s (COIN) shares had rallied on Tuesday following the announcement of its S&P 500 inclusion, reflecting investor optimism about the firm’s growing mainstream legitimacy. But news of the cyberattack and a separate regulatory issue has tempered market enthusiasm.

In addition to the cyber threat, Coinbase (COIN) confirmed that it is facing scrutiny from the US Securities and Exchange Commission (SEC) over whether it overstated user numbers in earlier disclosures. The investigation, the company said, dates back to a previous SEC administration and concerns a metric it stopped reporting more than two years ago.

“This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public,” Coinbase (COIN) chief legal officer Paul Grewal told Bloomberg. “While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”

Netflix (NFLX)

Shares in Netflix (NFLX) rose in pre-market trading on Friday after the streaming giant said its advertising-supported tier had reached 94 million users, up from 70 million in November, reflecting momentum across its business despite broader economic uncertainty.

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With more than 300 million global subscribers, Netflix (NFLX) said spending across all tiers remains strong. In April, the company noted it had seen no significant signs of consumers pulling back, despite shifting US trade policies and concerns about discretionary spending.

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The update helped ease investor fears that economic headwinds could lead to a slowdown in subscriptions. Netflix (NFLX) also reported that its ad-supported offering accounted for 55% of new sign-ups in markets where the tier is available.

Netflix’s (NFLX) global content strategy continues to underpin its growth. Many of its most-watched titles, including the South Korean thriller Squid Game and Spanish crime drama Money Heist, are produced outside the US.

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Investor sentiment was further supporter by commentary from Steve Weiss, chief investment officer and managing partner at Short Hills Capital Partners, who told CNBC that he had increased his holdings in Netflix (NFLX).

Weiss, a noted bear on the broader US economic outlook, said he expects Netflix (NFLX) to “do well in a recession,” describing the company as his “largest position by a wide margin".

Cava (CAVA)

Shares in Cava (CAVA) fell in early trading despite the Mediterranean fast-casual chain reporting stronger-than-expected same-store sales and solid traffic growth in its latest fiscal quarter.

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For the three months ending April 20, same-store sales rose 10.8%, beating the 10.3% increase forecast by analysts. The gain was driven by a 7.5% rise in customer traffic, suggesting that growth was not solely the result of price increases.

Revenue rose 28% year over year. Even after accounting for 15 net new restaurant openings, Cava (CAVA) posted nearly 11% same-restaurant sales growth, underlining demand across its footprint.

However, the company reported a slight decline in restaurant-level profit margin, which fell 10 basis points to 25.1% from the same period last year. The dip was attributed to higher food costs, particularly related to the launch of grilled steak.

Looking ahead, Cava (CAVA) maintained its full-year forecast for same-store sales growth of 6% to 8%, a slowdown from the recent quarter and below the 8.4% analyst consensus. The company modestly raised its adjusted EBITDA guidance and now expects to open two additional restaurants at the midpoint of its projected range.

"When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips or amazing housemade juices. We also saw that our per person average continued to increase, and then when we look at our results, there's positive traffic across all of our geographies, across all of our income cohorts, as well as the different formats of our restaurants and dayparts," chief financial officer Tricia Tolivar told CNBC.

She added that diners have been trading up from fast food and down from casual-dining restaurants into Cava's (CAVA) bowls and pitas, a trend the company has seen for several quarters.

Meta (META)

Shares in Meta (META) were trading lower ahead of the US market open on Friday following reports that the company has delayed the launch of a major update to its flagship AI model — a move that has raised internal concerns over the strategic direction of its multibillion-dollar artificial intelligence ambitions.

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According to The Wall Street Journal, the release of the Behemoth version of Meta’s (META) Llama AI model has been pushed back to the fall or later. The delay comes despite Meta promoting upgrades to two smaller Llama models during its AI event in late April. Behemoth, which the company has positioned as its most powerful AI model to date, was notably absent from those announcements.

The report added that Meta (META) is considering management changes within its AI product division amid growing frustration over the pace of development.

Chief executive Mark Zuckerberg has told investors that Meta (META) plans to spend around $68bn on capital expenditures in 2025, much of it directed toward building out AI infrastructure. The delay adds to investor concerns about the effectiveness and return on those hefty investments.

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Meta (META) has previously claimed that Behemoth already outperforms similar models from rivals OpenAI, Google (GOOG), and Anthropic on some benchmarks. The postponement could complicate that narrative at a time when generative AI competition is intensifying across the tech sector.

Land Securities (LAND.L)

Commercial property giant Land Securities (LAND.L) has returned to an annual profit after benefiting from rising rents and retail chains investing in their biggest shops.

The company shrugged off any impact of US tariffs on business investment.

Landsec (LAND.L) reported a pre-tax profit of £393m for the year to the end of March, rebounding from a loss of £341m the year prior.

The total value of its property portfolio jumped to £10.88bn, from £9.96bn this time last year.

Landsec’s (LAND.L) portfolio includes office space, retail destinations and landmarks such as the White Rose shopping centre in Leeds, the Bluewater shopping centre in Kent, and the Piccadilly Lights in London.

The London-listed company said demand for “modern, sustainable office space” in London remained strong, and that brands continue to focus on “fewer, but bigger and better stores in key locations”.

“As supply of both is constrained, rents in our portfolio continue to grow,” it told investors on Friday.

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