Business Report: DOJ casts wide net in drug investigation

Ari Rabinovich joins us now from the City News Business Center. Happy Friday, Ari Friday, State of mind. Even if it’s raining, I’ll take it. Absolutely. OK. So the US Department of Justice has opened up quite a significant drug investigation and a Canadian is part of this massive probe. Give us the details here. Yeah, Canadian bank, to be specific, in one of the largest, Cynthia. So TD Bank going under the microscope by the US Department of Justice. So this investigation is over money laundering. Both the Globe and Mail and the Wall Street Journal report that it’s related to profits tied to illicit fentanyl. In a statement from TD, the bank noted criminals constantly seek to use banks to launder money and added that US authorities did not effectively thwart these activities. Now, one analyst, Cynthia at National Bank, said that TD Bank could face more severe fines of as much as $2 billion and financial restrictions that could impact company earnings. And on Bay St. today, it’s worth noting, Cynthia, that TD stock ended up falling by close to 6% in response. That is significant. OK, Ari, something to keep watching. Now in tech news, Apple stock just jumped thanks to a recent announcement by the company. Yeah, and it looks like if anything, it was a green apple in response on Wall Street. So the tech giants saw the stock up by 6% today following the quarterly earnings results that showed that revenue was down compared to last year. But. By less than analysts were predicting, especially for demand out of China. So that’s being taken as good news, but especially good news for investors. Apple announced a record stock buyback program of $110 billion. So of course investors wanted to flock onto that opportunity while they could. So that’s why we saw the big spike. And in fact, in fact, a lot of other tech stocks had a ripple effect, a lot of gains today on Wall Street for a big rally across the board. Cynthia, interesting. All right, now this sounds like it’s going to be juicy. A company connected to Donald Trump is feeling the heat from the SEC. And this is a we just mentioned about Apple with tech stocks rallying today. So this is one of the laggards. Trump Media and Technology Group fell by 1 1/2 percent on Wall Street. The accounting firm behind Donald Trump Media Group has been charged with fraud by the US Securities and Exchange Commission, and that’s affecting over 1500 filings. Now Trump Media and Technology Group is of course, the parent company of Truth Social. That’s the social media platform founded by former U.S. President Donald Trump. And of course, this comes as Trump is facing multiple lawsuits, including fraud charges, as an electrode approaches just South of the border. Cynthia.