2023 Investing Errors To Avoid
And, Cardano’s early January boost.
Today is Monday, January 9, 2023.
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2023 Investing Errors To Avoid
Investors made a lot of mistakes last year and can’t afford to make them again, says LiveTraders.com Founder Anmol Singh in a new episode of the Early Bird podcast.
Last Year: Chasing stocks too late is among the biggest mistakes that investors made in 2022, according to Singh.
Still Happening: Singh says that investors are still making mistakes today by holding stocks too long and refusing to look at technical analysis.
2023 Plays: According to Singh, investors in 2023 should focus on good companies with strong fundamentals instead of stocks that have been beaten down.
Final Thoughts: What are the most important stock investing themes in 2023? Singh explains in a new episode of the Early Bird podcast.
Notable Earnings Today: Tilray (Nasdaq: TLRY), WD-40 (Nasdaq: WDFC), Commercial Metals (NYSE: CMC), Jefferies Financial Group (NYSE: JEF), Acuity Brands (NYSE: AYI), AZZ (NYSE: AZZ), Accolade (Nasdaq: ACCD), E2open Parent Holdings (NYSE: ETWO), Applied Digital (Nasdaq: APLD), PriceSmart (Nasdaq: PSMT).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Harbor Coffee (Honeycomb), Rejuvenation (Honeycomb), Pop’s Bakery (Honeycomb), FlexPay (MicroVentures), Harvie (Honeycomb).
Notable Economic Events Today: N/A.
Cardano’s Early January Boost
The price of the cryptocurrency Cardano shot up over 20% on Sunday.
Catalyst: It seems that AGIX, the token for the decentralized platform SingularityNET, has grown in the past week. Cardano is one of the platforms that it operates on, and so it is benefiting right now.
Also: Data also shows that large wallet investors are pouring more funds into Cardano, according to FXStreet.
Numbers: Cardano is off to a strong start in 2023. The price is up over 25% in that time. In the past month, the price is about even. But keep in mind that the price is way down in the past year, just like other cryptos.
Final Thoughts: Most cryptos had a good Sunday, but were not as strong as Cardano. It’s not clear if this short-term bump from Cardano will last much longer. There’s so much volatility in crypto right now that it is difficult to trust most coins.
Goldman Sachs To Undergo Layoffs
The next wave of major layoffs will include banking giant Goldman Sachs Group (NYSE: GS).
Details: According to a report on Sunday from Bloomberg, Goldman Sachs will eliminate up to 3,200 jobs this week. It will be one of the biggest rounds of job cuts in company history and it will mostly impact the core trading and banking units.
Background: The layoffs come as other companies, especially in technology, aim to cut staff due to fears of a recession.
Stock Price: Shares of Goldman Sachs are down 12% in the last 12 months, including a 3% drop in the last 30 days.
Final Thoughts: Goldman Sachs will report earnings on January 17.
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Trends to Watch
A Good Start: Bonds Open 2023 With a Rally (The Wall Street Journal)
Crypto in Africa: Bitcoin, Sango Coin and the Central African Republic (Cointelegraph)
Golden Rule: Gold prices gain on hopes of smaller U.S. rate hikes (CNBC)
Big Increase: Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps (Reuters)
Tech’s Next Generation: The New EVs, Electric Bikes and Rideables We Saw at CES 2023 (CNET)
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