As Bitcoin benefits from AMC, Dogecoin soars again.
Today is Tuesday, August 10, 2021.
AMC and Bitcoin: Perfect Together
AMC Entertainment (NYSE: AMC) is planning to accept Bitcoin for payment at its locations by the end of the year, the company announced during its quarterly earnings call Monday.
Narrower Losses: AMC’s losses per share totaled 71 cents, better than the expected loss of 91 cents per share. Revenue reached $444 million, higher than the expected revenue of $380 million. This was due to the return of good movies in the last quarter.
Surge: Shares of AMC soared 5% in after-hours trading. Bitcoin prices also increased by over 5% on Monday.
The Good: AMC said Monday that it has agreements with Warner Bros. on a new 45-day exclusive theatrical window. CEO Adam Aron also announced plans to buy new movie theatres in Los Angeles.
The Bad: Aron told analysts that AMC is still “not yet out of the woods” from the impact of the pandemic. The company still has a lot of debt.
Final Thoughts: AMC, a popular choice among the meme stock crowd, is looking towards the future. Investors might be optimistic about the company, but keep in mind that AMC lost a lot of money before the pandemic.
Notable Earnings Today: Coinbase (Nasdaq: COIN), Casper Sleep (NYSE: CSPR), McAfee (Nasdaq: MCFE)
Notable IPOs Today: Avista Public Acquisition Corp. (Nasdaq: AHPAU), Conyers Park III Acquisition (Nasdaq: CPAAU), Eliem Therapeutics (Nasdaq: ELYM)
Notable Equity Crowdfunding Campaigns Ending Today: Pip & Lola’s (Honeycomb), Skyn by Chi (Honeycomb)
Notable Economic Events Today: Non-farm Productivity (8:30 a.m.), Unit Labor Costs (8:30 a.m.), Business Optimism Index (10:00 a.m.)
Draftking’s Big Bet On Golden Nugget
Sports betting company Draftkings (Nasdaq: DKNG) acquired Golden Nugget Online Gaming (Nasdaq: GNOG) for $156 million on Monday.
Winner, Winner: Shares of Golden Nugget soared over 50% after the acquisition. Draftkings’ stock price dropped a bit before finishing the day with a 1.49% gain.
Strategic Deal: The acquisition expands Draftkings’ customer base beyond just sports betting. Golden Nugget has millions of internet gambling customers, which tend to be more lucrative over the long haul.
Bigger Picture: The online and sports betting space is ripe for consolidation. With more states legalizing gambling, expect more mergers and acquisitions.
Final Thoughts: Before Monday, Golden Nugget shares were down 40% year-to-date. It was a bad year for the company, so they needed this deal too.
Dogecoin’s Rise And Fall And Rise Again
Dogecoin, a cryptocurrency that was originally established as a joke currency, went mainstream in 2021.
Data: The price of Dogecoin went from being worth less than 1 penny a year ago to being valued at around 25 cents. That’s a return of 4,900% in one year. Compare that to Bitcoin, which is up 49% year to date, or Etherum, which is up 300% in that time. Dogecoin also has a market cap of $31 billion.
Tweets: Dogecoin has benefited from a surge of popularity on Twitter from celebrities such as Elon Musk and Snoop Dogg. Most of the spikes in the price of Dogecoin in the past year can be tied to these celebrity endorsements.
Platforms: Several cryptocurrency platforms finally added Dogecoin to their markets in the past year, including Coinbase (Nasdaq: COIN), Gemini, eToro and Webull.
Corporate: Call it FOMO, but several corporate entities jumped on the Dogecoin bandwagon in the past year. Dogecoin is now an official sponsor for a NASCAR automobile and Oscar Meyer released its own Dogecoin-themed hot dogs.
Up And Down: After the price of Dogecoin peaked in early May, the value dropped over the next two months. Recently, the price began to jump up again.
Final Thoughts: Dogecoin continues to be a leading coin for crypto investors. While it is popular, there are still some volatility issues with Dogecoin.
Trends To Watch
iCar Update: Apple Reportedly Sent Team of Employees to South Korea to Discuss Apple Car Development (MacRumors)
Big Fine: Poloniex Agrees to $10M Settlement With SEC for Operating Unregistered Exchange (CoinDesk)
All That Glitters is Not Gold: Gold price dives to 4-month low on concerns of early Fed tapering (Mining.com)
Real Bad: RealReal Stock Lower After Wider-Than-Expected Loss (The Street)
Recovered: European P2P Lender Mintos Recovers Funds from Ukraine based Lending Firm E-Cash (Crowdfund Insider)
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