Cryptocurrency Investing 2023
And, Salesforce's activist investor.
Today is Monday, January 23, 2023.
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Cryptocurrency Investing 2023
The state of cryptocurrency is rather bleak in the short term for investors, says BitBusiness Founder Jon Cole in a new episode of the Early Bird podcast.
Bearish: Cole says that he became bearish in 2022 when the bull cycle stopped and the economy began to take a turn for the worse.
Outlook: After a bad 2022, Cole expects cryptocurrency to be even worse in 2023 due to issues with liquidity and lower interest.
Strategy: While Cole is a long-term believer in cryptocurrency, he is shorting cryptocurrency in 2023 using a variety of strategies.
Final Thoughts: How exactly is Cole shorting cryptocurrency? What advice does Cole have for cryptocurrency investors in 2023? Find out by listening to a new episode of the Early Bird podcast.
Notable Earnings Today: Baker Hughes (Nasdaq: BKR), Logitech International (Nasdaq: LOGI), Synchrony Financial (NYSE: SYF), Brown & Brown (NYSE: BRO), Bank of Hawaii (NYSE: BOH), Crane Holdings (NYSE: CR), Bank of Marin Bancorp (Nasdaq: BMRC), Zions Bancorp (Nasdaq: ZION), MainStreet Bancshares (Nasdaq: MNSB), Concrete Pumping Holdings (Nasdaq: BBCP), FNB (NYSE: FNB), ServisFirst Bancshares Inc (NYSE: SFBS), Umpqua (Nasdaq: UMPQ), CrossFirst Bankshares (Nasdaq: CFB), Hope Bancorp (Nasdaq: HOPE).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Stone’s Throw Foods (Honeycomb), Fathom Technologies (Wefunder), Orbital Assembly (Netcapital), Seven Point (Mainvest).
Notable Economic Events Today: N/A.
Salesforce's Activist Investor
As if things couldn’t get worse for Salesforce (NYSE: CRM), it appears that the technology giant now has to contend with an activist investor.
Details: According to a report from the Wall Street Journal on Sunday, activist investor Elliott Management made a multibillion-dollar investment in Salesforce. Elliott Management and Salesforce have not commented.
Background: Elliott is one the most well-known activist investors in the market. The firm’s strategy involves buying enough stock to get seats on the board and forcing the company to make changes. It recently did this to Pinterest (NYSE: PINS), with both sides coming to an agreement, and to PayPal Holdings (Nasdaq: PYPL).
Big Picture: It’s been a tough few months for Salesforce. The technology company had to deal with the sudden departure of a Co-CEO just a few weeks ago. There have also been layoffs, and analysts have downgraded the stock. Shares of Salesforce are down 32% in the last 12 months but are up 16% in the past 30 days.
Final Thoughts: An activist investor could be trouble for the leadership of Salesforce, but it might turn the company around, which would be good for investors.
Spotify Might Lay Off Workers
The next technology company to have layoffs might be Spotify Technology (NYSE: SPOT), according to a report from Bloomberg on Sunday.
Final Thoughts: The report did not specify the number of layoffs. Spotify has not commented yet. The stock is down 49% in the last 12 months but is up 26% in the last 30 days.
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Trends to Watch
Disruption: Binance SWIFT banking partner set to ban USD transfers below $100K (Cointelegraph)
On Top: Citadel breaks records with $16bn profit (Financial Times)
Golden: Gold prices eye 9-month high as markets mull over U.S. recession (Yahoo! Finance/Investing.com)
Party Rock Platinum: Yellen dismisses minting $1 trillion coin to avoid federal default (MarketWatch)
Eggsactly: As egg prices rise, so do attempts to smuggle them from Mexico, say US Customs officials (CNN)
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