Today is Monday, January 24, 2022.
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DeFi, Web 3.0, NFTs, Explained
DeFi, Web 3.0, NFTs, and the metaverse are some of the biggest cryptocurrency-related trends that you should know about, says professional trader and cryptocurrency coach “Digital Currency Guy” Jamar James in a new episode of the Early Bird Podcast.
DeFi Pros and Cons: DeFi, or decentralized finance, offers advantages to investors such as a good return and the ability to get you money at any time, James says. Of course, there are some scams in DeFi to watch out for as well.
The Next Web: Web 3.0, known as the decentralized web, is more than just a buzzword and has great meaning, according to James.
NFT Bubble: Yes, non-fungible tokens (NFTs) can help people make money, but even James says that it sometimes reminds him of a bubble.
Final Thoughts: James has a lot of advice for investors interested in DeFi and NFTs. Listen to that advice in a new episode of the Early Bird podcast.
Notable Earnings Today: International Business Machines (NYSE IBM), Halliburton (NYSE: HAL), Philips (NYSE: PHG), Steel Dynamics (Nasdaq: STLD), Bank of Hawaii (NYSE: BOH), Bank of Marin Bancorp (Nasdaq: BMRC), Crane (NYSE: CR), HomeStreet (Nasdaq: HMST), PetMed Express (Nasdaq: PETS), SmartFinancial (SMBK), Trustco Bank (TRST), Zions Bancorp (ZION), Sify Technologies (Nasdaq: SIFY), Community Bank (NYSE: CBU).
Notable IPOs Today: ST Energy Transition I Ltd. (NYSE: STET), OmniLit Acquisition Corp. Class A Common Stock (Nasdaq: OLIT), Games & Esports Experience Acquisition Corp. Class A Ordinary Shares (Nasdaq: GEEX), UTA Acquisition Corporation Class A Ordinary Shares (Nasdaq: UTAA), BioPlus Acquisition Corp. Class A Ordinary Shares (Nasdaq: BIOS), Bullpen Parlay Acquisition Company Class A Ordinary Share (Nasdaq: BPAC), Blue Ocean Acquisition Corp Class A Ordinary Shares (Nasdaq: BOCN), NorthView Acquisition Corporation Common Stock (Nasdaq: NVAC).
Notable Equity Crowdfunding Campaigns Ending Today: Cycle Phones (Wefunder), VUniverse (NetCapital), NETZRO (Wefunder), Berylline (NetCapital).
Notable Economic Events Today: Manufacturing PMI (9:45 a.m. ET), Markit services PMI (9:45 a.m ET).
Activist Investor Wants Peloton CEO Fired
An activist investor is furious with the declining price of Peloton (Nasdaq: PTON) shares and wants the exercise equipment company to fire its CEO, according to a report from The Wall Street Journal on Sunday.
Details: Blackwells Capital, which has a stake of less than 5% in the company, blamed CEO John Foley for recent problems with Peloton. In addition to firing the CEO, Blackwells Capital wants Peloton to be bought out by a larger company.
Numbers: Shares of Peloton are down 82% in the past year and 12% in the past week.
Background: Peloton thrived during the Pandemic in 2020, but the company seems to be heading in the wrong direction. Last week, a CNBC report said that the company is temporarily halting production. Another report said that the company is exploring ways to cut costs.
Final Thought: Blackwells’ call to fire Foley is unlikely to go anywhere because Foley and other insiders control 80% of Peloton’s voting power.
Superbubble in Stocks, Explained
A report from investor Jeremy Grantham says that stocks are in a “superbubble” and investors should be concerned about a potential crash.
Details: The report, called “Let the Wild Rumpus Begin,” includes the passage: “Good Luck! We’ll all need it.” This suggests that the superbubble of stocks is about to crash.
He’s Right: Graham has been involved in stocks for decades and previously called other crashes before they occurred in 2000 and 2008.
He’s Wrong: Graham can sometimes be wrong, as was the case in 2013 when he said it was a dangerous time for stocks.
Final Thoughts: Superbubble or not, it’s clear that the stock market has not been well as of late, but it might be premature to call this a crash.
Trends to Watch
Coming Soon: Biden Administration to Release Executive Order on Crypto as Early as February: Report (CoinDesk)
Sold: Activist Investor Nelson Peltz Buys Stake in Unilever (The Wall Street Journal)
Big Gamble: Wynn Resorts looks to sell online sports betting biz at deep discount: source (New York Post)
Pedal to the Metal: Fortescue taps Williams Advanced Engineering to decarbonise operations (Reuters)
Shopping for Kohl’s: Kohl’s under fresh pressure as Sycamore expresses interest after Acacia made bid (CNBC)
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