Elon Puts Dogecoin on Twitter
Plus, Apple might be cutting jobs.
Today is Tuesday, April 4, 2023.
New to this newsletter? Sign up here.
Elon Puts Dogecoin on Twitter
The price of the cryptocurrency Dogecoin surged by over 25% on Monday thanks to a big assist from Elon Musk.
Details: Musk, who owns Twitter, changed the logo of the social media platform. Instead of the traditional blue bird, Musk replaced the home button with the Dogecoin symbol, which is a Shiba Inu dog logo.
Numbers: It was the biggest daily spike so far for Dogecoin in 2023, which is up 30% this year.
Background: Musk has arguably been Dogecoin’s most vocal cheerleader. A big part of the reason why Dogecoin is up a lot in the past two years is because of Musk. In fact, nearly every time Musk makes a reference to Dogecoin, the price of the coin jumps.
Bigger Picture: Musk’s logo change also helped the price of fellow meme coin Shiba Inu, which got a 5% bump on Monday. Most crypto prices were flat yesterday.
Final Thoughts: While Dogecoin is having a positive 2023 so far, Monday’s boost doesn’t change the long-term outlook for the coin. Critics say that Dogecoin has no intrinsic value and that it is just a meme or joke coin.
Notable Earnings Today: Acuity Brands (NYSE: AYI), DLocal (Nasdaq: DLO), MSC Industrial (NYSE: MSM), Kura Sushi USA (Nasdaq: KRUS), Lindsay (NYSE: LNN), SMART Global (Nasdaq: SGH), Freeline Therapeutics Holdings (Nasdaq: FRLN), Zenvia (Nasdaq: ZENV), Resources Connection (Nasdaq: RGP), NOVAGOLD RESOURCES (NYSE American: NG).
Notable IPOs Today: Millennium Group International Holdings Limited Ordinary Shares (Nasdaq: MGIH), Altamira Therapeutics Ltd. Warrant (Nasdaq: CYTOW), Ispire Technology Inc. Common Stock (Nasdaq: ISPR).
Notable Equity Crowdfunding Campaigns Ending Today: FibroBiologics (StartEngine).
Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), Factory Orders (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Apple is Reportedly Cutting Some Jobs
After doing everything possible so far to avoid large-scale layoffs, Apple (Nasdaq AAPL) is reportedly getting ready to eliminate a few jobs.
Details: According to a Bloomberg report, Apple is cutting “a small number of roles within its corporate retail teams.” The cuts will be in the development and preservation teams. Apple has not commented on the report.
Background: As other tech companies have been shedding jobs and laying off staff (some with multiple rounds of layoffs), Apple has steered clear of those layoffs. The company has relied on budget changes to avoid job cuts. Unlike other big tech players, Apple didn’t go on a big hiring spree during the last few years.
Final Thoughts: Investors are waiting for Apple to release its AR/VR headset later this year, which should do wonders for the stock.
Vista Outdoor’s $50 Million Cost-Cutting Plan
Shares of Vista Outdoor (NYSE: VSTO) dropped by 3.67% in after-hours trading on Monday after the outdoor product company announced a $50 million cost reduction plan that includes layoffs and office closures.
Details: The plan was created in response to higher inventory levels, rising interest rates, and inflation, which the company says impacted its bottom line.
Final Thoughts: Vista Outdoor is up 10% so far in 2023. The hope is that this plan makes the company more profitable.
Organize your work and life, finally. (Sponsored)
Become focused, organized, and calm with Todoist. The world’s #1 task manager and to-do list app.
Trends to Watch
Attracting Investors: Worst-Performing Funds of 2023 Are Drawing Huge Amounts of Cash (Bloomberg)
Driving Up: US sales at top automakers rise on improving inventory, Toyota struggles (Reuters)
Let’s Talk About China: Apple’s Tim Cook, Disney’s Bob Iger to discuss China with lawmakers (CNBC)
Golden Rule: Bitcoin’s Correlation to Gold Tightened in March Amid TradFi Woes (Decrypt)
Crowdfunding Woes: Q1 Delivered Least Capital Committed Since Q4 2020 (Crowdfund Insider)
Thank you for reading!
Forward to a friend and tell them to sign up here.
Be social: Like our Facebook page and follow us on Twitter.
Want more investing tips? Listen to the podcast.
Show Your Support: Buy Me a Coffee.
Questions or comments? Hit reply to reach out.