Today is Wednesday, September 7, 2022.
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Ethereum's Bellatrix Hard Fork
The price of Ethereum dropped about 7% on Tuesday after an important step for the cryptocurrency’s future merge began.
Details: In a tweet on Tuesday, Ethereum founder Vitalik Buterin wrote that Ethereum's upcoming merge “is officially underway and will likely kick in sometime between Sept. 13-16.” The Bellatrix upgrade, Ethereum’s final “hard fork” needed before the merge, was activated on Tuesday.
Background: Ethereum’s long-awaited merge is a network upgrade that will result in making the crypto more scalable and environmentally friendly.
Numbers: How bad has Ethereum been this year? The price is down over 60%. Most crypto prices dropped on Tuesday.
Final Thoughts: Can next week's merge boost Ethereum’s price for the remainder of 2022? Or will larger macro trends continue to hurt the digital currency?
Notable Earnings Today: Nio (NYSE: NIO), GameStop (NYSE: GME), Academy Sports + Outdoors (Nasdaq: ASO), American Eagle Outfitters (NYSE: AEO), G-III Apparel (Nasdaq: GIII), Asana (NYSE: ASAN), REV Group (NYSE: REVG), Dave & Buster's (Nasdaq: PLAY), Korn/Ferry (NYSE: KFY), Casey's General (Nasdaq: CASY), John Wiley & Sons (NYSE: WLY), Verint Systems (Nasdaq: VRNT), AeroVironment (Nasdaq: AVAV), Couchbase (Nasdaq: BASE), ReneSola (NYSE: SOL).
Notable IPOs Today: JUPITER NEUROSCIENCES, INC. (Nasdaq: JUNS).
Notable Equity Crowdfunding Campaigns Ending Today: Poseidon AmphibWorks Corporation (StartEngine), Pasmosa (StartEngine).
Notable Economic Events Today: Trade Balance / Exports / Imports (8:30 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), Beige Book (2:00 p.m. ET).
UiPath’s Foreign Currency Problems
Shares of UiPath (NYSE: PATH) dropped 15.91% in after-hours trading on Tuesday after the software company posted mixed financial earnings results.
Financials: UiPath reported a loss of two cents per share and revenue of $242.2 million; both were better than expected.
The Good: Annual recurring revenue surpassed $1 billion, an important milestone for the company.
The Bad: The company is facing “FX headwinds and macro uncertainty” due to its global presence. As a result, UiPath is cuttings its revenue guidance for the current quarter.
Stock Price: UiPath’s stock is down 64% this year. The stock price peaked last May.
Final Thoughts: The recently-announced acquisitions and partnerships have been a positive development for UiPath, but there are clearly some headwinds right now.
Coupa’s Record Quarter
Shares of Coupa Software (Nasdaq: COUP) jumped 13.58% in after-hours trading on Tuesday after the technology company posted positive financial earnings results.
Financials: Coupa reported a loss of 99 cents per share and revenue of $211 million; both were better than expected.
Records: The company had record quarterly subscription revenues of $193 million. Overall revenue was also a quarterly record. As a result, the company announced a $100 million stock buyback program.
Final Thoughts: This is still a stock that is down 65% in 2022, but these strong results could propel Coupa to see better days.
Trends to Watch
More Ads, Less Retail: Instagram Scaling Back Shopping Features Amid Commerce Retreat (The Information)
How Lowe Can You Go?: Lowe’s chief marketing officer leaves the company as part of broader shakeup (CNBC)
Bee on Top: Beeline Targets £800K on Seedrs, Tops £1 Million (Crowdfund Insider)
Big Biden Bet: Biden administration reveals details of its $50 billion chip investment plan (Engadget)
The Fed vs. You: The Fed Wants You to Lose Money in Stocks and Probably Crypto, Too (CoinDesk)
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