Today is Tuesday, August 30, 2022.
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FTX Token’s Huobi Denial
Details: On Monday morning, Bankman-Fried tweeted “we are not planning to acquire Huobi,” which is another cryptocurrency exchange.
Background: It was rumored in August by Bloomberg that FTX was going to buy a majority stake in Huobi. Bankman-Fried has previously opened his wallet by giving emergency capital to several crypto businesses that were in danger of closing.
Numbers: FTX Token is down about 30% this year, which is better than some of the other cryptos.
Final Thoughts: It’s been a bad year for most cryptos, including FTX Token, which is trying to turn things around. FTX Token hit a low for the year about two months ago.
Notable Earnings Today: Best Buy (NYSE: BBY), HP (NYSE: HPQ), CrowdStrike (Nasdaq: CRWD), Baidu (Nasdaq: BIDU), ChargePoint Holdings (NYSE: CHPT), Big Lots (NYSE: BIG), Chewy (NYSE: CHWY), Futu Holdings (Nasdaq: FUTU), Ambarella (Nasdaq: AMBA), Photronics (Nasdaq: PLAB), Hewlett Packard Enterprise (NYSE: HPE), PVH (NYSE: PVH), IQIYI (Nasdaq: IQ), American Resources Corporation (Nasdaq: AREC), A-Mark Precious Metals (Nasdaq: AMRK), Conn's (Nasdaq: CONN).
Notable IPOs Today: bioAffinity Technologies, Inc. (Nasdaq: BIAF), Hempacco Co., Inc. (Nasdaq: HPCO).
Notable Equity Crowdfunding Campaigns Ending Today: KneeVoice (MicroVentures), Party on Butler (Honeycomb), Noble Story (Wefunder).
Notable Economic Events Today: S&P/CS HPI Composite (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Gambling.com’s North America Growth
Shares of Gambling.com (Nasdaq: GAMB) jumped 7.84% in after-hours trading on Monday after the online gambling marketing company posted positive financial earnings results.
Financials: Gambling.com reported earnings of 9 cents per share and revenue of $15.9 million; both were better than expected.
The Good: Overall revenue grew 53% in the quarter for Gambling.com, including 342% revenue growth in North America. The company had over 57,000 new depositing customers in the quarter as well.
The Bad: Adjusted revenue and cash flow were both down year-over-year. The company also had some issues with foreign currency.
Numbers: Gambling.com’s stock is down 22% this year, but is up 2% in the past 30 days.
Final Thoughts: It was a good quarter for Gambling.com, but the cash flow drop is concerning.
YouTube’s Business Chief is About to Leave
Robert Kyncl, who’s been the chief business officer for YouTube for over 12 years, is leaving in early 2023, according to a report Monday from Variety.
Details: Mary Ellen Coe, a veteran of YouTube’s parent company Alphabet (Nasdaq: GOOGL), will succeed Kyncl, according to the report.
Final Thoughts: After starting the year off with a 24% decrease, Alphabet's stock dropped about 4% in the past 30 days. A new direction for YouTube could help things, but there will be challenges.
Trends to Watch
Everything’s Bigger in Texas, Including Bitcoin: The End of the Texas Bitcoin Mining Gold Rush (CoinDesk)
Didn’t See This Coming: China’s Pinduoduo Surprises Market With 36% Revenue Rise (The Wall Street Journal)
Made in America: Honda and LG Chem will build a $4.4 billion EV battery factory in the US (The Verge)
This May Not Be Sarcasm: Neel Kashkari ‘Happy’ to See the Stock Market’s Reaction After Jackson Hole (Bloomberg)
See-Food Diet: OurCrowd Backs Oversubscribed Seed Round of Foodtech Mermade Seafoods (Crowdfund Insider)
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