JD.com Hits Singles Day Record
Plus, 3 Ethereum facts to know.
Today is Friday, November 12, 2021.
JD.com Hits Singles Day Record
Shares of JD.com (Nasdaq: JD) soared 8.31% on Thursday after the Chinese e-commerce company announced that it achieved record sales for Singles Day.
Background: Singles Day is an unofficial holiday in China that celebrates single people. It occurs on November 11.
Details: JD.com reported over $48 billion in sales for the holiday shopping event, according to CNBC.
Bigger Picture: It wasn’t just JD.com that benefited from the holiday. Chinese tech company Alibaba (NYSE: BABA) also had strong sales. The stock price increased 2.37% on Thursday.
Final Thoughts: Despite the strong sales, some investors are still concerned that the Chinese government could try to regulate these e-commerce giants.
Notable Earnings Today: AstraZeneca (Nasdaq: AZN), Warby Parker (NYSE: WRBY), Spectrum Brands Holdings (NYSE: SPB).
Notable IPOs Today: Integrated Rail and Resources Acquisition Corp. (NYSE: IRRX), Journey Medical Corporation Common Stock (Nasdaq: DERM), Mynaric AG Shares (Nasdaq: MYNA), Argus Capital Corp. Class A Common Stock (Nasdaq: ARGU), BT Brands, Inc. Common Stock (Nasdaq: BTBD).
Notable Equity Crowdfunding Campaigns Ending Today: Maine Craft Distilling (Republic), ASTRALABS (Wefunder), Automatic (Wefunder), Provision (MainVest), Drewrys Company (MainVest), Caribe Soul (MainVest).
Notable Economic Events Today: Job Openings (10:00 a.m. ET), Michigan consumer sentiment index (10:00 a.m. ET).
3 Things to Know Before Buying Ethereum
With a market cap exceeding $560 billion, Ethereum is the second-largest cryptocurrency. Here are three facts that investors should know before getting involved.
History: Ethereum dates back to 2013 when programmer Vitalik Buterin wrote about the idea in a white paper that was later brought to life through crowdfunding.
Usage: Thanks to its smart contract functionality, many companies use Ethereum. Some examples of companies include Amazon (Nasdaq: AMZN), ING (NYSE: ING), and Ubisoft (OTCMKTS: UBSFY).
Supply: While there is no supply cap on Ethereum, the supply of this cryptocurrency is shrinking. This is because of the London upgrade in August 2021, which resulted in the burning of coins.
Final Thoughts: Ethereum is one of the hottest cryptos today, thanks in part to its recent price increase.
Bitwise Ceases Bitcoin Futures ETF Plan
Bitwise Asset Management will no longer pursue plans to create a Bitcoin futures exchange-traded fund (ETF), the company announced Wednesday.
Background: Last month, the U.S. Securities and Exchange Commission approved the first Bitcoin ETF. However, this ETF tracks futures, which are financial contracts, instead of the spot price.
Details: Bitwise wanted to pitch its own Bitcoin futures ETF. However, Bitwise CIO Matt Hougan tweeted Wednesday about some concerns, particularly the cost.
Future: Hougan said Bitwise still wants to pursue the creation of a Bitcoin spot ETF, which he says will be good for investors.
Final Thoughts: A Bitcoin ETF would give investors exposure to the crypto without owning the underlying asset.
Trends to Watch
Blink and You’ll Miss It: Blink Charging Stock Pops On Record Revenue, But Earnings Miss (Investor’s Business Daily)
A Look at Price: Bitcoin Could Find Support at $56K-$60K (CoinDesk)
Welcome Back, Travel: Thanksgiving Air Travel Set to Outpace Pre-Pandemic Levels (U.S. News)
Riding High: Nio rallies after Citi boosts price target on positive view of market share momentum (Seeking Alpha)
Gold Status: Goldman Launches Three More Thematic ETFs Betting on Disruption (Bloomberg)
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