Today is Monday, July 10, 2023.
The Early Bird Index today is 57.06.
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Amazon Prime Day Stock Outlook
Prime Day from Amazon (Nasdaq: AMZN) is tomorrow and Wednesday.
Definition: Prime Day is an annual event featuring exclusive sales and deals only for subscribers of Amazon Prime, which is the company’s paid subscription service. Amazon started Prime Day in 2015 and it usually occurs in the summer, except in 2020 when it was moved to October due to the pandemic.
Details: Investors will likely keep an eye on Amazon’s stock this week, given that the e-commerce business of the company will be very active. In fact, some investors might expect the stock to do well this week.
But: It turns out that Amazon’s stock price goes down -0.34% on average during Prime Day, according to Investopedia. In fact, last year the stock dropped 1.35%.
Also: Not to be outdone, but Amazon's rival Walmart (NYSE: WMT) is also having its own competing sale through Thursday.
Stock Price: Amazon’s stock is up 51% in 2023, including a 2% increase in the last 30 days.
Final Thoughts: It has been a good year for Amazon, but can the good times continue on Prime Day? All eyes will be on Amazon this week.
Notable Earnings Today: Helen of Troy (Nasdaq: HELE), WD-40 (Nasdaq: WDFC), Saratoga Investment (NYSE: SAR), CalAmp (Nasdaq: CAMP), E2open Parent Holdings (NYSE: ETWO), PriceSmart (Nasdaq: PSMT).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: N/A.
Shiba Inu Investors Await Big Upgrade
Photo by Kanchanara / Unsplash
The price of the cryptocurrency Shiba Inu is up about 5% since Thursday, thanks to a recent announcement.
Details: On Thursday, the internet personality and Shiba Inu developer Shytoshi Kusama announced that Shibarium, the layer 2 blockchain for the altcoin, will go live in August after a conference in Toronto.
Definition: Layer 2 refers to an off-chain network that is built on the original layer 1 blockchain and has new capabilities.
Background: For those involved in Shiba Inu, this is a big deal. Investors have anticipated this update for some time. Shibarium is said to offer faster transactions of Shiba Inu and have lower fees.
Price: Unlike most other cryptos, Shiba Inu is actually down for the year.
Final Thought: Cryptos are generally risky investments, especially Shiba Inu, which is still considered to be a meme coin. But there is a lot of excitement surrounding Shibarium.
TPG Reportedly Makes an Acquisition
Alternative asset manager TPG (Nasdaq: TPG) is reportedly about to announce a technology acquisition.
Details: The Wall Street Journal reported on Sunday that TPG will acquire the government cybersecurity business unit of software provider Forcepoint for $2.45 billion. Both companies have not commented on the report.
Final Thoughts: The price tag is more than double what Francisco Partners paid for Forcepoint in 2021.
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Trends to Watch
Don’t Bet Against Bitcoin: BlackRock ETF stirs US Bitcoin buying as research says 'get off zero' (Cointelegraph)
Rejected: Saudi National Bank was denied taking 40% Credit Suisse stake, Blick reports (Reuters)
To Sell or Not to Sell: Alibaba Mulls Selling Shares to Ant for Buyback as Probe Ends (Bloomberg)
Earnings Season is Here: A Soft Corporate-Earnings Season Poses Next Test for Stock Market Rally (The Wall Street Journal)
Record Breaking: Naked Life raises $3 million in equity crowdfunding — the largest ever for a food and beverage venture (SmartCompany)
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