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Aptos Jumps After Coins Unlock

Aptos Jumps After Coins Unlock

Plus, Cal-Maine's bird flu outbreak.

Photo by Shubham Dhage on Unsplash

Today is Wednesday, December 13, 2023.

The Early Bird Index today is 62.34.

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Aptos Jumps After Coins Unlock

The price of Aptos jumped over 7% on Tuesday, a true outlier among cryptocurrencies yesterday, thanks to a new supply of tokens.

Details: Aptos unlocked 24.84 million APT coins on Tuesday, which means that those newly released coins became available for crypto traders. APT coins are the native tokens on the Aptos blockchain. The total value of those coins is $215.88 million, which represents 8.16% of the supply of APT coins, according to the website TokenUnlocks.

Background: The Aptos blockchain, which was created by the Aptos Foundation, was launched in October 2022. Despite being one of the younger cryptos, it has surged in popularity in the past year.

Price: Aptos is up over 90% in 2023. In the past week, Aptos is up 13%.

Final Thoughts: Will the Aptos rally continue? In the short term, it is not likely. That is the nature of these altcoins, which can be volatile.

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Notables

Notable Earnings Today: Adobe (Nasdaq: ADBE), ABM Industries (NYSE: ABM), REV Group (NYSE: REVG), Nordson (Nasdaq: NDSN), Cognyte Software (Nasdaq: CGNT), Photronics (Nasdaq: PLAB), QuantaSing Group (Nasdaq: QSG), Amtech Systems (Nasdaq: ASYS).

Notable IPOs Today: Inno Holdings Inc. Common Stock (Nasdaq: INDH), AB Corporate Bond ETF (Nasdaq: EYEG), AB Conservative Buffer ETF (Nasdaq: BUFC), AB Core Plus Bond ETF (Nasdaq: CPLS), Themes US R&D Champions ETF (Nasdaq: USRD), Themes US Cash Flow Champions ETF (Nasdaq: USCF), Themes Natural Monopoly ETF (Nasdaq: CZAR), Themes Gold Miners ETF (Nasdaq: AUMI), Themes US Small Cap Cash Flow Champions ETF (Nasdaq: SMCF).

Notable Equity Crowdfunding Campaigns Ending Today: Hillary’s Chicago Pizza (Honeycomb), Hangman Brewing Company (Honeycomb), Arizona Winery Tours (Honeycomb), Fan Owned Club (Wefunder), Best Food Trucks (StartEngine), Heffer BBQ (Honeycomb).

Notable Economic Events Today: Producer Price Index / Core PPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Fed Interest Rate Decision / FOMC Statement (2:00 p.m. ET), FOMC Press Conference (2:30 p.m. ET).

Cal-Maine's Bird Flu Outbreak

Photo by Nick Fewings on Unsplash

Shares of Cal-Maine Foods (Nasdaq: CALM) ticked down by 0.37% in after-hours trading on Tuesday after the egg producer reported that a facility in Kansas tested positive for highly pathogenic avian influenza (AKA bird flu).

Details: Cal-Maine temporarily closed the facility. It will impact about 1.6% of the company’s total stock. Also, this detection does not present a public health concern right now, according to the company.

Background: The outbreak is a setback for Cal-Maine, which has struggled as of late. A few months ago, the company reported disappointing financial results due to lower egg prices.

Stock Price: Cal-Maine is down over 11% this year, including a 1% drop in the last 30 days.

Final Thoughts: Despite the problems, Cal-Maine’s stock valuation is low right now.

L3Harris Stops M&A Activity

Defense contractor L3Harris Technologies (NYSE: LHX) said on Tuesday that it is ending its mergers and acquisitions program “for the foreseeable future” to fix its balance sheet.

Final Thoughts: L3Harris is down 3% this year, despite posting solid financial results a few months ago. Defense stocks are an area to watch in the coming months.