Today is Tuesday, July 11, 2023.
The Early Bird Index today is 57.43.
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Bitcoin $120K 2024 Prediction
A bank has a bullish outlook for Bitcoin in 2023 and 2024, and investors are excited.
Powering the Story: Standard Chartered believes that some Bitcoin miners will need to sell fewer coins in the near future to cover their costs, such as electricity. That means that miners would hoard more Bitcoins, which would allow the price to rise.
But: Standard Charter’s Bitcoin predictions have been all over the place. The organization predicted in April that Bitcoin would hit $100,000 by the end of 2024.
Background: Bitcoin reached an all-time high of $64,000 in late 2021. Then the cryptocurrency industry faced a dark period in 2022 known as “crypto winter.” Bitcoin lost over 70% of its value in 2022. This year, Bitcoin is up 80%, recovering some of those losses and hitting $30,000 in value.
Final Thoughts: While $120,000 is a tough prediction to imagine, some investors are buying it. Bitcoin ticked up 1% on Monday.
Notable Earnings Today: Byrna Technologies (Nasdaq: BYRN).
Notable IPOs Today: 60 Degrees Pharmaceuticals, Inc. Common Stock (Nasdaq: SXTP), Financial Strategies Acquisition Corp. Class A Common Stock (Nasdaq: FXCO), Schwab Strategic Trust (NYSE Arca: SCYB), Simplify Exchange Traded Funds (NYSE Arca: QIS).
Notable Equity Crowdfunding Campaigns Ending Today: Thrive Tribe Cafe (Honeycomb).
Notable Economic Events Today: EIA Short-Term Energy Outlook (12:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Rite Aid Drops Due to Bankruptcy Rumor
Photo by Melinda Gimpel / Unsplash
Shares of Rite Aid (NYSE: RAD) dropped by 2.52% in after-hours trading on Monday due to a rumor concerning bankruptcy.
Details: Harvard Zhang, an editor for the financial publication Reorg, tweeted on Monday that “Rite Aid is considering a Chapter 11 bankruptcy filing to address liabilities related to its involvement in opioids.” Rite Aid did not comment on the report.
Background: It has been a bad year for consumer stocks, due to fears of lower consumer spending. It has also been a bad year for most healthcare stocks. And Rite Aid is part of both lagging industries.
Stock Price: Rite Aid is down over 50% this year. The stock has lost 95% of its value since 2018.
Final Thoughts: Bankruptcy or not, it’s a tough time to invest in this company.
Uber Might Be Losing Finance Chief
Shares of Uber Technologies (NYSE: UBER) ticked down 0.86% in after-hours trading on Monday after a report said that the ride-sharing giant might lose its most senior executive since going public.
Details: A report from Bloomberg on Monday said that Chief Financial Officer Nelson Chai is planning to leave the company. A decision on the timing hasn’t been announced. Uber has not commented.
Stock Price: Uber’s stock is up 68% in 2023. The stock has doubled since last July.
Final Thoughts: Uber is having a great 2023. Hopefully, this departure doesn’t ruin Uber’s year.
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Trends to Watch
Continuing: Grayscale Bitcoin Trust Discount Narrows to Lowest Since May 2022 (CoinDesk)
Rough Year: Carl Icahn Gets Breathing Room From Lenders Following Short-Seller Attack (The Wall Street Journal)
Big Beat: WD-40 stock rallies as results top Street view (MarketWatch)
Car Dealing: Used Car Prices Drop By a Record. Carvana Stock Is Up, a Lot. (Barron’s)
Abandoning: Foxconn drops out of another big factory deal, this time in India (The Verge)
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