Today is Tuesday, December 19, 2023.

The Early Bird Index today is 64.34.

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Hey Early Birds,

Just a quick heads up – we're taking a short breather between Christmas and New Year's to recharge our investment mojo and come back swinging in 2024!

🗓️ Break Dates: December 25th, 2023 - January 1st, 2024

We'll be back in your inbox right after New Year's, ready to kick off another exciting year of investing insights.

Wishing you a fantastic holiday season and a prosperous New Year!

Cheers,

Steven and The Early Bird Team 🐦🚀

Bitcoin's December Run Endures

News of Bitcoin’s December rally coming to an end has been greatly exaggerated, with Bitcoin jumping up 4% on Monday following a decline on Sunday.

Details: Last week was the first week since October where the number of Bitcoin outflows outweighed the number of Bitcoin inflows, according to CoinShares. Basically, more people sold crypto than bought it last week, which suggests a negative sentiment and explains why Bitcoin’s price dipped on Sunday.

Yes, But: There is still positive sentiment regarding the potential approval of a spot Bitcoin ETF (exchange-traded fund) in the United States. The SEC could finally approve one by January 2024, which would give traditional investors direct access to Bitcoin.

Also: An asset manager filed an application on Monday for a Bitcoin ETF designed for ESG investors, according to Fortune.

Price: Remember how bad Bitcoin was in 2022? It is different in 2023. This year, Bitcoin is up 159%.

Final Thoughts: There’s also another Bitcoin event in 2024 to look forward to. Around April, Bitcoin will undergo a halving, which will lower the supply of Bitcoin and might raise the price.

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Notables

Notable Earnings Today: FedEx (NYSE: FDX), Accenture (NYSE: ACN), FuelCell Energy (Nasdaq: FCEL), Steelcase (NYSE: SCS), FactSet (NYSE: FDS), Worthington (NYSE: WOR), Organigram Holdings (Nasdaq: OGI), Enerpac Tool Group (NYSE: EPAC), Shimmick (Nasdaq: SHIM), Know Labs (NYSE American: KNW).

Notable IPOs Today: Linkage Global Inc Ordinary Shares (Nasdaq: LGCB), Vast Renewables Limited Ordinary Shares (Nasdaq: VSTE).

Notable Equity Crowdfunding Campaigns Ending Today: My Contact Network (StartEngine), YouSolar (StartEngine).

Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET), Atlanta Fed GDPNow (11:30 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Enphase Energy Plots 10% Layoff

Energy tech company Enphase Energy (Nasdaq: EPNH) ticked down by 0.35% in after-hours trading on Monday after announcing a brutal restructuring plan.

Details: Enphase Energy is laying off 10% of its workforce. The company is also closing two facilities, one in Wisconsin and the other in Romania. This restructuring plan will cost about $16 million to $18 million.

Background: It makes sense why Enphase Energy would want to cut costs and become more efficient. Recent financials have been mixed (at best) and guidance has been lower than expected.

Stock Price: Enphase Energy is down 51% this year, but up 25% in the last 30 days.

Final Thoughts: 2023 has been tough for energy companies, including solar energy companies such as Enphase Energy. The industry is hoping for a rebound in 2024.

bluebird bio Sinks Due to Stock Offering

Shares of bluebird bio, Inc. (Nasdaq: BLUE) plummeted by 15.41% in after-hours trading on Monday after the biotech firm announced a proposed offering to sell $150 million of the company’s stock.

Background: The company’s financial results have been subpar recently, even though its sickle cell drug recently got FDA approval.

Price: bluebird bio was down 56% in 2023 before this new offering.

Final Thoughts: Biotech stocks can be fickle, and bluebird bio is a good example of that.

Trends to Watch

Red Sea Disruption: Oil prices mixed as Red Sea attacks disrupt supply chains (Reuters)

Coming in 2024: Bitcoin ETF Ad War Officially Underway With Bitwise Campaign (CoinDesk)

Too Much of a Good Thing: Your 401(k) Is Up. Don’t Let It Go to Your Head. (Wall Street Journal)

Watch Out: Apple to halt sales of some Apple Watches in US (CNN)

Avoiding Bankruptcy: Farfetch Gets $500 Million Lifeline From Coupang (The New York Times)

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