Bitcoin's Price Hits 2023 High
Plus, Redfin gets needed financing.
Today is Tuesday, October 24, 2023.
The Early Bird Index today is 52.68.
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Bitcoin's Price Hits 2023 High
The price of Bitcoin surged 10% on Monday to over $34,000, which is the highest price for Bitcoin so far in 2023. It’s also the biggest surge for Bitcoin since the summer.
Powering the Story: Monday’s surge seems to stem from enthusiasm that the U.S. SEC will finally approve of a spot Bitcoin ETF (exchange-traded fund) in the coming months. One of the hopeful funds behind a spot Bitcoin ETF got its trust listed in the DTCC (Depository Trust & Clearing Corporation), which is a positive sign, according to a report on Monday.
What’s Next: There’s some hope that Bitcoin and other cryptocurrencies will continue to jump in the coming days, according to a CoinDesk report on Monday.
Final Thoughts: There’s a lot of excitement in crypto, although there are some concerns about a potential “crypto winter” coming soon.
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Notable Earnings Today: Microsoft (Nasdaq: MSFT), Alphabet (Nasdaq: GOOGL), Coca-Cola (NYSE: KO), Verizon Communications (NYSE: VZ), Snap (NYSE: SNAP), General Electric (NYSE: GE), Visa (NYSE: V), RTX (NYSE: RTX), 3M (NYSE: MMM), Teladoc Health (NYSE: TDOC), Archer-Daniels-Midland (NYSE:ADM), Matador Resources (NYSE: MTDR), Spotify (SPOT), Texas Instruments (Nasdaq: TXN), NextEra Energy (NYSE: NEE), NextEra Energy Partners (NYSE: NEP), Boyd Gaming (NYS: BYD), Centene (NYSE: CNC), Range Resources (NYSE: RRC), General Motors (NYSE: GM), Ares Capital (Nasdaq: ARCC), Asbury Automotive (NYSE: ABG), Canadian National Railway (NYSE: CNI), Chubb (NYSE: CB), Corning (NYSE: GLW), Danaher (NYSE: DHR), Dover (NYSE: DOV), Dow (NYSE: DOW), Encore Wire (Nasdaq: WIRE), F5 Networks (Nasdaq: FFIV), Fiserv (NYSE: FI), Franklin Electric (Nasdaq: FELE), Halliburton (NYSE: HAL), Hawaiian Holdings (Nasdaq: HA), Illinois Tool Works (NYSE: ITW), Invesco (NYSE: IVZ), JBT Corp (NYSE: JBT), Kimberly-Clark (NYSE: KMB), Old National Bancorp (Nasdaq: ONB), PACCAR Nasdaq: PCAR), Pentair (NYSE: PNR), Polaris Industries (NYSE: PII), PulteGroup (NYSE: PHM), Quest Diagnostics (NYSE: DGX), Sherwin-Williams (NYSE: SHW), Simply Good Foods (Nasdaq: SMPL), Synchrony Financial (NYSE: SYF), Teck Resources (NYSE: TECK), TransUnion (NYSE: TRU), Vicor (Nasdaq: VICR), Waste Management (NYSE: WM), Xerox (Nasdaq: XRX).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: MAXPRO (StartEngine).
Notable Economic Events Today: S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Redfin Gets Needed Financing
Shares of Redfin (Nasdaq: RDFN) jumped 9.80% in after-hours trading on Monday after the real estate company announced that it received $250 million in financing from Apollo Capital.
Details: Redfin borrowed half of the loan on Friday and the remainder will be available for the next 12 months as needed. The cash will be used to buy some of the company’s existing convertible notes.
Final Thoughts: Despite problems in the real estate market, Redfin is up 18% this year. Investors are happy that this deal will help Redfin’s balance sheet.
Cleveland-Cliffs Reports Record Shipments in Auto
Mining company Cleveland-ClIffs (NYSE: CLF) rose by 2.99% in after-hours trading on Monday after reporting better-than-expected financial earnings results.
Financials: Cleveland-ClIffs reported earnings of 52 cents per share in the past quarter and revenue of $5.6 billion; both were better than expected.
Details: It was a quarter of record liquidity for Cleveland-Cliffs and record automotive shipments of steel (which occurred before the recent labor strike in the automotive industry).
Final Thoughts: Cleveland-Cliffs is down 14% this year, but the company is hopeful for the future. Cleveland-Cliffs expects the automotive labor strike to end in the current quarter.
Trends to Watch
Chipped Out: Intel stock drops on report Nvidia is working on an Arm-based PC chip (CNBC)
Pumped up Deals: Chevron and Exxon Might Have Kicked Off an Oil Land Grab (Wall Street Journal)
Gone Too Far: Ackman, Gross Abandon Bearish Bond View With Yields Bouncing Off 5% (Bloomberg)
Under Attack: Okta’s Security Breach Puts Sales at Risk in Near Term, Evercore Analysts Say (Barron’s)
Labor Pains: Stellantis "outraged" after UAW expands strike to Ram 1500 truck plant (Axios)
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