Cardano's Chang Hard Fork

And, Intel's short-covering boost.

Today is Tuesday, July 9, 2024.

The Early Bird Index today is 75.47.

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Cardano's Chang Hard Fork

The price of the cryptocurrency Cardano jumped about 6% Monday in anticipation of an important update.

Details: Over the weekend, Cardano founder Charles Hoskinson gave a video update about the upcoming Chang Hard Fork, confirming that it will occur later in July.

Background: The Chang Hard Fork is an upgrade to the technology that powers Cardano. It is being done to improve the governance of the technology and to make it more resilient against attacks.

Early Bird’s Nest Egg Gains: Most blockchain platforms experience hard-fork upgrades. This particular upgrade could be advantageous to Cardano holders.

  • This upgrade grants Cardano holders the ability to submit and vote on future protocol changes.

  • It will implement CIP-1694, a governance document from the Cardano community. 

  • The upgrade also unlocks access to the Cardano treasury, which is worth nearly $700 million.

Final Thoughts: Cardano is down 40% this year. Could the Chang Hard Fork turn things around for Cardano in 2024?


Notable Earnings Today: Helen of Troy (Nasdaq: HELE), SMART Global (Nasdaq: SGH), Byrna Technologies (Nasdaq: BYRN), Kura Sushi USA (Nasdaq: KRUS), Saratoga Investment (NYSE: SAR).

Notable IPOs Today: Sunrise Realty Trust, Inc. Common Stock When-Issued (Nasdaq: SUNSV), AFC Gamma, Inc. Common Stock Ex-distribution When-Issued (Nasdaq: AFCGV)

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Fed Chair Powell Senate Testimony (10:00 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Intel's Short-Covering Boost

Intel (Nasdaq: INTC) climbed 6.15% Monday and a further 2.44% in after-hours trading due to short covering.

Details: Analysts at Mizuho said there is a “clear short cover trade underway in semis,” which is impacting Intel and other semiconductor stocks, according to,

Definition: Short covering involves buying back shares of stock to close out an open short position.

Background: Intel is proof that 2024 has not been kind to all semiconductor companies. The stock is down 28% this year due to weak financial performances, too much debt, challenges in the foundry business, and falling behind competitors.

Final Thoughts: Intel will likely report earnings around late July.

Kymera Expands Medical Trials

Kymera Therapeutics (Nasdaq: KRMR) surged by 10.17% in after-hours trading on Monday after disclosing it will expand its ongoing Hidradenitis Suppurativa (HS) and Atopic Dermatitis (AD) Phase 2 trials following a review of preliminary safety and efficacy data.

Final Thoughts: The biotechnology company is up 26% this year but down 6% in the last 30 days.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.