Coinbase Needs More Cash

And, Avalanche’s new gaming bounce.

Today is Wednesday, March 13, 2024.

The Early Bird Index today is 73.95.

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Coinbase Needs Extra Cash

Coinbase Global (Nasdaq: COIN) slipped 1.03% in after-hours trading on Tuesday after announcing a new offering.

Details: Coinbase announced it will offer $1 billion of convertible notes due in 2030. The notes will be senior, unsecured obligations of Coinbase.

Also: Proceeds from the offering will be used for repaying other debt obligations and for general corporate purposes.

Background: Cryptocurrency prices are soaring in 2024, and Coinbase is capitalizing. The crypto platform figures that it is a good time to take on more debt while crypto sentiment is strong.

Stock Price: Coinbase is up 63% in 2024, with most of that gain occurring in the last 30 days.

Final Thoughts: Several analysts have upgraded the stock in recent weeks, giving investors more reason to support Coinbase. Yet the company announced the offering because it needs extra cash.

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Notable Earnings Today: Dollar Tree (Nasdaq: DLTR), Lennar (LEN), UiPath (PATH), SentinelOne (S), Arcos Dorados (ARCO), Petco Health and Wellness (WOOF), Williams-Sonoma (WSM), ZIM Integrated Shipping Services (NYSE: ZIM), ADC Therapeutics (NYSE: ADCT), Anika Therapeutics (Nasdaq: ANIK), ESS Tech (NYSE: GWH), FTC Solar (Nasdaq: FTCI), Global Indemnity Group (NYSE: GBLI), GrowGeneration (Nasdaq: GRWG), Quoin Pharmaceuticals (Nasdaq: QNRX), Silence Therapeutics (Nasdaq: SLN), Target Hospitality (Nasdaq: TH), VAALCO Energy (NYSE: EGY), Vera Bradley (Nasdaq: VRA), Village Farms (Nasdaq: VFF), Vroom (Nasdaq: VRM), WideOpenWest (NYSE: WOW).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Blanket Pancakes & Syrup (StartEngine).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET).

Avalanche’s New Gaming Bounce

The next cryptocurrency to surge in recent weeks was Avalanche, which shot up 9% on Tuesday.

Details: South Korean gaming creator Nexon announced Monday that its game MapleStory will be available to play on the Avalanche blockchain. This was a big boost for Avalanche, which is already considered one of the top tokens in the gaming community. Several other studios have previously developed games on Avalanche’s network.

Recent News: Last week, Avalanche launched its Durango upgrade, which is considered to be an improvement to Avalanche that enhances the way users earn points on the platform.

Price: Avalanche is now up 34% in the last 30 days, which is good but still behind some of the other cryptos.

Final Thoughts: Is Avalanche a safe bet? On the one hand, it still has a ways to go before reaching its all-time high. On the other hand, it can be volatile.

Intel Reportedly Loses Pentagon Deal

Shares of Intel (Nasdaq: INTC) dipped by 0.97% in after-hours trading on Tuesday after a Bloomberg report said that the Pentagon will pull out of a plan to spend as much as $2.5 billion on a chip grant to the tech company.

Details: This decision will limit the total amount that Intel will get in federal funding. Intel has not commented on the report.

Final Thoughts: Intel is down 5% in 2024. While most semiconductor stocks are surging, Intel has struggled to keep up. A weaker outlook in January and other issues, such as factory delays, are hitting the company hard.

Not For Gen Z: Dating Apps Have Hit a Wall. Can They Turn Things Around? (The New York Times)

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.