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Cryptocurrency Can't Get Love
Despite a host of catalysts that should have propelled cryptocurrency prices on Thursday, it seems that crypto investors aren’t feeling good right now.
Details: There has been an array of positive economic data lately, including the better-than-expected Producer Price Index on Thursday that signaled that inflation might be cooling down. If that happens, then the U.S. Federal Reserve may not raise interest rates anymore and this would be a good environment for risky assets such as crypto. But instead, investors weren’t jumping on the crypto bandwagon on Thursday.
Also: The rise and fall of the new crypto PepeCoin, which was released last month and was widely traded, could explain why investors are not excited about crypto. PepeCoin served as another reminder that meme coins can be troublesome. Plus, there’s the controversy surrounding PepeCoin and its mascot.
Plus: New crypto legislation released this week in New York has some investors nervous about the asset.
Final Thoughts: While crypto investors should be excited about the recent surge of positive economic data, it is possible that many are just assuming that the gains for crypto are already baked in because of the big crypto price increases during the first quarter of 2023.
Notable Earnings Today: Embecta (Nasdaq: EMBC), Spectrum Brands (NYSE: SPB), American Strategic Investment (NYSE: NYC), China Automotive Systems (Nasdaq: CAAS), Delcath Systems (Nasdaq: DCTH), Airsculpt Technologies (Nasdaq: AIRS), Impel Pharmaceuticals (Nasdaq: IMPL).
Notable IPOs Today: Four Leaf Acquisition Corporation Class A Common Stock (Nasdaq: FORL).
Notable Equity Crowdfunding Campaigns Ending Today: BuyAlerts (Republic), Calyxeum (Mainvest).
Notable Economic Events Today: Export Price Index / Import Price Index (8:30 a.m. ET), Michigan Consumer Expectations Sentiment / Expectations (10:00 a.m. ET), WASDE Report (12:00 p.m. ET).
News Corp Saved by Dow Jones
Photo by Markus Spiske / Unsplash
Shares of News Corp (Nasdaq: NWSA) jumped by 4% in after-hours trading on Thursday after the media company posted better-than-expected financial earnings.
Financials: News Corp reported earnings of 9 cents per share in the past quarter and revenue of $2.45 billion; both were better than expected.
Details: Revenue dropped 2% year-over-year, which should have hurt the stock.
But: Revenue in the Dow Jones segment surged by 38%.
Final Thoughts: Shares of News Corp are down 8% this year as investors worry about the state of media and a declining ad market.
Getty Slides on Mixed Earnings
Getty Images Holdings (NYSE: GETY) declined by 1.44% in Thursday’s after-hours trading after posting mixed financial earnings results.
Final Thoughts: The earnings per share did not live up to expectations for Getty. The stock is up 9% this year.
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Trends to Watch
Safety Hazard: Peloton Shares Slide After It Recalls Two Million Exercise Bikes (The New York Times)
Meme-Mania: Milady memecoin surges 5,250% after Musk tweet, exchange listings (Cointelegraph)
Here We Go Again: PacWest Stock Sinks 23% After Disclosing Fresh Deposit Outflow (The Wall Street Journal)
2023 in a Nutshell: Artificial Intelligence ETF hits 52-week high as its +23% YTD (Seeking Alpha)
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