Today is Wednesday, August 17, 2022.
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Dogecoin's Dogechain Surge
The price of the cryptocurrency Dogecoin and other meme coins has surged this week ahead of more traditional digital currencies.
Numbers: Dogecoin jumped 8% on Tuesday and is up nearly 20% in the past seven days. Shiba Inu, the other popular meme coin, ticked up 3% on Tuesday. On the same day, Bitcoin was flat.
Catalyst: Analysts believe that Dogecoin’s recent surge is due to the rollout of Dogechain, an Ethereum-compatible smart contract network. This upgrade provides more capabilities for Dogecoin.
Background: Dogecoin’s recent surge is also occurring as meme stocks in the public markets tick up. With inflation slowing down in the past few weeks, more investors are able to stomach riskier investments such as meme coins and meme stocks.
Final Thoughts: Dogecoin’s price is down 50% this year, which is about the same as Bitcoin and Ethereum.
Notable Earnings Today: Lowe's Companies (NYSE: LOW), Target (NYSE: TGT), Cisco Systems (Nasdaq: CSCO), ZIM Integrated Shipping Services (NYSE: ZIM), Bath & Body Works (NYSE: BBWI), Analog Devices (Nasdaq: ADI), Synopsys (Nasdaq: SNPS), Krispy Kreme (Nasdaq: DNUT), Keysight Technologies (NYSE: KEYS), TJX Companies (NYSE: TJX), America’s Car-Mart (Nasdaq: CRMT), Performance Food Group (NYSE: PFGC), Grindrod Shipping Holdings (Nasdaq: GRIN), Membership Collective Group (NYSE: MCG), Amcor (NYSE: AMCR), Cresco Labs (OTCMKTS: CRLBF), ZTO Express (NYSE: ZTO), OneConnect Financial Technology (NYSE: OCFT), The Children's Place (Nasdaq: PLCE), Wolfspeed (NYSE: WOLF).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Dome Audio (PicMii), PhorMed (StartEngine), Ossa (StartEngine).
Notable Economic Events Today: Retail Sales (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET).
Agilent Outpaces Revenues
Photo by Louis Reed / Unsplash
Shares of Agilent Technologies (NYSE: A) jumped 6.58% in after-hours trading on Tuesday after the instrumentation development and manufacturing company posted positive financial earnings.
Financials: Agilent reported earnings of $1.34 per share and revenue of $1.72 billion; both were better than expected.
Quote: “The strong results in Q3, coupled with orders continuing to outpace revenues, highlight the ongoing strength and momentum of our diversified business.” - Agilent President and CEO Mike McMullen.
Outlook: The company raised its full-year revenue guidance to be in the range of $6.750 billion to $6.775 billion.
Final Thoughts: Agilent’s stock price is down 15% this year, which is better than most other tech stocks.
Equity Crowdfunding Spotlight: Verón
Briefly describe your business. Verón creates plant-based French macarons. We bring something to the vegan community that many were missing, macarons. In addition to being vegan, all 18+ flavors are gluten-free, palm oil-free, soy-free, and artificial color and flavor free.
What are the terms of the investment for your campaign? We are raising funds through the Mainvest platform which works with many startups. A 1.5 multiple paid back quarterly from 3-7.5% Business Revenue Share beginning first quarter 2023. Matures December 31, 2027.
What makes your startup special? We will succeed for a few reasons: being a part of the rapidly growing vegan world, having a unique product that is difficult to replicate, and appealing as a health-conscious indulgence that is able to be enjoyed by people with many diet restrictions.
Trend to Watch
Beyond Comprehension: Why Bed Bath & Beyond's stock is up 60% today (CNN)
House of Trouble: Homebuyers are backing out of more deals as high mortgage rates persist and recession fears linger (CNBC)
Ultra Fast: American Airlines places order for 20 supersonic jets from Boom Supersonic (The Verge)
Hoping for Great Things: This will raise Bitcoin’s price soon (CoinGeek)
Never Ending Spending: Consumers Pay More for Less, Boosting Walmart and Home Depot (The Wall Street Journal)
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