Ethereum Rides Big Money Wave

And, Bloom Energy's $75M tax credit.

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Today is Tuesday, April 9, 2024.

The Early Bird Index today is 72.51.

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Ethereum Rides Big Money Wave

The price of the cryptocurrency Ether, which is the native token for the platform Ethereum, moved up by 4% on Monday as big money interests got involved.

Details: One reason behind this new surge in Ether is increased activity from crypto whales, which are people or organizations that own a lot of crypto and buy more.

Deeper Dive: Cointelegraph reported on Monday that crypto whales have been increasing their Ether holdings daily since March 17. Meanwhile, FXStreet reported that two crypto whales made large purchases of Ether on Monday totaling over $50 million.

Background: This is happening as institutional investors (AKA very rich people) are investing more money in crypto in 2024 than in recent years. A big reason for this is the recent approval of spot Bitcoin ETFs (exchange-traded funds), which gave traditional investors direct access to crypto.

Also: There’s anticipation over the future approval of spot Ethereum ETFs. However, there’s no official announcement regarding that approval at the moment.

Price: Ether is already up 56% this year, but down nearly 6% in the last 30 days.

What’s Next: Watch for more spot Ethereum ETFs news. Also, the economy and interest rates will likely impact crypto prices.

Final Thoughts: If you haven’t realized this already, you should recognize that Ethereum is the second-most popular crypto (behind Bitcoin).

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Notable Earnings Today: Tilray (Nasdaq: TLRY), Cognyte Software (Nasdaq: CGNT), WD-40 (Nasdaq: WDFC), Neogen (Nasdaq: NEOG), PriceSmart (Nasdaq: PSMT), SMART Global (Nasdaq: SGH), Aehr Test Systems (Nasdaq: AEHR), RCI Hospitality Holdings (Nasdaq: RICK).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Truth Arts (Republic), Monad.Social (Wefunder).

Notable Economic Events Today: EIA Short-Term Energy Outlook (12:00 p.m. ET), API Weekly Crude Oil Stock (4:00 p.m. ET).

Bloom Energy Gets $75M Federal Tax Credit

Source: Bloom Energy

Alternative energy company Bloom Energy (NYSE: BE) ticked up 1.89% in after-hours trading on Monday after disclosing a major federal tax credit.

Detail: The company was awarded up to $75 million in tax credits under the Qualifying Advanced Energy Project 48C initiative. The tax credits are for Bloom’s Fremont facility, which makes high-efficiency fuel cell stacks.

Background: This tax credit comes after recent victories for Bloom. Last month, the company announced a new partnership with energy giant Shell (NYSE: SHEL). The stock was also upgraded by analysts.

Stock Price: Bloom is down 20% in 2024, but up 11% in the last 30 days.

Final Thoughts: The company is also benefiting from its use of artificial intelligence. Some analysts see Bloom as a potential AI play.

Norwegian Cruise Line’s Largest Order

Norwegian Cruise Line (NYSE: NCLH) announced Monday that it would get 8 new ships, the largest order in its history. The stock edged up slightly by 0.26% in after-hours trading.

Final Thoughts: The stock is up 5.8% in 2024 as the travel industry grows.

Hesitance: Doubts Creep In About a Fed Rate Cut This Year (Wall Street Journal)

Alert: Jamie Dimon Issues an Economic Warning (The New York Times)

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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.