Ethereum Snaps 9-Week Drought

Today is Tuesday, February 15, 2022.

New to this newsletter? Sign up here.

Ethereum Snaps 9-Week Drought

Ethereum broke its 9-week spell of outflows by achieving inflows of $21 million last week, signaling a potential comeback for the popular cryptocurrency, according to data from CoinShares on Monday.

Details: The report also stated that digital asset investment products had $75 million in inflows last week.

Big Increases: Blockchain equity investment products totaled $69 million last week, its highest level since mid-December. Bitcoin inflows totaled $25 million.

Background: It has been a rough few months for Ethereum. The price is down nearly 39% since hitting an all-time high in November. This also includes an 11% drop in the last month.

Final Thoughts: Cryptocurrencies, like the broader market, have suffered in early 2022 due to harsh economic conditions. With Ethereum inflows up, there is hope that the price will eventually turn positive.

Notables

Notable Earnings Today: Marriott International (Nasdaq: MAR), Roblox (NYSE: RBLX), Restaurant Brands International (NYSE: QSR), Upstart Holdings (Nasdaq: UPST), Airbnb (Nasdaq: ABNB), Huntsman (NYSE: HUN), Zoetis (NYSE: ZTS), Devon Energy (NYSE: DVN), Arch Resources (NYSE: ARCH), ViacomCBS (Nasdaq: VIAC), Wynn Resorts (Nasdaq: WYNN), Palatin (NYSEAMERICAN: PTN), SolarEdge Technologies (Nasdaq: SEDG), Ecolab (NYSE: ECL), Sabre (Nasdaq: SABR), CF Industries Holdings (NYSE: CF), Acadia Realty Trust (NYSE: AKR), Akamai Technologies (Nasdaq: AKAM), Andersons (Nasdaq: ANDE), Angi (Nasdaq: ANGI), BorgWarner (NYSE: BWA), CEVA (Nasdaq: CEVA), Cincinnati Financial (Nasdaq: CINF), Comstock Resources (NYSE: CRK), Denny's (Nasdaq: DENN), Franklin Electric (Nasdaq: FELE), GXO Logistics (NYSE: GXO), Henry Schein (Nasdaq: HSIC), IAC/InterActiveCorp. (Nasdaq: IAC), IQVIA Holdings (NYSE: IQVIA), La-Z-Boy (NYSE: LZB), Marriott International (MAR), Pacific Biosciences of California (Nasdaq: PACB), Royalty Pharma (Nasdaq: RPRX), West Fraser Timber (NYSE: WFG), Wyndham Hotels & Resorts (NYSE: WH), Item Nine Labs (OTCMKTS: INLB), PHX Minerals (NYSE: PHX).

Notable IPOs Today: Kensington Capital Acquisition Corp. IV (NYSE: KCAC), Wytec International, Inc. Common Stock (Nasdaq: WYTC), Cariloha, Inc. Class A Common Stock (Nasdaq: ALOHA), Sunshine Biopharma Inc. Common Stock (Nasdaq: SBFM), A SPAC I Acquisition Corp. Unit (Nasdaq: ASCAU), Genesis Unicorn Capital Corp. Unit (Nasdaq: GENQU), Spark Networks SE American Depositary Shares (Nasdaq: LOV), Can B Corp. Common Stock (Nasdaq: CANB), Smart for Life, Inc. Common Stock (Nasdaq: SMFL).

Notable Equity Crowdfunding Campaigns Ending Today: O2 Treehouse (StartEngine), nVIAsoft (StartEngine), WonderSpray (StartEngine), Vivatia Skinscare (StartEngine), Engineurix (NetCapital), Tahiti’s Breeze (NetCapital), ErmaRose Winery (SMBX), Hudson Space Systems (StartEngine).

Notable Economic Events Today: Producer price index (8:30 a.m. ET), Empire state manufacturing index (8:30 a.m. ET), API weekly crude oil stock (4:30 p.m. ET).

Intuit Cuts Revenue Forecast

Intuit (Nasdaq: INTU) reported in after-hours trading on Monday that it is lowering its revenue forecast due to a slow forming tax season.

The Good: Intuit still expects to report record revenue for the Small Business and Self-Employed Group and Credit Karma segments.

Numbers: Shares of Intuit are up 25% in the past year, but are down slightly in the past month. The stock dropped 2% in after-hours trading on Monday.

Final Thoughts: Intuit reports earnings on February 24.

Sector Picks for Russia-Ukraine Conflict

If the conflict between Russia and Ukraine escalates, investors may want to consider certain stocks.

Sectors: Energy, utilities, and consumer staples historically perform well in the short term during bouts of military conflict.

Never Ending: Yes, it has been a rough 2022 so far, with stock prices dropping. However, most analysts say that if there is a conflict, then the sell-off will continue.

Final Thoughts: Sanctions from the U.S. to Russia could hurt stock prices.

Trends to Watch

Semi-Good Deal: Intel Nears Roughly $6 Billion Deal to Buy Tower Semiconductor (The Wall Street Journal)

Trouble: How a Russian invasion in Ukraine could disrupt life in America (CNN)

High Yield: BlockFi Moves to Register Lending Product With SEC (CoinDesk)

Ride Share: Uber CEO says you'll eventually be able to pay with cryptocurrency (Engadget)

Sign of the Times: Metaverse ETFs are booming in South Korea and retail investors are piling in (CNBC)

Thank you for reading!

Forward to a friend and tell them to sign up here.

Want more investing tips? Listen to the podcast.

Questions or comments? Hit reply to reach out.