Ethereum’s Spring Struggles 📉

Plus, Petco new leadership change.

Together With

Today is Wednesday, May 15, 2024.

The Early Bird Index today is 70.84.

New to this newsletter? Sign up here


Crypto Theft Surges - How to Protect Your Crypto

Cryptocurrency thefts increased 54% in the first three quarters of 2024, according to a new report from Hack3d.

Details: The report showed that private key compromises were particularly vulnerable to attacks.

Bigger Picture: The general public is becoming more educated and comfortable with cryptocurrencies. There are many bad actors who are frighteningly aware of that and they’ll be looking for new victims entering the marketplace. 

Solution: Use CryptoLaptops™ from Calix Solutions, which are designed to buy, sell, and store cryptocurrencies in a safe and secure manner.

Ethereum’s Spring Struggles 📉

The turbulent spring season for Ethereum was on display Tuesday, with the cryptocurrency price dropping to a 30-day low.

Price: Ethereum’s price is up 22% this year, but is down 27% since March 11.

What’s Happening: Bearish sentiment for a spot Ethereum ETF (exchange-traded fund) approval in the United States seems to be the culprit. Spot Bitcoin ETFs received approval in the U.S. in January, which boosted the crypto markets.

  • A recent report suggested that regulators plan to deny spot Ethereum ETFs.

Definition: A spot ETF is a direct investment in a specific asset, such as Ethereum. It is different than a futures product, which is a bet on Ethereum contracts.

Final Thoughts: Most crypto prices have also been down since March due to negative sentiments concerning interest rates.


Notable Earnings Today: Cisco Systems (Nasdaq: CSCO), (Nasdaq: MNDY), Dynatrace (NYSE: DT), Grab (Nasdaq: GRAB), Copa Holdings (NYE: CPA), Dole (NYSE: DOLE), Maxeon Solar (Nasdaq: MAXN), Arcos Dorados (NYSE: ARCO), Riskified (NYSE: RSKD), ZTO Express (NYSE: ZTO), Acurx Pharmaceuticals (Nasdaq: ACXP), Bio Path Holdings (Nasdaq: BPTH), Cresco Labs (OTCMKTS: CRLBF), Fluent (Nasdaq: FLNT), Hut 8 (Nasdaq: HUT), Inotiv (Nasdaq: NOTV), Iris Energy (Nasdaq: IREN), KORE Group Holdings (NYSE: KORE), MakeMyTrip (Nasdaq: MMYT), Seanergy Maritime Holdings (Nasdaq: SHIP), Super League Enterprise (Nasdaq: SLE).

Notable IPOs Today: Kindly MD, Inc. (Nasdaq: KDLY), Raytech Holding Ltd (Nasdaq: RAY), JIADE Ltd (Nasdaq: JDZG).

Notable Equity Crowdfunding Campaigns Ending Today: Total Network (Netcapital), Oconee National Disc Golf Complex (Vicinity), Homevest (Netcapital), Dice Cream (StartEngine), Savoure Kitchen (Honeycomb), Bubble Bar Boston (Mainvest), Li3 Group (Netcapital), Apex Noire Cannabis (Mainvest).

Notable Economic Events Today: Consumer Price Index / Core CPI (8:30 a.m. ET), Retail Sales / Core Retail Sales (8:30 a.m. ET), NY Empire State Manufacturing Index (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories (10:00 a.m. ET), Cushing Crude Oil Inventories (10:30 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET).

Petco’s Leadership Change

Petco Health and Wellness (Nasdaq: WOOF) jumped 5.39% in after-hours trading on Tuesday after appointing Glenn Murphy as executive chairman of the board of directors.

Details: Murphy will play a lead role in the company’s search for a new CEO. The former CEO left in March following bad financial results.

Final Thoughts: Petco, down 35% this year, aims to turn things around.

Boot Barn’s Disappointing Outlook

Despite posting good financial results on Tuesday, Boot Barn Holdings (NYSE: BOOT) fell 5.63% in after-hours trading.

Financials: Boot Barn reported earnings of 96 cents per share in the past quarter and revenue of $388.5 million; both were better than expected.

Outlook: The company anticipates full-year earnings per share to be between $4.55 and $4.85, but investors expected more.

Final Thoughts: Sales for the cowboy boots and gear company also fell in the quarter. The stock was up 42% this year before these results.

Thank you for reading!

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

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.

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.