Today is Thursday, October 6, 2022.
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Musk Twitter Deal Derails Doge
Details: The price of Dogecoin jumped 4% on Tuesday after it was revealed that Musk’s deal to acquire Twitter was back on, but it appears that the momentum may have evaporated on Wednesday.
Background: Musk, a vocal supporter of Dogecoin, has been trying to acquire Twitter for some time. The deal has gone from on to off many times this year. Musk said on Tuesday that he wants to buy the social media company again for the original price of $44 billion.
Stock Price: Speaking of Twitter, the stock is up 19% since Muck announced Tuesday that the deal was back on. Overall, Twitter’s stock is up 20% this year.
Final Thoughts: Dogecoin has lost over half of its value in 2022. Some may see it as just another meme coin, but there are a few analysts who are still bullish on Dogecoin for the short term.
Notable Earnings Today: Constellation Brands (NYSE: STZ), Levi Strauss (NYSE: LEVI), McCormick (NYSE: MKC), Accolade (Nasdaq: ACCD), Conagra (NYSE: CAG), Landec (Nasdaq: LNDC), AngioDynamics (Nasdaq: ANGO).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET).
Chevron May Pump Oil in Venezuela Again
Photo by Zbynek Burival / Unsplash
Shares of Chevron (NYSE: CVX) ticked up 0.56% in after-hours on Wednesday after a report suggested good news for the energy company’s Venezuela operations.
Details: According to The Wall Street Journal, the Biden administration could scale down sanctions against Venezuela's authoritarian regime in exchange for talks to discuss a potential presidential election in 2024. Scaling down the sanctions means that Chevron can resume oil pumping in Venezuela.
Big Picture: Chevron has been suspended from drilling and transporting oil from Venezuela for some time. This deal could reopen the U.S. and European markets to Chevron's oil from Venezuela.
Stock Price: Chevron’s stock is up 32% this year, similar to other oil companies. However, the stock is about even in the past 30 days.
Final Thoughts: In the past few weeks, Chevron has been making deals and partnerships around the world. Will this new deal with Venezeula actually happen? Chevron has not commented yet.
Equity Crowdfunding Spotlight: MARCo Health
Briefly describe your business. MARCo Health develops compassionate robot therapists to provide low-cost, 24/7 available, personalized mental healthcare to individuals struggling with their mental health, while offering professionals data feedback and triage tools.
What are the terms of the investment for your campaign? Offering common stock on StartEngine with a $1.23M maximum at $5 per share with a valuation cap of $7.725M. Investors within the first week get 15% bonus shares, the second week get 10% bonus shares, and amounts over $500 get bonus shares and perks.
What makes your startup special? We have patented, science-based, clinically tested technology, and an executive team with decades of experience in robotics, medical devices, clinical psychiatry, and scaling startups. Mental health is personal to us, too, so we are driven to succeed.
Trends to Watch
Going Down South: Tyson Foods will move about 500 corporate employees in Chicago, Downers Grove to Arkansas headquarters (Chicago Tribune)
Alert: WTO sounds warning on global trade (Axios)
Job Seeking: U.S. private sector job growth steady in September, ADP says (MarketWatch)
Celebration: Will bulls take charge now that Bitcoin price trades above a long-term trendline resistance? (Cointelegraph)
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