Today is Tuesday, June 27, 2023.
The Early Bird Index today is 55.69.
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Robinhood Does It Once Again - Another Layoff
Robinhood (Nasdaq: HOOD) is reportedly laying off staff members again, causing shares of the financial tech company to tick up by 0.73% in after-hours trading on Monday.
Details: The Wall Street Journal reported that Robinhood will cut about 7% of its full-time staff, which will impact about 150 employees. In a statement, Robinhood said: “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload.”
Background: Robinhood had two recent layoffs. The company cut 9% of staff in April 2022 and then downsized by 23% in August.
Stock Price: Robinhood’s stock is up 19% this year, but that is far behind other tech companies in 2023.
Final Thoughts: It's no secret Robinhood has struggled to retain customers. These layoffs suggest that Robinhood is still not in good shape. Hopefully, its recent acquisition of credit card startup X1 can help turn things around.
Notable Earnings Today: Walgreens Boots Alliance (Nasdaq: WBA), AeroVironment (Nasdaq: AVAV), TD Synnex (NYSE: SNX), Jefferies (NYSE: JEF), Schnitzer Steel (Nasdaq: SCHN), Transphorm Technology (Nasdaq: TGAN), Manchester United (NYSE: MANU), NovaGold Resources (NYSE American: NG), LiveOne (Nasdaq: LVO), Korn Ferry (NYSE: KFY).
Notable IPOs Today: GEN Restaurant Group, Inc. Class A Common Stock (Nasdaq: GENK).
Notable Equity Crowdfunding Campaigns Ending Today: ResQ TRX (Netshares), Fanbase (StartEngine), ROCK’N Vodka (StartEngine).
Notable Economic Events Today: Building Permits (8:30 a.m. ET), Core Durable Goods Orders (8:30 a.m. ET), S&P Case-Shiller Home Price Index (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), New Home Sales (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Bitcoin Cash Gushes Due to New Listing
Photo by regularguy.eth / Unsplash
Background: Bitcoin Cash is a fork, or spinoff of Bitcoin, that launched in 2017.
Price: On Monday, Bitcoin Cash went up 13%. The price has more than doubled in the last week. During that time, Bitcoin itself is up about 11%.
Powering the Story: Bitcoin Cash is surging because it is one of the cryptocurrencies listed on the new trading platform EDX markets.
Final Thoughts: With so many questions about regulations in crypto, it is tough to trust Bitcoin Cash in the short term.
Eli Lily’s Good Weight Loss Drug Results
Shares of Eli Lilly (NYSE: LLY) ticked up 1.29% in after-hours trading on Monday after the pharmaceutical company reported good results for its experimental obesity drug, retatrutide.
Details: The drug saw a mean weight reduction of up to 24.2%, or 57.8 pounds, in a study published in The New England Journal of Medicine (NEJM).
Stock Price: Eli Lilly is up 24% this year, which is better than most pharmaceutical stocks in 2023.
Final Thoughts: Obesity drugs are getting a lot of attention on Wall Street in 2023, and Eli Lilly is starting to capitalize on it.
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Trends to Watch
No Recession Yet: The economy was supposed to cave in by now. It hasn’t — and GDP is set to rise again. (MarketWatch)
Takeover: Brookfield Nears Deal to Buy Insurer American Equity (Bloomberg)
Dumping Tech: Stock Indexes Fall on Tech, Communications Declines (The Wall Street Journal)
Special Delivery: Amazon will use small businesses to help deliver packages in the US (Engadget)
Equity Crowdfunding News: The Dacxi Chain Launch: A Global Equity Crowdfunding Network (EIN News)
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