Shiba Inu Passes Other Cryptos

August 11, 2023

Photo by Traxer / Unsplash

Today is Friday, August 11, 2023.

The Early Bird Index today is 56.95.

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Shiba Inu Passes Other Cryptos

Shiba Inu jumped 3% on Thursday, outpacing most other cryptocurrencies that day, and is up 19% in the past week.

Details: Shiba Inu, which is viewed as a meme coin, enjoyed a nice week thanks in part to improved positive sentiment surrounding potential federal regulations of crypto. One analysis said that Shiba Inu is experiencing a higher level of interest and engagement from crypto traders.

Also: Golden Inu, the so-called Shiba Inu killer, is also performing well with a 30% gain in the last week.

Yes, But: There are immediate concerns with Shiba Inu. While the meme coin is performing well in August, a recent analysis said that Shiba Inu is close to the overbought zone, which could limit growth.

Final Thoughts: There are plenty of diehard Shiba Inu fans out there. But keep in mind that Shiba Inu has been incredibly volatile in its history. The price increases have mostly been driven by hype and not by practical applications.

Notables

Notable Earnings Today: Spectrum Brands (NYSE: SPB), Air Canada (OTCMKTS: ACDVF), AirSculpt Technologies (Nasdaq: AIRS), Soho House (NYSE: SHCO), Silver Spike (Nasdaq: SSIC), New York City REIT (NYSE: NYC), ReWalk (Nasdaq: RWLK).

Notable IPOs Today: Jet.AI Inc. Merger Consideration Warrants (Nasdaq: JTAIZ).

Notable Equity Crowdfunding Campaigns Ending Today: metaKnyts (Netcapital), Bear Cub Play Cafe (Mainvest), Truffle Shuffle (StartEngine), Averroes Software (Netcapital), RainGlobes (StartEngine).

Notable Economic Events Today: PPI / Core PPI (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET), WASDE Report (12:00 p.m. ET).

News Corp Sees AI Opportunity

Photo by Philip Strong / Unsplash

Shares of News Corp (Nasdaq: NWSA) dipped by 0.15% after the media company posted mixed financial results in after-hours trading on Thursday.

Financials: News Corp reported earnings of 14 cents per share in the past quarter, which was better than expected. But revenue was below estimates at $2.43 billion.

Details: Revenue declined from $2.67 billion last year due in part to foreign currency fluctuations.

Powering the Story: This marked the first time that digital accounted for over half of the company’s revenue for the full year.

Quote: “That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business.” - CEO Robert Thomson.

Stock Price: News Corp is up nearly 11% in 2023.

Final Thoughts: The media industry has been going through a lot of changes in 2023, but News Corp is trying to rise above competitors through its use of artificial intelligence.

Aurora Cannabis Posts Good Financial Results

Aurora Cannabis (Nasdaq: ACB) posted better-than-expected financial results on Thursday, sending shares up 2.98% in after-hours trading.

Final Thoughts: Aurora Cannabis is down 41% this year, but hopefully the company’s ability to post higher net revenue will turn things around.

The Average Joe (Sponsored)

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Trends to Watch

Making Changes: Amazon Cuts Dozens of House Brands as It Battles Costs, Regulators (The Wall Street Journal)

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