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Today is Friday, May 17, 2024.

The Early Bird Index today is 71.96.

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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.

Take-Two's Grand Theft Letdown

Video game company Take-Two Interactive Software (Nasdaq: TTWO) slipped by 2.45% in after-hours trading on Thursday after disclosing financial results and updates.

Financials: Take-Two reported revenue of $1.4 billion in the past quarter, which was better than expected.

Details: The company attributed higher revenue to better-than-expected sales for NBA 2K24 and Zynga’s in-app purchases.

Powering the Story: Take-Two disclosed Thursday that the next installment of its most important franchise, Grand Theft Auto, won’t come out until Fall 2025. The game is called Grand Theft Auto VI. Investors expected it to come out earlier in 2025.

Outlook: The company anticipates revenue between $5.5 billion to $5.6 billion in the next fiscal year. Once again, investors wanted better numbers.

Stock Price: Take-Two is down 8% this year, but up 2% in the last 30 days.

Final Thoughts: Grand Theft Auto is crucial for Take-Two. They have to get this one right.

Notables

Notable Earnings Today: RBC Bearings (NYSE: RBC), Canaan (Nasdaq: CAN), H World Group (Nasdaq: HTHT).

Notable IPOs Today: SUPER HI INTERNATIONAL HOLDING LTD. American Depositary Shares (Nasdaq: HDL), RF Acquisition Corp II Unit (Nasdaq: RFAIU).

Notable Equity Crowdfunding Campaigns Ending Today: MAGFAST (Netcapital), optiPulse (Netcapital), Mike D’s BBQ (Mainvest), AceHedge (Netcapital).

Notable Economic Events Today: U.S. Leading Economic Indicators (10:00 a.m. ET).

Applied Materials Posts Flat Results

Despite posting good financial results on Thursday, shares of Applied Materials (Nasdaq: AMAT) slipped by 1.25% in after-hours trading.

Financials: Applied Materials reported earnings of $2.09 per share in the past quarter and revenue of $6.65 billion; both were better than expected.

Powering the Story: Revenue and the operating margin were both flat year-over-year. This might explain the negative reaction.

Outlook: Applied Materials expects revenue to be $6.65 billion in the current quarter. It also expects earnings per share to be between $1.83 to $2.19.

Stock Price: Applied Materials is up 38% this year.

Final Thoughts: Applied Materials has benefited from the recent AI craze as a semiconductor company. But can it overcome flat results?

Cracker Barrel Cuts Dividend

Cracker Barrel Old Country Store (Nasdaq: CBRL), the Southern-themed restaurant chain, declined 10.06% in after-hours trading on Thursday after slashing its dividend.

Details: The company cut the dividend from $1.30 per share to $0.25, an 80% drop. Cracker Barrel said it needed the cash for its “strategic transformation plan.”

Stock Price: Cracker Barrel was down 25% this year before the results.

Final Thoughts: It’s a bad sign when a company slashes its dividend by 80%. Cracker Barrel needs to turn its finances around.

Trends to Watch

Good and Bad: Bitcoin moves toward range highs but derivatives traders watch from the sidelines (Cointelegraph)

Milestone: Dow Jones Industrial Average Tops 40000 for the First Time (Wall Street Journal)

Bargain Hunt: Walmart’s business surges as shoppers hunt for low prices (CNN)

Bubble Pops: GameStop and AMC tumble as meme stocks rally deflates (Reuters)

Spotting Trouble: Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin (CoinDesk)

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_{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.}