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Ukraine Legalizes Crypto
Photo by Elena Mozhvilo / Unsplash
Today is Thursday, March 17, 2022.
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Ukraine Legalizes Crypto
Cryptocurrency is now legal in Ukraine as the European country is trying to defend itself against an invasion from Russia.
Details: The bill, signed into law on Wednesday by President Volodymyr Zelenskyy, specifies the legal status, classification, ownership, and registration requirements for digital assets, according to CoinDesk. Banks for crypto accounts and crypto trading exchanges will also be legal.
Background: Amid the war against Russia, Ukraine has received about $100 million in crypto donations from around the world. Wednesday’s news makes it easier for people to donate crypto to the country.
Numbers: Crypto prices jumped on Wednesday due to the news. Bitcoin was up over 3% and Ethereum went up 5%.
Final Thoughts: Japan, Denmark, Spain, and Mexico are among other countries where crypto is legal. El Salvador accepts bitcoin as legal tender.
Notables
Notable Earnings Today: FedEx (NYSE: FDX), GameStop (NYSE: GME), Hut 8 Mining (TSE: HUT), Dollar General (NYSE: DG), Accenture (NYSE: ACN), StoneCo (Nasdaq: STNE), Commercial Metals (NYSE: CMC), AvePoint (Nasdaq: AVPT), Signet Jewelers (NYSE: SIG), Heritage Global (Nasdaq: HGBL), Warby Parker (NYSE: WRBY), Astra Space (Nasdaq: ASTR), Canadian Solar (Nasdaq: CSIQ), Xometry (Nasdaq: XMRT ), Designer Brands (NYSE: DBI), Joann (Nasdaq: JOAN), New York City REIT (NYSE: NYC), Ranger Energy Services (NYSE: RNGR), Apyx Medical (Nasdaq: APYX), Qumu (Nasdaq: QUMU), Aldeyra Therapeutics (Nasdaq: ALDX), G-III Apparel Group (Nasdaq: GIII), Kirkland's (Nasdaq: KIRK), RF Industries (Nasdaq: RFIL), Wireless Telecom Group (NYSEAmerican: WTT), Zepp Health (NYSE: ZEPP).
Notable IPOs Today: LatAmGrowth SPAC Class A Ordinary Shares (Nasdaq: LATG), A SPAC I Acquisition Corp. Class A Ordinary Share (Nasdaq: ASCA), Golden Matrix Group, Inc. Common Stock (Nasdaq: GMGI), Goldenstone Acquisition Limited Units (Nasdaq: GDSTU).
Notable Equity Crowdfunding Campaigns Ending Today: Luxury Travel Hackers (StartEngine).
Notable Economic Events Today: Jobless claims (8:30 a.m. ET), Building permits (8:30 a.m. ET), Housing starts (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Industrial production (9:15 a.m. ET).
Williams-Sonoma’s Dividend Hike, Stock Buyback Plan
Photo by Vladimir Gladkov / Unsplash
Shares of Williams-Sonoma (NYSE: WSM) jumped 8.24% in after-hours trading on Wednesday after the consumer retail company posted mixed earnings.
Financials: Williams-Sonoma reported earnings of $5.42 per share, which was better than expected. However, the company’s revenue of $2.5 billion was below estimates.
Good Numbers: Overall brand revenue growth came in at 10.8%. The company also reported an operating margin of 21% and gross margins of 45%.
For the Investors: The big surge in the stock price came from the news that Williams-Sonoma is increasing its dividend by 10%. The company also authorized a $1.5 billion stock buyback. Both announcements were welcomed by investors.
Final Thoughts: Williams-Sonoma’s stock is down 17% in the past six months. Will the stock recover in 2022, even if the economy tanks?
3 IPOs to Watch for in 2022
Here are three of the potential top initial public offerings in 2022.
Read It: Social media platform Reddit is likely to go public in 2022. After getting $400 million from Fidelity Investments last year, the platform hit a $10 billion valuation.
FinTech Fever: Digital bank Chime is another big name that could have an IPO this year. The company was valued at $25 billion last year, but its IPO valuation could hit up to $45 billion.
Instant Pick: Grocery delivery service Instacart could finally go public in 2022 or it could continue to wait a few more years. The most recent valuation for the company was at $39 billion.
Final Thoughts: Buyer beware, the IPO market has been rough as of late.
Trends to Watch
Welcome Back: Starbucks CEO Kevin Johnson is retiring, and Howard Schultz is returning as interim chief (CNBC)
The Jig Is Up: Netflix Will Prompt Subscribers to Pay for Users Outside Their Households in New Test to Address Unauthorized Password Sharing (Variety)
AU-Some: Examining AMC’s ‘embarrassingly stupid’ investment in a literal gold mine (The Verge)
Activity Down: Retail Investors Are Dropping Out of the Stock Market (Barron’s)
Tough Question: What happens to your Bitcoin when you die? (CoinTelegraph)
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