Uniswap's Temperature Check

And, the Victoria’s Secret sales panic.

Today is Thursday, March 7, 2024.

The Early Bird Index today is 72.27.

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Uniswap's Temperature Check

The cryptocurrency Uniswap jumped 10% on Wednesday after a vote about a governance update passed a key hurdle.

Details: The Uniswap Foundation, the non-profit behind Uniswap, concluded a “temperature check” vote in early March regarding a proposed change to fees and rewarding token holders. The vote, which concluded on Wednesday, passed with 100% in favor of the governance change.

What’s Next: An official on-chain vote for the changes is scheduled for Friday.

Price: With anticipation building because of this governance change, Uniswap is up 140% in the last 30 days. Uniswap is valued at about $15 and hasn’t reached this level since 2022.

Final Thoughts: The entire crypto ecosystem is experiencing a massive uptake. Prices for nearly all cryptos are up in a big way this year.

Ticker TeaDelivering daily updates on the news that matters: financial markets.


Notable Earnings Today: Broadcom (Nasdaq: AVGO), Costco Wholesale (Nasdaq: COST), Gap (NYSE: GPS), Kroger (NYSE: KR), Burlington Stores (NYSE: BURL), American Eagle Outfitters (NYSE: AEO), MongoDB (Nasdaq: MDB), BJ's Wholesale (NYSE: BJ), DocuSign (Nasdaq: DOCU), Bilibili (Nasdaq: BILI), Smith & Wesson Brands (Nasdaq: SWBI), Big Lots (NYSE: BIG), Marvell Technology (Nasdaq: MRVL), Ciena (NYSE: CIEN), ABM Industries (NYSE: ABM), El Pollo Loco (Nasdaq: LOCO), BigBear.ai (NYSE: BBAI), Bitfarms (Nasdaq: BITF), Evolus (Nasdaq: EOLS), Funko (Nasdaq: FNKO), Guidewire Software (NYSE: GWRE), Paysafe (NYSE: PSFE), Runway Growth Finance (Nasdaq: RWAY), Samsara (NYSE: IOT), Savers Value Village (NYSE: SVV), Stevanato Group (NYSE: STVN), Toro (NYSE: TTC), Traeger (NYSE: COOK).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Texas Inn (Honeycomb), Candelles (Honeycomb), Sheperd (Wefunder), Ethos (Republic), Saguaros Tacos & Churros (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), Trade Balance / Exports / Imports (8:30 a.m. ET), Fed Chair Powell Testifies to Congress (10:00 a.m. ET), Consumer Credit (3:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Victoria’s Secret Sales Panic

A mixture of good and bad financial results from Victoria’s Secret (NYSE: VSCO) caused shares of the lingerie and clothing retailer to drop by 26.23% in after-hours trading on Wednesday.

Financials: Victoria’s Secret reported earnings of $2.58 per share in the past quarter, which is better than expected. Revenue reached $2.08 billion, which is in line.

Details: The company announced it will spend another $250 million on stock buybacks, which might raise the stock price.

Powering the Story: Victoria’s Secret forecasted a decrease in sales during the current quarter, which made investors upset.

Final Thoughts: Victoria’s Secret, down 26% in the last 12 months, is sending out an S.O.S. about weaker sales due to lower consumer spending. Other retailers also have the same concern.

Paycor Posts Stock Offering

Software company Paycor (Nasdsq: PYCR) slipped by 1.75% in after-hours trading on Wednesday after announcing a third-party offering of 8 million shares.

Final Thoughts: Paycor is down 16% in the past year. The company is trying to recover.

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.