Today is Wednesday, June 29, 2022.
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Pinterest's Big Google Change
Shares of Pinterest (NYSE: PINS) jumped 4.37% in after-hours trading on Tuesday after the social media company changed its CEO.
Details: Pinterest CEO Ben Silbermann is stepping down and becoming executive chairman. Bill Ready, an executive with Google (Nasdaq: GOOGL) and a commerce expert, is taking over the CEO role on Wednesday.
Quote: “I have long admired the brand and platform that Ben and the Pinterest team have created and everything the company stands for. I am excited to build on that foundation to further scale the company’s ecosystem and drive increased value for shareholders.” - Bill Ready, Pinterest’s new CEO.
Numbers: Pinterest’s stock is down 45% this year. In the past month, the price has leveled out and stayed even.
Final Thoughts: Obviously, shareholders welcomed the CEO change. It’s been a tough year for social media stocks. Hopefully, this new CEO from Google and some of Pinterest's recent acquisitions can bring positive change.
Notables
Notable Earnings Today: Bed Bath & Beyond (Nasdaq: BBBY), AMMO (Nasdaq: POWW), General Mills (NYSE: GIS), SMART Global Holdings (Nasdaq: SGH), Paychex (Nasdaq: PAYX), Avid Bioservices (Nasdaq: CDMO), McCormick & Co. (NYSE: MKC), Culp (NYSE: CULP), MSC Industrial Direct (NYSE: MSM), Duck Creek Technologies (Nasdaq: DCT), Schnitzer Steel Industries (Nasdaq: SCHN), Franklin Covey (NYSE: FC), UniFirst (NYSE: UNF), NovaGold Resources (NYSEAMERICAN: NG), Patterson Cos. (Nasdaq: PDCO), Field Trip Health (Nasdaq: FTRP), Barnes & Noble Education (NYSE: BNED).
Notable IPOs Today: Onfolio Holdings Inc. Common Stock (Nasdaq: ONFO), AOT Growth and Innovation ETF (Nasdaq: AOTG), ioneer Ltd American Depositary Shares (Nasdaq: IONR), Kalera Public Limited Company Ordinary Shares (Nasdaq: KAL).
Notable Equity Crowdfunding Campaigns Ending Today: Smart Tire Recycling (StartEngine), Loop by California Labs (StartEngine), Scinovia (StartEngine).
Notable Economic Events Today: GDP (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).
Why Meme Coins Are Getting A Recent Bounce
After a lackluster start to the year, so-called meme cryptocurrencies are surging in the past week.
Numbers: In the past week, Bitcoin has broken even. Compare that to Dogecoin, which is up about 6%. Even Shiba Inu jumped this week with a bounce of 45% before going back down to Earth.
Catalyst: All markets have stabilized in the past week, but meme coins seem to be fueled by recent speculation in the market, according to Coin Desk.
Final Thoughts: It hasn't been all good for meme coins this week. Crypto.com removed Dogecoin and Shiba Inu from its Earn program this week.
Wells Fargo Faces Challenges in 2022
From a reported criminal probe in the New York Times to a tough financial market, it hasn’t been a kind year for Wells Fargo (NYSE: WFC).
Numbers: Shares of Wells Fargo are down 20% in 2022. Last year, the stock went up nearly 59%.
Recent Development: The company’s mortgage business could fall close to 50% and the company will likely avoid buybacks, according to recent comments from Wells Fargo’s CFO.
Final Thoughts: Wells Fargo reports earnings on July 15.
Trends to Watch
Crude Deal: Exxon, Imperial to sell Canada shale assets to Whitecap for $1.5 billion (Reuters)
Tenure As Long As Mickey: Disney CEO Bob Chapek Gets New Long-Term Contract (Deadline)
6 More Years: Crowdfunding Market to Reach $42.93 Billion By 2028 (GlobeNewswire)
Can’t Bear to Watch: Is the bear market coming to an end? Here’s one indicator pros say to watch closely (CNBC)
Good Times Don’t Last Forever: Bitcoin and Ethereum Prices Rallied This Week. It Won’t Last, According to These Experts (NextAdvisor)
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