Today is Monday, October 18, 2021.
Zillow Takes Home Flipping Timeout
Online real estate company Zillow (Nasdaq: ZG) will pause its house-flipping business for the rest of the year due to a backlog, according to a Bloomberg report on Sunday.
Details: Zillow reportedly has reached full capacity of new home purchases (about 3,800 in the second quarter) that it still needs to manually process, and won’t accept any new homes in this program until next year.
Background: The company, which usually generates revenue from real estate advertisements on its platform, opened a house-flipping business in 2018.
Numbers: Shares of Zillow are down 30.92% in 2021. The losses appear to be stabilizing in the past few weeks.
Final Thoughts: With Zillow putting a temporary stop to its home-buying business, will some of its real estate competitors benefit?
Notable Earnings Today: Albertsons (NYSE: ACI), Koninklijke Philip (NYSE: PHG), Zions Bancorporation (Nasdaq: ZION), Steel Dynamics (Nasdaq: STLD).
Notable IPOs Today: Minority Equality Opportunities Acquisition Inc. Class A Common Stock (Nasdaq: MEOA), Cascadia Acquisition Corp. Class A Common Stock (Nasdaq: CCAI).
Notable Equity Crowdfunding Campaigns Ending Today: Hercules Electric Vehicles (NetCapital), American 7s Football League (StartEngine), QURI Vodka (StartEngine), Project 1411 (MainVest), Educated Socially (NetCapital).
Notable Economic Events Today: Industrial production (9:15 a.m. ET).
China’s Economic Growth Slowed, Data Says
Stock prices in Chinese markets fell early on Monday after recent data showed that China’s economy grew at a slower rate.
Details: China’s third-quarter GPD clocked in at 4.9%, less than the expected 5.2%
Background: Industrial production in China was hit the hardest as the pandemic, power shortages, and supply chain disruptions hit the country.
Optimism: It wasn’t all bad news, however. The data showed stronger than expected retail sales in the third quarter.
Final Thoughts: Many China-based companies listed in the U.S. saw their stock prices drop during the quarter, presenting new opportunities for investors who want to buy in.
Shiba Inu History
Before investors decide to jump on the Shiba Inu bandwagon, here is a brief history of the surging cryptocurrency.
Creation: Shiba Inu, which is named after the breed of dog and called the Shiba Token, was created by an anonymous person named “Ryoshi” in August 2020.
Dogecoin Connection: Shiba Inu is modeled off of Dogecoin, the other popular dog-theme cryptocurrency. The difference is that Shina Inu is Ethereum-based.
Rise to Prominence: After gaining the online support of the likes of Elon Musk and Vitalik Buterin, more crypto buyers jumped on. Coinbase (Nasdaq: COIN) listed the coin in September 2021.
Numbers: Shiba Inu is up 200% in the past month, but the value has dipped a little in the past week, which suggests a slowdown in momentum.
Final Thoughts: The price of Shiba Inu is still worth way less than 1 cent.
Trends to Watch
October Surprise: Apple Plans to Obscure MacBook Pro Notch With Wallpaper in Marketing Images (MacRumors)
Coming Soon: Bitcoin Futures ETFs May Boost Cash and Carry Yields (Coin Desk)
Going Green: Google’s Biggest Moonshot Is Its Search for a Carbon-Free Future (Bloomberg)
Dollar Down: Dollar wavering as global inflation surges; kiwi jumps (CNBC)
Prospering: Online Marketplace Lender Prosper Reports that 67% of Loan Originations in Sept were Rated AA-B (Crowdfund Insider)
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