Dogecoin Stock- Wall Street looks for rise after a tech-led sell-off
BY THE NUMBERS
U.S. stock futures bounced Wednesday, one day after a broad tech-led sell-off sent the Nasdaq down nearly 2%. The S&P 500 dropped almost 0.7%. The Dow Jones Industrial Average — down more than 300 points, or roughly 1%, at one stage — finished up 19 points. (CNBC)
Stocks hit their lows of Tuesday’s session after Treasury Secretary Janet Yellen said interest rates may have to rise somewhat to keep economy from overheating. Later in the day, the former Fed chief tempered her remarks, saying she respects the central bank’s independence and stressed she was not trying to influence monetary policy. (CNBC)
U.S. companies added a fewer-than-expected 742,000 jobs in April, according to ADP’s monthly private sector employment report. The March figured was revised higher to 565,000 additions. However, the ADP data has not recently been a great indicator of what the government’s monthly employment report might show. The April jobs numbers are coming out Friday. (CNBC)
* Mortgage demand stalls as rates rise, fierce competition hurts home sales (CNBC)
Dogecoin soared again Wednesday morning, up as much as 20% as the cryptocurrency continued to benefit from speculative trading. The digital coin based on a Shiba Inu meme, which started as a joke, last traded around 66 cents. It was worth fractions of a penny in January. (CNBC)
* Mike Novogratz: Dogecoin is a ‘middle finger’ to the financial system (CNBC)
* Elon Musk’s upcoming SNL appearance is fueling dogecoin’s rise, says analyst (CNBC)
* Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm (CNBC)
* Gary Vaynerchuk is launching art NFTs linked to ether cryptocurrency (CNBC)
IN THE NEWS TODAY
General Motors (GM) on Wednesday reported first-quarter earnings that easily beat expectations, saying it expects a strong first half of the year despite an ongoing global semiconductor chip shortage that has caused factory closures. Shares of GM rose 3% in premarket trading. Revenue of $32.47 billion in Q1, however, fell short of estimates. (CNBC)
* Ford launching new off-road Timberline models starting with Explorer SUV (CNBC)
Lyft (LYFT) lost 35 cents per share during the first quarter, but the ride-hailing company’s loss was smaller than the 53 cents a share that analysts were anticipating. Revenue exceeded forecasts, as did the number of active riders during the quarter. Its shares rallied 5.7% in premarket trading. (CNBC)
Honest Company priced its initial public offering Tuesday slightly above the midpoint of its indicated range, raising $412.8 million. The company, started by Hollywood’s Jessica Alba, sold 25.8 million shares at $16 each, valuing the Los Angeles-based firm at $1.44 billion. It’s set to begin trading on the Nasdaq on Wednesday. (Reuters)
* Krispy Kreme makes confidential IPO filing, 5 years after going private (Reuters)
Facebook’s (FB) independent Oversight Board ruled to uphold the company’s January decision to suspend the Facebook and Instagram accounts of former President Donald Trump. The decision will ensure Trump remains blocked from posting or having a presence on the social media company’s services. (CNBC)
President Joe Biden‘s latest goals in the fight against the coronavirus: Getting 70% of U.S. adults to receive at least one dose of a Covid vaccine and having 160 million adults fully vaccinated by July 4. The new vaccination targets came two months out from Independence Day, a date the White House hopes will mark a turning point in the pandemic. (CNBC)
* VP Harris leading small business outreach in White House recovery plan push (CNBC)
* Pfizer to seek clearance in September for vaccinating children as young as 2 (NY Times)
* Pfizer scientist expects elderly, people with underlying conditions to be first to get boosters (CNBC)
India, the current epicenter of the pandemic, is not in the G-7 nations but delegates from the country were invited to the summit in London to try to deepen ties with the Indo-Pacific region. Indian Foreign Minister Subrahmanyam Jaishankar said via Twitter on Wednesday that he was “made aware yesterday evening of exposure to possible Covid positive cases.” (CNBC)
* UPS, FedEx respond to India’s Covid crisis, mobilizing their logistics networks to deliver relief (CNBC)
U.S. birth and fertility rates dropped to another record low in 2020 as births fell for the sixth consecutive year to the lowest levels since 1979, according to new data from the CDC’s National Center for Health Statistics. The agency looked at birth rates among New York City women who delivered outside the five boroughs during the height of the pandemic in the U.S. (CNBC)
The defense attorney for the former Minneapolis police officer convicted of killing George Floyd has requested a new trial, saying he wants a hearing to have the verdict impeached because of what he says is jury misconduct, according to a court document filed Tuesday. (AP)
STOCKS TO WATCH
Match Group (MTCH) shares jumped 6.2% in the premarket after it beat estimates by 17 cents a share, with first-quarter earnings of 57 cents per share. The operator of Tinder and other dating services also reported revenue above analysts’ forecasts and Match Group gave strong current-quarter guidance as it anticipates a surge in dating demand as the pandemic recedes.
Hilton Worldwide (HLT) reported net earnings of 2 cents per share for the first quarter, missing the consensus estimate of 8 cents a share. Revenue also came in below analysts’ projections. Hilton continued to be hit by pandemic-related travel restrictions, although it said 97% of its hotels were opened by the end of April. Its shares fell 2.7% in premarket trading.
Scotts Miracle-Gro (SMG) saw its shares gain 3.5% in the premarket after beating estimates on the top and bottom lines for its latest quarter. The maker of lawn and garden products continues to benefit from a surge in consumer demand as homeowners continued to focus on home projects amid the pandemic.
Tupperware (TUP) surged 7.2% in premarket action after a top and bottom line beat. Tupperware earned 82 cents a share for its latest quarter, well above the consensus estimate of 54 cents a share. Revenue was above estimates as well.
ODP (ODP) jumped 4.7% in the premarket after the parent of Office Depot announced it would split into two separate publicly traded companies. Office Depot and OfficeMax locations will be operated by ODP, while the yet-unnamed new company will contain ODP’s business-to-business operations.
Activision Blizzard (ATVI) beat estimates by 14 cents a share, with quarterly earnings of 84 cents per share. The video game maker’s revenue also exceeded Wall Street forecasts and the company raised its full-year forecast as demand remains elevated for games like “Call of Duty” and “Candy Crush.” Its shares gained 4.5% in the premarket.
T-Mobile US (TMUS) was up 3.3% in premarket trading after it came in 17 cents a share above consensus by earning 74 cents per share for its latest quarter. Revenue also topped estimates, and the mobile service provider added a larger-than-expected number of paying subscribers during the quarter.
Caesars Entertainment (CZR) shares surged 6.7% in premarket action. The casino operator reported a smaller-than-expected loss for the first quarter, while its revenue was above estimates. Caesars said results continue to improve significantly as the pace of Covid-19 vaccinations accelerates.
Zillow (ZG) reported quarterly earnings of 44 cents per share, compared to a consensus estimate of 25 cents a share. The real estate website operator’s revenue also came in above estimates, and traffic to its websites and apps rose 19% compared to a year ago. Zillow shares climbed 2.6% in the premarket.
Herbalife Nutrition (HLF) reported better-than-expected sales and profit for the first quarter, and raised its full-year guidance. The health and wellness products maker saw particularly strong growth in its sports nutrition category. The stock added 4.7% in the premarket.