15 apr - NH - Morning Newsletter

Good Morning

The S&P 500 took a step back to 4,124 points yesterday. The result came to be minus 0.41%. The Nasdaq also plunged after hitting a new all-time high. The technology index closed 1.31% lower at 13,803 points. The strongest share of the Nasdaq was Moderna. The Dow Jones held its own with a result of plus 0.16%. The closing price of the Dow was 33,731 points. The Goldman Sachs share was the best share in the Dow Jones Index. In the meantime, Biden is increasingly looking for an alliance with Japan . An important meeting is scheduled for Friday to counter China's rising economic power. Dense sources say there will be talk of renewable energy, 5G internet and other quality projects. Yesterday was a big day for Coinbase. The long-anticipated IPO of the crypto exchange Coinbase. In 2018, Coinbase was valued at $ 8 billion based on a funding round. Yesterday, the valuation rose to $ 112 billion during the trading day. That is a few multiples of the market capitalization of KBC and ING, well-known major banks in Belgium and the Netherlands. During the closing bell, Coinbase's valuation stood at $ 86 billion. The final closing price was $ 328. The reference price of Nasdaq was initially at 250 dollars. In 2020, Coinbaise's revenue was 56% dependent on Bitcoin and Ethereum trading . Total sales for that year amounted to $ 1.3 billion. In the first quarter of 2021, Coinbase's revenue will be $ 1.8 billion. In other words, more was already earned this year than in all of 2020. This also shows the weakness of the company. The company is thriving on the high volatility of the crypto market. One of the positive points is the interest of institutional parties. For Coinbase, the focus has always been on the retail investor. Now that interest also seems to be growing from institutional parties, this could become a new revenue stream for Coinbase. If this turns out to be a successful IPO, it will be good not only for Coinbase but also for Nasdaq, the exchange where you can trade the Coinbase share. Nasdaq was in strong competition with the NYSE to attract Coinbase. Ultimately, it became Nasdaq as this exchange was the closest to the company's activities. Plus Coinbase received the symbol COIN from Nasdaq, which the company appreciated greatly. Should crypto companies still make their way to the exchange, Nasdaq will likely be the first exchange to receive a phone call.

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Today Top Movers

Taoping Inc. (TAOP) stock soared 10.31% to $6.85 in the pre-market trading. The company recently signed exclusive strategic cooperation and joint operation agreement with Ordos Blockchain Cloud Computing Technology Co., Ltd.

Assertio Holdings Inc. (NASDAQ: ASRT) shares are trading up 18.49% at $0.614 at the time of writing. Company’s 52-week ranged between $0.33 to $1.45.

Inpixon (INPX) grew over 13.79% at $1.32 in pre-market trading today after declaring that it has converted note receivable to equity in Ethereum Mining Company.

Coinbase Global Inc. (COIN), a Software - Application company, rose about 8.40% at $355.85 in pre-market trading Thursday after Cathie Wood’s Ark Investment Management bought the stock.

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on The Hershey Company (HSY), upgrading the stock to "Buy" and assigning a $181.0 price target, representing potential upside of 14.35% from Wednesday's close.

Cardlytics Inc. (CDLX) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Equal Weight to Overweight and moved their price target to $150, suggesting 24.81% additional upside for the stock.

Armada Hoffler Properties Inc. (AHH) received an upgrade from analysts at DA Davidson, who also set their one-year price target on the stock to $16.0. They changed their rating on AHH to Buy from Neutral in a recently issued research note.

Earlier Thursday Baird reduced its rating on BrightView Holdings Inc. (BV) stock to Neutral from Outperform and assigned the price target to $19.

Scotiabank analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Occidental Petroleum Corporation (OXY) has been changed to Sector Perform from Outperform and the new price target is set at $28.

3 Cryptos Better than Bitcoin The cryptocurrency market just flew past $1 trillion in value - and it's kickstarted a massive investing opportunity. If you haven't started investing in crypto year - now is the time. Cryptocurrency legend Matt McCall just named 3 cryptocurrencies that he believes could beat Bitcoin...

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Latest Insider Activity

Moderna Inc. (MRNA) President Hoge Stephen announced the sale of shares taking place on Apr 13 at $146.62 for some 15,000 shares. The total came to more than $2.2 million.

Facebook Inc. (FB) COB and CEO Zuckerberg Mark sold on Apr 14 a total 68,000 shares at $304.41 on average. The insider’s sale generated proceeds of almost $20.7 million.

Galectin Therapeutics Inc. (GALT) Director FREEMAN KEVIN D declared the purchase of shares taking place on Apr 05 at $2.04 for some 5,000 shares. The transaction amount was around $10200.0.

Oracle Corporation (ORCL) Director Fairhead Rona Alison bought on Mar 16 a total 2,575 shares at $67.03 on average. The purchase cost the insider an estimated $516,926.

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Important Earnings

Top US earnings releases scheduled for today include Bank of America Corporation (NYSE:BAC). It will announce its Mar 2021 financial results. The company is expected to report earnings of $0.66 per share from revenues of $22.13B in the three-month period.

Analysts expect Citigroup Inc. (NYSE:C) to report a net income (adjusted) of $2.6 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2021 is predicted to come in at $18.82B.

Delta Air Lines Inc. (DAL), due to announce earnings before the market opens today, is expected to report earnings of -$3.13 per share from revenues of $3.91B recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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