Coinbase, Yum Brands, Chewy: Trending Tickers
Coinbase (COIN) shares begin trading lower Thursday morning following the Securities and Exchange Commission's (SEC) green light to offer a spot bitcoin ETF (BTC-USD).
Wells Fargo analysts downgrade Yum! Brands (YUM) — the parent company of fast-food chains such as Taco Bell and KFC — stock to "Equal Weight" from "Overweight."
Lastly, Chewy (CHWY) was upgraded by Barclays to "Overweight" on the pet store's e-commerce opportunities.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
BRAD SMITH: The major averages, as you've seen here on the side of our screen, we've got the S&P 500 down by about 1/10 of a percent. This morning's inflation data showed consumer prices rose more than expected in December.
SEANA SMITH: All right. In some of those individual names on the move, Coinbase, now it's actually lower off just about a half of a percent on the first day of trading for spot Bitcoin ETFs. We're talking about Coinbase, a crypto exchange, because it is the Bitcoin custodian for most of the filings that were approved by the SEC yesterday. Now, I spoke with Alesia Haas, the CFO of Coinbase, right after the news broke. She called it a landmark day for crypto.
BRAD SMITH: And a downgrade from Wells Fargo taking a bite out of Yum! Brands shares today. The Analyst Roger Read cutting the stock down to equal weight from overweight saying that the bullish thesis for the stock is largely played out.
SEANA SMITH: And Chewy boosted to Overweight at Barclays. Analyst there saying that he sees potential for outsized returns in the company's e-commerce business this year. He also believes that areas like its vet clinics and insurance could drive positive revisions longer term as those businesses scale.
