Google has now rolled out its self-driving car programme to urban streets
Google has now rolled out its self-driving car programme to urban streets
Oil prices jumped about 3% on Friday, hitting their highest levels in more than a year, following a stronger-than-expected U.S. jobs report and a decision by OPEC and its allies not to increase supply in April. U.S. West Texas Intermediate (WTI) crude rose $2.26, For the week, Brent gains 5.2% gain, WTI up 7.4%or 3.5% to settle at $66.09 a barrel. "OPEC+ settled for a cautious approach ... opting to increase production by just 150,000 barrels per day (bpd) in April while market participants looked for an increase of 1.5 million bpd," said UBS oil analyst Giovanni Staunovo.
Some households are collecting a big pile of federal money in 2021.
Congress is nearing passage of the third economic stimulus check it will send out to you and other taxpayers as part of its Covid-19 relief bill.
The president has agreed to a compromise making millions ineligible for the third checks.
(Bloomberg) -- Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil prices surge.Canadian Natural Resources Ltd.’s plans to conduct 30 days of maintenance at its Horizon oil sands upgrader in April will curtail roughly 250,000 barrels a day of light synthetic crude output, company President Tim McKay said in an interview Thursday. Work on the Horizon upgrader coincides with maintenance at other cites.Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Syncrude Canada Ltd. will curb 70,000 barrels a day during the quarter because of maintenance in a unit.The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.The Saudi-led alliance closely monitors other major oil producers as it seeks to manage the entire global market, and surging production in North America was its biggest headache in recent years -- especially from U.S. shale but also from Canada.“The U.S., Saudi Arabia, Russia, Canada, Brazil and other well endowed countries with hydrocarbon reserves -- we need to work with each other, collaboratively,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the group’s meeting on Thursday.Read More: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCanada’s contribution to balancing the market with less production, much like slowing output in the U.S., is not a deliberate market-management strategy but significant nonetheless.Even though the output cuts are short-term, the battered oil-sands industry shouldn’t be a concern for the Saudis in the long run either, judging from McKay’s outlook for the industry.“I can’t see much growth in the oil sands happening because there is going to be less demand in the future,” he said. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. These forces help make future growth in the oil sands unlikely, said McKay, whose company is among the largest producers in the country.Oil sands upgraders turn the heavy bitumen produced in oil sands mines into light synthetic crude that’s similar to benchmarks West Texas Intermediate and Brent. Syncrude Sweet Premium for April gained 60 cents on Thursday to $1.50 a barrel premium to WTI, the strongest price since May, NE2 Group data show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Powell and his policymakers have until March 17 to regain control of monetary policy or they could face a creditability issue.
Never say that one person makes no difference. This past Thursday, stocks tumbled, bonds surged, and investors started taking inflationary risks seriously – all because one guy said what he thinks. Jerome Powell, chair of the Federal Reserve, held a press conference at which he gave both the good and the bad. He stated, again, his belief that the COVID vaccination program will allow a full reopening of the economy, and that we’ll see a resurgence in the job market. That’s the good news. The bad news, we’ll also likely see consumer prices go up in the short term – inflation. And when inflation starts rising, so do interest rates – and that’s when stocks typically slide. We’re not there yet, but the specter of it was enough this past week to put serious pressure on the stock markets. However, as the market retreat has pushed many stocks to rock-bottom prices, several Wall Street analysts believe that now may be the time to buy in. These analysts have identified three tickers whose current share prices land close to their 52-week lows. Noting that each is set to take back off on an upward trajectory, the analysts see an attractive entry point. Not to mention each has earned a Moderate or Strong Buy consensus rating, according to TipRanks database. Alteryx (AYX) We’ll start with Alteryx, an analytic software company based in California that takes advantage of the great changes brought by the information age. Data has become a commodity and an asset, and more than ever, companies now need the ability to collect, collate, sort, and analyze reams of raw information. This is exactly what Alteryx’s products allow, and the company has built on that need. In Q4, the company reported net income of 32 cents per share on $160.5 million in total revenues, beating consensus estimates. The company reported good news on the liquidity front, too, with $1 billion in cash available as of Dec 31, up 2.5% the prior year. In Q4, operating cash flow reached $58.5 million, crushing the year-before figure of $20.7 million. However, investors were wary of the lower-than-expected guidance. The company forecasted a range of between $104 million to $107 million in revenue, compared to $119 million analysts had expected. The stock tumbled 16% after the report. That was magnified by the general market turndown at the same time. Overall, AYX is down ~46% over the past 52 months. Yet, the recent sell-off could be an opportunity as the business remains sound amid these challenging times, according to 5-star analyst Daniel Ives, of Wedbush. “We still believe the company is well positioned to capture market share in the nearly ~$50B analytics, business intelligence, and data preparation market with its code-friendly end-to-end data prep and analytics platform once pandemic pressures subside…. The revenue beat was due to a product mix that tilted towards upfront revenue recognition, an improvement in churn rates and an improvement in customer spending trends," Ives opined. Ives’ comments back his Outperform (i.e. Buy) rating, and his $150 price target implies a one-year upside of 89% for the stock. (To watch Ives’ track record, click here) Overall, the 13 analyst recent reviews on Alteryx, breaking down to 10 Buys and 3 Holds, give the stock a Strong Buy analyst consensus rating. Shares are selling for $79.25 and have an average price target of $150.45. (See AYX stock analysis on TipRanks) Root, Inc. (ROOT) Switching over to the insurance sector, we’ll look at Root. This insurance company interacts with customers through its app, acting more like a tech company than a car insurance provider. But it works because the way customers interact with businesses is changing. Root also uses data analytics to set rates for customers, basing fees and premiums on measurable and measured metrics of how a customer actually drives. It’s a personalized version of car insurance, fit for the digital age. Root has also been expanding its model to the renters insurance market. Root has been trading publicly for just 4 months; the company IPO'd back in October, and it’s currently down 50% since it hit the markets. In its Q4 and Full-year 2020 results, Root showed solid gains in direct premiums, although the company still reports a net loss. For the quarter, the direct earnings premiums rose 30% year-over-year to $155 million. For all of 2020, that metric gained 71% to reach $605 million. The full-year net loss was $14.2 million. Truist's 5-star analyst Youssef Squali covers Root, and he sees the company maneuvering to preserve a favorable outlook this year and next. “ROOT's mgt continues to refine its growth strategy two quarters post IPO, and 4Q20 results/2021 outlook reflects such a process... They believe their stepped-up marketing investment should lead to accelerating policy count growth as the year progresses and provide a substantial tailwind heading into 2022. To us, this seems part of a deliberate strategy to marginally shift the balance between topline growth and profitability slightly more in favor of the latter,” Squali noted. Squali’s rating on the stock is a Buy, and his $24 price target suggests a 95% upside in the months ahead. (To watch Squali’s track record, click here) Shares in Root are selling for $12.30 each, and the average target of $22 indicates a possible upside of ~79% by year’s end. There are 5 reviews on record, including 3 to Buy and 2 to Hold, making the analyst consensus a Moderate Buy. (See ROOT stock analysis on TipRanks) Arco Platform, Ltd. (ARCE) The shift to online and remote work hasn’t just impacted the workplace. Around the world, schools and students have also had to adapt. Arco Platform is a Brazilian educational company offering content, technology, supplemental programs, and specialized services to school clients in Brazil. The company boasts over 5,400 schools on its client list, with programs and products in classrooms from kindergarten through high school – and over 405,000 students using Arco Platform learning tools. Arco will report 4Q20 and full year 2020 results later this month – but a look at the company’s November Q3 release is instructive. The company described 2020 as a “testament to the resilience of our business.” By the numbers, Arco reported strong revenue gains in 2020 – no surprise, considering the move to remote learning. Quarterly revenue of 208.7 million Brazilian reals (US$36.66 million) was up 196% year-over-year, while the top line for the first 9 months of the year, at 705.2 million reals (US$123.85 million) was up 117% yoy. Earnings for educational companies can vary through the school year, depending on the school vacation schedule. The third quarter is typically Arco’s worst of the year, with a net loss – and 2020 was no exception. But, the Q3 net loss was only 9 US cents per share – a huge improvement from the 53-cent loss reported in 3Q19. Mr. Market chopped off 38% of the company’s stock price over the past 12 months. One analyst, however, thinks this lower stock price could offer new investors an opportunity to get into ARCE on the cheap. Credit Suisse's Daniel Federle rates ARCE an Outperform (i.e. Buy) along with a $55 price target. This figure implies a 12-month upside potential of ~67%. (To watch Federle’s track record, click here) Federle is confident that the company is positioned for the next leg of growth, noting: "[The] company is structurally solid and moving in the right direction and... any eventual weak operating data point is macro related rather than any issue related to the company. We continue with the view that growth will return to its regular trajectory once COVID effects dissipate.” Turning to expansionary plans, Federle noted, “Arco mentioned that it is within their plans to launch a product focused on the B2C market, likely already in 2021. The product will be focused on offering courses (e.g. test preps) directly to students. It is important to note that this product will not be a substitute for learning systems, rather a complement. Potential success obtained in the B2C market is an upside risk to our estimates.” There are only two reviews on record for Arco, although both of them are Buys, making the analyst consensus here a Moderate Buy. Shares are trading for $33.73 and have an average price target of $51, which suggests a 51% upside from that level. (See ARCE stock analysis on TipRanks) To find good ideas for beaten-down stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Virgin Galactic Holdings Inc. Chairman Chamath Palihapitiya sold off a chunk of his shares this week, and played a part of the plunge in prices.
(Bloomberg) -- A new exchange-traded fund seeking to ride the companies most loved by investors online has found plenty of its own positive sentiment in its first day of trading.About $438 million worth of shares in the VanEck Vectors Social Sentiment ETF (ticker BUZZ) changed hands on Thursday, making it the third best ETF debut on record, according to data compiled by Bloomberg.“Normally, this kind of blow-the-roof-off volume for the first day is for ETFs that open up a new asset class like gold or Bitcoin,” said Eric Balchunas, ETF analyst for Bloomberg Intelligence.The fund, which has been promoted by Barstool Sports Inc. founder Dave Portnoy, follows an index that uses AI to scan online sources like blogs and social media to identify the 75 most favorably mentioned equities.Because of its criteria for inclusion, the hottest names among the day-trading crowd like GameStop Corp. and AMC Entertainment Holdings Inc. don’t actually make it into the gauge. Its top holdings currently are Ford Motor Co., Twitter Inc. and DraftKings Inc.Nonetheless, the rapid uptake suggests VanEck has succeeded in tapping into the increasingly powerful retail investing cohort.“Given the explosion of individual, younger retail traders, it makes sense to see a pile of volume,” said Dave Lutz, macro strategist at JonesTrading. “Whether it is the WSB crowd embracing Dave Portnoy’s marketing of the ETF, or institutions playing it to bet on the direction of the trend (or hedge) -- we won’t know for a bit. I suspect it’s a bit of both.”The fund opened at $24.40. It was down 1% at $24.15 at 12:02 p.m.(Updates with latest figures, analyst comments.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Despite the recent selloff in electric-vehicle stocks like Tesla and Nio, there is still intense investor interest in the sector, with demand for electric-vehicles expected to climb dramatically over the next decades.
(Bloomberg) -- Texas regulators declined to rescind $16 billion in alleged overcharges for electricity during last month’s blackouts, leaving the state’s power market facing a potential financial crisis.“Decisions were made about these prices in real time based, on information available to everybody,” said Arthur D’Andrea, chair of the Public Utility Commission of Texas during a meeting Friday. “It is nearly impossible to unscramble this sort of egg.”The state’s independent market monitor had recommended that $16 billion in charges be reversed, saying that the Electric Reliability Council of Texas, known as Ercot, overpriced power for two days during the crisis.Retroactively adjusting those prices could have offered sweeping relief to companies facing astronomical bills in the wake of the grid emergency. With many generators crippled by the cold, electricity prices skyrocketed, squeezing anyone who had to buy power on the wholesale market. The grid operator now faces a $2.5 billion shortfall as more than a dozen companies face default. At least one utility has already filed for bankruptcy.While utility commissioners didn’t close the door repricing in the future, they didn’t embrace the idea.“Repricing the energy -- I would be more inclined to say we’re not going to do that,” said Commissioner Shelly Botkin. D’Andrea agreed, adding, “It looks like you’re protecting consumers. I promise you’re not.”The commission also declined to vote on a request to retroactively adjust the price of certain grid services during the emergency, a move that would have offered relief to distressed companied and potentially saved consumers $2 billion, according to the market monitor. So-called ancillary services, which help maintain the flow of electricity on the system, jumped above $20,000 a megawatt-hour during the crisis. Retail electricity providers and others had asked for those charges to be capped at $9,000.Texas’s biggest power generators have generally opposed any kind of repricing. But ahead of Friday’s meeting, Vistra Corp. told regulators in a filing that energy prices on Feb. 18 and 19 -- the days after the rolling outages ended -- should be changed “to an equitable calculation of the market clearing price.”“Vistra continues to believe that the Commission should not take an arbitrary, piecemeal approach to repricing,” the company said in its filing. “But acting without allowing all market participants to engage is likely to create another set of parties that will be adversely affected by the new pricing structure.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Markets are taking us all for something of a roller coaster ride in recent sessions, alternating gains and drops in precipitous fashion. There’s no telling exactly what comes next, but some of Wall Street’s sharpest minds are on the job. One of those sharp minds is John Stoltzfus, chief investment strategist and managing director at Oppenheimer. Stoltzfus sees us in the preparatory phases of further market gains, and he goes to great lengths to explain his outlook. While he agrees that we have not yet succeeded in putting the COVID-19 pandemic crisis fully behind us, he points out that the data indicate a resilient economy. Stoltzfus starts with the Treasury bond market, which he describes as ‘normalizing.’ Yes, yields are up in recent days from historic lows reached late last summer, but the strategist sees this as evidence that “as the pandemic crisis begins to ebb better times are likely ahead for the US economy.” Stoltzfus goes on to the recent earnings season. Of the corporate earnings reports, Stoltzfus says, “With 97% of companies in the S&P 500 having reported profits are up 5.37% on the back of 2.47% revenue growth—a much stronger result than had been anticipated by consensus analytics at the start of the season.” But solid earnings results are not the only support Stoltzfus offers for his view that better times are ahead of us. Stoltzfus points out the rising price of oil, noting that its year-to-date rise has coincided with the spreading vaccination campaigns and the prospect of economic reopening, and he notes copper. In his words, “The rise in copper prices serves as a sign that expectations are for global growth to accelerate as the world moves out from under the pandemic.” Against this backdrop, one of Stoltzfus’s colleagues at Oppenheimer, 5-star analyst Kevin DeGeeter, has followed up and tapped two stocks that he as primed for big gains in a market rebound, gains on the order of 100% or better. We ran the two through TipRanks database to see what other Wall Street's analysts have to say about them. Evaxion Biotech (EVAX) The first Oppenheimer pick we’re looking at is Evaxion, a biotech company that uses proprietary AI-immunology platforms to develop novel immunotherapies for the treatment of various cancers and infectious diseases. The company currently has two immunotherapy candidates in the clinical trial stage for several cancers, and two other candidates in pre-clinical research. Evaxion went public on the NASDAQ in early February, announcing the pricing of the IPO on February 4 and closing the offering on February 10. The shares were priced at $10 each, the lower end of the range, and the company put 3 million shares on the market, raising gross proceeds of $30 million. The key point to Evaxion, as far as investors are concerned, are the two candidates in Phase IIa clinical trials. The candidates, EVX-01 and EVX-02, are designed to be patient-specific treatments for non-small-cell lung cancer, bladder cancer, and various types of melanoma. Results for both candidates’ studies are expected in the first half of 2021. DeGeeter initiated coverage on this stock in early March, basing his optimism on “1) Artificial Intelligence-driven immunology platform generating a broad portfolio; 2) personalized cancer vaccines, EVX-01 and EVX-02, with two important Phase I/IIa updates in 2Q21; 3) capital-efficient business mode…” At the bottom line, DeGeeter writes, “We view EVAX as an AI platform story with multiple differentiated programs either in early-stage human studies or nearing clinical development. Our near term focus is on the oncology platform…” In line with his upbeat outlook, DeGeeter rates EVAX an Outperform (i.e. Buy), and his $18 price target implies a robust upside of 157% for the coming year. (To watch DeGeeter’s track record, click here) DeGeeter’s review is one of two that have been published on EVAX, but both are Buys, making the consensus here a Moderate Buy. The stock is selling for $7, and the average price target is $18, the same as DeGeeter’s. (See EVAX stock analysis on TipRanks) Sensei Biotherapeutics (SNSE) For the second stock on our short list from Oppenheimer, we’re staying in the biotech industry. Like Evaxion above, Sensei Biotherapeutics is an immunotherapy research company with a focus on cancer treatments; what makes Sensei different is its platform, using a bacteriophage to deliver the therapeutic agent and trigger an immune response in the patient. In another similarity to Evaxion, Sensei held its IPO in February. The company put 7 million shares of common stock on the market, at a price of $19 per share, and closed its first day’s trading at $18.90. The IPO grossed a total of $152.6 million, and the company now boasts a market cap of $418 million. That company's leading candidate, SNS-301, is an experimental cancer vaccine that targets the overexpression of aspartyl beta hydroxylase (ASPH) in squamous cell carcinomas of the head and neck. The product is in Phase I/II development, and preliminary data demonstrated long duration of response, including 30+ weeks disease stability in 2 patients. Further data is expected in the second half of this year. In his note initiating coverage on Sensei Biotherapeutics, DeGeeter takes an optimistic view. “We view SNSE's ImmunoPhage immuno-oncology platform as offering important differentiation based on 1) potential to easily combine low-cost off-the-shelf and personalized neoepitopes in a single product, 2) self-adjuvant profile of ImmunoPhage, and 3) rapid turnaround time of ~four weeks for personalized neoepitope production. Our positive outlook is based on potential for Phase I/II study of SNS-301 ASPH ImmunoPhage to demonstrate clinically meaningful benefit in first-line treatment and neoadjuvant head and neck cancer settings based on improved durability of response,” DeGeeter commented. To this end, DeGeeter puts an Outperform (i.e. Buy) rating on SNSE shares, along with a $36 price target that indicates potential for ~141% upside over the next 12 months. (To watch DeGeeter’s track record, click here) Sensei has only been a public company for a few weeks, but in that time it has attracted 4 analyst reviews – all are Buys, making the analyst consensus view a unanimous Strong Buy. Shares are priced at $14.95 and have an average price target of $29.50, which implies a one-year upside of ~97%. (See SNSE stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
As the April 15 deadline to file and pay taxes closes in, some of the accountants preparing those returns are telling the Internal Revenue Service they need more time. “In the current environment, it is simply not possible for many taxpayers and their tax advisers to meet their filing and payment obligations that are due on April 15,” according to a Thursday letter from the American Institute of Certified Public Accountants. The professional organization with more than 431,000 members wants the IRS to move the tax deadline to June 15.
How much money people have put away for retirement varies, naturally, by their age group. See how your savings stack up.
A firm hired to monitor Texas' power markets says the region's grid manager overpriced electricity over two days during last month's energy crisis, resulting in $16 billion in overcharges.
(Bloomberg) -- Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.The Tesla Inc. chief executive officer lost $27 billion since Monday as shares of the automaker tumbled in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost $20 billion behind Jeff Bezos, who he topped just last week as world’s richest person.Musk’s tumble only underscores the hard-to-fathom velocity of his ascent. Tesla shares soared 743% in 2020, boosting the value of his stake and unlocking billions of dollars in options through his historic “moonshot” compensation package.His gains accelerated into the new year. In January, he unseated Bezos as the world’s richest person. Musk’s fortune peaked later that month at $210 billion, according to the index, a ranking of the world’s 500 wealthiest people.Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the company’s rise, but for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.Bitcoin InvestmentMusk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin. Tesla disclosed last month it had added $1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the prices of Bitcoin and other cryptocurrencies “do seem high.”Extreme volatility has roiled many of the world’s biggest fortunes this year. Asia’s once-richest person, Chinese bottled-water tycoon Zhong Shanshan, relinquished the title to Indian billionaire Mukesh Ambani last month after losing more than $22 billion in a matter of days.Read more: Ambani Again Richest Asian as China’s Zhong Down $22 BillionQuicken Loans Inc. Chairman Dan Gilbert’s net worth surged by $25 billion on Monday after his mortgage lender Rocket Cos. was said to be the next target of Reddit day traders. His fortune has since fallen by almost $24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the biggest gainers on the index this year. They’ve each added more than $13 billion to their fortunes since Jan. 1.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Now might be "a golden opportunity" to own the "secular tech winners" for the next 12 to 18 months, according to Wedbush analyst Daniel Ives.
(Bloomberg) -- As the leader of crypto exchange Kraken, Jesse Powell is bound to be bullish on Bitcoin. Yet he’s projecting a disruptive future that would stretch the imagination of even the most ardent crypto fans.In a Bloomberg Television interview, Powell said Bitcoin could reach $1 million in the next decade, adding that supporters say it could eventually replace all of the major fiat currencies.“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” he said. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”The CEO also said San Francisco-based Kraken is considering going public, possibly next year.Extreme predictions are nothing new in the world of Bitcoin, where adherents stand to profit from convincing a wider audience that crypto is a legitimate asset class, rather than a speculative fad. The dollar remains the world’s reserve currency and is the benchmark for global trade, though its value has softened in the past year.Powell said Bitcoin bulls see it one day exceeding the combined market cap of the dollar, euro and other currencies.The dollar “is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” he said.The digital currency slipped 3% in early U.S. trading on Thursday, hovering around $49,000. Prices have surged almost 600% since the start of 2020 on the back of wider mainstream adoption, with bulls seeing it as both an inflation hedge and speculative asset.Critics argue that Bitcoin is in a giant, stimulus-fueled bubble destined to burst like the 2017 boom and bust cycle.Kraken benefits from higher prices as it reaps fees from increased trading. Bloomberg reported last month that the exchange was in talks to raise new funding, which would double the company’s valuation to more than $10 billion.“Personally, I think $10 billion is a low valuation,” Powell said. “I wouldn’t be interested in selling shares at that price.”The CEO did acknowledge the potential for wild market swings, saying prices can “move up or down 50% on any given day.” That kind of volatility has long been one of the negatives of Bitcoin, relegating the market to one of speculation, rather than a means of doing business.“If you are buying into Bitcoin out of speculation, you should be committed to holding for five years,” Powell said. “You have to have strong convictions to hold.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. When I signed papers on my last ELOC, I found out there is an old title lien from a past refinance. A forgotten lien can become quite the headache when trying to sell a home or refinance a mortgage.
GameStop shares closed up 6.4% at $131.93 after earlier hitting $147.87, their highest since a surge in the heavily shorted stock late last month. One analyst and some Twitter users pointed to a cryptic tweet by Ryan Cohen, a major shareholder of GameStop and founder of e-commerce firm Chewy.com, as a plausible reason for the move, although Reuters could not independently determine causation. The late afternoon rally in GameStop began roughly around the time that Cohen tweeted what appeared to be a screenshot with the puppet dog advertising mascot of Pets.com, a famous casualty of the dotcom bubble two decades ago.