Yahoo Finance's LIVE stock market coverage and analysis.
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(Bloomberg) -- Coinbase Global Inc. ended its first trading week on a high note despite being unable to draw the level of investor enthusiasm seen after its direct listing on Wednesday.The stock climbed 6% to $342, breaking through a pair of resistance levels around $330 and $338 to post the biggest jump since its first trading day. While Coinbase is more than 30% above the reference price of $250, it’s a far cry from the $429.54 peak hit in the first few minutes of trading mid-week.The biggest U.S. cryptocurrency exchange, with a market value of $68 billion, came roaring back after another bullish review from Wall Street analysts, and even amid weakness for cryptocurrencies including Bitcoin.Loop Capital Markets analyst Kenneth Hill became the latest analyst to advise clients to buy shares of the exchange, highlighting “lots of runway” for the company ahead of a “takeoff.” Hill is the fifth analyst to rate the shares at a buy; however, his $394 12-month price target is the lowest on Wall Street.Skeptics have warned of risks ranging from growing competition to Bitcoin’s volatility, but some investors see opportunity. Cathie Wood’s funds have snapped up about $352 million worth of shares over two days and there are expectations for the company to become a staple in money managers’ portfolios.“Coinbase’s market valuation may seem excessive to some given the prospects of increased competition in digital wallets business, which should rapidly eat into Coinbase’s sweet profit margins,” Ipek Ozkardeskaya, senior analyst at Swissquote, wrote in emailed comments. “On the other hand, the competition is not here yet, while large trading volumes continue boosting Coinbase’s revenues for the moment.”All five of the analysts that cover the company rate it at a buy, with an average price target of $521, implying shares have another 52% to run from Friday’s close, data compiled by Bloomberg show.DA Davidson analyst Gil Luria raised the firm’s price target to a Street-high of $650 and touted the company’s “regulatory-friendly” approach to the nascent market.Bitcoin fell as much as 5.3% to $60,063, after coming close to hitting $65,000 per token earlier this week.(Updates share movement in second paragraph.)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 defense team for Huawei's chief financial officer, Meng Wanzhou, will ask a Canadian court to delay upcoming hearings in her U.S. extradition case, the court said on Friday. Meng's U.S. extradition hearings have lasted more than two years and she is scheduled to be back in the British Columbia Supreme Court on April 26. A source familiar with the matter told Reuters the application was a result of an agreement announced last week in a Hong Kong court between Huawei Technologies Co Ltd and HSBC regarding publication of internal documents relating to the fraud allegations against Meng.
“The biggest fear for many crypto traders has always been that big governments might impose harsh restrictions on cryptocurrencies,” said one analyst.
Emerging market central banks delivered five net interest rate hikes in March, marking the end of an easing cycle which started in 2019 as central banks in the developing world grapple with rising inflation pressures. Across a group of 37 central banks in developing economies, policy makers in Ukraine, Georgia, Brazil, Turkey and Russia raised interest rates, many delivering bigger hikes than expected. This follows a total of two net interest rate cuts in February.
The U.S. economy is "not out of the woods yet," said Dallas Fed President Robert Kaplan.
(Bloomberg) -- Gold rose to the highest since late February, putting the metal on course for a second straight weekly gain on help from declines in the dollar and bond yields.A gauge of the dollar fell as much as 0.2%, and 10-year Treasury yields slumped to lowest in a month. The declines came after U.S. retail sales accelerated in March by the most in 10 months as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers, while U.S. March industrial production rose less than expected.“Gold finally trades above recent highs behind a cocktail of lower yields, a soft dollar and a weaker-than-expected industrial production and capacity-utilization report,” said Tai Wong, head of metals derivatives trading at BMO Capital Markets. The production report “indicates the real economy remains uncertain, while the strong retail sales report was purely stimulus-based and transitory.”Bullion has been confined to a narrow trading range this month, with shifts largely driven by movements in the dollar and bond yields. The precious metal has declined more than 7% this year as gold-backed exchange-traded funds witnessed sustained outflows, after playing a crucial role in 2020’s record rally. Net sales continued yesterday.“Gold is unable to make any further significant and sustainable gains due to a lack of support from financial investors,” Daniel Briesemann, an analyst at Commerzbank AG, wrote in a note. “There is still no sign of any trend reversal in gold ETFs.”Spot gold rose as much as 1.9% to $1,769.67 an ounce, the highest since Feb. 26. Futures for June delivery on the Comex rose 1.8% to settle at $1,766.80 an ounce. Spot silver, platinum and palladium also advanced. The Bloomberg Dollar Spot Index declined 0.1%.Bullion rose above its 50-day moving average, but “a decisive move above $1,760 is still required to open a path to $1,800,” said BMO’s Wong.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 firm saw a social media backlash after a nurse claimed staff were turned away for beauty treatments.
Dow hits new high, J&J asks other vaccine makers to investigate blood clots, and other news to start your day.
The direction of the market into the close on Friday will be determined by trader reaction to $63.37.
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
(Bloomberg) -- Coinbase Global Inc. got a jump start on its first day of trading from the retail crowd. And the early enthusiasts likely walked away with a few bruises.Day traders purchased a net $57 million of the cryptocurrency exchange’s shares during its debut Wednesday on the Nasdaq Stock Market, according to data from VandaTrack. That total accounted for 7% of the $822 million individual investors spent on all U.S. stocks and exchange-traded funds on the day, and made Coinbase the fifth-most popular debut with the demographic since 2017.They didn’t wait long to jump in.Nearly a third of all retail dollars spent on Coinbase Wednesday poured in during the first 20 minutes of trading as the shares soared by 13% from the opening price of $381 to an intraday high of $429.54. Retail buying tapered off as the initial euphoria waned and the shares paired their gains to finish the day below the opening trade price.Coinbase gained as much as 6.4% in early trading Thursday on news of a $246 million investment from Cathie Wood’s Ark Investment Management and positive analyst coverage, though the shares remained below their opening price.Tayo Kuku, a 27-year old photographer based in Washington, D.C., is among the cohort of investors who bought in. But within 10 minutes of purchasing the stock at $394 and a few conversations with his friends who are also buyers, it “made me realize that I probably didn’t make the best decision jumping in that quickly,” he said.“I obviously knew the risk of jumping in on a company as soon as it went public, but it just seemed like an obvious investment considering cryptocurrency has been the ‘next big thing’ for young investors like me.”Fortunately for Kuku, he managed to sell at a profit at $415. Though he left unscathed, he still plans to “keep an eye out and may possibly dip my feet back in in the next few weeks.”The debut of the first cryptocurrency exchange to list on a U.S. public market was widely hailed as ushering in a new era for the oft-mocked asset class. That drew the attention of retail traders who piled in at a level not seen since the debut of Rocket Cos., the parent of the mortgage giant founded by billionaire Dan Gilbert, making it the fifth most- popular new listing among the group since 2017.“It is pretty surprising to see such strong buying,” said Viraj Patel, global macro strategist at Vanda Research. “There was obviously a lot of hype around this and certainly Coinbase will be almost the best proxy for trading the crypto theme in the coming years.”On Fidelity’s platform Coinbase was the most traded stock on the day. More than 148,000 shares changed hands there, nearly nine times more than runner-up Tesla Inc., according to data from the brokerage.“What is fascinating about Coinbase is this is the first way in which individuals can take part in this new market for cryptocurrencies without being subject themselves to the volatility those currencies have,” Michael Wolf, the chief executive officer and co-founder of Activate, a technology consulting firm, said on Bloomberg Television. “We are going to see that Coinbase is going to be held widely -- at this market cap, it’s going to be held by index funds. It will allow small investors as well as individuals to take part in this entire move toward cryptocurrencies.”But for all the fanfare, Coinbase wasn’t the top pick of at-home traders on Wednesday. That honor went to the ProShares UltraPro QQQ exchange-traded fund (ticker TQQQ), a three times levered tracker of the Nasdaq 100 Index, which saw $72 million of net retail buying on the day despite plunging by 3.5%.(Updates for Thursday trading in the fifth paragraph.)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.
Dogecoin was worth as much as $55 billion on Friday, nearly tripling on the day. At current levels, it’s worth about as much as Ford and Marriott.
Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.
The three main Wall Street indexes ended Friday higher for the day and week, with the S&P 500 and the Dow breaking closing records, as investors took strong economic data and bank earnings as signs of momentum in the U.S. pandemic rebound. Most of the 11 S&P sub-sectors rose on Friday.
The IRS chief tells Congress the child tax credit payments will arrive on time after all.
The total market value of the EV charging stocks amounts to roughly $15 billion, a tiny fraction of the near-trillion-dollar market valuation of all the EV maker stocks combined.
Dick Parsons could bring a critical eye to some of the decentralized finance protocols that look like structured products, said Celo co-founder Rene Reinsberg.
The car company said it and LG Chem are building a production facility in Tennessee. Think of a Tesla Giga factory, GM style.
One analyst has an idea about what’s behind this week’s downturn. Shares of (NIO) (ticker: NIO), (XPEV) (XPEV), and (LI) (LI), fell about 5%, 10%, and 15%, respectively, this week. The S&P 500 and Dow Jones Industrial Average both rose more than 1% this past week.
Under the agreement, the Boy Scouts and its local councils will release Hartford from any obligation under policies it issued, Hartford said. "Our agreement with Hartford is an encouraging step towards achieving a global resolution that will promote the Boy Scouts' efforts to equitably compensate survivors and continue the mission of scouting," the Boy Scouts said in an emailed statement.