Stock Market News Today, February 24th 2021
Quick Bites of new not on CNBC for geeks, traders and misfits
.Federal Reserve Chairman Jerome Powell stated yesterday in his testimony to the Senate that there is minimal inflation of the U.S. Dollar and he still sees the U.S. economy as “highly uncertain.”
=Dubai businessman Khurram Shroff, Chairman of IBC Group, has pledged 100,000 bitcoin ($4.8B) to establish the Miami 2.0 Blockchain Strategy Foundation
=top five analyst upgrades
: 1. BigCommerce (BIGC) upgraded to Overweight at KeyBanc w
. 2. Mattel (MAT) upgraded to Buy from Neutral at Citi w
3. Thomson Reuters (TRI) upgraded to Buy from Hold at Canaccord
4. Ritchie Bros. (RBA) upgraded to Outperform from Sector Perform at National Bank with ”
5. Boise Cascade (BCC) upgraded to Buy from Neutral at DA Davidson
==top five analyst downgrades
1. Square (SQ) downgraded to Equal Weight from Overweight at Wells Fargo w.”
2. Energizer (ENR) downgraded to Neutral from Buy at Goldman Sachs
3. Just Energy (JE) downgraded to Underperform from Sector Perform at RBC Capital
4. Canopy Growth (CGC) downgraded to Underperform from Hold at Jefferies
5. Workhorse Group (WKHS) downgraded to Perform from Outperform at Oppenheimer
Teledoc missed earning est. after hrs
Nvidia rises 3% to $596.63 after A4 earning beat
==Home Depot’s revenue increased by 20% last year to $132B, and its profit rose 15% to $2.8B.
–Its e-commerce sales increased by 83% in Q4 and 86% in overall 2020.
===After reversing the news block in Australia, Facebook has said it plans to invest $1B over the next three years to support the news industry.
==EV company Fisker’s shares surged by 27% as it signed a deal with Foxconn to manufacture more than 250,000 vehicles annually.
===Electric vehicle startup Lucid Motors will merge with the Churchill Capital IV Corp to go public at a $24B valuation. This is the largest ever SPAC merger for an electric vehicle startup.
===Tsla shares are up 2% after Cathie Wood from Ark Invest purchased $120M shares yesterday to stabilize the stock, which had fallen over 30% from its January high.
Square, the payments company run by Jack Dorsey, has bought $170m worth of Bitcoin, taking Bitcoin to around 5% of the company’s assets.
— Square reports $4.57 billion in 2020 bitcoin sales
—-The Gross Payment Volume processed by Square reached $32B in Q4, up 10% YoY
==Electric rickshaws – Amazon’s five-year plan in India: 10,000 electric delivery vehicles deployed by 2025. Yesterday, it took a big step toward that by announcing a partnership with Mahindra, the Indian e-mobility giant. .
The chess boom is showing no signs of slowing down. The latest data for streaming platform Twitch reveals that last month more than 18 million hours of chess were watched. Last February it was closer to 1 million hours viewed.
===: Esquire profiles Beeple, a Wisconsin artist with 1.8 million Instagram followers.
Dapper Labs was also responsible for Crypto Kitties, a digital cat exchange that rose to prominence amid the crypto wave of 2017. The company is now reportedly raising $250 million in new funding at a $2 billion valuation, led by Coatue.
1) Oatly, the vegan-friendly milk producer backed by Oprah Winfrey and others, is reportedly eyeing an IPO and looking for a valuation of up to $10bn from investors.
Millions of people in China are embracing tiny electric vehicles that look more like golf carts than cars, but cost less than $2,500.
==MicroStrategy — Shares are up 10%, as bitcoin rebounded overnight.
—announced this morning it had purchased another 19,452 bitcoins, worth $1B. This brings the total Bitcoins purchased by MicroStrategy to 90,531, worth $4.5B.
===President Biden will sign an executive order to review the U.S. supply chain’s reliance on other countries.
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