Monday’s Headlines: Elon Musk Plays Crypto God

Monday’s Headlines: Elon Musk Plays Crypto God

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Nordstrom (JWN) +11.2%

DraftKings (DKNG) +9.5%

Cloudflare (NET) +8.5%

ShotSpotter (SSTI) +8.3%

Lemonade (LMND) +7.3%

Moving Down ⬇️

Walt Disney Co. (DIS) -2.6%

Calavo Growers (CVGW) -1.0%

Casey's General Store (CASY) -0.9%

The Home Depot (HD) -0.6%

Cognizant Technology Solutions (CTSH) -0.4%

1.  With each passing week, leading EV maker Tesla (TSLA) and crypto-asset Bitcoin find themselves more and more intrinsically linked. Tesla CEO Elon Musk sent the world’s largest cryptocurrency plummeting yesterday after implying on Twitter that the company had sold, or was planning on selling its entire Bitcoin position, mere months after first buying in. In an SEC filing in February, Tesla revealed that it bought $1.5 billion worth of Bitcoin, registering a Q1 profit of $101 million from these holdings. The eccentric CEO’s power to change Bitcoin’s price through even the subtlest of tweets has long been a concern shared among Tesla investors. Read more here.

2. Shares in PayPal (PYPL) are falling in pre-market trading after President Joe Biden’s and First Lady Dr. Jill Biden were forced to delete their Venmo accounts over privacy concerns. The current White House residents were the subject of a BuzzFeed News article on Friday, which claimed to have “easily” discovered their account details in the instant payments app, raising national security questions. PayPal-owned Venmo enables simple payments between contacts, with transaction details public by default. The security of this information is now being called into question, with PayPal yet to make a statement on the matter. Read the full article here

3. Popular U.S. retailer Nordstrom (JWN) saw its stock price jump 11% on Friday in response to strong competitor earnings as well as positive April sales data. While from March to April, department store sales actually fell 1.5% year-over-year, according to the Census Bureau, that was still on par with 2019 levels, further encouraging investors that retail habits were returning to normal. Nordstrom, which is set to report its Q1 earnings on May 25, has analysts expecting a boost in sales due to increased vaccinations, warming weather, and March stimulus check spending. Read the full report here

Get this week’s full earnings calendar here.

JamieJamie

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