Wednesday’s Headlines: Is Bitcoin Taking Over?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Eventbrite (EB) +6.6%
IMAX (IMAX) +6.5%
Pinterest (PINS) +6.1%
Vail Resorts (MTN) +4.6%
Ctrip (TCOM) +4.3%
Moving Down ⬇️
iRobot (IRBT) -8.2%
Paycom (PAYC) -5.6%
Datadog (DDOG) -4.7%
Wix (WIX) -4.6%
1. Bitcoin’s rally is showing no signs of slowing down as the cryptocurrency races above $50,000 for the first time, taking some major stocks with it. Bitcoin is receiving a massive boost from big company backing, with Tesla (TSLA), PayPal (PYPL), Square (SQ), Mastercard (MA) and more getting in on the trend. Whereas past Bitcoin bubbles have been driven by retail speculation, bullish analysts believe that the current cycle is being fueled by demand from institutional investors, which will help to stabilize the often volatile currency. Read more here.
2. Look out Shopify (SHOP), Amazon (AMZN) is coming for small and medium-sized businesses with its latest acquisition. The e-commerce leader acquired the Australian firm, Selz, back in January for an undisclosed fee, but did not reveal the deal until yesterday. Selz offers a similar service to Shopify in that it helps small business entrepreneurs to build online stores. The Selz acquisition comes as Amazon’s third-party marketplace, made up of more than 2.5 million sellers, continues to thrive, accounting for more than half of Amazon’s e-commerce sales. Read more about the deal here.
3. Who said that cinema is dead? IMAX (IMAX) shares rose 6.5% yesterday off the back of strong results for the Chinese New Year holiday. The beleaguered cinema group hit a 52-week high of $19.85 per share after reporting a record-breaking $25 million take from IMAX screenings in China throughout the weekend — Chinese theaters were closed during the same period last year due to COVID-19. Unlike its counterparts such as AMC and Cinemark, IMAX is not drowning in debt right now, with long-term debt roughly equaling its cash balance, so analysts are upping their price targets on the stock. However, there’s still a long way to go in terms of recovery. Read more here.
There are 4 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.