Wednesday’s Headlines: Coinbase Goes Public Today

Wednesday’s Headlines: Coinbase Goes Public Today

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Cloudflare (NET) +11.3%

Tesla Motors (TSLA) +8.6%

Zoom Communications (ZM) +6.6%

Spotify (SPOT) +5.9%

Bill.com (BILL) +5.7%

Moving Down ⬇️

Nordstrom (JWN) -3.1%

Under Armour (UAA) -3.0%

Axos Financial (AX) -2.6%

Stitch Fix (SFIX) -2.5%

Nike (NKE) -2.3%

1. Today’s the day that investors have been waiting for — Coinbase is going public. In what is expected to be a monstrous direct listing event, the Nasdaq yesterday gave Coinbase a reference price of $250 per share, which would value the cryptocurrency exchange at around $65.3 billion on a fully diluted basis. However, many analysts — both professional and self-proclaimed — are expecting Coinbase to surge on its opening day of trading, mostly due to the success of other popular direct listings in recent years — the direct listings of  Spotify, Slack, Palantir, Asana, and Roblox had an opening price on average 37% higher than their listing price. To read more about Coinbase’s bull and bear cases, read our article here.

2. Shares in Cloudflare (NET) soared more than 11% on Tuesday following its newly-announced Nvidia (NVDA) partnership. Cloudflare said that it will work with Nvidia to bring artificial intelligence (AI) to its suite of services that “protect and accelerate” internet applications for companies, including Cloudflare Workers. “Cloudflare Workers is one of the fastest and most widely adopted edge computing products with security built into its DNA. Now, working with Nvidia, we will be bringing developers powerful artificial intelligence tools to build the applications that will power the future,” Cloudflare co-founder and CEO, Matthew Prince, said in a statement. Read the official press release here

3. Big Tech leader Apple (AAPL) is up 2.5% this morning after announcing a ‘surprise’ April 20 press event. Much of the bullish sentiment surrounding yet another Apple event derives from expectations of a litany of new product announcements, including new versions of the iPad Pro, AirTags tracking devices and more. With the iPhone regaining the market lead from Samsung earlier this year and the AirPods becoming the bestselling headphones in the world, it seems likely that this event will focus purely on fresh hardware products to complement its big winners. Not known for its talkativeness around new products though, investors may just have to wait until next week to see what Apple is up to. Read more here.

JamieJamie

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