Tag: Stock

Cathie Wood’s ARK Invest Rapidly Accumulating Coinbase (COIN) Stock As Crypto Exchange Goes International

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Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US. New data from Cathie’s Ark, a platform that tracks the investment of ARK Invest, reveals that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million. The day before, data shows ARK making three purchases worth about $8.4 million. The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty…

PacWest Leads Crash in Banking Stock Falling 28% as Others Follow Suit

PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses. Shares of bank holding company PacWest (NASDAQ: PACW) led a heavy crash in bank stocks on Tuesday. The stock tumbled nearly 28% as the general banking clime continues to sour following bank failures plaguing the sector. PacWest stock closed at $6.55 after falling 27.78% on the day. In addition to PacWest, Arizona-based Western Alliance Bancorp (NYSE: WAL) also crashed yesterday. WAL fell more than 15% and lost nearly…

Chegg Stock (CHGG) Tanks 40% in One Day, Blames AI Chatbot ChatGPT for Disruption

Chegg is facing massive disruptions in its education business amid the rapid growth of AI platforms. To contain this, Chegg is building its own AI platform CheggMate in collaboration with OpenAI. The introduction of ChatGPT by OpenAI has certainly created a massive disruption in the tech world while giving other tech giants like Alphabet (NASDAQ: GOOGL) a run for their money. Now, AI chatbot ChatGPt is causing a major disruption in the education industry as well, and online education firm Chegg is among the major ones to feel the heat.…

Coinbase stock will be ‘weighed down’ until US rules are clear: Citi

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Crypto exchange Coinbase’s stock price will continue to be “weighed down” until regulators establish the legal “rules of the road” in the United States, according to investment analysts from Citi. As per reports on May 1, the investment bank downgraded shares of the crypto exchange from “Buy” to “Neutral” and lowered its price target — citing “too many unknowns” as the company battles it out with regulators. Screenshot of the analyst note from Citi. Source: Twitter “Until the regulatory ‘rules of the road’ are better established in the U.S., the…

Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry – Bitcoin News

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Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge as Pacwest Shares Sink Causing Trading Halt Pacwest, a regional bank based in Beverly Hills, California, is facing challenges after the release of its 2023 first quarter earnings report. Following the publication of the earnings, the bank’s stock price…

BP Stock Tanked Over 5% Despite Company Beating Q1 2023 Profit Expectations

Amid lower fossil fuel costs, BP’s profits tanked in comparison to the bumper profits recorded in 2022. On Tuesday, May 2, oil major British Petroleum (BP) reported stronger-than-expected first-quarter (Q1 2023) profits, and rising from the previous quarter i.e. Q4 2022. However, the numbers were down from the exceptional profits that the company recorded during a blockbuster 2022 when fossil fuel prices shot up significantly following Russia’s invasion of Ukraine. BP Q1 2023 Performance During the first quarter, the British energy giant reported an underlying replacement cost profit of $4.96…

Investment Bank H.C. Wainwright Believes Crypto Winter Is Over, Rates Coinbase Stock as ‘Buy’ 

Analysts at H.C. Wainwright have said that the crypto winter of 2022 ceases to have any bearing on related stocks.  H.C. Wainwright believes that the crypto winter is over and has called for a buy on Coinbase (NASDAQ: COIN) stock. According to the New York-based investment bank, Coinbase stands to benefit from global digital asset economy growth sooner rather than later. H.C. Wainwright released a statement on Wednesday that underscored its bullishness on the prices of crypto assets. The investment banking platform wrote: “Crypto asset prices have rallied 45% YTD, supported by a 67%…

Merck Q1 2023 Report Shows Revenue Drop as COVID Treatment Sales Crash, MRK Stock Down 1%

Affected by reduced demand for Covid drug Molnupiravir, Merck has published reduced revenue figures according to its Q1 2023 report. Multinational pharmaceutical giant Merck & Co Inc (NYSE: MRK) has released its Q1 2023 report. The company’s figures show a reduction in revenue due to several factors, including a plunge in sales. According to published figures, Merck’s Q1 revenue is 9% lower than reported in Q1 2022. This is mainly because its Molnupiravir Covid treatment drug has seen a considerable drop in demand. At the press time, MRK stock is 1%…

Bitcoin hovers around $28k after First Republic Bank stock tanks

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin is trading around the $28,000 mark, after trading higher. The churn comes after news that the First Republic Bank is close to seizure by U.S. authorities. BTC was over $28,000 mark Bitcoin bulls have reemerged, following the recent decline, to push the price above the $28,000 mark. BTC is trading at $27,984, up 2% over the last 24 hours. Notably, the surge, similar to the aftermath of the Silicon Valley Bank and Signature Bank’s downfall,…

Cathie Wood’s ARK Invest Accumulates More Coinbase Stock (COIN) As Crypto Exchange Goes Against SEC

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Cathie Wood’s ARK Invest added more than 157,000 Coinbase (COIN) shares this week as the top US crypto exchange goes on the offensive against the U.S. Securities and Exchange Commission (SEC). On Monday, three of ARK Invest’s funds made separate purchases of COIN shares worth a combined $6.98 million at time of writing. Coinbase shares currently make up 4.74% of ARK’s combined portfolio. The three funds’ estimated cost averages for COIN are $239.60, $254.65, and $242, all of which are far greater than Coinbase’s current share price, which currently sits…