Hey Gotraders,
Electric vehicle manufacturer, Rivian (RIVN) just made its debut on Wall Street in one of the HOTTEST IPOs since 2012.
Yesssh, you heard that right.
Shares of Rivian were originally meant to IPO at $78 a pop, but the stock opened at $106.75 per share.
Is this a big deal? Hell yeah! The company raised an estimated $12 billion in its IPO. This is the BIGGEST (and HOTTEST) US stock market debut since Facebook (FB), now known as Meta Platforms IPO-ed in 2012. đ„
Just to give you some perspective, Rivian is valued at $86 billion. General Motors (GM) is valued around the same and Ford (F) is valued at around $77 billion. Of course, Rivian canât beat Teslaâs (TSLA) market cap as they are worth over a trillion now. Whatâs interesting is that Ford is also kinda a big investor in Rivian. They have a 12% stake that is valued at $10 billion. Amazon (AMZN) also has a 20% stake in Rivian, valued at $17 billion.
Why is this important? It is clear that there is incredible demand for electric cars and trucks as economies transition to clean energy vehicles. Amazon has placed an order for 100,000 delivery vans from Rivian.
Rivian closed at $100.73, up 29.14% for the day.
P.S. Rivian trades under the ticker âRIVNâ on Nasdaq, and will soon be available on Gotrade. Keep an eye out for it! đ
đ Coinbase closes over 8% lower âŹ
Uh oh⊠Shares of Coinbase (COIN) closed over 8% lower after the crypto exchange reported earnings. Well⊠the results werenât as great as expected. Revenue, trading volume, and monthly transacting users were all lower than what analysts were expecting.
Revenue reported was $1.31 billion. Analysts were expecting $1.57 billion.
Trading volume was $327 billion, compared to $462 billion the previous quarter.
Monthly transacting users fell from 8.8 million users the previous quarter to 7.4 million.
âCoinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the cryptoeconomy and our ability to serve users through our products and services. We encourage our investors to take this point of viewâ - Coinbase.
Shares of Coinbase closed at $328.60, down 8.06% for the day.
đ Disney shares are down after reporting earnings đ»
Shares of Disney (DIS) plunged nearly 5% in extended trading after the company reported earnings. The company missed analystsâ estimates on both the top & bottom lines. They reported earnings of 37 cents per share on $18.53 billion revenue while analysts were expecting 51 cents per share on $18.79 billion revenue.
Thatâs not all, though. The number of Disney+ subscribers was also lower than expected. Disney reported 118.1 million subscribers, while analysts were expecting 125.4 million. Ouch!
Shares of Disney closed at $174.56, down 0.38% for the day. Shares are trading 4.76% lower in extended trading at the time of writing.
Top movers & shakers đą
What else is making headline news đ°
Visa (V) and Mastercard (MA) are potential inflation plays, says Greg DiMarzio.
DOJ sues Uber (UBER) for allegedly charging wait fees to customers with disabilities.
Gold, bitcoin lead gains in inflation hedges following biggest CPI jump in 3 decades.
Chinaâs JD.com (JD) smashes through its Singles Day record with $48.7 billion in sales and counting.
Affirm (AFRM) shares soar after company announces expanded deal with Amazon, fiscal Q1 revenues beat estimates.
AMC (AMC) CEO Adam Aron sold $25 million in shares Tuesday, after warning meme investors he would do so.
Opendoor (OPEN) thrives in home-flipping market Zillow Group (ZG) just exited as earnings beat estimates.
Popular companies releasing earnings this week đ°.
Thursday: Coupang (CPNG), ArcelorMittal (MT), Coach (TPR), Wix.com (WIX), Weibo (WB), Manchester United (MANU), Nano Dimension (NNDM), and many more..
Friday: AstraZeneca (AZN), Li Auto (LI), Vipshop (VIPS), F45 Training (FXLV), and many more..
A companyâs market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a companyâs stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
Thatâs all from us for now.Â
Signing out,
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