Hey Gotraders,
Itâs a brand new trading week, and itâs gonna be a short one. Do note that the U.S. markets are closed on Friday due to Good Friday.
In terms of earnings, big banks and financial companies such as JPMorgan Chase (JPM), BlackRock (BLK), Wells Fargo (WFC), Morgan Stanley (MS), Goldman Sachs (GS), Citibank (C), U.S. Bancorp (USB), PNC Financial (PNC), and Ally Financial (ALLY) are reporting them this week. Refer to our full earnings calendar below đ
Ok, moving on to headline news, Block (SQ) and Blockstream have partnered up to mine Bitcoin in a facility that uses solar and storage technology from Tesla (TSLA). Teslaâs 3.8 megawatts solar PV array and 12 megawatt-hours Megapack will power the facility. Wow, this is certainly interestingâŚ.
Blockstreamâs co-founder and CEO Adam Back said that the mining facility is designed to be a proof of concept for 100% renewable energy Bitcoin mining at scale.
âBy collaborating on this full-stack, 100% solar-powered Bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate Bitcoinâs synergy with renewablesâ - Neil Jorgensen, Global ESG Lead at Block and Project Lead for Blockâs Bitcoin Clean Energy Initiative.
âThis is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the futureâ - Blockstream co-founder and CEO Adam Back.
Why is this important? People have been concerned with the impact that Bitcoin mining has on the environment. So much so, that China banned Bitcoin trading & mining late last year.
This new partnership and facility will prove that Bitcoin mining can be done with 100% renewable energy and will not harm the environment. This is a huge victory for the crypto world! More companies will probably start mining Bitcoin with renewable energy, governments will likely accept Bitcoin miners, and this will very likely accelerate the adoption of Bitcoin!
Definitely good news for the crypto industry! Cathie Wood predicts that the price of Bitcoin will hit $1 million by 2030.
When the price of crypto goes up, it is very likely that the price of stocks with crypto-exposure will also rise. We have a bunch of stocks with crypto-exposure on the Gotrade app. Check out our âCryptocurrencyâ category!
đ Robinhood shares close nearly 7% lower on Friday đ
Uh oh... Shares of Robinhood (HOOD) headed into the weekend nearly 7% lower. Why so? Well, it could be any reason really⌠but maybe the recent downgrade by Goldman Sachs (GS) had something to do with it... Hmmm⌠Analyst Will Nance downgraded Robinhood shares from âNeutralâ to âSellâ and lowered his price target from $15 per share to $13.
Nance thinks that slowing growth, softening retail engagement levels, and a âlimited path to near-term profitabilityâ are factors that may prevent them from outperforming over the next year.
Shares of Robinhood closed at $11.24, down 6.88% for the day.
đ Elon Musk decided not to join Twitterâs Board đ ââď¸
Elon Musk has been stirring things up at Twitter (TWTR) ever since he bought 9.2% of its stock. He was meant to join Twitterâs Board of Directors, following a background check and formal acceptance. Things seem to have changed since then.
Twitterâs CEO, Parag Agarwal tweeted publicly that Elon Musk changed his mind the morning that he was meant to join the Board.
Shares of Twitter closed at $46.23, down 3.75% for the day.
Top movers & shakers đ˘
What else is making headline news đ°
Coinbase (COIN) suspends buy orders in India days after launch.
Bank earnings, CPI inflation, retail sales: What to know this holiday-shortened week.
Tesla (TSLA) bull predicts between 5 to 10 new Gigafactories in the next two years.
Elon Musk says Tesla (TSLA) may have to get into the lithium business because costs are so âinsane.â
Amazon (AMZN) files its appeal of historic union vote at New York City warehouse.
The S&P 500 will plunge 11% by the end of 2022 as 'inflation shock' sparks a recession, Bank of America (BAC) says.
Cathie Wood sold 90% of her Twitter (TWTR) stock this year. Then Elon Musk sent the shares soaring - and her stake would be worth $700 million if she'd held onto it.
Apple (AAPL) lets you watch MLB games for free now so it can sell you another iPhone later.
Starbucks (SBUX) CEO Howard Schultz says heâs not anti-union, but his past tells a different story.
Popular companies releasing earnings this week đ°
Tuesday: Albertsons Cos. (ACI), Carmax (KMX)
Wednesday: JPMorgan Chase (JPM), BlackRock (BLK), Fastenal (FAST), First Republic Bank (FRC), Delta Airlines (DAL), Rent the Runway (RENT)
Thursday: Taiwan Semiconductor (TSM), United Health (UNH), Wells Fargo (WFC), Morgan Stanley (MS), Goldman Sachs (GS), Citibank (C), U.S. Bancorp (USB), PNC Financial (PNC), Ericsson (ERIC), State Street (STT), Ally Financial (ALLY)
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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The legal stuff đ¤
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