Benzinga's Bulls And Bears Of The Week: Alphabet, Coinbase, GE, Quantumscape, Tesla And More


Yahoo Finance 17 April, 2021 - 01:46pm 41 views

Did Ark invest buy Coinbase?

ARK Investment Management, led by widely followed portfolio manager and CEO Cathie Wood, bought $246 million worth of shares in the newly listed cryptocurrency exchange Coinbase Global on Wednesday. Barron'sCathie Wood's ARK Funds Bought Coinbase Stock on Its First Trading Day

What did Cathie Wood buy today?

Cathie Wood's Ark funds bought $246 million worth of Coinbase (COIN.O) shares on the cryptocurrency exchange's Nasdaq debut on Wednesday and sold some of their Tesla (TSLA.O) stock, just under a month after talking up the carmaker. ReutersCathie Wood's Ark buys into Coinbase, sells a bit of Tesla

Is Coinbase a stock?

Coinbase stock: What you should know about the crypto exchange that just went public. Shares shot up at first, only to slowly make their way down. ... Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, went public Wednesday, selling its shares for the first time on the Nasdaq exchange. CNETCoinbase stock: What you should know about the crypto exchange that just went public

Ark's Cathie Wood Expects Tremendous Volatility for Coinbase

Bloomberg Markets and Finance 17 April, 2021 - 07:10pm

Ark Investment Boosts Coinbase Holdings While Cutting Stake in Square

Sports Grind Entertainment 17 April, 2021 - 07:10pm

Headed by well-known crypto bull Cathie Wood, ARK Investment purchased 341,186 shares, worth about $110 million on Thursday, after buying 749,205 shares the day before, the firm’s daily trade summary shows.

The additional purchase was again done via three of Ark’s flagship funds – The Ark Fintech Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF.

While the firm increased the funds’ stakes in Coinbase, it sold 409,241 shares of payment company Square, which became a bitcoin holder last year.

Coinbase fell by 1.68% to $322.75 on Thursday. The stock price was quite volatile on the first day, rising as high as $428.94 before ending the day at $328.05.

The listing has been widely touted as a moment of validation for the cryptocurrency industry.

Cathie Wood's Ark funds bought $246 million worth of Coinbase shares on the cryptocurrency exchange's Nasdaq debut on Wednesday and sold some Tesla shares, according to their daily fund trading summary. A chunky $168 million of Coinbase shares were added to its flagship ARK Innovation fund, and the remainder went into its next generation and fintech innovation funds. Notably, one of Wood's funds sold a $4.4 million stake in New York Stock Exchange owner Intercontinental Exchange.

(Bloomberg) -- Three funds at Cathie Wood’s Ark Investment Management bought shares of the biggest U.S. cryptocurrency exchange Coinbase Global Inc. on its highly anticipated trading debut Wednesday.The flagship Ark Innovation ETF, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF bought a combined 749,205 shares of Coinbase, according to data released by the funds in an email. Based on Coinbase’s closing price of $328.28 per share, their stake is worth about $246 million.Coinbase’s stock opened at $381 on Nasdaq and climbed to as high as $429.54 -- sending the exchange’s valuation soaring above $112 billion -- before Bitcoin’s drop from record highs and a broader decline in tech stocks saw its shares slipping back below the opening price.Ark, founded by Wood in 2014, invests in companies involved with disruptive trends, which means it has a limited pool of targets in which to deploy that money. Concerns have swirled around the New York-based firm in recent months on concentration risks after a stellar year saw ETF assets surge at one point to more than $60 billion.Separately, Ark Next Generation sold 57,043 shares of electric-vehicle maker Tesla Inc. on Wednesday, while Ark Fintech Innovation sold 37,471 shares of Intercontinental Exchange Inc., the emailed data showed.READ: Coinbase Selloff After Trading Debut Spills Into Bitcoin Rally(Adds mention of Tesla in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

At this time, I would like to welcome everyone to the PPG Industries First Quarter 2021 Earnings Conference Call. Once again, this is John Bruno. Joining me on the call from PPG are Michael McGarry, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

Coinbase, the newly public cryptocurrency exchange, has had it share of ups and downs. At the time, Haun had just spent 11 years working for the Justice Department, handling cases relating to violent murders and organized crime and, later, the fast-growing world of cryptocurrencies. In fact, as part of her job, Haun had gotten to know Coinbase and other up-and-coming startups to better understand digital currencies and decentralized systems.

Shares of the battery company dropped 12.2% Thursday after a negative research report from short-seller Scorpion Capital.

MoffettNathanson analyst Lisa Ellis made headlines this week after placing a $600 price target on Coinbase Global Inc (NASDAQ: COIN) and calling the stock a "must-own" for long-term investors. Some may be underestimating how difficult it is to do what Coinbase is doing, Ellis said Friday on CNBC's "Squawk Box." Coinbase is creating liquidity and exchanges for cryptocurrencies, as well as securely storing cryptocurrencies, Ellis told CNBC. The company runs custom nodes on 15 blockchains, creating liquidity in 108 assets, she said. Coinbase is much more analogous to broader technology companies like Square Inc (NYSE: SQ), Shopify Inc (NYSE: SHOP) or Paypal Holdings Inc (NASDAQ: PYPL) as opposed to traditional exchange and brokerage companies, Ellis told CNBC. The company is evolving into a technology platform for cryptocurrencies, she said. Coinbase has built something that has sustainability for "at least several years," Ellis said. Related Link: Coinbase Headed To 0 — Why Analyst Sees Crypto Exchange As 'Must-Own Stock' For Growth, Tech Buyers The analyst equates Bitcoin (CRYPTO: BTC) with digital gold and Ethereum (CRYPTO: ETH) with the fuel behind the system. The future of Coinbase is dependent on Bitcoin "gaining more mainstream acceptance" as an alternative asset class, Ellis said. COIN Price Action: Coinbase Class A shares were up 2.56% at $331 at last check Friday. Image by Igor Schubin from Pixabay. Latest Ratings for COIN DateFirmActionFromTo Apr 2021Loop CapitalInitiates Coverage OnBuy Apr 2021DA DavidsonMaintainsBuy Apr 2021BTIGInitiates Coverage OnBuy View More Analyst Ratings for COIN View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaExclusive: Voyager CEO Steve Ehrlich Welcomes Coinbase To The PartyIPO Warrior Matt Hammond Joins 'Power Hour' To Talk Trading Coinbase© 2021 Benzinga does not provide investment advice. All rights reserved.

Watching your stock hit new highs can be thrilling but don't look just at the price action. Volume offers valuable clues too, like Alibaba stock did.

(Bloomberg) -- The sudden tumble in the shares of Pinterest Inc. Friday has one analyst defending the stock.Sanford C. Bernstein analyst Mark Shmulik brushed off speculation that channel checks for the social-media company have been relatively muted, saying the concerns were overblown. Pinterest shares fell as much as 11% Friday, the most in more than five months, which Shmulik said created a buying opportunity. The stock pared some losses to close down 9.7%.The analyst said channel checks for Pinterest are as strong as he has ever heard, acknowledging that they remain challenging, given that significant changes from large ad buyers can have a material impact. Shmulik has a market perform rating on the stock. It has 18 buys, 9 holds and one sell rating, according to data compiled by Bloomberg.Pinterest didn’t respond to a request for comment.San Francisco-based Pinterest is expected to report first-quarter results on April 27 after market close. The stock has gained 16% this year and hit a record as recently as Feb. 16.(Updates share moves and chart.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bitcoin holders appear to be accumulating more Bitcoin following the recent rally, which saw long term holders decreasing their position sizes.

Bitcoin fell early on Friday, after Turkey’s central bank decided to ban cryptocurrency payments from the end of the month.

(Bloomberg) -- A senior Bank of Japan official played down the potential for China’s digital yuan to threaten the dollar’s position as the world’s main reserve currency.“The dollar’s status as the key global currency won’t change so easily,” said Kazushige Kamiyama, head of the BOJ’s payment systems department and the person in charge of looking into a virtual Japanese currency. “In fact, the dollar’s advantage may strengthen further if the U.S. goes with digitalization.”A report earlier this week showed the Biden administration is increasing its scrutiny of China’s progress toward a digital yuan amid concern it could kick off a long-term bid to displace the dollar.The People’s Bank of China has moved closer to becoming the first major central bank to launch a virtual currency, rolling out a trial for consumers and businesses in cities across the country.The PBOC has been working on a digital currency since 2014 and its moves have heightened interest among central banks and policy makers, while the spread of cryptocurrencies has added to a sense that competitors to regular cash could change how the financial sector operates.The pandemic has also accelerated the use of cashless payments, even in Japan where banknotes and coins are still used in a majority of transactions.Kamiyama said the BOJ had no specific plans for a pilot test at this point, but he denied that the central bank was lagging its peers.“The BOJ isn’t behind” in the study of a digital currency, Kamiyama said.The BOJ started the first phase of its own technical experiments on digital currencies last week and is participating in group studies on them with the Bank for International Settlements and six major central banks including the Federal Reserve and the European Central Bank.The group in October said the introduction of digital currencies shouldn’t undermine the stability of the current financial system.“No single digital currency from a central bank is likely to conquer the world as long as everyone continues to work on improving their settlement systems,” Kamiyama said.(Updates with more comments from Kamiyama)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bitcoin tumbled more than 4% on Friday after Turkey's central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible "irreparable" damage and transaction risks. In legislation published in the Official Gazette, the central bank said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, to pay for goods and services. The decision could stall Turkey's crypto market, which has gained momentum in recent months as investors joined the global rally in bitcoin, seeking to hedge against lira depreciation and inflation that topped 16% last month.

Property purchases in China funded through bank loans fraudulently obtained by speculators are fuelling already red-hot real estate markets in its biggest cities and beginning to alarm regulators. Four tier-1 Chinese cities, including Shenzhen and Shanghai, have reported since March that a probe by financial regulators found that 877.8 million yuan ($134.21 million) of bank loans were improperly used for property purchases.

Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.

NINGBO, China/BEIJING (Reuters) -Chinese automaker Geely, owner of Volvo Cars, on Thursday launched a high-end electric vehicle (EV) brand named Zeekr, targeting China's growing appetite for premium EVs that has boosted sales for Tesla and Chinese peer Nio. Parent Zhejiang Geely Holding Group and Geely Automobile said last month they would jointly invest 2 billion yuan ($306 million) in the new venture, seeking to position Zeekr as a startup under Geely group, also known overseas for its 9.7% stake in Germany's Daimler AG. The price tags for Zeekr cars will be around 300,000 yuan, and Flynn Chen, Zeekr's vice president, said the brand will explore new sales and marketing methods, including allowing customers to subscribe to car-using rights and offering a stake in the company to car buyers.

(Bloomberg) -- The U.S. refrained from designating any trading partner as a currency manipulator in the Biden administration’s first foreign-exchange policy report, even as Switzerland, Taiwan and Vietnam met thresholds for the label.The Treasury Department said Friday that those three economies met criteria for the manipulator label, including a large trade surplus with the U.S. But it said there was “insufficient evidence” to conclude that the three trading partners showed the intent of “preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade” to apply the tag.A Treasury official told reporters that the decision not to designate any nation a manipulator should not be seen as a mixed message. In December, the last report done under President Donald Trump designated Switzerland and Vietnam as manipulators.The new assessments signal the Biden administration is taking a less confrontational approach to international currency policy after Trump labeling of China and other countries as manipulators proved ineffective and spurred concerns of politicization.The latest report assesses currency activities through 2020.Covid ImpactThe U.S. acknowledged that the unprecedented nature of the coronavirus pandemic’s impact on the global economy led to creative policy responses by governments and central banks. For that reason, the Treasury said it seeks a deeper understanding of Switzerland’s, Taiwan’s and Vietnam’s currency actions in order to determine if the interventions were done with the intent of gaining an unfair trade advantage, or to cope with the crisis.Ireland and Mexico were added to the Treasury’s watch list, which means they met two of the three criteria for designation. The Treasury kept China, Thailand, India, Japan, South Korea, Germany, Italy, Singapore and Malaysia on the monitoring list.The agency said China’s “failure” to be more transparent around activities at state-owned banks warrants close monitoring. Those banks can act in currency markets with official guidance due to close relationships with China’s central bank.“Treasury is working tirelessly to address efforts by foreign economies to artificially manipulate their currency values that put American workers at an unfair disadvantage,” Treasury Secretary Janet Yellen said in a statement accompanying the report.The manipulator tag has no specific or immediate consequence, beyond any short-term market impacts. But the law requires the administration to engage with the trading partners to address the perceived exchange-rate imbalance. Penalties, including exclusion from U.S. government contracts, could be applied after a year unless the label were removed.Trump EraDuring the Trump era, the Treasury abruptly designated China a manipulator in mid-2019 outside its usual release schedule, only to lift the label five months later to win concessions in a trade deal. The developments raised concerns that the report was being increasingly politicized.That, combined with the December manipulator designations being defied by Switzerland and Vietnam who did not change their policies as a result, has called into question the credibility of Treasury’s foreign-exchange assessments.These concerns continue under Yellen.In 2019, her predecessor Steven Mnuchin used the older of the two active trade laws that inform Treasury’s currency assessments to label China a currency manipulator. Now, Yellen is using that same law to decide that no nation warrants the designation.“The inconsistent use of the same criteria by successive administrations certainly undercuts the notion of the Treasury currency report being a dispassionate and nonpolitical evaluation of other countries’ currency practices,” said Eswar Prasad, an economist at Cornell University who formerly worked in the International Monetary Fund’s China division.Still, he said that Yellen’s “less overtly political approach” may restore some credibility.Swiss officials have repeatedly denied that they are manipulating the franc, and have continued the nation’s purchases of foreign currencies as part of a long-running campaign to fight deflation through negative interest rates and currency intervention.The Treasury noted the impact of monetary policy objectives on the franc, and said it is is in talks to develop “specific actions” to address the causes of Switzerland’s external imbalances.Earlier this month, the International Monetary Fund gave the Swiss National Bank a green light for its purchases of foreign exchange, while also recommending that officials follow counterparts with a strategy review.TaiwanThe U.S. moved Taiwan from its watch list to the separate list of those meeting all three criteria for distortionary currency policies. As with Switzerland and Vietnam, Treasury officials said Taiwan met the criteria laid out in a 2015 law by a wide margin, but declined to name the country as a “manipulator” under a related 1988 act.Taiwan widely exceeded the thresholds for all three criteria, and the U.S. urged the nation to create a plan to address the causes of its currency undervaluation.Taiwan’s central bank has acknowledged intervening in foreign exchange markets to pare gains by Taiwan’s currency against the dollar. Daily efforts to stabilize the Taiwan dollar began in earnest in June 2020 until September. Since then, it appears that the bank has been managing the currency’s appreciation.The bank’s governor, Yang Chin-long, said in March he believed the U.S. might designate Taiwan a currency manipulator, but he didn’t expect serious negative impact for the local economy, given robust U.S. demand for semiconductors. Semiconductors, he said, were the main factor driving Taiwan’s trade surplus with the U.S.As for the dollar, the Treasury highlighted that even after its decline in 2020, it remained “nearly 5% above its 20-year average,” considering the real effective exchange rate -- which adjusts for inflation and is weighted against currencies of U.S. trading partners. (Updates with additional details from 18th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

At least 440 banks and financial services firms are partly relocating from London to European cities.

Gold prices rose to a seven-week high on Friday and were on track for their best week since mid-December as retreating U.S. Treasury yields and a softer dollar bolstered the metal's appeal. Spot gold jumped 0.9% to $1,779.00 per ounce by 10:26 a.m. EDT (1426 GMT), having earlier hit its highest since Feb. 25 at $1,783.55. "We've had many investors abandon some positions because of some extreme technical selling we saw with Treasury yields and that has really provided a strong backdrop here for gold prices to continue to appreciate."

Morgan Stanley lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said on Friday, muddying its 150% jump in first-quarter profit that was powered by a boom in trading and deal-making. Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street. Morgan Stanley lost $644 million by selling stocks it held related to Archegos' positions, and another $267 million trying to "derisk" them, Morgan Stanley Chief Executive James Gorman said on a call with analysts.

Warren Buffett's famous economic measurement shows Orman might be onto something.

Should You Invest in ARK ETFs Right Now?

Hickory Daily Record 17 April, 2021 - 07:10pm

ARK Investment Management and its CEO, Cathie Wood, are two of the hottest names in the investing world right now.

ARK is an investment management firm that offers a variety of exchange-traded funds (ETFs) that focus on "disruptive innovation." These ETFs contain stocks with the potential to disrupt their industries, including Tesla, Square, and Teladoc Health. Most recently, ARK made headlines after investing nearly $250 million in Coinbase Global, a cryptocurrency exchange platform.

ARK's ETFs have experienced phenomenal returns over the last few years, making them an appealing option for many investors. But are they the right investment for you?

There's no doubt that ARK's ETFs have seen wild success in recent years. Its flagship ETF, the ARK Innovation ETF (NYSEMKT: ARKK), has experienced a staggering 175% return over the past 12 months. The ARK Genomic Revolution ETF (NYSEMKT: ARKG), which focuses on stocks in the gene editing and healthcare sectors, has earned a 186% return over the past year.

It's hard to ignore returns like these. However, it's important to keep in mind that historic returns don't predict future success. Just because a fund has experienced incredible returns over the past year or two doesn't necessarily mean it will continue seeing those returns down the road.

One of the biggest risks of investing in ARK ETFs is that they don't have a long track record. The firm itself was founded in 2014, and some of the ETFs were only established within the last year or two. That makes it difficult to determine how these funds will perform over the long run.

Also, keep in mind that in general, the higher returns a fund sees, the higher the risk as well. ARK's goal is to invest in the most innovative, cutting-edge companies. While those companies sometimes experience explosive growth, they're also more volatile and riskier than well-established companies.

Before you invest any money in ARK ETFs, there are a few factors to consider.

Finally, it's important to keep in mind that investing in the stock market is a long-term strategy. This goes for any investment, too, not just ARK ETFs. Before you invest, think about whether you'd be willing to hold these funds for several years or even decades.

ARK ETFs have made a splash in the investing world, but they aren't right for everyone. If you have a strategy in place and a high tolerance for risk, you may choose to allocate a small portion of your portfolio toward these funds. Otherwise, it's best to steer clear for now.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and ARK Innovation ETF wasn't one of them! That's right -- they think these 10 stocks are even better buys.

With a weekly newsletter looking back at local history.

Get up-to-the-minute news sent straight to your device.

Business Stories