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HomeUncategorizedCoinbase's Strong Earnings Report Counterbalances Mixed Futures in Market.

Coinbase’s Strong Earnings Report Counterbalances Mixed Futures in Market.

Coinbase

Dow (DJI) was +0.4%, the S&P 500 (SP500) was +0.1%, and the Nasdaq Composite (COMP.IND) was -0.2%.

Coinbase rises premarket on earnings beat

Coinbase’s fourth-quarter earnings beat Wall Street expectations after spot-Bitcoin exchange-traded funds were approved.

Coinbase shares rose in premarket U.S. dealmaking.

According to LSEG data quoted by Reuters, Coinbase earned $1.04 per diluted share in the three months ended Dec. 31, beating expectations of $0.01. Trading volumes rose to $154B from $145B a year earlier.

“We believe the increases were driven by a variety of factors, principally excitement around Bitcoin spot ETF approvals and broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity,” the firm said in a statement.

DoorDash (NASDAQ:DASH) shares fell premarket after the delivery company reported a wider-than-expected fourth-quarter loss due to rising labor costs, while Applied Materials (NASDAQ:AMAT) rose on a positive second-quarter revenue outlook driven by strong demand for AI chips.

Bezos sells $2 billion in Amazon shares three times this month.

Jeff Bezos sold $2 billion more Amazon shares in February, increasing the total to $6 billion.

Amazon’s current executive chairman and previous CEO sold 12 million shares on Tuesday and Wednesday for $2 billion, according to a regulatory filing.

Amazon previously disclosed Bezos’ plan to sell 50 million shares worth $8 billion over the following year.

Nike will slash 2% of staff – reports

During a cost-cutting campaign, Nike plans to lay off 2% of its staff, or around 1,600 workers.

The Wall Street Journal stated that the layoffs will begin on Friday. An internal memo indicated a second round will be finished before quarter’s end, the Journal reported.

Nike of Oregon has 83,700 employees on May 31, according to records. WSJ: The cuts are not likely to affect apparel group store or distribution center staff.

Nike has already announced a $2 billion cost-cutting drive over the next three years to offset decreased earnings due to a slowdown in non-essential spending.

World News

Foreign holdings of U.S. Treasuries soared to another all-time peak in December, data from the Treasury Department showed, rising for a second straight month. Holdings of U.S. Treasuries rose to $8.06 trillion in December, from what was then a record high of $7.808 trillion in November. Compared with a year earlier, Treasuries held by foreigners expanded by 10.5%. China’s U.S. Treasury securities holdings $816B in Dec vs $782B in Nov.

Economic Calendar

8:30 Housing Starts and Permits
8:30 Producer Price Index
9:10 Fed’s Barr Speech
10:00 Consumer Sentiment
12:10 PM Fed’s Daly
1:00 PM Baker-Hughes Rig Count

Other Key Events:

American Academy of Orthopedic Surgeons (AAOS) Annual Meeting, 2/12-2/16, in San Francisco, CA

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