Dogecoin, Coinbase, McAfee, eBay: What to Watch When the Stock Market Opens Today - The Wall Street Journal
Cryptocurrencies bitcoin, ether and dogecoin were all ticking higher
Updated Aug. 11, 2021 9:23 am ET
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Futures were up after data showed inflation remained high in July, with U.S. consumer prices rising 5.4% from a year ago. Here’s what we’re watching ahead of Wednesday’s opening bell.
- Retail favorite dogecoin has rallied 29% this week to about 26 U.S. cents alongside a broader rally in cryptocurrencies. Individual investors have been piling into cryptocurrencies in recent weeks, according to data provider VandaTrack. Crypto stocks like Bit Digital , Coinbase and Riot Blockchain have also seen a rise in volume for call options, which give investors the right to buy cryptocurrencies at a specific price later in time.
- Dogecoin is up 2.2% on Wednesday from its 5 p.m. ET level on Tuesday. Bitcoin and ether were both up too, by 1.3% and 2.5% respectively.
- Crypto-exchange operator Coinbase Global shares are up 4% premarket after it saw revenue surge in a volatile quarter that it said highlighted the “still-early days” of the “crypto economy.”
- Fast-food chain Wendy’s jumped 4.3% premarket after it reported a sales boost in the recent quarter, lifted its dividend and increased its buyback program.
- Clothing retailer Canada Goose dropped 5.5%. Its loss widened for the recent quarter as expenses rose, though revenue increased as it saw a lower level of Covid-19 disruptions, e-commerce growth and retail expansion.
- A bullish day for cybersecurity firms: McAfee jumped 5.1% premarket after it said its profit jumped in the second quarter from a year earlier as revenue rose and consumer subscribers increased. NortonLifeLock added 3.9% after it agreed to acquire and combine with cybersecurity firm Avast in a cash-and-stock deal that would extend its focus on consumer software.
- Advertising technology company PubMatic climbed 7.2% premarket after it reported that its revenue in the recent quarter grew 88% over the same period a year ago.
- Bumble , eBay , Rackspace Technology , and Blink Charging are among the companies reporting after Wednesday’s close.
Chart of the Day
- Shares of Chinese semiconductor companies, electric-vehicle manufacturers and solar-panel makers climbed over the past month while shares of tech giants and providers of after-school tutoring suffered massive selloffs.
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