James Devaney
Welcome to 10 Things Before the Opening Bell.
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1. Day traders are losing interest in the SPAC linked to Trump's media company. Shares of Digital World Acquisition Corp. fell as much as 41% over the past two days. That followed a more-than-1,000% surge on merger reports, largely driven by retail investors.
Retail attention has instead shifted to crypto exchange Bakkt Holdings and meme-stock stalwart Tesla, which is fresh off record highs and a $1 trillion market cap.
Short-seller Iceberg Research is among those with Digital World in its crosshairs. The firm recently said: "Based on Trump's track record, at current price, renegotiation is likely to keep more of the merged company for him." But one expert argues short sellers like Iceberg might have their work cut out for them.
Here's what else to know:
- Digital World closed 30% lower on Tuesday.
- Data from Fidelity showed the number of retail sell orders for the SPAC outweighing the number of buys.
- We spoke to Iceberg Research to learn more about their short case.
2. US futures are mostly steady. Optimism over tech earnings is meeting a rise in government bond yields head-on. Take a look at the latest action on the markets here.
3. Bank of America offers energy stock picks with strong green credentials. The firm says oil prices could exceed $100 a barrel amid cold winter and strong trade. BofA lists 15 companies poised to capitalize on the trend.
4. More big earnings: Coca-Cola, McDonald's, Spotify, and Boeing, all reporting.
5. Facebook's metaverse could drive its stock up as much as 22%, BofA said. New disclosures on the Facebook Reality lab led the bank to raise its price target, saying the investment in virtual spaces could spur long-term growth.
6. Former Fed Chair Alan Greenspan doesn't see high inflation going away soon. He warned that while prices should subside eventually, "there are other forces at play." Here's what he said will lead to a more inflationary environment.
7. Tesla's path to a $1.5 trillion market cap. Wedbush sees upside potential to around $1,500 a share. The key factor will be if supply can keep up with demand.
8. FTX, the crypto exchange led by 28-year-old billionaire Sam Bankman-Fried, has bought a Super Bowl ad. The firm has been on a full-on publicity blitz, already enlisting the services of Tom Brady and Gisele Bundchen. Read full details here.
9. The CEO of an NFT marketplace says investing in music royalties is similar to buying up real estate. Adam Cowherd laid out his process for doing so. He also shared the opportunities large investors are targeting in the space.
10. Five altcoins to buy, straight from a 25-year technical strategist. Mark Newton sees further upside in these coins, which are already near one-year highs. He also details why the 4th quarter will be a 'very positive time' for bitcoin.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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