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1. Shiba inu coin keeps hitting new record highs. An alternative to Reddit-favorite dogecoin, the meme token has gained more than 1,000% over the past month, and traded as much as 70% higher on Wednesday alone.
The recent surge started on Tuesday amid news an anonymous crypto whale purchased 277 billion tokens. The coin continued to soar on Wednesday as a petition to list shiba inu on Robinhood amassed more than 350,000 signatures. As for who's buying, a recent Coindesk report found that much of the interest was coming from sophisticated traders with "smart money wallets."
The sudden spike now has the meme token locked in a heated battle with dogecoin for the designation of 10th-biggest cryptocurrency. If you're still wondering how seriously to take the ordeal, check out our full explainer.
Here's what else to know:
- One million shiba inus can be purchased for about $73.
- The coin has received high-profile attention from the likes of Mark Cuban and Elon Musk (even though the Tesla chief says he doesn't own any).
- Shiba inu's market cap currently stands at roughly $37 billion.
2. US stocks are edging up with a health check on GDP ahead. Upbeat tech earnings are eclipsing inflation worries, though the Bank of Canada has reminded investors not to get complacent. Check out the latest moves on the market.
3. An ex-Goldman Sachs investment chief just launched a growth fund that bets on controversial stocks. "We like to find names...where there's some debate in the marketplace," said Gary Black. He shared the six names he's sinking money into.
4. Tech and coffee on deck: Apple, Amazon, Spotify, and Starbucks, all reporting.
5. Billionaire Ron Baron has made a fortune on his Tesla investment since 2014. His position has ballooned from $380 million to more than $6.1 billion. Baron said his fund will be a holder for at least another decade.
6. Microsoft stock jumped to record highs. Here's how three Wall Street analysts reacted to it. Today, all eyes are on Apple's earnings. The two tech giants are vying for the largest market value.
7. Cboe Global Markets is trying to attract more day traders. The exchange operator will offer micro-options contracts that will be one-hundredth the size of the overall S&P 500. They will roll out in the first quarter of 2022.
8. Rent the Runway shares closed below their IPO price in trading debut. The brand priced shares at $21 but closed at $19.29. More from the company's first day.
9. Mario Gabelli has racked up a 7,000% gain on Berkshire Hathaway stock. The billionaire head of Gamco Investors explains why he still backs Warren Buffett. He also shared his thoughts on inflation and the Fed's tapering plans.
10. Michael Sesser's small-cap fund has returned 462% to investors and beat the market for 20 years. Before he buys, he looks to see whether a company can dominate its industry. The exec shared four tips for finding the best-possible stock picks.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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