Good morning and welcome to the stock market today! Facebook (NASDAQ:FB) is still driving news after its Federal Trade Commission victory and another round of meme stocks is squeezing higher. So what else will the stock market do today?
- The S&P 500 is up 0.18%
- The Dow Jones Industrial Average is up 0.39%
- The Nasdaq Composite is up 0.04%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Talk ETC Prices.
Over the last 24 hours, one of the largest gainers in the cryptocurrency world has been Ethereum Classic (CCC:ETC-USD). The move comes following an update from developers around the upcoming Magneto upgrades. According to the latest ETC news, developers will fork ETC at the end of July to implement a variety of planned projects.
But what does this all really mean? And what is the deal with Ethereum Classic?
Ethereum Classic started making the rounds on social media earlier in 2021, as its prices soared unexpectedly. Some crypto bulls labeled it an error, blaming novice traders for purchasing the wrong Ethereum (CCC:ETH-USD). That is because ETC is the original native coin on the Ethereum blockchain, although its market capitalization is much smaller than ETH. The divergence dates back to a 2016 hacking incident that left the crypto community split.
Mistake or not, Ethereum Classic has thrust itself back into the mainstream. Now, its Magneto upgrades promise to give it an even clearer advantage over ETH and even popular coins like Dogecoin (CCC:DOGE-USD). That is because these projects will address security and gas fees. As a result, developers say transaction costs on the Ethereum Classic blockchain will come down.
So what is the bottom line? Ethereum Classic no doubt has its appeal, and its lower per-coin price certainly plays a role in that. Ahead of the Magneto upgrades investors should expect to see ETC in the spotlight, and to see greater volatility.
Didi IPO Is Ready to Drive High
Later this week, Chinese ride-hailing company Didi will hit the New York Stock Exchange. When it does, it will trade under the ticker DIDI. This debut will also be one of the largest offerings of the year.
So what do you need to know? Didi, formally called Didi Chuxing, is a ride-hailing company headquartered in Beijing. In addition to its more traditional hailing solutions, it also offers social vehicle sharing and bicycle programs. The company first launched in 2012, and since then, has been quickly growing. Perhaps most noteworthy is its 2016 of Uber’s (NYSE:UBER) business in China, giving Uber a sizeable stake in Didi.
Now, the company is ready to hit a major American stock exchange, bringing with it backing from Uber and tech giant Tencent (OTCMKTS:TCEHY). According to its latest F-1 filing, it is aiming for a $60 billion valuation when it comes public. That alone is worthy of investor attention.
Investors should also note that the Didi IPO is a key part of the company’s growth path. It reported a profit of $837 million on revenue of $6.4 billion in the last quarter, but as InvestorPlace contributor Chris MacDonald highlighted, expanding its reach will be costly. Its plans to list 288 American Depository Shares (ADSs) between $13-$14 will bring in about $4 billion in proceeds. Those in turn will help fuel its growth.
One other thing to watch? Wall Street has been paying close attention to Uber and Lyft (NASDAQ:LYFT) as part of the Covid-19 reopening process. These companies are still grappling with driver shortages, and therefore high consumer fees. However, Wedbush analyst Dan Ives sees the second half of 2021 providing a major boom to ride-hailing stocks. Will Didi benefit too?
What Else We’re Watching
- Playboy (NASDAQ:PLBY) is spending $330 million in cash and stock to acquire Honey Birdette, a lingerie and sexual pleasure products brand. This comes as part of a strategic plan for Playboy that includes modern acquisitions and a tech focus, such as through non-fungible tokens. Experts also see the Honey Birdette deal as a meaningful move against rival Victoria’s Secret.
- Ethereum (CCC:ETH-USD) investment products saw $50 million in outflows over the past week, marking a new record. As CoinTelegraph reports, this is a bearish indicator for the cryptocurrency.
- Those outflows are not stopping Cathie Wood or her Ark Invest. The iconic fund manager just filed for a Bitcoin (CCC:BTC-USD) exchange-traded fund. If approved, it would trade under the ticker ARKB.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.