Good morning and welcome to the stock market today! The weekend is almost here, used car prices are finally coming down and retail investors continue to push ahead with short squeezes. So what else do you need to know? And what will the stock market do today?
- The S&P 500 is up 0.8%
- The Dow Jones Industrial Average is up 1.03%
- The Nasdaq Composite is up 0.59%
So what else will the stock market do today? Here are some of the top stories.
What Will the Stock Market Do Today? Watch ANY Stock.
This has been a good week for short squeezes. Even as the leading meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) cool down, a dedicated group of traders continues to search for opportunity. They have found that opportunity in Carver Bancorp (NASDAQ:CARV), a Black-owned bank. They have also found that opportunity in companies like Creatd (NASDAQ:CRTD) and Newegg (NASDAQ:NEGG).
One thing these companies have in common, beyond their short volume ratios, is that they came across the digital desk of Will Meade. The former hedge fund manager, who now has 200,000 followers on Twitter, has become a short squeeze influencer of sorts. Early on in the GameStop saga he identified the next targets for retail investors. Since then, he has highlighted other companies primed for squeezes.
This morning, he has a new target. According to a series of tweets, he is watching Sphere 3D (NASDAQ:ANY) for a short squeeze. Currently trading at $3.70, Meade says that ANY stock has the potential to rocket to $5 today. All it needs, he says, is for high levels of trading volume to appear.
— Will Meade (@realwillmeade) July 9, 2021
So why ANY stock? And what should you know about Sphere 3D? Primarily, Meade has flagged that the company has a short interest of 36%.
Beyond that though, investors may take interest in its business. The company has a market capitalization of just $73 million, but it touches on some growth-focused industries. Sphere 3D specializes in solutions for containerization, virtualization and data management. Broadly, Sphere 3D says that it uses its brands and subsidiaries like Overland Storage and Tandberg Data to help clients achieve their information technology goals.
ANY stock is already climbing on Friday morning, so this is certainly a story to watch.
Should You Be Bullish on the Bullish SPAC?
Today, investors are processing details of the Bullish SPAC merger, and so far, things are looking good. Right now, Bullish frames itself as a technology company catering to the digital assets sector. The bigger picture though is that Bullish is prepping a cryptocurrency exchange that already has crypto fanatics buzzing.
One of the reasons for the enthusiasm is that Bullish comes with a star-studded roster of backers. Peter Thiel has thrown his weight behind Bullish, as has Galaxy Digital. Now, as the Bullish crypto exchange preps to come public, its merger partner similarly has a star cast. Bullish will merge with Far Peak Acquisition (NYSE:FPAC) in a $9 billion deal. The leader of Far Peak is Thomas Farley, the former president of the New York Stock Exchange.
And, when the Bullish SPAC merger is complete, Farley will become the CEO of Bullish.
So what do you need to know?
Cryptocurrencies have been cooling off in recent weeks, thanks to Chinese tensions and regulatory headwinds. Plus, Elon Musk threw Bitcoin (CCC:BTC-USD) into a downspin after finding fault with its high levels of energy consumption. However, many investors remain bullish on crypto in the long term, making the Bullish SPAC merger an intriguing opportunity. The company recently was spun off Block.one and touts real-time portfolio balancing tools, predictable liquidity and industry-leading compliance. A merger with Far Peak will give investors easier access to that business.
But like many other SPACs, Bullish has a lot to prove. It is still prepping to launch a pilot program ahead of its public launch, which is scheduled for later in 2021. Investors diving into FPAC stock now should keep this in mind.
What Else We’re Watching
- Richard Branson will give it his best this weekend. On Sunday, July 11, the billionaire is set to join Virgin Galactic (NYSE:SPCE) for a milestone test flight. If he succeeds, he will beat former Amazon (NASDAQ:AMZN) CEO Jeff Bezos. A successful test flight could also usher in a new era of investor interest in commercial spaceflight. Any disruption could cast doubt on the sector.
- Thomas Brava announced on Friday that it would acquire Stamps.com (NASDAQ:STMP) for $6.6 billion. This will bring the digital postage powerhouse private. STMP stock is up 63% at the time of writing.
- According to Reuters, more than three-quarters of Salvadorans are doubtful of implementing Bitcoin (CCC:BTC-USD) as a standard currency. Less than 20% of respondents said they agreed with the current plan. This comes as a blow to President Nayib Bukele who is pushing ahead with crypto plans, laser eyes and all.
- Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) announced on Thursday that they are moving ahead with producing a Covid-19 vaccine aimed at the delta variant. They also shared promising results from their booster trials. However, U.S. officials maintain that Americans do not currently need a third dose of one of the mRNA vaccines.
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.