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    U.S. Economy Slowing, Could Face Recession by End of Year

    U.S. Economy Slowing, Could Face Recession by End of Year

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    Stocks Slip on Wall Street, Erasing Weekly Gains for S&P 500

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    Baby gear products recalled in Canada, U.S., due to strangling hazard

    Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

    Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

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    Genius Sports (NYSE:GENI) Trading Down 6.2% Following Analyst Downgrade

    Genius Sports (NYSE:GENI) Trading Down 6.2% Following Analyst Downgrade

    FuboTV shares fall 6%; downgraded at Wedbush

    FuboTV shares fall 6%; downgraded at Wedbush

    Estee Lauder shares fall premarket on weak Q1 guidance

    Estee Lauder shares fall premarket on weak Q1 guidance

    Twitter Inc. stock falls Wednesday, underperforms market

    Twitter Inc. stock falls Wednesday, underperforms market

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    Cue Health (NASDAQ:HLTH) Stock Price Down 7.9% on Analyst Downgrade

    Cue Health (NASDAQ:HLTH) Stock Price Down 7.9% on Analyst Downgrade

    Dow falls 86 points on losses for Walgreens Boots, Verizon Communications Inc. shares

    Dow falls 86 points on losses for Walgreens Boots, Verizon Communications Inc. shares

    Ross Stores 2Q Earnings, Sales Decline

    Ross Stores 2Q Earnings, Sales Decline

    Is Charge Enterprises (NASDAQ:CRGE) A Risky Investment?

    Is Charge Enterprises (NASDAQ:CRGE) A Risky Investment?

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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

  • News
    U.S. Economy Slowing, Could Face Recession by End of Year

    U.S. Economy Slowing, Could Face Recession by End of Year

    Stocks Slip on Wall Street, Erasing Weekly Gains for S&P 500

    Stocks Slip on Wall Street, Erasing Weekly Gains for S&P 500

    Baby gear products recalled in Canada, U.S., due to strangling hazard

    Baby gear products recalled in Canada, U.S., due to strangling hazard

    Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

    Energy stocks suffer broad selloff as crude oil prices drop toward 7-month low

  • NYSE
    Genius Sports (NYSE:GENI) Trading Down 6.2% Following Analyst Downgrade

    Genius Sports (NYSE:GENI) Trading Down 6.2% Following Analyst Downgrade

    FuboTV shares fall 6%; downgraded at Wedbush

    FuboTV shares fall 6%; downgraded at Wedbush

    Estee Lauder shares fall premarket on weak Q1 guidance

    Estee Lauder shares fall premarket on weak Q1 guidance

    Twitter Inc. stock falls Wednesday, underperforms market

    Twitter Inc. stock falls Wednesday, underperforms market

  • NASDAQ
    Cue Health (NASDAQ:HLTH) Stock Price Down 7.9% on Analyst Downgrade

    Cue Health (NASDAQ:HLTH) Stock Price Down 7.9% on Analyst Downgrade

    Dow falls 86 points on losses for Walgreens Boots, Verizon Communications Inc. shares

    Dow falls 86 points on losses for Walgreens Boots, Verizon Communications Inc. shares

    Ross Stores 2Q Earnings, Sales Decline

    Ross Stores 2Q Earnings, Sales Decline

    Is Charge Enterprises (NASDAQ:CRGE) A Risky Investment?

    Is Charge Enterprises (NASDAQ:CRGE) A Risky Investment?

  • OTC
    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    Bitcoin Is Falling: Should You Buy the Dip?

    Bitcoin Is Falling: Should You Buy the Dip?

    CN Rail Stock Is So Undervalued That it’s Absurd

    CN Rail Stock Is So Undervalued That it’s Absurd

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Coinbase Plunges to All-Time Low With IPO ETF in Freefall

Editorial Staff by Editorial Staff
May 6, 2021
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Coinbase Plunges to All-Time Low With IPO ETF in Freefall

Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.

The operator of the largest U.S. cryptocurrency exchange tumbled as much as 7% to $254.02 on Thursday, slumping for a fourth straight day. That left the shares in danger of breaching the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through SPACs, sank more than 5%.

“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers,” said Mike Bailey, director of research at FBB Capital Partners.

Coinbase’s slide comes as investors pour into extremely speculative cryptocurrencies such as Dogecoin and Binance Coin — tokens that the exchange doesn’t offer. Most of its traffic had come from Bitcoin trades, but the price of the largest crypto coin has been mired in a narrow band for weeks. Coinbase started trading at $381 on April 14 before briefly topping $400. It’s now down 22% from the close on its first day.

Nasdaq had set a reference price of $250 a share on April 13 for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization.

“What has really hurt Coinbase, now that their direct listing has taken off, you’re seeing expectations that other exchanges are coming on board,” said Edward Moya, senior market analyst at Oanda. “There’s this belief this could be as good as it gets for Coinbase in the short-term.”

The Renaissance IPO ETF dropped as much as 4.9% on Thursday, bringing its year-to-date loss to about 21%.

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POPULAR NEWS

CNH Industrial (NYSE:CNHI) Use Of Debt Could Be Considered Risky

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