markets

11/12/24

Dogecoin traded more than Microsoft and Amazon combined yesterday

With the crypto market on a tear following its advocate Donald Trump’s election win, bitcoin prices hit a record high on Monday, topping an unprecedented $88,000. But among the myriad of digital tokens riding the crypto wave, few are doing it quite like dogecoin, which hit a 2024 high yesterday and crossed the $0.41 mark early this morning for the first time since May 2021 — having nearly doubled over the past week, according to Coindesk.

But it's not just the price action surrounding the meme coin — an asset much loved by Elon Musk — that’s remarkable. Yesterday, nearly $18 billion worth of dogecoin was traded, per CoinGecko, more than the amount that changed hands in the stock of tech giants Microsoft ($10 billion), Apple ($9.4 billion), and Amazon ($7.3 billion). Indeed, in terms of single stocks, only Tesla ($73 billion) and Nvidia ($26 billion) managed to stay ahead of the beloved dog-themed crypto, holding their spots as the most-traded among tech behemoths. And, according to preliminary data, dogecoin has already traded more today: some $23 billion worth, according to CoinGecko. Silly season is officially back in full swing.

Dogecoin vs. Mag 7 trading volumes — Sherwood News

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markets

1h

Plug Power jumps on elevated call demand

Plug Power is up today amid a wave of bullish options action.

As of 11:40 a.m. ET, 28,819 calls have traded, nearly double the 20-day average of 14,527.

The two contracts seeing the most activity are calls with a strike price of $2 that expire on October 17 and on this Friday.

The put/call ratio is below 0.13 as of 11:40 a.m., versus a 20-day average of 0.32.

markets

2h

Warner Bros. Discovery dips after TD Cowen downgrade cools deal frenzy

Warner Bros. Discovery shares were down over 8% after TD Cowen downgraded the stock from “buy” to “hold,” even as it kept its $14 price target.

The dip comes on the heels of a sharp rally sparked by reports that Paramount Skydance may bid for the media giant. TD says that while a successful bid could send WBD north of $20, the current risk-reward feels lopsided. If nothing materializes, shares could slip back toward $11 to $12.

Analysts noted that much of the upside from deal chatter is already priced in. TD also flagged limited potential buyers if Paramount Skydance fell though and the lack of concrete details around a bid. In short: the rumor mill has been driving the stock, but fundamentals haven’t clearly caught up.

Reaction has been mixed: last week, Wells Fargo reiterated an equal-weight rating on the stock and hiked its price target to $14 from $13.

Even with today’s dip, WBD shares are still up 67% year to date.

J. Edward Moreno

Hims falls after FDA posts warning letter

The agency’s letter took issue with the claims made in Hims’ marketing materials.

Hims & Hers Big Game commercial

One mother’s LinkedIn post inspired GameStop CEO Ryan Cohen to give a surprise gift to a new employee

The GameStop CEO gave James, a teenage employee an Irving, Texas, an e-bike so he could get to work easier.

James poses with his new e-bike outside a GameStop store

RALPH LAUREN

Ralph Lauren falls as Wall Street digests the luxury brand’s modest growth plans

The high-end retailer delivered a solid revenue outlook, but warned that tariffs and inflation could squeeze margins.

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