Top Social News
- Big Tech Growth Names on Shaky Ground
- Stocks to Watch on $BTC Resurgence - $BTCS, $MARA
Uncertainty in Big Tech Earnings - $FB, $AMZN
After announcing earnings last Wednesday afternoon, $FB began the biggest sell-off in terms of market value in the history of the stock market, with the social media giant shaving off more than $200 Billion from its market cap by the next day. Popstox also picked up high social activity around the rapid decline in price of $SPOT after their earnings miss, with many of the financial influencers we track worried about what this meant for growth names across the market.
While these massive earnings events seemed to spell doom for Tech Sector, fears were assuaged when $FB peer $SNAP had an earnings beat, and tech giant $AMZN also reported better than expected numbers, sending both stocks up sharply.
With no clear direction in the market, stocks to watch this week for a glimpse into the strength of the sector are $TWTR and $AFRM, both of which will be reporting earnings. The Trump affiliated social media stocks $DWAC & $CFVI, which have had a run up in their share price since $FB reported, will also be on watch for their reactions to the earnings reports.
Crypto Recovery Could Heat Up $BTC related stocks
Despite news of a potential crackdown coming out of Russia, the price of Bitcoin has continued to rise after bottoming out at the end of January, breaking back over the $40k key level last week, and almost reaching as high as $43k over the weekend.
Stocks related to Bitcoin with high social activity that have been beaten down with the recent steady decline in the coin's price, or have not had the benefit of positive price action in the cryptocurrency to help boost their value, could now potentially piggy back off of this new positive momentum. Bitcoin mining company, and FinTwit favorite $MARA, and the small cap payment processor $BTCS, which was highlighted in a previous newsletter, are top watches for their reactions.
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