Here’s Why Ethereum (ETH) Price Can Plunge More Ahead

Ethereum, the world’s second largest cryptocurrency has been trading under major selling pressure. ETH prices have dropped by 40% over the past 30 days. However, expert suggests that this drop may continue further.

July/August can be worst months

Daniel Cheung, Co founder of Pangea Fund Management in a Twitter thread mentioned a massive short opportunity for Ethereum at $1,200 in the next 2 months. He suggests that the market hasn’t yet seen the capitulation yet. It added that July and August are lined up to be the worst months ahead.The fund manager highlighted that currently, the market is in the Macro trade regime. The Bitcoin and Ethereum trends suggest that the crypto market has been trading very sensitively to inflation.

The recent selling pressure has led the Global crypto market cap to plunge by another 5% over the past day. It now stands at $902 billion. The digital asset market recorded its all time high (ATH) of $3 trillion in November 2021.

Ethereum price can drop by 40%

The world’s second largest crypto is still likely to be levered and liquid bet on Nasdaq and that too for the next 2 months. He believes that Nasdaq still has a lot of room to fail ahead. It is still down by 30% from the recent ATH with a prior drawdown. Cheung added that a further 20% downside is still in the frame for QQQ and 40% for Ethereum.

ETH prices are down by more than 9% in the last 24 hours. It’s trading at an average price of $1,111, at the press time. Its 24 hours trading volume is up by 7% to stand at $14.6 billion. However, it is still down by 77% from its all time high.

By Ashish Kumar

Critics by Lapin

Ethereum price analysis is bearish today as we have seen more downside reached over the last 24 hours with a steady downside momentum. Therefore, we expect ETH/USD to drop even lower and look to retrace even lower. The next obvious target is the $1,050 support, which, if broken, would lead to a lot more downside in July.  The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.81 percent, while Ethereum a more substantial 9.17 percent. The rest of the top altcoins have followed close by, with some declining even further.

Ethereum price movement in the last 24 hours: Ethereum breaks past $1,175

ETH/USD traded in a range of $1,111.20 to $1,229.74, indicating substantial volatility over the last 24 hours. Trading volume has increased by 5.36 percent, totaling $14.58 billion, while the total market cap trades around $135.5 billion, resulting in market dominance of 15.13 percent.

ETH/USD 4-hour chart: ETH targets $1,050 next?

On the 4-hour chart, we can see the Ethereum price still testing further lows with no signs of reversal just yet. Therefore, more downside should follow to the $1,050 previous local swing low. Ethereum price action has seen strong bullish signals over the second half of June. After the initial reaction from the last swing low at $1,050, ETH/USD retraced to $1,175, setting a strong lower high. However, further downside did not follow as the $1,050 offered strong support.

From the newly found local higher low, ETH rallied higher one more time last week. A new high was set at $1,275, indicating that the several-week bearish momentum could soon end. On Monday, bearish momentum took over as buyers became exhausted. After some , ETH/USD set a lower local high and broke past the $1,775 local support. Late yesterday the decline continued, pushing the Ethereum price as low as the $1,100 mark.

This means that bullish momentum could soon come back. However, as long as bearish candles are seen later today, we expect further downside at the $1,050 previous low to be reached soon. From there, much depends on how the market will react. If a break below this support follows, we could see a lot more downside and both lower lows and highs set in July. Alternatively, if the $1,050 mark holds, ETH could move into consolidation.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a lot more retrace from the previous swing high at $1,275 so far this week. Since no signs of reversal have followed today, we expect ETH/USD to move even further and target the previous local low. In case it is broken, ETH should see a lot more downside early in July.

Related news:

Bitcoin Brice Trades Around $21,000 As Crypto Firms Announce Layoffs

Cryptocurrencies have been sinking along with other higher-risk assets as the Federal Reserve steadily reverses the aggressive monetary policies it adopted earlier in the coronavirus pandemic. Lately, its efforts to raise interest rates to combat surging inflation have further dented investors‘ risk appetite. The market value of the entire crypto sector has fallen to less than $1 trillion from about $3 trillion in November, according to CoinMarketCap. Those falls reflect a significant drop in trading activity and momentum, and until that turns around, industry players like Coinbase are likely to remain under pressure, said KBW Managing Director Kyle Voigt.

Coinbase Chief Executive Brian Armstrong said the company had grown too quickly, expanding from about 1,250 employees at the start of last year to around 5,000 currently. “We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets,” he wrote in a note to staff. “While we tried our best to get this just right, in this case it is now clear to me that we over-hired.”

Ticker Security Last Change Change %
COIN COINBASE GLOBAL INC. 51.58 -0.43 -0.83%

The price of ether, the in-house currency of the Ethereum network, fell 4.5% to $1,187.30, its lowest close since Jan. 21, 2021. Over the weekend, the price fell below $1,360, the early 2019 high from the previous cycle. Other cryptocurrencies were mixed. Cardano fell 1.9%, but Solana was up 1.3% and Stellar was up 0.5%.

Source: Bitcoin price trades around $21,000 as crypto firms announce layoffs | Fox Business

BlockFi, a platform for trading and lending cryptocurrency, announced via a blog post on Monday that it’s laying off 20 percent of its 850 employees — around 170 to 200 people. CEO Zac Prince said in a Twitter thread that the layoffs can be traced to a “dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable.

It’s not the only crypto company letting workers go. On Friday, Crypto.com (the company with the Super Bowl ad featuring LeBron James) announced that it’s laying off around 260 workers, or around 5 percent of its workforce, according to a Twitter thread from its CEO, Kris Marszalek.

The layoffs come as the crypto market is struggling as a whole. The value of Bitcoin and Ethereum have been falling throughout Monday morning, and Celsius, a lending platform, has halted withdrawals, citing “extreme market conditions.” (BlockFi has specifically said that it has “no exposure to Celsius” on Twitter.) Binance, a large crypto exchange, paused Bitcoin withdrawals for about three hours, citing a technical issue, and within the past few months, we’ve seen coins like Terra essentially go to zero.

Crypto firms have struggled to weather the storm. Coinbase announced that it was slowing hiring in May and reportedly rescinded over 300 job offers the next month; several other companies, like Gemini, Mercado Bitcoin, and Bitso have also had to lay off at least 10 percent of their workers within the past month.

BlockFi says in its post that the layoffs come after a period of explosive growth. The company says it had “about 150 employees” at the end of 2020 and has since grown to a headcount of “over 850.” After the layoffs, however, the company will be down to around 600 employees.

Similarly, Crypto.com was riding high just a few short months ago. In November 2021, it reportedly paid $700 million to plaster its name onto a sports arena in Los Angeles, which was formerly known as the Staples Center. “In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Marszalek told the Los Angeles Times when the naming deal, which is supposed to last for 20 years, was announced.

It’s easy to see why crypto companies have been hiring; the space has exploded during the pandemic with prices for major coins rocketing up, NFTs exploding onto the scene, and celebrities and companies alike hyping the blockchain. But, as 2022 has worn on and interest rates have gone up, the growth has started to reverse; trillions of dollars in value have been wiped out from the crypto market, NFT sales have slumped, and companies, including BlockFi, have run into trouble with regulators as governments try to figure out how to handle crypto. Not everyone who bought the boom has made it, and many in the space are predicting a “crypto winter.

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The Rare Spots of Good News on Climate Change

The deadly consequences of climate change only grew clearer this year, as record-shattering heat waves, floods, and wildfires killed thousands and strained the limits of our disaster responders.

In the closing days of 2021, scientists warned that the eastern ledge of a Florida-size glacier is about to snap off of Antarctica and US legislators found they may have flubbed their best chance in a decade to enact sweeping climate policies.

But amid these stark signs, there were also indications that momentum is beginning to build behind climate action. Indeed, there’s good reason now to believe that the world could at least sidestep the worst dangers of global warming.

Princeton energy researcher Jesse Jenkins accurately, and colorfully, pinpointed the weird moment we’ve arrived at in a recent tweet: “We’re no longer totally f$%@ed. But we’re also far from totally unf$@%*ed!”

To be sure, the limited progress isn’t nearly enough. We’ve taken far too long to begin making real changes. World events and politics could still slow or reverse the trends. And we can’t allow a tiny bit of progress in the face of a generational challenge to ease the pressures for greater action.

But it’s worth highlighting and reflecting on the advances the world has made, because it demonstrates that it can be done—and could provide a template for achieving more.

Momentum

So what are the signs of progress amid the climate gloom?

The grimmest scenarios that many fretted about just a few years ago look increasingly unlikely. That includes the 4 or 5 °C of warming this century that I and others previously highlighted as a possibility.

1 (2)

The UN climate panel’s earlier high-end emissions scenario, known as RCP 8.5, had found that global temperatures could rise more than 5 °C by 2100. Those assumptions have been frequently included in studies assessing the risks of climate change, delivering the eye-catching top-end results often cited in the press. (Guilty.)

Some argue that it wasn’t all that plausible in the first place. And the scenario seems increasingly far-fetched given the rapid shift away from coal-fired power plants, initially to lower-emitting natural gas but increasingly toward carbon-free wind and solar.

Global emissions may have already flattened when taking into account recent revisions to land-use changes, meaning updated tallies of the forests, farmlands, and grasslands the world is gaining and losing.

Today, if you layer in all the climate policies already in place around the world, we’re now on track for 2.7 °C of warming this century as a middle estimate, according to Climate Action Tracker. (Similarly, the UN’s latest report found that the planet is likely to warm between 2.1 and 3.5 °C under its “intermediate” emissions scenario.)

If you assume that nations will meet their emissions pledges under the Paris agreement, including the new commitments timed around the recent UN summit in Glasgow, the figure goes down to 2.4 °C. And if every country pulls off its net-zero emissions targets by around the middle of the century, it drops to 1.8 °C.

Given the increasingly strict climate policies and the plummeting costs of solar and wind, we’re about to witness an absolute boom in renewables development. The International Energy Agency, well known for underestimating the growth of renewables in the past, now says that global capacity will rise more than 60% by 2026. At that point, solar, wind, hydroelectric dams, and other renewables facilities will rival the worldwide capacity of fossil-fuel and nuclear plants.

Sales of new electric vehicles, bumping along in the low single digits for years, are also taking off. They’ll reach around 5.6 million this year, leaping more than 80% over 2020 figures, as automakers release more models and governments enact increasingly aggressive policies, according to BloombergNEF.

Electric vehicles climbed from 2.8% of new sales in the first half of 2019 to 7% during the first half of 2021, with particularly large gains in China and Europe. Zero-emissions vehicles will make up nearly 30% of all new purchases by 2030, the research firm projects.

Progress

Meanwhile, there are plenty of signs of technological progress. Researchers and companies are figuring out ways to produce carbon-free steel and cement. Plant-based meat alternatives are getting tastier and more popular faster than anyone expected. Businesses are building increasingly large plants to suck carbon dioxide out of the air. Venture capital investments into climate and clean-tech startups have risen to levels never before seen, totaling more than $30 billion through the third quarter, according to PitchBook.

And here’s an important and counterintuitive finding: While dangerous, extreme weather events are becoming increasingly common or severe, the world seems to be getting a lot better at keeping people safer from them. The average number of deaths from natural disasters has generally dropped sharply in recent decades.

“We have better technologies to predict storms, wildfires, and floods; infrastructure to protect ourselves; and networks to cooperate and recover when a disaster does strike,” noted Hannah Ritchie, head of research at Our World of Data, in an recent Wired UK essay, citing her own research.

This provides additional hope that with the right investments into climate adaption measures like seawalls and community cooling centers, we’ll be able to manage some of the increased risks we’ll face. Rich nations that have emitted the most greenhouse gases, however, must provide financial assistance to help poor countries bolster their defenses.

A realistic baseline

Some folks have seized on these improving signs to argue that climate change isn’t going to be all that bad. That’s nonsense. The world is, by any measure, still dramatically underreacting to the rising risks.

A planet that’s nearly 3 °C hotter would be a far more dangerous and unpredictable place. Those temperatures threaten to wipe out coral reefs, sink major parts of our coastal cities and low-lying islands, and subject millions of people to far greater risks of extreme heat waves, droughts, famines, and floods.

In addition, we could still be underestimating how sensitive the atmosphere is to greenhouse gases, as well as the spiraling impacts of climate tipping points and the dangers that these higher temperatures bring. And there’s no guarantee that nations won’t backtrack on their policies and commitments amid economic shocks, conflicts, and other unpredictable events.

But to be sure, a 3 °C warmer world is a much more livable place than a 5 °C warmer one, and a far more promising starting line for getting to 2 °C.

“The point isn’t to say that that’s a good outcome,” says Zeke Hausfather, director of climate and energy at the Breakthrough Institute. “The point is, that’s the baseline we’re working with now. And it’s easier to imagine much more rapid declines from there.”

In some ways, it’s especially notable that the world has made this much progress without sweeping climate policies in many nations, and despite all the poisoned, partisan politics surrounding climate change.

The shifts to natural gas, then solar and wind, and increasingly EVs were all aided by government support, including loans, subsidies, and other policies that pushed the underlying technologies into the marketplace. And the business-driven scale-up process rapidly cut the costs of those technologies, helping them become ever more attractive.

Increasingly competitive and business-friendly clean alternatives promise to simplify the politics of further climate action. If more and more nations enact increasingly aggressive policies—carbon taxes, clean-energy standards, or far more funding for research and demonstration projects—we’ll drive down emissions ever faster.

The world isn’t ending

There are other reasons to take note of the modest progress we are making.

Progressive US politicians now casually repeat the claim that climate change is an “existential threat,” suggesting it will wipe out all of humanity. After a 2018 UN report noted that global warming could reach 1.5 °C between 2030 and 2052, climate activists and media outlets contorted that finding into versions of “We have 12 years to save the planet!”

If so, it would now be down to nine. But 1.5 °C isn’t some scientifically determined threshold of societal collapse. Though the world will miss that goal, it remains crucial to fight for every additional half-degree of warming beyond it, each of which brings steadily higher risks.

Meanwhile, climate research does not suggest that the 3 °C of warming we’re now roughly on target for would transform the entire planet into some uninhabitable hellscape.

So no, climate change is not an existential threat.

But that sentiment has certainly taken hold. Earlier this year, researchers at the University of Bath surveyed 10,000 young people, aged 16 to 25, in 10 countries to assess the levels of “climate anxiety.” More than half, 56%, agreed with the statement “Humanity is doomed.”

It’s standard stuff for politicians and activists to overstate dangers and demands, in the hopes of pushing toward some compromise solution. And the growing climate fears and the increasingly influential climate activist movement have undoubtedly put greater pressures on politicians and business to take these issues more seriously, helping to drive some the policy changes we’ve seen. They deserve real credit for that.

But insisting that the world is at the edge of collapse, when it’s not, is a terrible message for young people and carries some real risks as well. It clearly undermines credibility. It could lead some people to simply lose hope. And it could compel others to demand extreme and often counterproductive responses.

“It’s time to stop telling our children that they’re going to die from climate change,” Ritchie wrote. “It’s not only cruel, it might actually make it more likely to come true.”

When people don’t see a “reasonable path forward,” they begin to rationalize unreasonable ones.

Among those I hear with surprising frequency: We must shut down all fossil-fuel infrastructure, and end oil and gas extraction now. We must fix everything with today’s technologies and reject the “predatory delay” tactic of continued investment in clean-energy innovation. We have to halt consumption, construction, and economic development. Or even: We must smash the global capitalist system that caused all the problems!

Balancing the trade-offs

None of that strikes me as somehow more politically feasible than fixing our energy systems.

We do have to shut down fossil-fuel plants, replace vehicles, and switch to new methods of producing food, cement, steel, and other goods—and relatively quickly. But we have to do it by developing alternatives that don’t pump greenhouse gases into the atmosphere.

If we adjust the goalpost back to 2 °C, which is regrettable but only realistic at this point, we have several decades yet to carry out the transformation required. Under a modest emissions scenario, the world won’t exceed that threshold until around 2052 as a middle estimate, Hausfather’s analysis of latest UN climate report suggests.

What we can’t do is just shut down the infrastructure that drives the global economy—not without massive damage to jobs, food, health care, and safety. We’d sacrifice the economic resources we need to develop a more sustainable economy, as well as to make our communities more resilient to the coming climate dangers.

Those in rich countries, especially, have no business telling poor countries that they must halt development, perpetually locking billions of people in economic and energy poverty.

If we’re worried about climate change because of the suffering it will impose on people, then we have to care about the human trade-offs entailed in how we address it as well. Weighting those properly requires dealing honestly what with the science does and doesn’t say, recognizing the limited progress we are making, and not resorting to hyperbole simply because we think it will spur the actions we hope to see.

It’s a cruel and dangerous fantasy that we’ll ever halt climate change by counting on or forcing people to live impoverished lives, forgoing food, medicine, heating, or air conditioning in an increasingly erratic and menacing world.

We need more activist pressure and more aggressive climate policies to confront the threats of climate change. But ultimately, we must invent and build our way out of the problem. And the rare bright spot of good news is that we’re beginning to see evidence that we can.

I am the senior editor for energy at MIT Technology Review. I’m focused on renewable energy and the use of technology to combat climate change. Previously, I was a senior director at the Verge, deputy managing editor at Recode, and columnist at the San Francisco Chronicle. When I’m not writing about energy and climate change, I’m often hiking with my dog or shooting video of California landscapes.

Source: The rare spots of good news on climate change | MIT Technology Review

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As Internet Frenzy Drives Its Stock Price, AMC Warns Investors About The Dangers of Buying In

After tumbling more than 25 percent from its morning opening price and facing a brief suspension in trading, shares of AMC Entertainment recovered some of their losses Thursday in the latest phase of the meme stock frenzy.

The stock closed at $51.34, down about 12 percent from its morning opening price of $58.02, but still nearly double its closing price of a week ago.

AMC’s whipsaw is being propelled by retail investors — many active on Reddit’s WallStreetBets forum — mirroring the trading mania that swept through markets earlier this year alongside GameStop and other companies that institutional investors had bet against. And its rise is just as untethered from financial performance.

Short-sellers have increased their bets against AMC in the past month. On Wednesday, it surged 95 percent to a record $62.55. The same day, company executives unveiled a new portal to connect with individual investors, complete with offers of free popcorn, exclusive screenings and other perks.

Thursday’s swings came after the company announced plans to offer 11.5 million shares and cautioned investors that the market does not reflect the fundamentals of its movie theater business.

But thrill-chasing investors have been rewarded with a staggering run-up. AMC shares began the year at just over $2, exploding nearly 3,000 percent by the closing bell on Wednesday. Since the beginning of May, shares have climbed more than 500 percent and have more than doubled over the past several days.

In a filing Thursday with the Securities and Exchange Commission, the company highlighted the extreme price fluctuations of its stock and the stark disconnect between the passions of retail investors and its actual operations.

“We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last,” AMC said in the filing. “Under the circumstances, we caution you against investing in our class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.”

The company went on to list several risks to investors, including rapid and substantial price spikes and falls; the fickle sentiment of online trading communities; share prices that diverge from the company’s financial performance; and the market dynamics of a “short squeeze.”

As with GameStop’s previous flash mob ascent, AMC’s wild ride is tied to pessimistic traders who believe that its shares will fall back down to Earth. AMC, given its weak earnings and high debt load, has drawn the attention of short sellers — investors who bet against a company and who stand to make money when a stock price falls.

But in cases where the bearish bet fails to pan out, and the stock price rises, short sellers still have to cover their borrowed shares and are forced to buy the stock back at the higher price. This is known as a “short squeeze,” which can fuel a cycle of even higher prices, as short sellers buy more shares to mitigate their losses and drive prices up.

“Folks, this is a great time to double down into AMC,” wrote one Reddit user, expressing a shared sentiment of trying to weather the harsh downturn. “The squeeze hasn’t even happened yet. Remember GME?”

But the high-stakes fantasies of crushing short sellers while increasing gains are often met with the harsh turns of the market. Other traders are urging caution, warning against the pull of FOMO, or the fear of missing out, and getting caught in the hype of massive winnings.

“For you noobs,” wrote another Reddit user, referring to newcomers, “Don’t FOMO, 99% of you won’t become life changing rich. The people posting $200k gain porn are the same ones with $80k to YOLO into memes. Don’t yolo your rent money, or life savings, or any money you can’t afford to lose.”

The swings for AMC are particular to that company and not to theater chains as a whole. The stock prices and underlying business of rival outfits are far more stable than AMC; as the pandemic fades they have shown sturdier financials and a more orderly stock rise with traditional investors. The share price of Cinemark, the country’s third largest theater chain, has risen 44 percent since the start of the year while London’s Cineworld, which owns AMC runner-up Regal, has seen its stock price climb 52 percent.

David Trainer, chief executive of New Constructs, an investment research firm, said AMC’s surge is yet another sign of the reckless meme stock investing landscape. “AMC Entertainment’s business was trending in the wrong direction even before the Covid-19 pandemic,” he said.

Even before the pandemic, AMC was struggling to break even as it faced a heavy debt load thanks to years of expansion. The company took in $5.5 billion in revenue in fiscal 2019, a number consistent with 2018, but lost a small amount, $150 million. The lockdowns and film-release postponements of the pandemic hurt it further. AMC lost more than $500 million during the first three months of the year and registered a loss of $4.6 billion in 2020, according to SEC filings.

Box office receipts have recently shown promising signs, however. Despite the rise of streaming during the pandemic, “A Quiet Place Part II,” the first major theater-exclusive studio release in eight months, has grossed $61 million in its first six days of release, a number just shy of the $63 million of the pre-pandemic original film in 2018. Theaters hope that momentum can be maintained with future releases, such as this month’s “F9,” and is not simply a function of post-lockdown novelty.

AMC is also using the issuance of the 11.5 million shares to raise money and pay down its debt. That — along with the sale of 8.5 million shares to Mudrick Capital earlier this week and the conversion of a $600 million debt note by investor Silver Lake Partners into stock this winter — has raised nearly $2 billion for the chain.

AMC chief executive Adam Aron had said the sum could allow AMC to execute on “highly attractive theatre acquisition opportunities.”

Many analysts, however, believe that major expansion is a question mark given AMC’s large debt load. Even with the fresh $2 billion, the company is still believed to owe between $4 billion and $5 billion to lenders, including interest. It has closed some 60 theaters since the start of the pandemic, about 10 percent of its overall locations, and few of them are expected to reopen.

Some observers hold out hope the company could take over locations from Pacific Theatres/Arclight Cinemas, a 300-theater Southern California chain that had been forced to close this spring; such a move would require only the assumption of leases and rebranding, not a full-scale infrastructure investment. Aron stoked the possibility by saying this week AMC is “in discussions, for example, with multiple landlords of superb theatres formerly operated by Arclight Cinemas and Pacific Theatres.”

But the company would have fierce competition to take over some of those locations, particularly some desirable Arclight outlets, and would also be competing with some of its own theaters, if it were successful.

AMC could look to further reduce its debt by selling some of its European locations. AMC has about 3,000 screens in Europe, a little less than 30 percent of its overall total.

With the meme stock frenzy continuing, analysts said, AMC’s stock swings were understandable and might not stop any time soon.

“The company’s announcement of a raise has clearly sent the stock into yet another whirlwind of volatility and it is no surprise that it was followed by myriad disclosures from the company urging investors to exercise caution,” said Nicole Tanenbaum of Chequers Financial Management.

Given AMC’s heavy indebtedness, it makes sense for the company to fortify its balance sheet by paying down some of its debt by issuing new shares, she said. And as it offers loyalty perks to shareholders, “the company is clearly leaning into the mania,” she added, “as AMC appears to be looking to ride this wave as far as it can take it.”

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Hamza Shaban is a business reporter covering national and breaking news. He joined The Washington Post in 2017 as a technology reporter. Previously, he covered tech policy for BuzzFeed News.

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Steven Zeitchik covers the business of entertainment for The Washington Post, examining the industry’s trends, challenges, issues and ideas. Before joining The Post, he covered entertainment for the Los Angeles Times for eight years. He also did reporting tours for The Times in places including Ukraine, Egypt, Germany and the Bill Cosby trial.

Source: As Internet frenzy drives its stock price, AMC warns investors about the dangers of buying in – The Washington Post

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More Contents:

Is The Era Of Stay-At-Home Stocks Over? Here’s Why Zoom, Peloton And Others Have Slumped In 2021

Popular stay-at-home stocks like Peloton and Zoom, which surged during the height of pandemic lockdowns in 2020, have taken a beating this year as investors increasingly focus on companies that will benefit from the economy reopening and consumers returning to in-person activities.

Key Facts

While some of last year’s hottest companies saw incredible growth during the pandemic, many are now struggling as earnings show a slowdown in momentum and the wider reopening of the economy gains steam.

Videoconferencing service Zoom and at-home fitness equipment maker Peloton were considered pandemic-era stock market darlings, with shares of each rising roughly 400% in 2020.

As the U.S. economic reopening gained speed in 2021, however, many of the companies at the center of the pandemic stay-at-home trade have seen share prices fall and are vastly underperforming the rest of the market.

Shares of Peloton and online education company Chegg are both down roughly 70% this year; digital real estate marketplace Zillow and virtual healthcare company Teladoc over 50%, Zoom and smart TV company Roku roughly 40%.

While some of those declines can be chalked up to investors increasingly focusing on reopening trades—companies that will continue to benefit from a wider economic recovery—many of these pandemic favorites have also recently reported lackluster earnings that show a slowdown in business.

Peloton saw its stock plunge 35% in a single day after lackluster earnings and slashing its sales forecast for 2022, while Chegg plummeted nearly 50% after its earnings showed revenue took a hit from more schools reopening.

Contra:

Travel stocks—including airlines, casino operators, hotel companies and cruise lines—have all posted larger gains so far this year. Other companies directly tied to the reopening of the economy have performed well in recent earnings: Uber last month reported its first-ever quarterly adjusted profit as demand for ride-sharing recovered, while Airbnb had its “strongest quarter ever” as travel continues to rebound.

Crucial Quote:

“It’s been a tough run for stocks that are keyed to the pandemic,” according to a recent note from Bespoke Investment Group. “This group of stocks is firmly in the ‘distribution’ phase of ownership post-pandemic, with massive valuations and sudden explosions in financial performance of the underlying businesses sliding inexorably into reverse and crushing prices.”

Surprising Fact:

Not all pandemic-era favorites have plunged back down to earth. A few high-flying stocks from last year during the pandemic have continued to rise in 2021, like online retailer Etsy, which jumped nearly 300% in 2020 and is up 34% so far this year.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I am a senior reporter at Forbes covering markets and business news. Previously, I worked on the wealth team at Forbes covering billionaire and their

Source: Is The Era Of Stay-At-Home Stocks Over? Here’s Why Zoom, Peloton And Others Have Slumped In 2021

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More Contents:

Peloton Shares Plunge Over 30%—And CEO John Foley Is No Longer A Billionaire

Chegg Stock Plunges 48% As Revenue Takes A Hit From Schools Reopening

Here’s What Wall Street’s Biggest Banks Predict For Stocks In 2022—And What To Watch For

Here’s How Bad Experts Think Inflation Will Get—And How It Will Affect Markets

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“Common Stock vs. Preferred Stock, and Stock Classes”. InvestorGuide.com. Archived from the original on 6 January 2019. Retrieved 10 June 2007.

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The oldest share in the world, issued by the Dutch East India Company

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