August 20, 2022

Bulls and Bears Of The Week: Tesla, Apple, Marathon Oil And Why Coinbase May End Ethereum Staking


Wall Street’s rally of four consecutive weeks came to an end on Friday, as stocks took a sharp downturn. The S&P 500 finished the week lower by 1.21%, while the Dow was down by a slight 0.16%, and the Nasdaq saw the biggest weekly decline, closing 2.62% lower.

Traders got jittery this week after the release of minutes from the Federal Reserve’s July meeting and comments from St. Louis Federal Reserve President James Bullard indicating that further rate increases by the Fed are likely in the near term.

The markets were also rattled by the plunging price of Bed Bath & Beyond Inc’s (NASDAQ:BBBY) stock, which collapsed by more than 40% after Ryan Cohen sold his entire stake in the company.

The Bulls

Tesla Supercharger Network Opens To Non-Tesla Owners, Here’s How Much It Could Cost,” by Chris Katje, looks at Tesla Inc’s (NASDAQ:TSLA) plan to expand access to its network of Tesla Superchargers worldwide to non-Tesla vehicles.

These 5 Dividend Payers Just Got A Lot More Attractive: Passive Income For Investors In The Energy Sector,” by Robert Kuczmarski, highlights energy companies, like Marathon Oil Corporation (NYSE:MRO), which dividend stock investors should consider. 

Dave Portnoy: My Net Worth Is Tied To One Stock, Other Stuff Is ‘All Fun And Games,’” by Wayne Duggan, reveals what Barstool founder and CEO Dave Portnoy plans to do after his company was fully bought out by PENN Entertainment Inc (NASDAQ:PENN).

The Bears

Apple Said To Lay Off 100 Recruiter Contractors As It Slows Down Hiring, Shift Return-To-Office Deadline,” by Shanthi Rexaline, details why Apple Inc (NASDAQ:AAPL) has been slowing hiring, and has reportedly laid off recruiter contractors in the past week.

Coinbase Could Shut Down Ethereum Staking Due To Regulatory Risks, CEO Says,” by Ryan McNamara, explains why Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong will likely opt to shut down Ethereum (CRYPTO: ETH) staking rather than comply with the OFAC’s requirements to censor the blockchain.

By Michael Cohen

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