Market Highlights: Cryptocurrencies soaring, equities bleeding on disappointing earnings, Ford targets Green bonds

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on Nov 5, 2021
Updated: Jun 1, 2022
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  • Cryptocurrencies hit new highs, Polkadot tests $54
  • Moderna and Peloton tank on disappointing earnings
  • Ford is buying green bonds to fund Ford+ turnaround strategy

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Over the past few weeks, cryptocurrencies have been soaring, reaching new highs. One crypto that has been on an upward is Polkadot (DOT/USD) which hit $54. The crypto surged 6% to hit an all-time high of $54.86.The rally is a result of the anticipated upgrade on the blockchain that will enable a parachain auction.

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Moderna and Peloton tank on disappointing earnings

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Morderna Inc. (NASDAQ: MRNA) shares dropped 15% after the company missed fiscal Q3 2021 estimates for COVID-19 vaccine sales. The company reported earnings of $3.3 billion or $7.7 per share, an increase from $233 million or $0.59 loss per share a year ago. Revenue during the quarter was $4.9 billion compared to $157 million a year ago. During the quarter, the company sold 208 million COVID-19 vaccines generating revenue of $4.8 billion. The company expects to deliver 800 million doses by the end of this year, generating revenue of $15 million to $18 million.

Peloton Interactive Inc. (NASDAQ: PTON) shares tanked 30% following disappointing Q1 results and dovish guidance because of supply chain disruptions. During Q1, the company reported a loss of $376 million or $1.25 per share. The company generated revenue of $805.3 million compared to $758 million a year ago. Wedbush Securities analyst James Hardiman said that expectations were low in Q1 and could not be helped by the low price of core exercise bike and new treadmill.

Uber reports its first-ever positive EBITDA

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Uber Technologies Inc. (NYSE: UBER) gained 1% after announcing Q3 2021 results with its first-ever positive adjusted EBITDA. Revenue was $4.8 billion, with a net loss of $2.4 billion attributed mainly due to the drop in value of the Didi investment.

Ford to repurchase high-yield bonds

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On Thursday, Ford Motor Co. (NYSE: F) announced a $5 billion repurchase of high-interest bonds to boost its credit rating. In March 2020, the company issued $8 billion in bonds at a yield of 8.5%-9.625%, resulting in its surrendering its credit rating. At the end of Q3, Ford’s cash stature was around $31 billion, which it will use to repurchase the bonds. In addition, the automaker plans to foray into green bonds to finance its Ford+ turnaround investing strategy in autonomous and electric vehicles tech.

Tencent unveils three in-house chips

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Chinese gaming company Tencent (HKG: 00700) has launched three in-house chips.  Tencent also owns the popular social media platform WeChat, and currently, it is investing in the chip sector and cloud computing as it diversifies. One of the chips is an AI chip dubbed Zixiao that can process video, natural language, and images. The other chip is a video transcoding chip that can transform video content format.  Finally, the last chip is a network card that can help cloud computing instances.

TDH Holdings closes $9.9M registered offering

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TDH Holdings Inc. (NASDAQ: PETZ) shares jumped 57% after announcing the closing securities purchase agreement with investors for a registered offering. The company raised $9.9 million after issuing 15 million shares at $0.64 per share and a warrant to buy 30 million shares at $1.47 per share.

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