This is the inaugural edition of Alpha Coverage - A weekly newsletter to bring you a summary of critical, thesis changing news.
This newsletter does not aim to capture all stocks or all news. It is a very limited focus on a few handpicked stocks.
Most articles are going to be Seeking Alpha, so having a Seeing Alpha subscription would be helpful.
$MU
Micron jumps as Samsung's decision to cut chip output bolsters confidence
Micron Technology (NASDAQ:MU) shares gained on Monday after fellow chipmaker Samsung Electronics (OTCPK:SSNLF) announced plans to reduce its memory chip production.
Link to News Article - Mon, April 10th, 2023
$BTC
ProShares aims to launch a 2X leveraged Bitcoin Strategy ETF
ProShares aims to bolster its exchange traded fund lineup as the issuer filed a prospectus for the ProShares Ultra Bitcoin Strategy ETF which will act as a 2X leveraged Bitcoin futures focused fund.
Link to News Article - Mon, April 10th, 2023
$SQM
SQM raised at BofA as lithium downcycle seems priced in
Sociedad Química y Minera de Chile (NYSE:SQM): Bank of America upgraded the stock to Neutral from Sell with an $85 price target, with a downcycle in lithium prices given the expectation of new supply coming to the market that should lead to weaker earnings for SQM, but the stock's 30% selloff since November has priced in those effects.
Link to News Article - Mon, April 10th, 2023
$TSLA $GM
EPA proposes aggressive new ‘clean vehicle’ standards, projects EV acceleration
The agency projects the proposals to reduce CO2 emissions by 10 billion tons, “while saving thousands of dollars over the lives of the vehicles meeting these new standards.” The standards are also expected to provide the benefit of cutting American dependence on foreign oil. In all, the proposals are slated to reduce oil imports by approximately 20 billion barrels.
Link to News Article - Mon, April 12th, 2023
$CRSP
CRISPR jumps 15% as Cantor issues bullish view citing exa-cel approval
Swiss biotech CRISPR Therapeutics (NASDAQ:CRSP): Cantor Fitzgerald launched its coverage with an Overweight rating and a $72 per share target expecting a potential FDA nod for its gene-editing therapy exa-cel.
Link to News Article - Mon, April 13th, 2023
$ETH
Ethereum rallies to eight-month high in wake of successful Shanghai upgrade
Ethereum (ETH-USD) gapped up to the highest level seen since last August on the heels of the network's successful Shanghai software upgrade.
The update, completed Wednesday evening, enables users of the ether (ETH-USD) network to withdraw their ETH tokens that have been staked, a process whereby users can pledge ETH tokens to help secure and validate transactions on the blockchain in return for rewards. Shanghai, or Shapella, marks the end of the network's multi-year transition to a Proof-of-Stake consensus mechanism from Proof-of-Work -- the same one used by bitcoin (BTC-USD).
Link to News Article - Mon, April 13th, 2023
$ENPH
Enphase Energy leads S&P 500 as Deutsche Bank names top solar stock
Enphase (ENPH) is Deutsche Bank's top long-term buy idea, with a $280 price target, and the bank is "bullish on the company's market positioning with growth opportunities in the European market," analyst Corinne Blanchard wrote.
Link to News Article - Mon, April 13th, 2023
$GLD
Gold rallies within $10 of all-time high as economic worries mount
Gold prices pushed ahead to their highest level of the year Thursday, driven by bets that inflation will remain elevated despite recent declines.
Link to News Article - Mon, April 13th, 2023
Disclosure: We own positions in some/all of the tickers mentioned in this newsletter.
