📊 Crypto Chaos

Wrap Up: Yesterday the mkt experienced slight declines, driven by investors taking profits after recent highs and in anticipation of an inflation report expected to indicate a minor deceleration. The economic landscape presented mixed signals, with a downward adj in Q4 GDP growth contrasted by an uptick in consumer spending, while Fed officials advised caution on the premature reduction of rates.

» $BTC surpasses the $60,000 mark, fueled by ETF demand and speculative trading, marking its highest level since November 2021. Amidst the rally, trading platforms experienced outages, highlighting the intense market activity. (link)

» Coinbase ($COIN) encountered a glitch causing users' balances to show as $0, triggering alarm and contributing to a 2,800 drop in BTC's price. Despite the temporary chaos, Coinbase assured users their assets were safe as they worked to resolve the issue. (link)

» Snowflake announced the retirement of CEO Frank Slootman, who led the company through its historic IPO, and the appointment of former Google ad chief Sridhar Ramaswamy as his successor, causing the stock to plunge over 20%. (link)

» Salesforce ($CRM) reported a modest revenue outlook for fiscal ‘25 but offset investor concerns with announcements of a first-ever dividend, an expanded share buyback program, and a strong focus on AI. Despite a slight initial stock dip in extended trading, shareholder-friendly actions and strategic adjustments in sales and product pricing have highlighted the company's resilience and commitment to growth. (link)

» WeightWatchers ($WW) experienced a significant share price drop following the announcement of Oprah’s departure from its board and a 2024 revenue forecast that failed to meet Wall St. expectations. This development marks a challenging phase for the company as it grapples with maintaining relevance in the rapidly evolving weight-loss industry. (link)

» Anheuser Busch ($BUD) faces potential strikes at 12 breweries by Feb 29, as unionized workers express discontent over substantial marketing expenditures amidst negotiations. The discord is amplified by recent controversial promotions and prioritization of advertising over employee benefits and job security. (link)

» Fed officials, including NY Fed's Williams and ATL's Bostic, have emphasized a data-dependent approach to future interest rate cuts, moving away from a calendar-based schedule. This shift suggests a tailored response to economic conditions, with the first cut anticipated later this year amid ongoing inflation and economic activity concerns. (link)

Certain earnings releases ($10+ billion market cap) scheduled for today:

Yesterday’s economic release results summarized below, along with today’s calendar. Red = Important

We are what we repeatedly do. Excellence, then, is not an act, but a habit.

Aristotle