Silvergate Capital (DOG)
SI - NYSE
Who could have predicted that an industry built on fake money would be so risky? In the latest mishap to rock the world of cryptocurrencies, shares of Silvergate Capital plunged after the bank – which facilitates real-money transfers between institutional investors and crypto trading platforms – disclosed that skittish customers withdrew US$8.1-billion during the fourth quarter. The run on Silvergate followed the bankruptcy of cryptoexchange FTX, one of the bank’s major clients, and prompted Silvergate to sell securities at a big loss to cover the rush of withdrawals. Probably just a temporary setback.
World Wrestling Entertainment (STAR)
WWE - NYSE
Business quiz! Shares of World Wrestling Entertainment soared after the company announced that a) U.S. representatives Marjorie Taylor Greene and Lauren Boebert would headline Friday Night SmackDown, with the winner earning the right to choose the speaker of the House; b) fights to the death would be permitted, but only after 11 p.m. to prevent children from watching; c) founder and majority shareholder Vince McMahon, who stepped down as chairman and CEO last year amid a sexual misconduct investigation, is returning as executive chairman as the company explores “all strategic alternatives to maximize shareholder value.” Answer: c.
Tesla (DOG)
TSLA -Nasdaq
With the never-ending drama at Twitter and the collapse of Tesla’s stock price, 2022 was a tumultuous year for Elon Musk. Sadly for the modest and unassuming billionaire, 2023 isn’t looking much better. Hit by weaker-than-expected vehicle deliveries – Tesla shipped 405,278 units in the fourth quarter, missing the median analyst estimate of about 427,000 – shares of the electric vehicle maker extended their months-long skid. The delivery shortfall, combined with the discounting of some Tesla models and production cuts at its Shanghai plant, stoked worries that demand is softening amid growing competition from EVs produced by Ford, General Motors and others. There’s only one way to fix this, Elon: You need to buy another company.
Wynn Resorts (STAR)
WYNN - Nasdaq
Gambling at the casino is a good way to go broke. But investing in a casino can make you rich (unless the casino is owned by Donald Trump, but I digress). Shares of Wynn Resorts jumped after Wells Fargo upgraded the stock to “overweight” from “equal weight” and bumped its price target up to US$101 from US$74, citing China’s lifting of COVID-19 restrictions, which should boost tourist traffic in Macao. Wynn’s stock was already on a roll after Macao, a special administrative region of China, renewed the company’s gambling licence in November along with those of the five other established players. Wynn’s Las Vegas casinos could also benefit from strong tourism this year, Wells Fargo said. Ding ding ding! We have a winner!
Quipt Home Medical (STAR)
QIPT - TSXV
Quipt Home Medical possesses “a material near-term upside risk-reward profile for investors,” Raymond James analyst Rahul Sarugaser said in a note this week. Wouldn’t it have been easier to say, “I think the stock’s going up”? Anyway, that’s precisely what happened after the U.S.-based provider of home medical devices and services announced the acquisition of Great Elm Healthcare, which specializes in respiratory products, sleep testing and mobility devices. With Quipt’s shares up about 19 per cent so far in 2023, investors are breathing easier – and sleeping better, too.
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John Heinzl