Cathie Wood\u2019s ARK Invest Buys Over 220,000 Shares of Coinbase
One of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Monday. Accordingly this fund bought over 220,000 shares of Coinbase Global, Inc. (NASDAQ: COIN) shares on Monday, as the price of this ETF dropped as much as 3% on Monday. Note that this ETF is still up over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 221,167 shares of Coinbase. At Monday’s closing price this would have valued this purchase at roughly $67.4 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 145% in the last year.
24/7 Wall St. recently reported on Coinbase:
Coinbase will realize no cash from the direct listing. All proceeds of the offering will go instead to selling shareholders. CEO Brian Armstrong is the largest shareholder, with nearly 34 million Class A shares, with venture capital firm Andreessen Horowitz next in line with about 29.5 million shares. The company said it had approximately 430 shareholders of its class A and class B common stock.
The Coinbase initial stock offering likely will be Wednesday’s biggest market story. The attention is deserved because many shares and a lot of cash will change hands. Whether cryptocurrencies like bitcoin can ever be more than outlets for investors’ speculative urges remains to be seen, but, to some degree, that doesn’t really matter for Coinbase.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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HSBC pretax profit rises 79% on recovery from pandemic damage
LONDON, April 27 (Reuters) – HSBC Holdings PLC on Tuesday reported a much better-than-expected 79% rise in first-quarter profit, as the Asia-focused lender starts to recover from the economic damage caused by the coronavirus pandemic.
Europe’s biggest bank by assets on Tuesday reported profit before tax was $5.78 billion for the three months ended on March 30, up from $3.21 billion a year ago and above an average analyst forecast of $3.35 billion compiled by the bank.
ABB Q1 Operational EBITA Rises; Revenues Up 7% On Comparable Basis – Quick Facts
ABB (ANN.L,ABB) reported first quarter net income attributable to company of $502 million, up 34% year-on-year. Basic earnings per share was $0.25 compared to $0.18. Operational EBITA was $959 million compared to $636 million. Operational EBITA was up 51% (40% constant currency) year-on-year, increasing the margin by 360 basis points to 13.8%.
First quarter revenues were $6.90 billion, increasing by 11% (7% comparable). Orders were $7.8 billion, up 6%; comparable up 1%.
ABB expects second quarter growth rates to reflect the low level of business activity in second quarter of prior year. Comparable orders and revenues are expected to grow above 10%, with orders growing more than revenues. Operational EBITA margin is projected to significantly improve year-on-year, to approximately 14%.
ABB continues to expect comparable revenue growth of approximately 5% or higher for full-year 2021. In 2021, ABB targets a steady pace of improvement from 2020 toward the 2023 operational EBITA margin target of upper half of the 13%-16% range.
DMG MORI Q1 EBIT Declines; Increases 2021 Forecast – Quick Facts
DMG MORI reported first quarter earnings after tax 8.0 million euros compared to 17.2 million euros, prior year. EBIT was 11.8 million euros compared to 25.3 million euros. EBIT margin was 2.8%, down from 5.5%, last year.
First quarter sales revenues were 421.6 million euros, down 8% from prior year. The company said the decline is due particularly to the lower order backlog at the beginning of the year and the continued travel restrictions. Order intake was 589.8 million euros, up 34% from last year.
The company increased its 2021 forecast significantly. Order intake is now expected to reach around 2.0 billion euros (previously: around 1.7 billion euros). The company assumes sales revenues of around 1.8 billion euros (previously: around 1.7 billion euros). The company currently expects EBIT of around 60 million euros, compared to around 30 million euros previously.
Schneider Electric Q1 Revenues Up 11.9%; Lifts FY Outlook – Quick Facts
French energy management firm Schneider Electric (SBGSF.PK) reported that its first-quarter revenues were 6.526 billion euros, up 13.5% organic and up 11.9% on a reported basis.
Looking ahead for 2021, the company now expects adjusted EBITA growth to be between 14% and 20% organic and revenue growth of 8% to 11% on organic basis. The company said in February that it expected adjusted EBITA growth between 9 percent and 15 percent organic, and revenue growth for the year of 5 percent to 8 percent organic.
Schneider Electric said it has signed a deal to divest the Cable Support business-Northern European provider of cable support systems for buildings and infrastructure- to Storskogen Group. Headquartered in Mora, Sweden, the business is present in the market through the brands Wibe and Stago. At the end of 2020, Cable Support had around 250 employees.