Stock futures did not change as the major averages rose for seven straight weeks. Instead of getting distracted by the most popular companies, look at the hidden gems first.
Coinbase Global (COIN) fell -3.73% last Friday. Insider Jennifer Joans, the Chief Accounting Officer, sold 1,838 shares on Dec. 13. The sale is not a major worry.
Coinbase is in a good position when the SEC approves a spot Bitcoin ETF. This will add billions in trading volume for BTC. Consequently, Coinbase’s platform will benefit from the higher assets and transactions.
In the ETF space, ARK Invest (ARKK) continues to attract media attention. It is losing investors, however. The ETF lost nearly $1 billion in assets managed despite rising by 63.6% YTD. The top holdings in ARK funds are Tesla (TSLA), Roku (ROKU), Coinbase, Zoom Video (ZM), and Block (SQ).
In the automotive space, General Motors (GM) might move today. GM slashed costs in the self-driving unit, Cruise, by cutting 24% of staff. CEO Mary Barra spent a decade on GM’s transformation. After EV demand fell off a cliff amid Tesla cutting prices, GM faces tremendous cost pressures. Both GM and Ford (F) shares rallied sharply. Investors might take profits because they do not want to hold companies that have an uncertain future.
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