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Bitcoin Miner Hits Paydirt With 68% Gains
Adam Garcia
November 13, 2024
Good Afternoon!
Hey, everyone. It's Adam from Elite Trade Club.
Here’s what moved the market today.
Markets 📈
The market continued Tuesday’s slide, causing most U.S. indexes to fall. The Dow Jones made the most positive headway, adding 47 points to its total.
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Medical Cannabis
This NASDAQ-listed small-cap cannabis company is making a strategic move into Australia’s $94 million medical cannabis market, partnering with Canopy Growth Corp. in a new distribution deal.
Through this agreement, the company will distribute Canopy’s Storz & Bickel medical vaporizers across Australia, tapping into a market expected to grow at an impressive 33.6% CAGR through 2030.
Operating through its established Australian subsidiary, known for high-quality vaporization products, this company will supply Storz vaporizers to healthcare providers and clinics nationwide.
With 20,000+ global distribution points across 28 countries, this cannabis player aims to lead the NASDAQ small-cap market for international cannabis.
Analysts are optimistic, with ROTH MKM issuing a “BUY” rating and a $6.00 price target.
Market-Moving News 📈
Tesla Faces New Cybertruck Recall Over Power Loss Concerns
Tesla is recalling more than 2,400 Cybertruck units in the U.S. over concerns about a potential loss of drive power, which could elevate the risk of crashes. This marks the sixth recall for the Cybertruck model this year. The issue is linked to a defect in the drive inverter, affecting vehicles built between November 2023 and July 2024. This flaw could cause a sudden loss of propulsion when drivers press the accelerator. Tesla will address the problem by replacing the faulty part at no extra cost.
The latest recall follows a recent action involving over 27,000 Cybertrucks due to a separate issue with delayed rearview camera images that impaired driver visibility. After two years of production delays caused by supply chain challenges, Tesla finally began delivering the Cybertruck in 2023. However, the company has not shared specific production or delivery figures for the vehicle.
The Blade Runner-inspired design aims to refresh Tesla’s aging product lineup amid a slowdown in electric vehicle demand. Given the significant investment and development costs associated with the Cybertruck, the model is under close scrutiny from investors as they gauge its potential impact on Tesla’s market position.
Wonder Group Acquires Grubhub in Major Food Delivery Shakeup
Wonder Group Inc. has agreed to purchase Grubhub from Just Eat Takeaway.com for a significantly reduced price compared to its peak valuation during the pandemic. The acquisition, valued at approximately $650 million, is expected to finalize in the first quarter of 2025. The deal aims to bolster Just Eat's cash flow, as the company has struggled to compete in the U.S. market against major players like DoorDash and Uber Eats.
Just Eat initially bought Grubhub in 2021, hoping to strengthen its presence in the U.S., but market conditions and increased competition led to declining performance. After several attempts to divest the business, Just Eat opted to sell Grubhub, shifting its focus back to its core European market.
Wonder will take on Grubhub's existing debt and plans to integrate the platform with its own operations, which focus on takeout and delivery services. Founded in 2018, Wonder has pivoted away from its original food truck model, now running a network of storefronts primarily in New York and Philadelphia. The company aims to expand this network significantly by 2026, bringing more partner restaurants onto its platform while maintaining existing partnerships.
This move marks a key milestone in Wonder's strategy to grow its footprint in the food delivery sector, leveraging Grubhub’s established presence to enhance its service offerings.
Tencent Sees Strong Growth in Gaming and Advertising as AI Boosts Performance
Tencent reported a strong third quarter, driven by gains in gaming, advertising, and cloud services. The company saw notable growth in profits, outpacing market expectations, while overall revenue increased despite a minor shortfall in analyst projections. Gaming remained a key contributor, with both domestic and international segments showing robust performance.
Advertising became one of Tencent’s fastest-growing areas, fueled by strong demand for short videos, mini programs, and search features within its popular messaging app. The platform also experienced an uptick in user engagement, while ad spending from sectors like gaming and e-commerce helped balance out weaker areas.
Tencent continues to focus on integrating advanced AI technology across its operations, enhancing services like advertising and cloud offerings. New AI-powered features have driven higher user adoption and engagement, particularly in targeted advertising solutions. Additionally, the company expanded its e-commerce and mini-program offerings to strengthen its position against competitors in the short video and online shopping space.
During the quarter, Tencent's mini programs saw a notable increase in activity, as more users turned to the platform for services such as food orders, vehicle charging, and healthcare support, showcasing the growing versatility of the app's offerings.
Technology
This fast-growing AI startup is turning heads, delivering nearly 3.5X ROI to Fortune 1000 clients and attracting support from major investors, including the Adobe Fund and leaders from Google, Amazon, Meta, and Snapchat.
In just three years, its valuation skyrocketed from $5M to $85M, backed by over $35M in funding and 7,800+ investors who see its high potential.
Shares are now available at just $0.50, with an exclusive 10% bonus for new investors until November 21st!
This AI innovator is primed for major strategic buyouts, making it a potential game-changer in the tech industry.
This is your chance to get in early and grow with a company poised for significant impact.
Top Winners and Losers 🔥
BTC Digital Ltd [BTCT] $17.65 (+68.10%)
BTC Digital signed a major deal to host more than 1,000 mining machines, sending its stock price through the roof.
Dave Inc [DAVE] $90.43 (+44.00%)
Dave shares experienced a significant uptick following a record third quarter and guidance boost.
Rocket Lab USA Inc [RKLB] $18.83 (+28.44%)
Rocket Lab took off today on excellent financials and plans for multiple launches in the near future.
Inseego Corp [INSG] $10.83 (-40.36%)
Inseego lost momentum today after missing revenue estimates for Q3.
ZoomInfo Technologies [ZI] $10.53 (-19.50%)
ZoomInfo Technologies shares fell thanks to weak third-quarter earnings.
SoundHound AI Inc [SOUN] $6.27 (-17.06%)
SoundHound AI sparked investor concern over higher-than-expected losses, earning a downgrade to Neutral from analysts.
High-Growth Cannabis Stock
As the cannabis industry gains momentum, one NASDAQ small-cap company is drawing attention for its strong position in the legal cannabis market and its recent strategic moves.
With a $6 price target and a clean balance sheet, this company aims to become a leading international cannabis player, distributing consumer goods, medicinal cannabis, and pharmaceutical products in all 50 states and across 28 countries, with 20,000+ distribution points worldwide.
With its CEO recently buying over 1 million shares, this stock has caught the eye of both investors and insiders.
Insiders buy for one reason: they believe in the company’s growth potential.
That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!
Thanks for reading. I'll see you at the next open!
Best Regards,
— Adam G.
Elite Trade Club
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