Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
What started off as a strong week, reversed course after the Federal Reserve raised interest rates on Wednesday, leading to a second straight-down week for the markets. The Dow Jones Industrial Average lost 1.7%, the S&P 500 index dropped by 2.1%, and the Nasdaq Composite fell by 2.7% this week.
On Wednesday, the Federal Open Market Committee voted unanimously to raise the fed funds interest rate by 0.5% to a new range of between 4.25% and 4.5%. Economists expect the central bank will continue to raise interest rates in early 2023 in an effort to get inflation under control.
Benzinga continues to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.
“There’s A Credit Card For Apes: How You Can Get The New AMC Card, What The Rewards Are,” by Chris Katje, details the launch of a co-branded Visa credit card by AMC Entertainment Holdings Inc AMC which coincides with the company’s rewards program.
In “Apple Ditching Innovation In Favor Of Pragmatism With MR Offering, Self-Driving Car, Gurman Says,” Shanthi Rexaline writes that Apple Inc AAPL is taking steps to get a mixed-reality headset and an electric car out to the market as quickly as possible.
“PayPal Partners With MetaMask On A Payment Method To Purchase This Top Crypto: What You Need To Know,” by AJ Fabino, reports on a new collaboration between PayPal Holdings Inc PYPL and cryptocurrency wallet service MetaMask.
For additional bullish calls of the past week, check out the following:
“Tesla Stock Could Crash To $20 If Elon Musk Doesn’t ‘Pull It Together’ — And Then There’s The Disappearing Backlog, Mysterious Price Cuts,” by Adam Eckert, details why Tesla Inc TSLA bear Gordon Johnson sees several red flags for the EV maker, and has a price target of $23 on the stock.
In “Bitcoin Crashing To $10,000 And More: VanEck’s Top 2023 Crypto Predictions,” Mehab Qureshi reports that VanEck, the New York-based investment group, is predicting that Bitcoin BTC/USD will drop to between $10,000 and $12,000 in the first quarter of 2023.
“The Irony Of A ‘Virtual’ Bus Tour With Carvana: Car Buyers Want ‘Physical’ Shopping Experiences Again,” by Adam Eckert, explains why Carvana Co’s CVNA business model of offering a 100% online car-shopping service may lead to the company’s demise.
For more bearish takes, be sure to see these posts: