The charts of two retail favorites were making the rounds today, so let’s talk about’em.
The first is Coinbase, whose shares hit new all-time lows of $40.61 before the close of trade today. While CEO Brian Armstrong assured investors the company does not have “any material exposure to FTX,” crypto contagion fears continue to pummel Coinbase and other crypto-related stocks. Besides the contagion fears, overall trading volumes remain dismal during crypto winter. As a result, investors fear the company’s coming financial performance will be worse-than-expected.
Secondly, Tesla has fallen over 25% since Elon Musk took over Twitter. Today there was news that Tesla has to recall 321,000 cars – marking its nineteenth recall this year. However, the bigger fear among investors appears to be the distraction that Twitter is causing CEO Elon Musk. The billionaire has a lot on his plate, and all of his companies require significant effort and attention. So fears are that his overcommitment will result in dropping the ball at Tesla.