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Crypto News: Dogecoin Volumes Dip as other Memecoins Flourish, Retik Finance Presale Motors Past $2 Million, Bonk … Investing.com India
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GM stock has dropped about 49 percent from the 2021 ATH as the automaker struggles to make a deal with the UAW Union amid a possible recall of over 1 million vehicles for faulty airbags.
General Motors Company (NYSE: GM) shares closed Thursday trading at $30.31, down 2.35 percent from the day’s opening price. The company’s stock value has been declining since early last year, with a high chance of revisiting COVID-19 lows if the company does not revert to the situations at hand. Notably, thousands of members of the Union Auto Workers (UAW) union went on strike last month after failing to reach a deal on a new labor contract.
Earlier this week, the company noted that its dealers delivered 674,336 vehicles in the United States during the third quarter, up approximately 21 percent YoY. However, this quarter’s production could significantly be hampered by the ongoing UAW union strike that has taken longer to resolve.
The situation with GM production could be facing much bigger challenges after a report by WSJ highlighted that at least 20 million vehicles delivered to customers could have faulty airbags. The US National Highway Traffic Safety Administration raised an alarm of possible recall to avoid any injury or deaths.
Currently, the company has recalled 1 million vehicles believed to have airbag issues and reiterated that there is no basis for more recalls. Nonetheless, the company indicated that it is closely working with the NHTSA and other manufacturers to ensure a long-term solution to the airbag problem.
“Neither the affected automakers nor NHTSA, despite eight years of study and investigation, have identified a systemic design or manufacturing defect in ARC frontal airbag inflators,” the company noted. “If GM concludes at any time that any unrecalled ARC inflators are unsafe, the company will take appropriate action in cooperation with NHTSA.”
General Motors (GM) and the Market Outlook
In a bid to reinstate its normal operations, General Motors confirmed that it had made a counteroffer to the UAW union. This is after the company indicated that it has lost about $200 million due to the ongoing strike. However, the UAW union has constantly refused to make any deal until its contract is fully fulfilled, hence worsening the impasse.
“We believe we have a compelling offer that would reward our team members and allow GM to succeed and thrive into the future. We continue to stand ready and willing to negotiate in good faith 24/7 to reach an agreement,” the company recently noted.
The $42.71 billion company is facing intense competition from established electric vehicle companies like Tesla Inc (NASDAQ: TSLA) that do not support the UAW union. As a result, the company’s stock market faces more selling pressure in the coming quarters which could significantly reduce its valuation.
General Motors reported strong financial results for Q2 2023, with a 52% increase in net earnings compared to the previous year. Despite potential labor stoppages, the company is optimistic about its future outlook.
On July 25, General Motors Co (NYSE: GM) reported its financial results for the second quarter (Q2) of 2023, which were much better than expected, according to the renowned car manufacturer. But the company’s shares didn’t react to the news with an increase. On Tuesday, June 25, 2023, GM stock closed at $37.92 which indicated a 3.51% fall during the day.
According to the Q2 2023 report, General Motors increased its financial guidance for the second time in 2023. Additionally, the company indicated that it is implementing measures to reduce costs by $3 billion for the upcoming year. In 2022, the company’s expenses reached $2 billion.
Q2 2023 Net Earnings of General Motors Increased by 52% Compared to 2022
General Motors reported a net profit of $2.570 billion, representing a 52% increase compared to the same quarter of the previous year. According to the report, the profits were boosted by higher revenues and were affected by an unexpected charge of $792 million related to the withdrawal of the Chevrolet Bolt EV models.
As for revenues, the company reported $44.750 billion, surpassing analysts’ expectations of $42.620 billion. This was mainly due to high selling prices of their new models and the continued demand for their vehicles despite low inventory levels.
General Motors updated its earnings guidance for 2023 for the second consecutive quarter, adjusting it to a range of $12 to $14 billion. They also improved their outlook for operating cash flow and net earnings attributable to shareholders, increasing it from $9.3 billion to $10.7 billion.
Previously, net income attributable to shareholders was in the range of $8.4 billion to $9.9 billion. The increase is attributed to better prices, demand, and capital discipline. However, it will depend largely on GM’s ability to reach new labor agreements with the United Auto Workers and Canadian Unifor unions without any strikes or stoppages.
GM Faces Potential Labor Stoppages
According to CNBC, General Motors could face labor stoppages from the United Auto Workers (UAW) and Canadian Unifor unions, which now have new leadership that appears to be more contentious than their predecessors.
Mary Barra, CEO of General Motors, stated in a letter to shareholders that the company aims to reach fair agreements in contract negotiations with the automotive unions, as they have done for years:
“We have a long history of negotiating fair contracts with both unions that reward our employees and support the long-term success of our business. Our goal this time will be no different.”
Furthermore, a labor stoppage could cost the company millions of dollars again, as it happened in 2019 when they lost over $2.6 billion in earnings before interest and taxes due to failure to reach an agreement with the UAW union.
Marco is a passionate journalist with a deep addiction to cryptocurrencies and a keen interest in photography. He is fascinated by trading and market analysis. He has 5+ years of experience working with cryptocurrency projects.
EV makers Lucid, Nikola, and Lordstown saw their stock decline mostly owing to disappointing failures regarding their production figures.
Three electric vehicle (EV) startups that went public via special purpose acquisition companies (SPAC) recently fell short of their projected 2022 goals. According to reports, EV companies Lucid Group Inc (NASDAQ: LCID), Nikola Corp (NASDAQ: NKLA), and Lordstown Motors (NASDAQ: RIDE) all had a disappointing 2022.
Lucid, Nikola, & Lordstown EV Production Development
The trio missed their EV goals by significant margins, with Lucid and Lordstown Motors suffering considerable deficits in production objectives. In perspective, Lucid accomplished just over a third of its production agenda for the year at 7,180 Air sedans. The California-based EV maker had been gunning to produce 20,000 vehicles in 2022. Meanwhile, Lordstown Motors could only manage the production of 31 Endurance pickups in the same period. This number pales compared to the 500-vehicle output that the Ohio-based EV automaker had in mind.
Nikola also delivered an underwhelming number of 131 Tre heavy-duty trucks. This number was roughly a quarter of the 500 vehicles the Phoenix-based company had envisaged for its 2022 production line.
Following their less-than-stellar 2022 EV production outing, Lucid, Nikola, and Lordstown see the odds improving little in 2023.
Lucid
Lucid’s shares nosedived following the company’s restrained production forecast of 14,000 vehicles this year. The EV maker’s shares slumped by more than 14% in Thursday’s early trading session after Lucid hinted at waning demand. According to Visible Alpha, analysts had expected production of just under 22,000 vehicles by Lucid this year.
In addition, the electric vehicle manufacturer also acknowledged it was locked in a price war with electric vehicle heavyweights Tesla (NASDAQ: TSLA). Tesla and Ford Motor Company (NYSE: F) have embarked on aggressive price cuts to induce higher demand amid a faltering tech sector. However, these cuts also make it harder for less illustrious rivals like Lucid and Rivian Automotive Inc (NASDAQ: RIVN) to eke market share.
BofA Global Research downgraded Lucid stock from a “buy” to “neutral.” The research firm also added that considering operations and free cash flow, the company might not break even until 2027.
EMG Advisors chief executive officer Will McDonough also commented on the plight of Lucid’s earnings, saying:
“Lucid’s earnings sadly show that it’s a business that’s in the public markets earlier than it should be. Now that the markets are less fluid, investors are focused on the fact that this company only produced 7,000 cars in 2022.”
Nikola & Lordstown
Nikola’s stock also declined after the EV company announced projected deliveries of no more than 375 trucks. Meanwhile, Lordstown Motors’ shares also slipped after the EV maker announced the suspension of production and customer deliveries in January. According to Lordstown Motors, it paused output and customer deliveries because of performance and quality issues.
Lordstown slumped 15%, while Nikola stock declined 9% in yesterday’s New York trading session. Nikola’s shares initially dropped 1.3% following a quarterly earnings miss.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Dogecoin DOGE/USD developers at the Dogecoin Foundation unveiled a new tool that would help users find stores across the globe that accept Doge as payment.
A developer, who goes by the pseudonym “inevitable360,” introduced the tool via Twitter.
Now you can search any address dynamically to quickly find the exact place to add a store. #Doge #Dogecoinhttps://t.co/nbTovgIVaP https://t.co/XAHpdD16Yn pic.twitter.com/42gDbSFHP2
— inevitable360 (@inevitable360) September 7, 2022
The tool indexes all stores, businesses and individuals that accept the meme coin as payment as a way to keep track of global adoption.
Members of the Doge community across the world can also contribute to the index’s growth. If someone spots a store that accepts Doge, then they can zoom in on the location on an interactive world map and add the name, email, website, zip code and address of the location.
This submission will then be manually approved by a Doge developer.
At the time of writing, there were 10 approved locations listed on the website as a venue that accepts Doge and 10 locations that were pending approval.
A number of known companies that accept Doge are currently listed on the map, including Tesla Inc. TSLA, which accepts Doge for merchandise sales. The Dogecoin Foundation headquarters in London is also on the map.
See Also: Is Dogecoin A Good Buy?
Price Action: At press time, Doge was trading at $0.059, down 6% in 24 hours as per data from Benzinga Pro.
Image: @inevitable360 via Twitter
Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
This week, we posed the following questions to over 1,000 Benzinga visitors on cryptocurrency investing:
Do you think Bitcoin BTC/USD is heading below $15,000 by the end of September?
- Yes, Bitcoin will hit $15,000 by the end of September: 43.2%
- No, Bitcoin won’t hit $15,000 by the end of September: 56.8%
Do you think Ethereum ETH/USD is heading below $1,000 by the end of September?
- Yes, Ethereum will hit $1,000 by the end of September: 39.8%
- No, Ethereum won’t hit $1,000 by the end of September: 60.2%
Do you think Dogecoin DOGE/USD is heading below $0.05 by the end of September?
- Yes, Dogecoin will hit $0.05 by the end of September: 44.6%
- No, Dogecoin won’t hit $0.05 by the end of September: 55.4%
Apex cryptocurrency Bitcoin is trading slightly lower by 1.35% to $19,858 over the past 5 days.
Ethereum is trading higher by 4.92% to $1,664 over the trailing week.
Dogecoin has gained slightly by 1.06% to $0.063 since last week. The crypto has continued its ongoing popularity among altcoins following Tesla Inc TSLA CEO Elon Musk‘s endorsement of the meme coin as his favorite cryptocurrency… Read More
This survey was originally conducted by Benzinga in August 2022 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.
The year 2021 could go down as the year of many things, including another year that cryptocurrency became more of a mainstream topic and investment.
As cryptocurrencies became more talked about, many also gained in value in 2021, including three of the most popular names.
Here’s a look at how Bitcoin, Dogecoin and Ethereum have peformed from the start of 2021 to now.
What Happened: Bitcoin BTC/USD gained throughout 2021 and was added to the balance sheet of Tesla Inc TSLA, Block Inc SQ and other publicly traded companies during the year.
Dogecoin DOGE/USD was one of the most searched for cryptocurrencies in 2021 and exploded in value thanks to popular names like Elon Musk and Mark Cuban publicly supporting the “meme crypto.”
Ethereum ETH/USD gained in popularity and usage with the rising trend of non-fungible tokens, with many utilizing the Ethereum blockchain.
Related Link: 2021 Was The Year Of Dogecoin: A Month By Month Retrospective With Top Stories
Investing $1,000 in BTC, DOGE, ETH: A $1,000 investment in each of the three most popular cryptocurrencies would have proven to be a winning trade in 2021. Here’s a look at how a hypothetical investment ended in 2021 for each of the three mentioned cryptocurrencies.
Bitcoin traded at a high of $29,600.62 on Jan. 1, 2021. A $1,000 investment in Bitcoin on the first day of the year could have bought 0.0338 BTC. Bitcoin ended 2021 at a price of $46,306.45. The $1,000 investment ended 2021 worth $1,565.16. At the time of writing, the $1,000 in Bitcoin would be wroth $667.68.
Dogecoin traded at a high of $0.005685 on Jan. 1, 2021. A $1,000 investment in Dogecoin on the first day of the year could have bought 175,901 DOGE. Dogecoin ended 2021 at a price of $0.1705. The $1,000 investment ended 2021 worth $29,991.12. At the time of writing, the $1,000 in Dogecoin would be worth $10,939.28.
Ethereum traded at a high of $749.20 on Jan. 1, 2021. A $1,000 investment in Ethereum on the first day of the year could have bought 1.3348 ETH. Ethereum ended 2021 at a price of $3,682.63. The $1,000 investment ended 2021 worth $4,915.57. At the time of writing, the $1,000 in Ethereum would be worth $2,074.63.
Investing $1,000 in each of the three coins on Jan. 1, 2021 would have ended 2021 at a valuation of $36,471.85.
Through Sep. 3, 2022, the hypothetical investments in the three well-known cryptocurrencies would be worth $13,681.59. While this is down significantly from the 2021 year end values, it is also still up 1,268% since the start of 2021. The value of Bitcoin is down around 33% from the start of 2021 and Ethereum and Dogecoin remain up over 100% from the start of 2021.
Dogecoin (CRYPTO: DOGE) traded 1.3% lower at $0.14 over 24-hours leading up to early Friday morning.
DOGE fell alongside other major coins as the global cryptocurrency market cap declined 1.4% to $1.9 trillion at press time.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -1.3% |
| 24-hour against Bitcoin | 0.45% |
| 24-hour against Ethereum | 0.5% |
| 7-day | -5.2% |
| 30-day | 13.1% |
|
YTD performance |
-20.3% |
See Also: Best Crypto Debit Cards
The Doge Factors
- DOGE was among the most-mentioned coins on Twitter. It attracted 614 tweets, according to Cointrendz data. The three most-mentioned coins were XRP, Bitcoin, and Ethereum.
- DOGE 24-hour trading volume declined 16.6% to $716.2 million, according to data from CoinMarketCap.
- Data from Coinglass indicated that $3.69 million worth of DOGE futures were liquidated in the preceding 24 hours as the meme cryptocurrency declined.
Fed Speak A Downer For Cryptos
On Thursday, U.S. Federal Reserve Chair Jerome Powell said we’re going to be raising rates and getting expeditiously to levels that are more neutral and then that are actually tight.” Statements made by Powell on the same day indicate that the Federal Reserve may opt for a more aggressive 50 basis points hike at its next policy meet.
Dogecoin Is Light
On Thursday, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk sighed heavily in reaction to a scammer that commented on one of his posts. The cryptocurrency scammer had advocated Dogecoin as a solution to Twitter Inc’s (NYSE: TWTR) spam problems while carrying out a giveaway scam.
Crypto Holders Shifting From Bitcoin To Dogecoin
Currency.com CEO Steve Gregory said the company has noted a gradual shift from its users holding Bitcoin to meme coins such as Dogecoin.
DOGE On The Web
DOGE co-creator Billy Markus reacted to a tweet from Musk on Thursday. The entrepreneur said, “If our twitter bid succeeds, we will defeat the spam bots or die trying!”
i think i have around 3,000 actual human followers
— Shibetoshi Nakamoto (@BillyM2k) April 21, 2022
Markus said he had only about 3000 actual human followers in response to Musk. Markus has a Twitter following of 1.3 million.
Markus said in a separate tweet that his account was now the 6969-th largest account on the Jack Dorsey-founded social media platform.
thank you to my 1.3 million followers
i am now the #6969-th largest account on twitter
— Shibetoshi Nakamoto (@BillyM2k) April 21, 2022
Dogecoin-oriented Youtuber Matt Wallace said that “Authentication based on Dogecoin transactions would be cool.”
Authentication based on Dogecoin transactions would be cool
— Matt Wallace (@MattWallace888) April 21, 2022
Read Next: Bitcoin HODLers Clenching Their Moneybags Even As Stocks Plunge Is Remarkable, Says Analyst
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
]]>Occidental Petroleum Corporation (NYSE:OXY) is a global leader in hydrocarbon exploration, and over the past year, treated investors to eye-popping returns.
Since March 2021, Occidental stock’s 1-year return has outperformed several of the world’s most popular EV stocks and cryptocurrencies: Tesla Inc (NASDAQ:TSLA), Lucid Group Inc (NASDAQ:LCID), Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
Occidental is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2021, the company reported net proved reserves of 3.5 billion barrels of oil equivalent. Net production averaged 1,174 thousand barrels of oil equivalent per day in 2021 at a ratio of 75% oil and natural gas liquids and 25% natural gas.
Occidental shares saw marked strength Thursday and were trading higher after Warren Buffett reported the purchase of 18,102,616 shares of the stock at an average price of $54.41 per share in a Form 4 filing on Wednesday. Shares of oil, energy and natural gas prices have also been trading higher in recent weeks as the Russia-Ukraine conflict causes supply concerns.
Occidental was founded in 1920 and is headquartered in Houston, Texas.
Here’s how the returns break down from March 2021 to the present:
- Tesla is up from $654.87 to $905.39 for a return of 38.25%
- Lucid is down from $26.88 to $25.67 for a return of -4.50%
- Bitcoin is down from $58,050.60 to $41,879.70 for a return of -33.44%
- Ethereum is up from $1,808.95 to $2,954.14 for a return of 63.31%
- Dogecoin is up from $0.0583 to $0.12 for a return of 105.83%
And finally, Occidental Petroleum is up from $28.10 to $56.24 for a return of 100.14%
In a recent tweet, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk spoke about the instinct for vengeance and whether the biblical method of turning the other cheek to an attacker is any good in this situation.
He mentioned that turning the other cheek to an aggressor is a very powerful idea.
The limbic instinct for vengeance is incredibly strong, which is why turn the other cheek is such a powerful idea
— Elon Musk (@elonmusk) March 19, 2022
Following his tweet, Musk’s fans started talking about it and one of his followers, going by the name @greg16676935420, jokingly assumed that Musk hid a secret message among the words of this tweet – “DOGE is powerful”.
Anyone else notice this? pic.twitter.com/8NEudLzsuj
— greg (@greg16676935420) March 19, 2022
To his reply, another Twitter follower said, “Musk’s tweet, allegedly meant that ETH, not DOGE, is powerful.”
Bro… pic.twitter.com/Y0lw4Ej7hT
— � Aquilae80085 � (@Aquilae_80085) March 19, 2022
Last week, Musk said that he still owns DOGE and has no plans to sell his cryptocurrency holdings despite being bearish on the U.S. dollar.
According to an IntoTheBlock chart shared by Ali Martinez, the number of addresses holding DOGE has fallen to 3.89 million from 4.55 million.
Musk has been a great supporter of Dogecoin (CRYPTO: DOGE) for a long time, and expresses his view very strongly on this on Twitter.
Last year, as the price of Dogecoin kept rising, Musk expressed his support for it via a series of tweets.
On Saturday morning, DOGE was trading at $0.1219, up 5.90% over the past 24 hours.