🤩 The Prettiest Girl At The Dance

Will this upcoming IPO have a popping homecoming? Plus, NVIDIA investors buy the rumor and sell the news.

Happy Monday, Zingers! You know what’s even harder than knowing what investments to make? Knowing what investing advice to take. Should you buy the dip? Is the trend your friend? Does past performance reflect future results?

Here’s one that would’ve worked today: “Buy the rumor, sell the news.” NVIDIA traded higher heading into its GTC conference, but the stock sold off during the actual event.

In retrospect, I should’ve known it would be one of those days. My excitement always peaks right before March Madness — and tanks when my bracket inevitably busts after the first games.

Today’s Price Action:

$SPY: +.59%
$QQQ: +.95%
$DIA: +.19%

Also, want to make some extra cash without picking up a second job? Check out today’s partner.

And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.

TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
High School Dance GIF by 20th Century Fox Home Entertainment

Briefly: Usually I don’t associate Reddit with pretty people. (Don’t get offended, I’m including myself in that group.) But at least one investor does.

So Basically: Jonathan Corpina, senior managing partner at Meridian Equity Partners, joined Benzinga's PreMarket Prep today to set the stage for potentially massive interest in Reddit’s upcoming public listing.

So Then: Corpina noted the IPO is reportedly five times oversubscribed, and he expects a “snowball effect” when the stock opens for trading as Reddit users and retail traders pile into the stock.

So What? "It's the prettiest girl at the dance, everybody wants to ask her to dance," Corpina said.

What Next: Reddit has reserved 8% of its IPO shares, or 1.76 million shares, for Reddit "super users" and retail investors who had until March 5 to pre-register to buy shares in the listing. Other retail investors will likely be waiting to buy shares in the open market.

PRESENTED BY FINANCE BUZZ

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If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

FIVE MOVERS

MicroStrategy shares closed lower by more than 10% in today’s session as Bitcoin gave up some gains, moving below $68,000.

Google shares moved higher by more than 4% today following news that Apple may license Google’s AI services for iPhones.

Nikola stock continued to struggle today, closing lower by more than 5% amid overall weakness in the EV space and Fisker’s potential bankruptcy.

Nuvei shares shot higher today, trading higher by more than 30% on rumors that the company may get acquired by Advent International.

Cannabis stocks moved lower in today’s session on news of several industry-wide headwinds.

ONE TRADE IDEA FOR TOMORROW
happy snow white GIF

Briefly: It’s been a tumultuous couple of weeks for the crypto mining sector, even though Bitcoin reached new all-time price highs in that period.

Back Up: Bitcoin's average price soared to $67,500 in the early weeks of March, marking a 37% increase from February.

So Then: A JPMorgan Chase report, led by analysts Reginald L. Smith and Charles Pearce, detailed the impact of the rally on the complex Bitcoin mining market.

Specifically: The report showed the surge in price significantly enhanced mining profitability, as the cost of mining did not rise at the same pace as Bitcoin's value.

However: Not all crypto mining stocks reflected the surge in the same way. Bitdeer's stock rose by 21%, while Marathon shares fell by 25%.

Big Picture: The combined market capitalization of fourteen major U.S.-listed Bitcoin mining firms saw a 12% decline, totaling $17 billion by mid-March. Is this an omen — or an opportunity?

PRESENTED BY FINANCE BUZZ

You’ve got just enough money in your bank account to last until Friday … but then Monday rolls around, and you’re in the same situation. Again. Food. Bills. Rent. Gas. They dry up every bit of your take-home pay. 

But it doesn’t have to be this hard. With a few smart moves, you could supplement your income and afford that next vacation — without doing much extra “work,” or even getting a side job. Check out this FinanceBuzz article to find a solution and take control of your finances today.