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🗑️ The Trump Dump
The former president's new stock got clobbered. Plus, Pharma Bro's bold new call.
Brooks Dyroff
April 01, 2024
Happy April, Zingers! Just cause I’m such a considerate guy, I’ll spare you all a big April Fool’s joke…
…April Fool’s! I’m actually going to tell you about the biggest April Fool’s jokes of all time. In 1992, the L.A. airport displayed a banner that said “Welcome To Chicago” causing many passengers to freak out. Then, a few years later, Taco Bell announced it bought the rights to the Liberty Bell and renamed it the “Taco Liberty Bell”. And one of my personal favorites? When legendary Jeopardy host Alex Trebek swapped places with Wheel of Fortune host Pat Sajak, confusing retirees across the country.
Today’s Price Action:
$SPY: -.17%
$QQQ: +.21%
$DIA: -.61%
Also, want to learn more about the world of crypto and digital assets? Check out our upcoming event in NYC, featuring the biggest names in the industry.
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Trump Media & Technology Group shares traded lower Monday after the company released financial information from 2023 and warned of continuing operating losses.
What Happened: In a new regulatory filing with the SEC, former President Donald Trump’s Trump Media reported revenue of $4.13 million for full-year 2023. The company reported a net loss of $58.19 million for the year.
Quoted: “TMTG has historically incurred operating losses and negative cash flows from operating activities [and] expects to continue to [do so] for the foreseeable future,” the company said in the filing.
Why It Matters: The disclosure comes a week after the company completed its merger with Digital World and began trading on the Nasdaq. Despite the drawdown, Trump Media still has a market cap of nearly $7 billion.
PRESENTED BY THE FUTURE OF DIGITAL ASSETS
With crypto rebounding in 2024 as ETFs and other investors embrace this asset class, the most important players in crypto will be gathering in New York to discuss the future of digital assets.
With speakers like Tim Draper, Managing Partner of Draper Associates; Jan Van Eck, CEO of VanEck; and Alex Salnikov, Chief Strategy Officer and Co-Founder of Rarible; the second annual Future of Digital Assets event will feature the most important people in crypto.
Attendance will be limited for this exclusive event, so register now and get our early bird pricing!
FIVE MOVERS
Oxford Industry shares moved lower in today’s session as analysts lowered their forecasts for the company following its earnings report.
AMC’s stock moved lower, hitting new lows today amid continued weakness after the company announced an offering last week.
FedEx shares slid during today’s session on news that the shipping giant will not renew its contract with the USPS, ending a 22-year relationship.
Alibaba shares edged higher in today’s session following the company’s cloud computing event, which drew millions of viewers.
Home Depot stock moved lower by more than 4% in today’s session as investors digested the company’s acquisition of SRS.
ONE TRADE IDEA FOR TOMORROW
Briefly: Former Big Pharma exec and infamous internet villain Martin Shkreli predicted a “75% chance” Bitcoin will reach $1 million by the end of the year via his X account today.
Who: Shkreli is best known for hiking the price of a drug used to treat complications of HIV/AIDS by nearly 5,500%. He was convicted of securities fraud in 2018 and sentenced to seven years in prison, but released in 2022.
So What? He dismissed comments that his prediction is an April Fool’s Day joke. Shkreli did not provide a thesis for his prediction, saying he “just wanted to document the call.”
What Next: Shkreli shrugged off commentators’ arguments that such a scenario would require “a systemic collapse of fiat confidence and likely the worst recession/depression anyone alive has experienced” with the reassuring words, “not necessarily.”
PRESENTED BY THE FUTURE OF DIGITAL ASSETS
With crypto rebounding in 2024 as ETFs and other investors embrace this asset class, the most important players in crypto will be gathering in New York to discuss the future of digital assets.
With speakers like Tim Draper, Managing Partner of Draper Associates; Jan Van Eck, CEO of VanEck; and Alex Salnikov, Chief Strategy Officer and Co-Founder of Rarible; the second annual Future of Digital Assets event will feature the most important people in crypto.
Attendance will be limited for this exclusive event, so register now and get our early bird pricing!