Wall Street Lunch: Ether ETFs Arrive

seekingalpha07-24

U.S.-listed spot ether exchange-traded funds debut.Coca-Cola surpassing organic sales estimates.Delta Air Lines keeps trying to get back on track. bizoo_n/iStock Editorial via Getty Images Listen ...

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href=https://seekingalpha.com/article/4705963-wall-street-lunch-ether-etfs-arrive><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S.-listed spot ether exchange-traded funds debut.Coca-Cola surpassing organic sales estimates.Delta Air Lines keeps trying to get back on track.   bizoo_n/iStock Editorial via Getty Images Listen ...</p>\n\n<a href=\"https://seekingalpha.com/article/4705963-wall-street-lunch-ether-etfs-arrive\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1951198990.SGD","symbol_name":"Natixis Thematics AI & Robotics Fund H-R/A 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Coca-Cola smashes organic sales. (2:15) CrowdStrike CEO called to Capitol Hill. (3:51) Our top story so far: On their debut, the first-ever U.S.-listed spot ether (ETH-USD) exchange-traded funds changed hands in negative territory, even as the price of ether eked out a small intraday gain. The Grayscale Ethereum Mini Trust (NYSEARCA:ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA) and Invesco Galaxy Ethereum ETF (QETH) were slightly lower. Most of the ether-tracking funds are offering fee waivers initially, often extending up to a year. Ether is the native cryptocurrency of the Ethereum blockchain, which touts benefits such as smart contracts and customizable applications for DeFi. Spot ether ETFs will track the performance of the crypto as an underlying asset, making buying and reporting easier due to liquidity and transparency. The simple-to-understand product will also bring things more mainstream, and give institutional and retail investors another opportunity for crypto diversification. BlackRock CEO Larry Fink calls bitcoin 'digital gold,' says he's no longer a skeptic \"The thing that people should keep in mind is that more money into crypto and blockchain is not a rising tide that lifts all boats,\" said Paul Brody, Global Blockchain Leader at EY, citing similarities to the precious metals industry. \"Gold is $14T-$15T in market cap. That is more than 10x larger than the next largest precious metal. I think we will see the same kind of behavior in cryptocurrency.” On the economic front, existing home sales dropped 5.4% in June to a rate of 3.89 million, compared with the 4 million consensus and 4.11 million in May. The median existing-home sales price jumped 4.1% from June 2023 to $426,000 and rose from May 2024's $419,300 level, reaching an all-time high for the second straight month and marking the 12th consecutive month of Y/Y price gains. Among active stocks today, Coca-Cola (KO) sailed past organic sales estimates and set strong guidance. Looking ahead, the company sees full-year adjusted organic revenue growth of +9% to +10% vs. +9% consensus. EPS of $2.82 to $2.85 is anticipated, vs. $2.82 consensus. UPS (UPS) fell after the company’s Q2 results came in below Wall Street’s expectations. Despite higher volumes, increased labor costs stemming from a new contract with the International Brotherhood of Teamsters union drove the company’s adjusted profit down 29.5% year-over-year to $1.79 per share, missing expectations by $0.20. For 2024, the company expects revenue of $93 billion, above the Street’s consensus of $92.83 billion. Philip Morris (PM) set full-year guidance ahead of expectations. For Q2, one of the biggest pullouts from the earnings report was that the smoke-free business accounted for 38.1% of the company's total revenue in comparison to 35.4% a year ago. PM expects full-year adjusted EPS of $6.33 to $6.45 vs. $6.33 consensus and the prior forecast of $6.26 to $6.38. Last Friday’s computer meltdown, that grounded flights and crippled global operating systems, continues to undermine operations at Delta Air Lines (DAL) as the carrier struggles to get planes back in the air. The latest dilemma for the airline centers on its inability to connect flight attendants and pilots with planes through its crew tracking system. The problem is not only stranding passengers, but crews as well, unable to find flights back to their home bases. The problems will continue for “at least a few more days,” Delta said. In other news of note, CrowdStrike (CRWD) CEO George Kurtz has been called to testify in front of Congress after last week's outage impacted the global economy, a move that Wedbush Securities said is a \"key moment\" for the cybersecurity firm. Kurtz will testify in front of the House Committee on Homeland Security after Chairmen Mark E. Green, MD (R-TN) and Andrew Garbarino (R-NY) sent a letter to him to discuss the outage. And Canadian AI startup Cohere is now one of the world's most valuable AI companies following a new funding round, which valued the company at $5.5 billion. \"We’re excited to announce our Series D funding round that will help us expand our team and take our frontier, enterprise-grade AI technology to the next level to enable significant productivity and efficiency gains for businesses around the world,\" said Cohere in a post on LinkedIn. The company has raised $500M in the funding round. The investment was led by Canadian pension investment manager PSP Investments, and a syndicate of additional new investors including backers at Cisco Systems (CSCO), Japan's Fujitsu (OTCPK:FJTSF) (OTCPK:FJTSY), AMD (AMD) Ventures and Canada's export credit agency EDC. And in the Wall Street Research Corner, Daiwa Securities said the U.S. equity market looks headed for a bottom in the month of October before the U.S. holds its elections, and in the run-up it expects likely market beneficiaries of a Trump presidency to take a “breather”. Chief technical analyst Eiji Kinouchi says that includes construction equipment, trading houses, automobiles, financials and small caps. He also said there’s a “strong chance” of the stock market hitting a bottom in October. The market hitting a bottom that month would follow a trend typically seen in U.S. presidential election years.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Product Release","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453091250"}