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Welcome to 10 Things Before the Opening Bell.
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1. Stocks are making a comeback after last week's selloff, and bitcoin has topped $50,000. But as Delta cases keep surging, focus is now on August manufacturing figures. Check out the latest moves on the markets.
2. Bill Ackman is looking to swap his SPAC for a SPARC. The Pershing Square chief plans to return $4 billion to SPAC shareholders if his next-generation SPARC gets approved. See how he quoted Warren Buffett to explain his decision.
3. Jefferies is scouring the market for companies poised to outperform as investor nerves get rattled. The firm recommends buying these 23 stocks, which have 135% upside on average.
4. On the earnings docket: JD.com, China International Capital Corporation, and Palo Alto Networks, all reporting.
5. Coinbase is adding half a billion dollars of crypto to its balance sheet. The crypto exchange is planning to invest 10% of its future quarterly profits into digital assets. The move reinforces the firm's belief in crypto adoption and utility — get the full balance sheet breakdown.
6. Bank of America slashed Virgin Galactic stock-price target by 39% amid delays on commercial space flight development. Analysts cited Virgin Galactic's slowed space flight timeline and a lack of short-term catalysts. See how the stock may soon face more pressure.
7. Tesla's new humanoid robot didn't seem to impress Wedbush. An analyst called it an "absolute head scratcher" that will agitate investors who would rather see the EV company focus on safety developments and the chip shortage. Check out Tesla's new AI bot.
8. Another SPAC deal crumbles. Mudrick Capital Acquisition and Topps Company terminated their proposed merger after the MLB said it wouldn't renew its contract with Topps — it's the latest sign the SPAC boom may be beginning to deflate.
9. One of the most profitable cryptos to mine is one you may have never heard of. It's actually up 1,300% from its 2020 low. Mining-farm CEO Josh Metnick explains the crypto, and which miners and pools to use.
10. Stocks faltered in a worrying way last week. 3 of Wall Street's most renowned strategists unpack why they think things are about to get even uglier.
Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.
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See Also:
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- 'Shark Tank' star Kevin O'Leary breaks down why he's ramping up his crypto allocation to 7% and investing heavily in DeFi — and explains why ether won't be the dominant token in financial services
