COINBASE GLOBAL, INC.

(COIN)
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Delayed Nasdaq  -  04:00 2022-08-15 pm EDT
91.97 USD   +1.64%
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Wall Street edges lower, weighed by growth stocks

06/27/2022 | 02:16pm EDT

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* Rising crude prices boost energy stocks

* Durable goods, pending home sales surprise to the upside

* Robinhood rises on Goldman Sachs upgrade

* Indexes down: Dow 0.31%, S&P 0.39%, Nasdaq 0.76%

NEW YORK, June 27 (Reuters) - Wall Street lost ground on Monday, with few catalysts to inspire much conviction as investors approach the midway point of a year in which stocks have been battered by heightened inflation worries and tightening Fed policy.

The major U.S. stock indexes were last modestly lower after oscillating through much of the session, with weakness in interest rate sensitive megacaps such as Amazon.com, Microsoft Corp and Alphabet Inc providing the heaviest drag.

"It's still very much a recovery market, after the sell-off we've seen," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "I'm not sure the market has found the floor but ...(that) will depend on how aggressively the Fed raises (interest) rates, and whether inflation declines or not."

All three indexes appear set to notch two straight quarterly declines for the first time since 2015. They are also on course to post losses for June, which would mark three consecutive down months for the tech-heavy Nasdaq, its longest losing streak since 2015.

Rising oil prices helped put energy stocks out front, with economically sensitive smallcaps and semiconductors and transports also outperforming the broader market.

Economic data surprised to the upside, with new orders for durable goods and pending home sales beating expectations and adding credence to U.S. Federal Reserve Chairman Jerome Powell's assertion that the economy is robust enough to withstand the central bank's attempts to rein in decades-high inflation without sliding into recession.

The Dow Jones Industrial Average fell 98.68 points, or 0.31%, to 31,402, the S&P 500 lost 15.22 points, or 0.39%, to 3,896.52 and the Nasdaq Composite dropped 88.69 points, or 0.76%, to 11,518.93.

Among the 11 major sectors of the S&P 500, energy stocks were the clear winners, while communication services suffering the largest percentage losses.

With several weeks to go until second-quarter reporting commences, 130 S&P 500 companies have pre-announced. Of those, 45 have been positive and 77 have been negative, resulting in a negative/positive ratio of 1.7 stronger than the first quarter but weaker than a year ago, according to Refinitiv data.

Shares of retail stock trading platform Robinhood Markets rose 4.6% after media reports said Goldman Sachs changed the stock to "neutral" from "sell".

But the broker double downgrade of cryptocurrency exchange Coinbase Global Inc's shares to "sell" from "buy", sent its stock sliding 9.9%.

Advancing issues outnumbered declining ones on the NYSE by a 1.29-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and 29 new lows; the Nasdaq Composite recorded 21 new highs and 71 new lows. (Reporting by Stephen Culp; additional reporting by Shreyashi Sanyal and Amruta Khandekar in Bengaluru; editing by Grant McCool)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.33% 122.08 Delayed Quote.-16.00%
AMAZON.COM, INC. -0.26% 143.18 Delayed Quote.-13.90%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.21% 0.70035 Delayed Quote.-1.91%
BRITISH POUND / US DOLLAR (GBP/USD) -0.13% 1.20396 Delayed Quote.-10.34%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.10% 0.7736 Delayed Quote.-1.09%
COINBASE GLOBAL, INC. 1.64% 91.97 Delayed Quote.-64.14%
DOW JONES INDUSTRIAL 0.45% 33912.44 Real-time Quote.-7.09%
EURO / US DOLLAR (EUR/USD) -0.06% 1.01547 Delayed Quote.-9.82%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.09% 0.012571 Delayed Quote.-6.47%
LONDON BRENT OIL 0.32% 93.88 Delayed Quote.25.61%
MICROSOFT CORPORATION 0.53% 293.47 Delayed Quote.-13.20%
MIDWAY LIMITED -3.09% 0.94 Delayed Quote.-20.42%
NASDAQ COMPOSITE 0.62% 13128.05 Real-time Quote.-16.60%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.18% 0.63507 Delayed Quote.-5.60%
ROBINHOOD MARKETS, INC. 0.73% 11.01 Delayed Quote.-38.46%
WTI 0.36% 88.415 Delayed Quote.21.92%
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Analyst Recommendations on COINBASE GLOBAL, INC.
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Financials (USD)
Sales 2022 3 482 M - -
Net income 2022 -2 600 M - -
Net cash 2022 2 117 M - -
P/E ratio 2022 -7,96x
Yield 2022 -
Capitalization 20 707 M 20 707 M -
EV / Sales 2022 5,34x
EV / Sales 2023 4,02x
Nbr of Employees 3 730
Free-Float 77,1%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 91,97 $
Average target price 94,45 $
Spread / Average Target 2,70%
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Managers and Directors
Brian Armstrong Chairman & Chief Executive Officer
Emilie Choi President & Chief Operating Officer
Alesia J. Haas Chief Financial Officer
Fred Ernest Ehrsam Independent Director
Frederick R. Wilson Lead Independent Director
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