Bitcoin Drops Below $30,000: MARA Stock Price Follows

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Marathon Digital (MARA) pulled back as Bitcoin fell below $30,000. All thanks to China.  According to CNN, “State media reported that the southwestern Chinese province of Sichuan ordered a halt to all crypto mining operations and cut off the power supply to many mining facilities. The province is a major hub for mining, the process of using powerful computers to run and solve algorithms that generate new cryptocurrency coins and verify transactions.”

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DoorDash Inc. (DASH) pushed higher after it and Albertsons partnered on same-day grocery delivery from about 2,000 stores. “As expectations for convenience, speed and ease continue to grow, consumers can now order groceries and essentials on-demand for delivery within an hour through DoorDash’s top-rated marketplace with no time slot, queues or minimum order size required. Albertsons will offer more than 40,000 grocery items from stores for delivery via DoorDash, including fresh and prepared food, core grocery, floral and convenience items at select stores,” as noted in a company press release.

3D Systems Corporation (DDD) was up nearly 30% after it and CollPlant “announced they have signed a co-development agreement for a 3D bioprinted regenerative soft tissue matrix for use in breast reconstruction procedures in combination with an implant. The soft tissue matrix is intended to support the lower portion of the breast while expanding the implant pocket and providing increased coverage of the implant. Using 3D bioprinting, these matrices can be designed to match the patient’s anatomy to support the breast implant,” as noted in a company press release.

Shares of Splunk Inc. (SPLK) exploded on an agreement to sell $1 billion of convertible senior notes to private equity firm Silver Lake.  The company also announced a $1 billion stock buyback program.  Also, as quoted by Barron’s, “Splunk CEO Doug Merritt said in a statement that the announcement reaffirms the strength of our business fundamentals, cloud strategy and high-growth trajectory. He adds that with Silver Lake’s support, the company is accelerating toward our goals as we deliver the most scalable and powerful data platform in the cloud.”

Winnebago (WGO) is gaining traction after posting quarterly earnings of $2.16 a share, which is well above estimates for $1.77.  In addition, as noted in a company release, “Revenues for the Fiscal 2021 third quarter ended May 29, 2021, were $960.7 million, an increase of 138.7% compared to $402.5 million for the Fiscal 2020 period, and a sequential increase of 14.4% over the Fiscal 2021 second quarter.”

At the time of this writing, Ian Cooper did not hold a position in any of the mentioned stocks.

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