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REUTERS/Dylan Martinez/File PhotoBritish online trading group CMC Markets (CMCX.L) on Thursday set out plans to launch a wealth management platform, going head to head with existing players such as Hargreaves (HRGV.L) and AJ Bell (AJBA.L), after reporting a doubling in annual profits. CMC, which facilitates the trade of complex financial instruments, raised its outlook multiple times this year as a retail trading boom fuelled volumes. Rivals IG (IGG.L) and Plus500 (PLUSP.L) have also reported strong results, powered partly by the "GameStonk" retail trading phenomenon. read more'UNDERCUT THE MARKET'The GameStonk effect has been most visible in the United States, where online brokers such as Robinhood have thrived on the back of a retail trading boom. The company did not disclose further details on its planned wealth platform, first reported by Sky News, but Cruddas was confident of its prospects.
Persons: Dylan Martinez, Hargreaves, AJ Bell, Peter Cruddas, David Fineberg, Cruddas Organizations: CMC Markets, REUTERS, CMC, Reuters, Rivals, GameStop, Sky News, Thomson Locations: London, Britain, United States
Barry Lewis/Getty ImagesThe UK's advertising watchdog has banned Luno's bitcoin ads in their current form. The London adverts said "If you're seeing bitcoin on the Underground, it's time to buy." But the watchdog said the ads were misleading and did not make clear how volatile bitcoin is. The UK watchdog has banned adverts by cryptocurrency company Luno that said it was "time to buy" bitcoin from reappearing in their current form, calling them misleading and irresponsible. A spokesperson for Luno said: "We acknowledge the ASA ruling and will ensure that future Luno adverts feature an appropriate warning as to the risks of cryptocurrency.
Persons: Barry Lewis, irresponsibly, Luno, Andrew Bailey, Susannah Streeter, Hargreaves Lansdown Organizations: Digital Currency, Agency, ASA, Bank of England Locations: London
For Startup Leaders, SPACs Have Lost Their Allure
  + stars: | 2021-05-23 | by ( Heather Somerville | ) www.wsj.com + 0.00   time to read: +7 min
More recently, startup CEOs have watched many of their peers endure stock slides and earnings calls with disappointed investors in the weeks after finishing a SPAC deal. “The reluctance is palpable,” said Adam J. Epstein, who advises startup CEOs and their boards. Jamie Hodari, CEO of co-working startup Industrious, said about 30 SPACs have approached him in the past year to make a deal. Cetin Mericli, CEO and co-founder of autonomous trucking startup Locomation Inc., said he is reviewing offers from multiple SPACs. From the Archives Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing.
Persons: , Adam J, Epstein, “ It’s, ” Will Hayes, , Brad Hargreaves, hasn’t, Minmo Gahng, Jay Ritter, Will Hayes, Max Whittaker, Gahng, Ritter, haven’t, Jamie Hodari, ” Mr, Hodari, fundraise, Patrick Sweeney, Cetin Mericli, Mericli, Zoë Soriano, Heather Somerville Organizations: Lucidworks Inc, Silicon Valley Bank, Inc, University of Florida, Bloomberg, Stocks, U.S . Securities, Exchange Commission, SPACs, Sky, SPAC Research, Wall Street, Rides Inc, Bright Machines Inc, PlusAI Corp, TuSimple Holdings Inc Locations: Silicon, San Diego, , Heather.Somerville
REUTERS/Leonhard FoegerImperial Brands (IMB.L) reported a modest rise in first-half revenue on Tuesday, helped by higher cigarette prices and double-digit sales growth of e-cigarettes and cigars in the United States. Revenue was bolstered by an average 5.3% rise in tobacco prices in its fiscal first half and a strong performance in the United States, where restrictions on movement were easing. The United States, where sales rose 8.8% in the first half, is Imperial's biggest market by sales and cigar volumes there jumped 62.5%, helped by new products. "The numbers were solid enough, but despite the reported growth, the underlying performance of the tobacco business was actually a small decline in profitability," he said. Bomhard's plan to turnaround the company includes focusing investments on its top five cigarette markets and expanding sales of tobacco-heating products in Europe and e-cigarettes in the United States.
Persons: Leonhard Foeger, Winston, Stefan Bomhard, Bomhard, Steve Clayton, Hargreaves, Clayton Organizations: REUTERS, Brands, Revenue, Imperial, Thomson Locations: Vienna, Austria, United States, Europe, Spain
With superheroes and sci-fi, Disney+ outlook bright
  + stars: | 2021-05-14 | by ( Aniruddha Ghosh | Eva | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) -Slow subscriber growth at Walt Disney Co’s streaming service in the last quarter was a speed bump as a slate of Marvel superhero films and sci-fi thrillers from the Hollywood powerhouse will attract new fans, analysts said. FILE PHOTO: A smartphone with the "Disney" logo is seen on a keyboard in front of the words "Streaming service" in this picture illustration taken March 24, 2020. REUTERS/Dado Ruvic/File PhotoThe positive comments come a day after Disney+, the streaming service the company launched late in 2019, failed to reach as many subscribers by early April as Wall Street had estimated. The service’s explosive growth pushed Disney shares up by a quarter last year, despite big losses at the unit that houses Disney+. “We’d call the current slowdown but a speed bump given the assets Disney will bring to bear on streaming,” Wells Fargo said in a note.
Persons: Dado, , Sophie Lund, Yates, Hargreaves Lansdown, Disney, ” Wells Fargo Organizations: Reuters, Walt Disney, Marvel, Hollywood, REUTERS, Disney, Netflix Inc, Apple Inc, Netflix, Locations:
By 0920 GMT the shares were down 19% at 330.55 pence, reducing the company’s market capitalisation to 2.51 billion pounds. “I think what will happen is there will be more caution in the IPO market - you may not be able to command the same type of valuations as before. Alphawave sold 360 million pounds in new shares while existing equity holders sold down shares worth 496 million pounds, listing about 28% of the business. BlackRock and Janus Henderson were cornerstone investors in the Alphawave float, subscribing to about $390 million and 85 million pounds ($120 million) of shares respectively. Other large initial public offerings on the London Stock Exchange so far this year include Darktrace, Dr Martens , Moonpig and Trustpilot.
Persons: Deliveroo, , Hargreaves, Susannah Streeter, fintech, Wise, Oxford Nanopore, , ” Streeter, Alphawave, Janus Henderson, JP Morgan, Dr Martens, Moonpig Organizations: LONDON, London, Nasdaq, Oxford, BlackRock, Barclays, London Stock Exchange Locations: Toronto, London
British shares drop more than 2% on inflation woes; THG outperforms
  + stars: | 2021-05-11 | by ( Devik Jain | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) -British stocks tracked Asian markets lower on Tuesday, after an overnight tech sell-off on Wall Street over inflation concerns, while shares of THG Plc eyed their best day on record on raising more than $1 billion in new equity. FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. REUTERS/Peter NichollsThe blue-chip index slid 2.4%, dragged down by heavyweight banks, life insurers and miners. Beauty and lifestyle e-commerce company THG surged 12.6%, after it raised more than $1 billion in new equity, including $730 million from Japan’s Softbank Group. NatWest slid 3.6% after the UK government completed 1.1 billion pound ($1.55 billion) share sale at a discounted price.
Persons: Peter Nicholls, IAG, , Susannah Streeter, Hargreaves Lansdown Organizations: Reuters, THG Plc, London Stock Exchange, REUTERS, British Airways, Federal Reserve, European, Softbank Group, NatWest Locations: London, Britain, United States, European Union
The prices of cryptocurrencies like dogecoin have posted incredible gains in recent weeks, leaving some on the sidelines to wonder: Is it too late to buy? Some early buyers are holding on tight and encouraging newcomers, but others say it might be time to look at other cryptocurrencies or skip them altogether. Investors on Twitter and Reddit early in the year jumped in to encourage others to pile on. The excitement swelled into a crowdsourced “Doge Day” in mid-April, when investors encouraged as many people as possible to buy the cryptocurrency and drive up its value. The social media-fueled rally drove the price up for a period of about 48 hours, followed by a dip and another rally in early May.
Persons: , Susannah Streeter, Organizations: Hargreaves Lansdown PLC, Twitter
But it's back: Startup Common is adding 1,100 units, about 20% of its current size, in Los Angeles. Despite the risks, occupancy rates in some cities' coliving units stayed fairly steady over the last year, albeit for shorter stints and with cheaper rents as people moved around. Common's experience managing both coliving spaces and apartments attracted Nuveen, which partnered with Common on an LA building called Stella. "Coliving renters, after a year or two, would choose to upgrade to a studio or one-bedroom," Hargreaves said. Coliving renters are the same as those that rent studios or one-bedrooms, they're just a year or two earlier in their career."
Persons: Coliving, Brad Hargreaves, Hargreaves, Tanner, Ollie, Stella . Hargreaves, Noah Organizations: City of, Washington DC, Company, Wiseman, White Properties, The Locations: Los Angeles, New York, Seattle, City, City of Angels, LA, NYC, San Francisco, Chicago, Washington, Philadelphia, Jersey, San Francisco and New York, York, That's, COVID
Dogecoin’s 12,000% Rally Spurs Hunt for Next Crypto Winner
  + stars: | 2021-05-06 | by ( Caitlin Ostroff | ) www.wsj.com sentiment -0.99   time to read: +1 min
After bitcoin and dogecoin’s blistering rally this year, individual investors are venturing further out into the cryptocurrency universe in search of the next big thing. A more than 12,000% rally this year in dogecoin, a cryptocurrency that was set up as a joke and serves no purpose, sent its price to a record 69 cents per token this week. Bitcoin climbed briefly to over $60,000 apiece last month, more than doubling its price since the end of 2020. That is prompting investors to turn their attention to newer digital assets such as DigiByte, VeChain and SafeMoon in the hunt for cheaper alternatives that could be the next to skyrocket. “They’re thinking, which one is going to make me a fast buck between now and six months’ time?
Persons: bitcoin, Bitcoin, , Susannah Streeter, Hargreaves Lansdown, Locations: dogecoin
Experts say it is similarly social media- and celebrity-driven, with few fundamental factors. Dogecoin's red-hot rally over the last few days has shocked traditional investors and has been driven on by social media hype and celebrity endorsements. Many investors are comparing dogecoin's meteoric rise to the GameStop saga that gripped the financial world in January. Buzz and celebrity are driving up the meme token"At this point, a lot of media and social media hype is driving dogecoin's popularity. It was started as a joke based on the Doge Shibu meme… GameStop is a real company with physical and digital assets.
Persons: Dogecoin, Chris Graythen, Reddit, Mark Higgins, They've, Danielle Shay, Eric Berman, Elon Musk, Susannah Streeter, Hargreaves Lansdown, Platform's Higgins, Streeter, Ryan Cohen, Thomas Shohfi Organizations: GameStop, Microsoft, Thomson Reuters Practical, Authority, Chewy.com, Investors, School of Management, Rensselaer Polytechnic Institute
Britons reassess retirement as pandemic upends priorities
  + stars: | 2021-05-04 | by ( Muvija M | ) www.reuters.com + 0.00   time to read: +3 min
May 4 (Reuters) - The COVID-19 pandemic, which has killed more than 127,000 Britons, is making people rethink their retirement and long-term savings plans, an added boon for money managers who are already benefiting from a record-setting recovery in financial markets. “This pandemic has just accelerated things, whether out of necessity or desire.”In the first few months of the pandemic last year, investors were hit hard by a collapse in financial markets. While some have used the money for big-ticket purchases like cars and homes, others are salting it away. In any case, people are now talking more about their retirement plans, wealth managers said. “It could be that in 12 months’ time everyone has forgotten it and they have moved on.
Persons: , , Rosie Hooper, Quilter, Sarah Coles, Hargreaves, ” Coles, Tom Selby, AJ Bell, Andrew Croft, ” Croft, Muvija, Sayantani Ghosh, Saumyadeb Organizations: Investment, St Locations: James’s, Bengaluru
(Reuters) -Unilever announced a 3 billion euro ($3.6 billion) share buyback and said it was confident of hitting sales targets this year, after demand from home cooks and China helped it to beat first-quarter sales expectations. FILE PHOTO: TRESemme products, a Unilever Plc brand are seen on a shelf at a store in Johannesburg, South Africa, September 8, 2020. Underlying sales jumped 5.7% in the three months to the end of March, topping analysts’ average forecast of 3.9%, according to a company supplied consensus. Underlying sales in the group’s food and refreshments business, whose brands include Hellmann’s mayonnaise and Knorr soups, jumped 9.8% in the quarter, helped by strong demand for home consumption in North America and Europe. In February, Jope said Unilever would focus more on high growth categories such as plant-based foods, beauty products and nutritional supplements, and aim to appeal more to younger consumers.
Persons: , Steve Clayton, Hargreaves, Alan Jope, Pitkethly, Knorr, ” Jope, Jope Organizations: Reuters, Unilever, Unilever Plc, REUTERS, Nestle, Procter, Gamble, “ Unilever, Locations: China, Johannesburg, South Africa, India, U.S, North America, Europe
The separation was spearheaded by Walmsley, a former head of GSK's consumer business, to simplify operations. Analysts had expected adjusted earnings of 21.9 pence per share and sales of 7.83 billion pounds, a company-compiled consensus of 17 analysts showed. Walmsley launched GSK's split, which involves merging its over-the-counter products business into a venture with Pfizer (PFE.N) and separating this from its prescription medicines and vaccines units, last year. Investments to prepare for the division have hurt earnings, but GSK hopes the streamlined operations resulting from it will pay off in the long term. Walmsley said that while GSK's consumer health business had great prospects and a "fantastic" leadership team, she would seek to remain in control of the bigger picture.
Persons: Matthew Childs, Elliott, British drugmaker, Emma Walmsley, Walmsley, Steve Clayton, Hargreaves, GSK's, " Walmsley Organizations: GlaxoSmithKline, Stevenage, REUTERS, GSK, Analysts, Pfizer, Investments, Thomson Locations: Britain, British
REUTERS/Matthew Childs/File PhotoPlans for GSK to split in two are "well underway" it said on Wednesday, as a cost clampdown and rising clinic visits for critical treatments after an easing of COVID-19 curbs helped it land better-than-forecast first-quarter earnings. Chief Executive Emma Walmsley said she was focused on GSK's broader transformation, adding that while GSK's consumer health business had great prospects and a "fantastic" leadership team, she would focus on the bigger picture. Walmsley, a former head of GSK's consumer business, became CEO in 2017 despite some investor pressure to name an outsider and such calls may grow with Elliott's arrival on the register. Preparations have hurt earnings, but GSK hopes the streamlining of operations will pay off in the long term. However, GSK expects its vaccines division to recover in the second half, as healthcare systems and consumer trends "approach normality."
Persons: Matthew Childs, Elliott, British drugmaker, Emma Walmsley, Walmsley, I've, " Walmsley, Steve Clayton, Hargreaves, Sebastian Skeet Organizations: GlaxoSmithKline, Stevenage, REUTERS, GSK, Sanofi, Novartis, Thomson Locations: Britain, British
Big Tech is tightening its grip on the ads business
  + stars: | 2021-04-28 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +7 min
You can sign up right hereLondon (CNN Business) Big Tech companies continue to lap up huge amounts of money from advertisers as consumers spend more time online. The company posted revenue of more than $55 billion for the first quarter, up 34% from one year ago, when the pandemic sent the ads business diving. YouTube ads generated $6 billion in revenue, a 49% increase. Big picture: Google's power within the internet ecosystem is under the microscope from regulators around the world. The research firm thinks the business will pass the $20 billion mark this year — gains that could come at Google's expense.
Persons: Ruth Porat, Sophie Lund, Yates, Hargreaves Lansdown, Lund, Jerome Powell, they're, Jim Reid, Powell, Reid, Michelle Meyer, Joe Biden's, Biden, Paul R, Monica, Rosalind Brewer, Pat Gelsinger, atin, Joe Biden Organizations: CNN Business, Bell, CNN, Big Tech, Google, Regulators, Companies, Apple, Facebook, Fed, Federal Reserve, Deutsche, Bank of America, American, Walgreens WBA, Dow, Starbucks, Walmart, Intel, VMWare, Boeing, Garmin, eBay EBAY Facebook, Ford, MGM Resorts MGM Qualcomm, Federal Locations: London
Sales have even boomed for its Windows operating system for PCs, which had waned for decades as smartphone have proliferated. Sales for what Microsoft calls its "commercial cloud" - which contains server infrastructure such as Azure along with cloud-based versions of its Office software - was up 33% at $17.7 billion. Overall sales at Microsoft's "intelligent cloud" unit that contains Azure were $15.1 billion, above analysts' estimates of $14.92 billion, according to Refinitiv data. Sales for Microsoft's productivity software unit, which includes Office and Teams, were $13.6 billion, compared with estimates of $13.49 billion, according to Refinitiv. Its sales forecasts for its intelligent cloud and personal computing businesses had midpoints of $16.32 billion and $13.80 billion, respectively, above estimates of $16.0 billion and $13.26 billion, according to Refinitiv data.
Persons: Mike Segar, Nicholas Hyett, Hargreaves Lansdown, Amy Hood, Amazon.com Inc's Organizations: Microsoft, REUTERS, Mike Segar Microsoft Corp, Tuesday, Amazon Web Services, Revenue, Refinitiv, Dynamics, Amazon.com, Web Services, Google, Alpha, Thomson Locations: New York City, U.S, Redmond , Washington
Tesla shares drop on lack of clear forecast amid global chip crunch
  + stars: | 2021-04-27 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A logo of the electric vehicle maker Tesla is seen near a shopping complex in Beijing, China January 5, 2021. The electric-car maker's quarterly revenue made it barely past estimates, relying mostly on sales of environmental credits and the liquidation of 10% of its $1.5 billion bitcoin investment. Tesla said on Monday it earned $518 million from sales of environmental credits, up 46% from a year earlier. Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short. Tesla has posted a profit for seven quarters in a row, most of which was driven by gains from sales of environmental credits.
Persons: Wang, Tesla, Nicholas Hyett, Hargreaves Lansdown, Frank Schwope, Schwope Organizations: REUTERS, Tesla Inc, Thomson Locations: Beijing, China
Tesla shares drop after muted Q1 results as a global chip crunch persists
  + stars: | 2021-04-27 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
A logo of the electric vehicle maker Tesla is seen near a shopping complex in Beijing, China January 5, 2021. REUTERS/Tingshu WangShares of Tesla Inc (TSLA.O) fell more than 4% on Tuesday as its first-quarter earnings results failed to alleviate investor concerns about its lofty evaluation, as well as a prolonged global chip shortage and rising competition. "Investors are rejecting the stock short term," he said, saying Tesla's performance has fallen short of catching up its "astronomical valuation." Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals. But analysts said a prolonged shortage of chips and batteries could threaten to dampen its growth prospect.
Persons: Wang, Eric Schiffer, Tesla, Nicholas Hyett, Hargreaves Lansdown, Zachary Kirkhorn Organizations: REUTERS, Tesla Inc, Elon, Organization, Capital Partners, Thomson Locations: Beijing, China
FILE PHOTO: An HSBC bank logo is pictured during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., October 19, 2020. HSBC also said on Tuesday it was continuing negotiations for the sale of its French retail banking business, but no final decision has been taken. Reuters reported last month that HSBC had entered final negotiations to sell the business, which has 270 branches, to private equity firm Cerberus. The lender likewise had no update on progress to dispose of its similarly underperforming U.S. retail banking business. Lloyds Banking Group is due to report on Wednesday, Standard Chartered and NatWest Group on Thursday, and Barclays on Friday.
Persons: Carlo Allegri, we’ve, Ewen Stevenson, ” Stevenson, Noel Quinn, , Susannah Streeter, Hargreaves Organizations: HSBC Holdings PLC, HSBC, REUTERS, Carlo Allegri HSBC, Reuters, , , JPMorgan, Lloyds Banking Group, Chartered, NatWest Group, Barclays Locations: United States, Britain, Manhattan, New York City , New York, U.S, Asia, London, Hong Kong
HSBC profit jumps as vaccine rollout spurs recovery hopes
  + stars: | 2021-04-27 | by ( Lawrence White | ) www.reuters.com + 0.00   time to read: +4 min
HSBC reported on Tuesday profit before tax of $5.78 billion for the three months to March 30, up from $3.21 billion a year ago and well above analysts’ average forecast of $3.35 billion as compiled by the bank. London is still “a good place for the head office of an international bank,” Quinn told reporters. HSBC had no direct or indirect exposure to Archegos, Quinn told reporters. HSBC also said it was continuing negotiations for the sale of its French retail banking business, but no final decision had been taken. Reuters reported last month that HSBC had entered negotiations to sell the business, which has 270 branches, to private equity firm Cerberus.
Persons: Carlo Allegri, we’ve, Ewen Stevenson, Noel Quinn, ” Quinn, , Susannah Streeter, Hargreaves, Quinn Organizations: HSBC Holdings PLC, HSBC, REUTERS, Reuters, JPMorgan Locations: United States, Manhattan, New York City , New York, U.S, Asia, Britain, London, Hong Kong
The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby MelvilleLondon's FTSE-100 rose on Monday as mining and financial shares benefitted from growing hopes of an economic recovery, while a surge in shares of engineer IMI helped the mid-cap index outperform its blue-chip counterpart. Glencore (GLEN.L) shares jumped more than 3% as an Australian state planning commission approved an extension to the company's Mangoola coal mine in the Upper Hunter Valley of New South Wales. The domestically focussed mid-cap FTSE 250 index (.FTMC) added 0.92%, nearing a record high. World stocks also ticked higher, with U.S. stocks advancing ahead of earnings from U.S. tech heavyweights this week.
Persons: Toby Melville London's, Susannah Streeter, Hargreaves Lansdown, Goldman Sachs, Pearson Organizations: London Stock Exchange Group, City of, REUTERS, IMI, European Union, Engineering, Royce, Thomson Locations: City, City of London, Britain, Hunter Valley, New South Wales, Europe, London, United States, Spain
(Reuters) - European stocks marked their first weekly loss in eight on Friday as a surge in global coronavirus cases offset optimism about a strong earnings season, while Madrid-based Allfunds jumped on its Amsterdam market debut. REUTERS/StaffThe pan-European STOXX 600 slipped 0.2% and was on course for a 0.8% weekly drop. Defensive plays such as the healthcare sector and consumer stocks were among the biggest decliners, while surging commodity prices lifted miners. Strong results from Finnish firms Metso Outotec and Wartsila, and Paris-listed Groupe SEB saw them top the STOXX 600. Shares in hygiene products group Essity slumped after JP Morgan said its first quarter results were a miss across the board.
Persons: Allfunds, Joe Biden, We’ve, , Susannah Streeter, Hargreaves Lansdown, Moncler, France’s LVMH, Metso, SEB, Essity, Morgan Organizations: Reuters, REUTERS, Staff, Vivendi, Universal, Wartsila Locations: Madrid, Amsterdam, Frankfurt, Germany, India, Japan, Tokyo, Osaka, Paris
The pan-European STOXX 600 slipped 0.2% and was on course for a 0.8% weekly drop. Spanish fund distribution firm Allfunds jumped over 18% in its first day of trading, boosting an IPO market dented by last month’s underwhelming Deliveroo listing. About 10% of the STOXX 600 companies have reported so far, and 67% of them have topped profit expectations, according to Refinitiv data. Italian luxury goods group Tod’s jumped 8.5% after France’s LVMH agreed to increase its stake in the company to 10%. French media giant Vivendi rose 3.4% as strong performance at its music unit Universal and a sales jump at its publishing division helped its quarterly revenue grow.
Persons: Allfunds, Joe Biden, We’ve, , Susannah Streeter, Hargreaves Lansdown, France’s LVMH, Sruthi Shankar, Shounak Dasgupta Organizations: Benz, Daimler AG inched, IHS, Vivendi, Universal Locations: Madrid, Amsterdam, India, Japan, Tokyo, Osaka, Bengaluru
Dogecoin fell 20% on Wednesday, the day after its supporters celebrated "Doge Day". Dogecoin fell 20% on Wednesday after the meme cryptocurrency touched an all-time high of close to $0.42 the previous day in the wake of a remarkable rally. Fans of the digital asset, which is based around the Shiba Inu Doge meme, celebrated April 20 as 'Doge Day' and helped push the coin up to record highs. But Dogecoin fell 21% in the 24 hours to 7.45 a.m. Many Dogecoin fans had hoped it would rise to $0.50 or even $1 on Doge Day but were left disappointed.
Persons: Dogecoin, Shiba, Slim Jim, Snickers, Day, Edward Moya, Elon Musk, Barking, there's, Susannah Streeter, Hargreaves Lansdown Organizations: GameStop, Kraken
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