Here are the most important news, trends and analysis that investors need to start their trading day:
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, May 4, 2021.
Brendan McDermid | Reuters
Yuriko Nakao | Getty Images News | Getty Images
Dogecoin soared again Wednesday morning, up as much as 20% as the cryptocurrency continued to benefit from speculative trading. The digital coin based on a Shiba Inu meme, which started as a joke, last traded around 66 cents. It was worth fractions of a penny in January. This week’s surge comes ahead of Tesla CEO Elon Musk‘s planned appearance on NBC”s “Saturday Night Live.” Musk is a fan of dogecoin, and the potential for him to talk about the currency on national television could be driving more demand.
GM CEO Mary Barra talks with media prior to the start of the 2017 General Motors Company Annual Meeting of Stockholders Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan.
Photo by John F. Martin for GM
General Motors on Wednesday reported first-quarter earnings that easily beat expectations, saying it expects a strong first half of the year despite an ongoing global semiconductor chip shortage that has caused factory closures. Shares of GM rose 3% in premarket trading. GM reaffirmed its earnings guidance for the year, forecasting between $10 billion and $11 billion — or $4.50 to $5.25 per share — in adjusted pretax profits. It also sees adjusted automotive free cash flow of $1 billion to $2 billion for 2021. Revenue of $32.47 billion in Q1, however, fell short of estimates.
Former U.S. President Donald Trump addresses the Conservative Political Action Conference (CPAC) held in the Hyatt Regency on February 28, 2021 in Orlando, Florida.
Joe Raedle | Getty Images
Facebook’s independent Oversight Board ruled to uphold the company’s January decision to suspend the Facebook and Instagram accounts of former President Donald Trump. The decision will ensure Trump remains blocked from posting or having a presence on the social media company’s services. Facebook first suspended Trump’s accounts following the Jan. 6 insurrection on the U.S. Capitol. On Tuesday, Trump launched a new webpage to share messages that readers can then repost to their Facebook or Twitter accounts.
The Honest Company hosted a conversation with Founder Jessica Alba and First Lady of Los Angeles, Amy Elaine Wakeland, for the Getty House Foundation Women’s Leadership Series. Following, Mayor Eric Garcetti welcomed The Honest Company with co-founders Jessica Alba and Sean Kane to Los Angeles with a special ribbon cutting ceremony and proclamation on March 30, 2016 in Beverly Hills, California.
Stefanie Keenan | WireImage | Getty Images
Honest Company priced its initial public offering Tuesday slightly above the midpoint of its indicated range, raising $412.8 million. The company, started by Hollywood’s Jessica Alba, sold 25.8 million shares at $16 each, valuing the Los Angeles-based firm at $1.44 billion. It’s set to begin trading on the Nasdaq on Wednesday. In 2016, Honest Company came under scrutiny,when a lawsuit said its products contained a harsh chemical it had pledged to avoid. The company reached a $7.35 million settlement for wrongly labeling ingredients.