Jim Cramer’s top 10 things to watch in the stock market Tuesday
The US Securities and Exchange Commission (SEC) has sued Coinbase, alleging that the company acted as an unregistered broker and exchange. The charges saw shares of the cryptocurrency exchange fall 14%. The lawsuit comes a day after the SEC sued Binance and founder Changpeng Zhao for comingleing funds. The regulator claims Binance used market-making firms it controlled to inflate trading prices and profit from customers. Meanwhile, Bank of America has recommended holding Molson Coors shares amid a boycott of the brand. Bank of America has boosted its price target on Molson Coors to $68 a share from $54.
1. What is the SEC alleging against Coinbase?
The SEC has sued Coinbase, alleging that the company acted as an unregistered broker and exchange.
2. Why did Coinbase shares fall?
Following news of the lawsuit, shares in the cryptocurrency exchange fell by 14%.
3. Why did the SEC sue Binance?
The SEC alleges that Binance commingled funds and used market-making firms it controlled to inflate trading prices and profit from customers.
4. What is Bank of America recommending with regards to Molson Coors shares?
Bank of America has recommended holding shares in Molson Coors amid a boycott of the brand, boosting its price target to $68 a share from $54.
5. What is Dollar General’s current status?
Dollar General has been downgraded by Wells Fargo to equal weight from overweight, with the price target cut to $165 a share from $178.
Ten Things to Watch in the Stock Market on Tuesday According to Jim Cramer
Coinbase, the popular cryptocurrency exchange platform, is facing a lawsuit from the Securities and Exchange Commission (SEC), which is accusing the company of acting as an unregistered broker and exchange. The news caused Coinbase shares to fall 14% in early trading on Tuesday. The SEC’s move comes just one day after it sued Binance and its founder Changpeng Zhao, alleging the comingling of funds and market manipulation. Meanwhile, Apple has received price target boosts on Wall Street following the introduction of its new mixed-reality headset, with Wells Fargo and Credit Suisse raising their targets. However, Deutsche Bank notes the hefty starting price of $3,499 for the Vision Pro headset. Bank of America advises holding Molson Coors (TAP) amid the Bud Light boycott, while McCormick (MKC) gets a double upgrade to buy from underperform at Bank of America, which also increased its price target. Lastly, Atlantic Equities has started FedEx (FDX) with an overweight rating, while JPMorgan lowered its price target.