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Lockheed Martin (LMT) Stock May Become Next Reddit’s WallStreetBets Favorite

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Per the bullish positions of members of the WallStreetBets group, any form of investigation into these UFOs is bound to increase military spending. Lockheed Martin (LMT) stock price is expected to increase.

American aerospace, arms, defense, security, and advanced technologies company, Lockheed Martin Corporation (NYSE: LMT) may be on its way to becoming the next favorite on the Reddit Chatroom, WallStreetBets. Retail interests in various Wall Street stocks are typically fueled by a series of factors, the most popular we know is the desire to hurt institutional short sellers.

The retail investors on this chat board have taken an interest in the shares of GameStop Corp (NYSE: GME), and AMC Entertainment Holdings Inc (NYSE: AMC) amongst others, helping to push the share prices by huge multiples in what have left short sellers with many losses through a short squeeze. Hedge funds usually borrow stocks of firms like GameStop in the hopes that they will drop in price at a later date. If this event occurs, they buy back and repay, pocketing the difference.

The rebellion of the Reddit-organized army of investors purchases these stocks pushing its price higher, and each hedge fund had to exit their positions in order to cut losses. Since January to date, hedge funds have lost billions of dollars to short squeezes. The interest being picked in the Lockheed Martin stock is however fueled by a different motive.

According to a post shared on the WallStreetBets platform, the group is gearing up for the forthcoming report on Unidentified Flying Objects (UFOs) and its connection to defense stock like that of Lockheed Martin. The report from the Pentagon is expected to be published by the end of this month.

Deal with UFOs

There are billions of particles hovering around in the galaxy today. While the majority are tiny rock particles or other bodies orbiting the earth, there are a few that are suspected to be alien spacecraft, and dubbed UFOs.

The expected US UFO report has discounted the hypothesis of alien spacecraft in that it did not have enough evidence yet to back the claims. The growing buzz around UFOs has pushed the National Aeronautics and Space Administration (NASA) to favor an investigation into these high-speed flying objects that have been reportedly sighted by Navy Pilots on several occasions.

“We don’t know if it’s extraterrestrial. We don’t know if it’s an enemy. We don’t know if it’s an optical phenomenon,” Bill Nelson, the former Florida senator, and spaceflight veteran told CNN Business’ Rachel Crane in an interview. “We don’t think [it’s an optical phenomenon] because of the characteristics that those Navy jet pilots described … And so the bottom line is, we want to know.”

The inquiry into the UFOs by NASA is independent of that of the Pentagon according to the CNN report, however, any findings by the former are certainly billed to be shared with the latter

Lockheed Martin and WallStreetBets

Per the bullish positions of members of the WallStreetBets group, any form of investigation into these UFOs is bound to increase military spendings. The North Bethesda, Maryland-based firm is one of those that will benefit the most. This is the basis for turning their interest into LMT shares.

Lockheed Martin has experienced an upsurge in its stock which closed on Friday rising by 1.74% to $394.10 per share. The best of how WallStreetBets may impact the share price if at all, will be seen in the weeks and months to come.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Bitcoin Mining Stocks Jump 49% in Less Than One Month after Poor Figures Recorded in May

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Bitcoin mining stocks have performed much better than Bitcoin has in the last one year. These stocks are rising despite China’s crackdown.

The three largest Bitcoin mining stocks are rising, following crashes seen across these companies’ valuations last month. These stocks have pulled in considerable weight over the last month, regardless of souring Bitcoin mining sentiments palpable across different geographic regions.

According to a recent report, the three companies include Riot Blockchain Inc (NASDAQ: RIOT), Canaan Inc (NASDAQ: CAN), and Marathon Patent Group (NASDAQ: MARA). Since May 21, Riot Blockchain has jumped 63% from $2.08 billion to $3.4 billion. Marathon also increased by 55% to its current $2.98 billion valuation. All three companies have increased an average of 49% in less than a month.

While these increases may spell progress for the crypto sector, extreme volatility may also be a concern. Between February and April, bitcoin mining firms maintained significant market caps after rising considerably. However, the month of April and early May saw some reversal. Again, by the end of May, their stocks began to rise. The instability is also more seen with a company like Riot Blockchain. Last year, RIOT had a valuation of less than $200 million. By February this year, the company’s market cap had hit $6.12 billion.

Bitcoin Mining Stocks and BTC

At the moment, Bitcoin mining stocks are considerably more promising than the asset itself. Over the past 12 months, stock prices for Riot Blockchain, Hive, Marathon, and Canaan have brought mouth-watering returns to holders. Marathon, which has spiked the highest, comes at 3,119%. In the same timeframe, Bitcoin has increased by an impressive but still much lower 334%.

Recently, China renewed its fight against Bitcoin mining and has come down heavy on operators. Last week, China’s Xinjiang province ordered all Bitcoin miners to immediately suspend operations. The Changji Prefecture Government in the province also sent a circular to subordinate government arms in the Zhundong Economic Technological development park. Specifically, the circular required the park to completely discontinue all mining and other undertakings related to crypto. This is considered a big blow on the country’s crypto clime as the park is considered a major hub.

Back in March, the Inner Mongolia region of Northern China also made a similar move. Its decision was said to be an effort to reduce energy consumption. Basically, Inner Mongolia was supporting energy efficiency demands set by Beijing. Regardless, many crypto community members suggest that the energy efficiency reasons are a ruse to hamper Bitcoin’s growth in the country.

The general effect of the mining ban is significant. Since the ban, large mining pools with Chinese clients have lost a significant chunk of their hash rates. According to BTC.com data, mining pools such as AntPool, BTC.com, Poolin, and F2Pool lost between 11% and 30% of their hash rates within 24 hours of the announcement. Binance and Huobi pools also lost 10% in the same time frame. However, pools outside China, including Foundry USA and Slushpool saw little to no changes.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.



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US Lawmakers Introduce Bipartisan Antitrust Bills That May Reform Top Tech Giants

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Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

House lawmakers have released bipartisan antitrust that may affect tech giants like Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL), Facebook Inc (NASDAQ: FB), and Google LLC(NASDAQ: GOOGL). The bills came after the four tech companies were investigated over antitrust issues. At the time, the result of the investigation revealed that the tech companies hold monopoly power. In conclusion, the panel said antitrust laws needs review to address competition challenges in the digital space. 

New Bills May Affect Dominant Tech Companies

Now, these bills, which consist of five packages, are to challenge dominant platforms over mergers. Also, the five package bills will prohibit the companies from owning businesses that show obvious conflicts of interest. 

Two of the bills focus on Amazon and Apple. These tech firms own marketplaces that include their personal products and apps, which compete with other merchants or developers that utilize and rely on their marketplaces to offer services to consumers. These tech companies create platforms for other businesses and then compete with the same businesses that they provide marketplace services to. The two bills are the Platform Anti-Monopoly Act, which has been renamed the American Choice and Innovation Online Act, and the Ending Platform Monopolies Act. The former was sponsored by the House Judiciary subcommittee on antitrust Chairman Rep. David Cicilline, D-R.I. Vice-Chair Pramilia Jayapal sponsored the latter. 

Earlier this week, the CEO of the Chamber of Progress, Adam Kovacevich, commented on these two bills. Kovacevich said that the approval of the bills would result in consumers losing out on over a dozen popular features. The CEO noted that rules against discrimination would disallow Google from providing results on the most popular results for businesses in users’ locations. Also, Amazon will no longer offer Prime free shipping. At the same time, the conflict of interest and non-discrimination provisions will stop Facebook users from easily cross-posting to Instagram. In addition, Apple will not continue its Find My apps pre-install that helps users locate lost items conveniently.

Before the signing of these bills into law by the president, the Senate must first approve it. Before then, the bills will need to gain support from the Judiciary Committee. 

Antitrust Bills

Apart from the two bills focused on Amazon and Apple, the other three include the Platform Competition and Opportunity Act, Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act and Merger Filing Fee Modernization Act. 

The Platform Competition and Opportunity Act will make dominant platforms involved in mergers prove that their actions comply with the law. Eventually, dominant tech companies will reduce their acquisitions. As for the proposed ACCESS bill, these tech firms would order dominant platforms to maintain stipulated standards of data portability and interoperability. As such, consumers will find it easier to transfer their data to other platforms. The Merger Filing Fee Modernization bills seek to raise funds for the Federal Trade Commission and the Department of Justice. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Didi Set to Make US Stock Market Debut, Files for IPO

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Anticipated to be one of the biggest tech IPOs of 2021, Didi IPO could fetch the company a $100 billion valuation while raising $10 billion.

Didi Chuxing, founded in 2012 by Cheng Wei, filed for an Initial Public Offering (IPO) under its formal name Xiaoju Kuaizhi Inc. It has become a market leader in the mobility technology industry in a short time, having acquired its biggest competitor, Uber’s China unit, in 2016. In return, Uber now has a 12.8% stake in Didi. Other high-profile investors include tech giants SoftBank Group Corp with a 21.5% stake in the company, and Tencent Holdings Ltd, which holds 6.8% of the company. Despite constant competition in the ride-hailing industry, Didi has managed to stay dominant through its continuous expansion in providing related services using top-notch technology.

Like other industries disrupted by the pandemic, Didi, too, suffered huge losses estimated at $1.6 billion for 2020. Its net profit contracted by almost 10% between 2019 and 2020, thanks to the pandemic that reduced passengers and affected business across countries. However, the first quarter of 2021 brought good news as it saw an astounding 107% growth and doubling of revenue, earning a profit of $30 million. Like major tech startups, Didi has seen losses in its 8 years of existence, however, it still reins the country’s ride-hailing industry.

Didi Chuxing has its operations in 15 countries across Africa, South America, Asia and Europe, including China, although a vast customer base comprises the Chinese population. In addition to providing app-based transportation facilities, Didi also offers food delivery, financial and automobile services. The Beijing based company has also worked in partnership with BYD Co. Ltd., a Chinese automobile manufacturer, to develop electric cars, specifically engineered for their ride-hailing business. Not just that, the company has also been a part of the strategic partnership with Guangzhou Automobile Industry Group to design, develop and manufacture autonomous electric vehicles.

In the Founder’s Letter submitted alongside the filing, CEO Cheng owned the company’s mistakes and failings, notably the rape and deaths of two female passengers and the plight of drivers who face unfair treatment. The letter mentions the solutions adopted to overcome the shortcomings that include redesigning over 200 app features, installation of safety-enhancing mechanisms and devices and the establishment of a SWAT Team that would respond to all safety incidents on a real-time basis.

With such a revaluation and improvement of existing services, Didi is all set to take advantage of the vast investment market in the US With the Covid effects diminishing and the universal rollout of vaccinations, the ride-hailing services have already hit the market like never before and Didi plans to make the most of it through the strategic use of its IPO proceeds. More than a quarter will go towards developing technological competencies while an equal share will be put on international expansion efforts. Roughly 20% of the proceeds will be used to develop new offerings, and the rest will be put to use for corporate activities.

Goldman Sachs, Morgan Stanley and JPMorgan are chosen as the lead underwriters for the IPO.

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