2021, Come In Here Like You’ve Got Some Sense!

February 7, 2021

Anyone eager to sink into the world of love this season? As we anticipate valentine’s day, what do y’all have planned? Anything exciting or you finna be up to no good? Hah jk!

Quick Tip: You can always get your loved one(s) to download Trove and start their journey to savvy investing as your Valentine’s day gift! Don’t tell them we gave you the idea but watch them thank you for many years to come!!! What are you waiting for? Okay, go joh! Go tell’em!

Meanwhile, I know you’re eager to hear the lastest gist from your favorite stocks gist partner and as you already know, I’ve got you covered. Let’s get it!

2020, We Made It
2021, Come In Here Like You’ve Got Some Sense!🥺

Just at the tail end of the outgoing month (lol yea, January but mind if I sound a tad bit fancy?), the saga between retail investors and hedge funds took the news waves by storm, and skyrocketed trading activities much higher than the Empire State Building. This month of February (and it only just started, y’all!), the Central Bank of Nigeria (CBN) decided to have-at-it with Cryptocurrencies in Nigeria. Where is the love y’all?!?! Isn’t this supposed to be the month of love? Isn’t it?!

Simple summary of the matter is this: CBN ordered financial institutions to identify people and organizations trading in cryptocurrencies, immediately close their accounts, and threatened severe regulatory actions against institutions who wouldn’t dance to the raggae.

For context, Nigeria ranks among the top 3 countries with the highest crypto trading volume in the world but that’s neither here nor there, at this point eh.

We sent out communications to you, our beloved users, treating this matter but zamn

Musking the Dogecoin

Still talking cryptos. Our very own Oluomo Jagaban One of EVs, Elon of the most high God, with about 45million followers on Twitter, turned what was referred to as a “trash” coin (forgive the french) into a $6 Billion coin. Elon Musk first tweeted about Dogecoin on Monday and then, on Thursday, he wrote “No highs, no lows, only Doge.” Kimmonnnn! Don’t sit there acting like you ain’t know our boy, Mr. Musk got some serious Tesla-Musk army!!! So why you surprised that Dogecoin immediately shot up 80% intraday? The coin moved from half a cent (0.5 cent) which had been its price for many years to 8 cents each. Talk about exponential what-in-the-crappacow move is taht? (Okay yea, we made that adjective up.)

Dogecoin’s network, which was maintained by a group of volunteers, had to struggle to accommodate the influx of buyers and eventually had to buy more server space. Err, first class problem. Pls dears.

Elon! Bad Boy. Reign King. It’s Your Time!
But Come Oh! Baba God, when you gon do mine though? Last week it was millionaires on GME & AMC… this week, its Doge.. what is happening?!?!

We Have A New Boss

Not Trove (hah! gotchu) but Amazon. In the words of Jeff Bezos, ‘if I got hit by a bus, you would pick somebody to succeed me who was unwilling to take risks and launch new efforts.” To combat this long time fear, another juggernaut, Chief Jeff Bezos took matters into his own hands. Jeff (yea, we’re on a first name basis. Argue with your uncles) has decided to pick who will replace him as the Chief Executive Officer of Amazon when he steps down later this year.

New Kid, Who Dis!?

Andy Jassy, whom Mr. Bezos promoted five years ago to CEO of Amazon’s cloud business and who will take over as CEO of the company later this year, fits the bill. He started his career at Amazon in 1997, acted as Mr. Bezos’s technical assistant early on, and drove the creation of Amazon Web Services, which dominates cloud computing and accounts for the bulk of Amazon’s operating income.

Welcome to the space, Andy! May the force be with thee.

The Week Ahead, A Few Pointers

In the week ahead, stocks might see the impact of the hefty fiscal stimulus package making its way through Congress and the earnings season continuation. Coca-Cola, Pepsico, Cisco and The Walt Disney are all reporting earnings this coming week! Additionally, the consumer price index inflation report will be out on Wednesday for the data junkies in the house! The hyper-activity around the short-squeeze (cough cough GameStop) did recede in the past week. The market sentiments have shifted focus to the rising interest rates, the steepening yield curve and the market expectations for inflation. Chief market strategist at National Securities, Art Hogan said “Rates are actually going up as really an expression of the potential that economic activity is likely to start accelerating, and we’ll likely see some inflation.”

Market activity picking up, stimulus package, more earnings, inflation index report… fam! You’ve got your hands full this coming week and you’ve got this!!!