10 things before the opening bell

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10 THINGS BEFORE THE OPENING BELL

Cathie Wood of Ark Invest

Welcome to 10 Things Before the Opening Bell.

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Let's jump in. 


1. Cathie Wood sounds off. At an investing forum in Nashville, the star stock-picker voiced support for Tesla after a recent sell-off erased more than $200 billion from the EV-maker's market value. Wood called the stock tumble "nothing but a blip," and reiterated her view that it'll one day hit $3,000.

But Wood isn't bullish on EVs across the board. Ahead of Rivian's monster IPO on Wednesday, Wood said she didn't have plans to buy in, citing its "rich" valuation.

Wood's other comments at the forum addressed the short-sellers currently targeting many of the growth stocks in her innovation portfolio. She said she actually welcomes the skepticism. "This is what makes a market, right?" she said.

Here's a rundown of moves made by Wood in recent weeks:


2. Elon Musk is offloading another $690 million of Tesla stock. At the weekend, the Tesla CEO asked Twitter whether to shed 10% of his holding in the electric car maker, then sold about $5 billion of shares. Find out more.

3. Stocks are recovering from this week's inflation shock. Earnings-happy investors are counting on the Fed to stay patient on a rate hike, despite faster-rising prices. Check out the moves on the markets

4. Earnings on deck: AstraZeneca, Yamato Holdings, and Warby Parker, all reporting.

5. Goldman Sachs is looking for stocks poised to get a boost from high inflation. Stocks that possess optimal pricing power, and can keep growing sales as consumer prices climb, are the best bets. See the bank's full list of 30 stocks.

6. JPMorgan said DeFi's explosive growth is less impressive than it seems. The surge in ethereum has powered most of decentralized finance's valuation. But the bank still sees potential in DeFi. 

7. Massive gains for newly-minted meme stock Avis are throwing off a 100-year-old market indicator. The stock has accounted for more than half the Dow Transport Index's gains recently, throwing off an indicator that compares the gauge to the broader Dow Industrial Average. That's throwing off a tool used to forecast surges and crashes.

8. Miami's mayor said it will pay residents a "bitcoin yield" from its city cryptocurrency. "We're going to be the first city in America to give a bitcoin yield as a dividend directly to its residents," said Francis Suarez. Get the details here. 

9. An investor shared his strategy to maximize profits in this crypto bull run. His crypto-investment plan is based on a strategy that cycles through large-, mid-, and small-cap coins as money trickles down through the crypto ecosystem. He shared 11 altcoins he's betting on right now. 

10. A crypto analyst who called the rise of metaverse tokens shared his picks for lesser-known altcoins he's bullish on. These include kadena, render, and helium. He also explained the significance of polkadot's parachain auction. 


Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.

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