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The Zacks Analyst Blog Highlights PayPal, Coinbase Global, NVIDIA and Accenture
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For Immediate Release
Chicago, IL – August 4, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: PayPal Holdings, Inc. (PYPL - Free Report) , Coinbase Global, Inc. (COIN - Free Report) , NVIDIA Corp. (NVDA - Free Report) and Accenture plc (ACN - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
4 Crypto Stocks to Watch as Fed Appears Open to More Rate Hikes
The Fed resumed its interest rate hike in July after a brief pause in June. The Fed increased interest rates by 25 basis points on Jul 26 to take the federal funds rate to the range of 5.25-5.5%, the highest in more than 22 years. The Fed has been on a rate-hiking spree and has so far increased it by 525 basis points on 11 occasions since March 2022.
Cryptocurrencies have had a solid run this year after a disappointing 2022. Last year's unimpressive show by cryptocurrencies, including Bitcoin, was primarily because of the Fed's decision to adopt an aggressive interest rate hike policy to curb multi-decade high inflation.
The Fed's decision is finally bearing fruit as inflation has steadily declined over the past 12 months. However, cryptocurrencies are inversely related to market interest rates. The Fed has continued with its rate hikes this year before briefly pausing in June. However, cryptocurrencies rebounded from their 2022 lows and have continued their northward journey.
Slowing inflation had raised hopes that the Fed could soon end its current monetary tightening cycle but it hiked interest rates in July and remained open to more hikes depending on economic data.
Following the Fed's July rate hike announcement, prices of all major cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, fell. Bitcoin, particularly, has suffered the most since the Fed's recent rate hike.
Bitcoin had a solid run in July, hitting $31,500 earlier in the month, and hovered mostly around the $30,000 mark. However, it was trading at $29,126 on Aug 2. The crypto market could face more volatility in the coming days as the central bank remains open for additional interest rate hikes.
Investors should thus adopt a buy-on-the-dip strategy when dealing with cryptocurrencies. Each dip in crypto prices presents an opportunity to accumulate digital assets, as this approach may lead to significant gains once the Fed puts an end to its aggressive monetary control policy.
Our Choices
PayPal Holdings, Inc. provides digital wallet services that enable users to purchase, transfer and sell various cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Through PYPL, users can use cryptocurrencies to pay for goods and services from online merchants. Additionally, PayPal's mobile wallet platform, Venmo, also allows users to engage in cryptocurrency buying and selling activities.
Coinbase Global, Inc. offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global's expected earnings growth rate for the current year is 78.1%. Shares of COIN have increased 26.4% in the past 30 days. Coinbase currently has a Zacks Rank #3.
NVIDIA Corp. is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of NVDA stock tends to surge during a thriving crypto market. This is primarily due to the crucial role GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA's expected earnings growth rate for the current year is 133.2%. Shares of NVDA have gained 4.6% in the past 30 days. NVIDIA currently sports a Zacks Rank #1.
Accenture plc is a worldwide system integrator that offers consulting, technology and various services. The company promotes Ethereum-based blockchain solutions to businesses, aiming to simplify payment processing.
Accenture's expected earnings growth rate for the current year is 8.2%. Shares of ACN have gained 3% in the past 30 days. Accenture currently carries a Zacks Rank #3.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights PayPal, Coinbase Global, NVIDIA and Accenture
For Immediate Release
Chicago, IL – August 4, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: PayPal Holdings, Inc. (PYPL - Free Report) , Coinbase Global, Inc. (COIN - Free Report) , NVIDIA Corp. (NVDA - Free Report) and Accenture plc (ACN - Free Report) .
Here are highlights from Thursday’s Analyst Blog:
4 Crypto Stocks to Watch as Fed Appears Open to More Rate Hikes
The Fed resumed its interest rate hike in July after a brief pause in June. The Fed increased interest rates by 25 basis points on Jul 26 to take the federal funds rate to the range of 5.25-5.5%, the highest in more than 22 years. The Fed has been on a rate-hiking spree and has so far increased it by 525 basis points on 11 occasions since March 2022.
Cryptocurrencies have had a solid run this year after a disappointing 2022. Last year's unimpressive show by cryptocurrencies, including Bitcoin, was primarily because of the Fed's decision to adopt an aggressive interest rate hike policy to curb multi-decade high inflation.
The Fed's decision is finally bearing fruit as inflation has steadily declined over the past 12 months. However, cryptocurrencies are inversely related to market interest rates. The Fed has continued with its rate hikes this year before briefly pausing in June. However, cryptocurrencies rebounded from their 2022 lows and have continued their northward journey.
Slowing inflation had raised hopes that the Fed could soon end its current monetary tightening cycle but it hiked interest rates in July and remained open to more hikes depending on economic data.
Following the Fed's July rate hike announcement, prices of all major cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, fell. Bitcoin, particularly, has suffered the most since the Fed's recent rate hike.
Bitcoin had a solid run in July, hitting $31,500 earlier in the month, and hovered mostly around the $30,000 mark. However, it was trading at $29,126 on Aug 2. The crypto market could face more volatility in the coming days as the central bank remains open for additional interest rate hikes.
Investors should thus adopt a buy-on-the-dip strategy when dealing with cryptocurrencies. Each dip in crypto prices presents an opportunity to accumulate digital assets, as this approach may lead to significant gains once the Fed puts an end to its aggressive monetary control policy.
Our Choices
PayPal Holdings, Inc. provides digital wallet services that enable users to purchase, transfer and sell various cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Through PYPL, users can use cryptocurrencies to pay for goods and services from online merchants. Additionally, PayPal's mobile wallet platform, Venmo, also allows users to engage in cryptocurrency buying and selling activities.
PayPal Holdings' expected earnings growth rate for the current year is 19.9%. Shares of PYPL have gained 9.7% in the past 30 days. PayPal presently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Coinbase Global, Inc. offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global's expected earnings growth rate for the current year is 78.1%. Shares of COIN have increased 26.4% in the past 30 days. Coinbase currently has a Zacks Rank #3.
NVIDIA Corp. is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of NVDA stock tends to surge during a thriving crypto market. This is primarily due to the crucial role GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA's expected earnings growth rate for the current year is 133.2%. Shares of NVDA have gained 4.6% in the past 30 days. NVIDIA currently sports a Zacks Rank #1.
Accenture plc is a worldwide system integrator that offers consulting, technology and various services. The company promotes Ethereum-based blockchain solutions to businesses, aiming to simplify payment processing.
Accenture's expected earnings growth rate for the current year is 8.2%. Shares of ACN have gained 3% in the past 30 days. Accenture currently carries a Zacks Rank #3.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.