Facebook Stock Rises as Company Prepares to Unveil Its Cryptocurrency

The tech giant’s cryptocurrency reportedly has backing from traditional payment firms and other billion-dollar businesses.


3 min read

Opinions expressed by Entrepreneur contributors are their own.


A late rally in the stock market fizzled and left the stock indexes with losses on the day. The Dow and S&P 500 indexes were down 0.07 percent and 0.16 percent respectively while the Nasdaq Composite index fell 0.52 percent. The Entrepreneur Index™ closed the day down 0.12 percent.

Semi-conductor stocks were down sharply after Broadcom reported weaker than expected revenues today. The chip-maker also lowered guidance for 2019, blaming weak global demand and the U.S. crackdown on Chinese telecom firm Huawei for its deteriorating outlook.

Chipmakers NVIDIA Corp. (-2.7 percent) and Analog Devices (-1.66 percent) had the biggest declines in the tech sector on the Entrepreneur Index™. NVIDIA, which produces high-end graphics chips, is up 8.3 percent this year but down 45.8 percent in the last twelve months. Netflix (-1.01 percent), TripAdvisor Inc. (-1.58 percent) and salesforce.com (-0.88 percent) were also down.

Facebook had the biggest gain in the sector, jumping 2.13 percent on buzz about the cryptocurrency GlobalCoin that it plans to unveil next week. The social media giant reportedly has backing from traditional payment firms like Visa and Mastercard as well as PayPal and Uber Technologies for the new digital currency. Facebook has a “crypto opportunity,” according to RBC Capital Markets.

Comcast posted a 1.49 percent gain after Rosenblatt Securities initiated analyst coverage with a buy rating. The firm suggested that Comcast could increase its market share and profitability moving forward. The stock is up 24.6 percent this year. Homebuilder D.R. Horton Inc. was up 1.1 percent today. It is now up eight percent in June and 32.7 percent on the year.

Related: Facebook, YouTube the Most Widely Used Platforms for U.S. Adults

Clothing-makers Under Armour Inc. and L Brands, both had solid gains, rising 1.77 percent and 1.35 percent respectively. Under Armour, despite concerns about its North American business, has been the hottest “athleisure” stock in the industry. The shares are up 53 percent this year.

Hess Corp., down 1.82 percent, gave up more than half the pop it got yesterday after the attacks on two tankers in the Gulf of Oman sent oil prices higher. The stock is nevertheless up 41.4 percent on the year.

Other notable declines on the Entrepreneur Index™ today included mall-REIT Macerich Company (-2.01 percent), liquor-maker B”>Brown-Forman Corp. (-1.8 percent) and hospital operator Universal Health Services (-0.97 percent).

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.

Source

more recommended stories

  • Use This Green Beret Method to Find Out if Someone Is Trustworthy

    Thinking about a new partnership? Check.

  • 9 Airbnb Rental Tax Deductions You Can Take for Your Vacation Properties

    Maximize your short-term rental tax savings.

  • The Unheard Voices of the Cannabis Social Equity Movement

    It’s fallen to the legal cannabis.

  • How to Make Money in the Freight Brokering Business

    One expert’s insights into taking advantage.

  • Jay-Z Gets Into the Pot Game (60-Second Video)

    Your weekly rundown of the biggest.

  • 3 Female Leaders Share Their Secrets for Starting and Growing a Business

    These lessons are a reminder that.

  • 6 Easy Steps to Making Connections That Make Money and Create Happiness

    Transform your career and make money.

  • This Female Founder Fought to Stay in the Game And She Just Raised $3 Million in Funding from Serena Williams, Mark Cuban and Arlan Hamilton

    July 15, 2019 5 min read.

  • Tips and Tools for Making Progress Toward Important Goals

    Attend this free webinar and learn.

  • How Digital Marketing Changed the 2016 Presidential Race and Will Change 2020’s.

    As an entrepreneur, there are certain.

  • NFL’s Calvin Johnson and Rob Sims Talk Cannabis: It’s ‘A God-Given Gift’

    Two battered former players who never.

  • 3 Ways AI Can Help Businesses Improve Customer Relations

    The power of AI can lead.

  • 4 Essentials for Complying With the New Data Privacy Regulations

    Consumers need reassurance and protection from.

  • Why This Entrepreneur Says to Check Your Ego at the Door

    July 13, 2019 1 min read.

  • CNBC’s Tim Seymour Talks About Cannabis M&A, Private Vs. Public Markets

    Cannabis is good investment, unless you.

  • 3 Areas Where Enterprise-Focused Startups Are Poised to Make an Economic Impact

    How do you improve efficiency by.

  • What Really Causes Depression?

    Here’s what every entrepreneur needs to.

  • The Unexpected Philosophy That Led Me to My Biggest Closed Deals Ever

    Forget the conventional sales wisdom; if.

  • How This Founder Overcame Challenges He Never Saw Coming

    This entrepreneur and Yale dropout hoped.

  • How to Make Promising Opportunities Come to You

    Grow your business and personal passion.

  • Sacrifice Your Way to Your Dream Job in Sports

    This former mailroom worker talks about.

  • Jay-Z Gets Into the Pot Game

    The legendary rapper/entrepreneur got 99 problems.

  • Fitness Professional Jay Dang on Why Confidence Is the Key to Success

    You have to earn it. July.

  • WarnerMedia’s HBO Max Launches in 2020, and It’s Bringing ‘Friends’

    The streaming service will come loaded.

  • 6 Quotes on Business and Life From Billionaire and 2-Time Presidential Candidate Ross Perot

    The philanthropist died on Tuesday at.

  • Work-Life Balance Is Essential for Entrepreneurs

    If your life is out of.

  • How This Entrepreneur Built a Million-Dollar Business by Focusing on These 3 Strategies

    July 8, 2019 3 min read.

  • USA! Americans Spent $400M on Cannabis for Fourth of July

    Legal marijuana is not yet as.

  • What If Renting an Apartment Were as Easy as Booking an Airbnb?

    AI startup Block wants to make.

  • Back Up Your Whole Team’s Work With Cloud Storage

    Zoolz Cloud Backup has enough space.

  • Taylor Stitch Makes Us Rethink Our Wardrobe

    Most clothes end up in the.

  • The Right (and Wrong) Times to Sell Your Long-Held Stock

    If you’re looking to sell, do.