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1 Stock To Buy, 1 To Dump When Markets Open: Coinbase, AT&T

By Investing.com (Jesse Cohen/Investing.com)Stock MarketsOct 17, 2021 07:07AM ET
www.investing.com/analysis/1-stock-to-buy-1-to-dump-when-markets-open-coinbase-att-200605306
1 Stock To Buy, 1 To Dump When Markets Open: Coinbase, AT&T
By Investing.com (Jesse Cohen/Investing.com)   |  Oct 17, 2021 07:07AM ET
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US stocks ended higher on Friday, with the benchmark S&P 500 index scoring its best weekly performance since June thanks to a strong start to the third quarter earnings season on Wall Street.

S&P 500 Daily Chart
S&P 500 Daily Chart

The week ahead is expected to be another busy one as earnings shift into high gear, with reports anticipated from some of the big-name U.S. technology companies, including Tesla (NASDAQ:TSLA), Netflix (NASDAQ:NFLX), IBM (NYSE:IBM), Intel (NASDAQ:INTC), and Snap (NYSE:SNAP).

Also reporting are a variety of blue chip mega-caps such as Johnson & Johnson (NYSE:JNJ), Procter & Gamble (NYSE:PG), and American Express (NYSE:AXP), as well as travel sector stalwarts including United Airlines (NASDAQ:UAL), American Airlines (NASDAQ:AAL), and Southwest Airlines (NYSE:LUV).

Regardless of which direction the market goes, below we highlight one stock likely to be in demand in the coming days and another which could see fresh losses.

Remember though, our timeframe is just for the week ahead.

Stock To Buy: Coinbase Global

Shares of cryptocurrency exchange operator Coinbase Global (NASDAQ:COIN) are likely to enjoy increased buying activity in the week ahead as the buzz in the crypto market continues ahead of the launch of the first Bitcoin exchange-traded fund (ETF).

The Securities and Exchange Commission is widely expected to approve the futures-based Bitcoin ETF, called the ProShares Bitcoin Strategy ETF. It will trade under the ticker ‘BITO’ and could make its debut as soon as Monday.

Bitcoin Daily Chart
Bitcoin Daily Chart

Bitcoin surged above $62,000 for the first time in six months on Saturday, closing in on all-time highs around $65,000 touched in mid-April. Several other popular cryptocurrencies, such as Ethereum, Cardano, Litecoin, and Dogecoin—which can all be bought and sold on Coinbase—also experienced heightened volatility in weekend trade.

Coinbase Global Daily Chart
Coinbase Global Daily Chart

COIN shares rallied to $281.72 on Friday, their best level since Aug. 11, before closing at $280.61. At current levels, the cryptocurrency exchange platform operator has a market cap of $59.2 billion. After rallying to an all-time high of $428.93 in its first day of trade on Apr. 14, COIN stock then came under heavy selling pressure, losing nearly half of its value in the subsequent three months. It has since shown signs of bottoming, with shares climbing roughly 15% in the last four weeks.

Coinbase is scheduled to report financial results for the third time as a public company after U.S. markets close on Tuesday, Nov. 9. Consensus expectations call for the crypto exchange pioneer to post Q3 earnings of $1.41 per share on revenue of $1.51 billion.

Stock To Dump: AT&T

AT&T (NYSE:T) shares—which recently fell to an 11-year low—are expected to suffer another volatile week as investors brace for disappointing financial results from America’s largest telecommunications company. The Dallas, Texas-based communications behemoth is scheduled to report third-quarter numbers before the U.S. market open on Thursday, Oct. 21.

Consensus estimates call for earnings per share (EPS) of $0.78, up 2.6% from EPS of $0.76 in the year-ago period. Revenue, meanwhile, is expected to dip 1.6% year-over-year to $41.67 billion.

Perhaps of greater importance, investors will monitor growth in AT&T’s postpaid phone net additions, a key metric in the wireless industry which evaluates the difference between the number of new phone subscriptions added during the quarter and the number of subscriptions that were terminated.

Additionally, AT&T’s outlook for the rest of the year will also be in focus as it deals with the negative impact of growing competitiveness in the wireless industry, which has cable TV firms, such as Comcast (NASDAQ:CMCSA) and Charter Communications (NASDAQ:CHTR), gaining market share. That has prompted telecom majors, like AT&T, Verizon (NYSE:VZ), and T-Mobile (NASDAQ:TMUS), to rely more heavily on promotions to lure in new customers in recent quarters.

Market players will also be keen to hear what steps the company plans to take to reduce its high debt load amid worries it could cut its dividend.

AT&T Daily Chart
AT&T Daily Chart

T stock—which recently dropped to its lowest level since July 2010—closed Friday’s session at $25.70, earning the telecom and media giant a valuation of $183.5 billion.

Despite its highly attractive dividend yield, currently a rich 8.12%, AT&T has seen its shares lag the broader market this year, falling 10.6% in 2021, as investors turned pessimistic on the company amid a major overhaul of its media and telecommunications portfolio.

AT&T—which earlier this year agreed to merge its WarnerMedia business with Discovery (NASDAQ:DISCA)—recently spun off its DirecTV video business into a new company in a deal with private equity firm TPG Capital.

1 Stock To Buy, 1 To Dump When Markets Open: Coinbase, AT&T
 

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1 Stock To Buy, 1 To Dump When Markets Open: Coinbase, AT&T

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Comments (17)
Kirui Moses
Kirui Moses Oct 20, 2021 9:29AM ET
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what can I send money in Kenya shillings
Janice Orosco
Janice Orosco Oct 19, 2021 3:57PM ET
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Please someone help me how to invest I really don't have any idea how it works.I need to earn money.
Janice Orosco
Janice Orosco Oct 19, 2021 3:57PM ET
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Please someone help me how to invest I really don't have any idea how it works.I need to earn money.
Tim F
Tim F Oct 19, 2021 3:57PM ET
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The internet is your friend
Joe Mukherjee
Joe Mukherjee Oct 19, 2021 3:57PM ET
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buy low sell hi
Joe Mukherjee
Joe Mukherjee Oct 19, 2021 3:57PM ET
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buy low sell hi
Janice Orosco
Janice Orosco Oct 19, 2021 3:56PM ET
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Any one can help me and be my mentor. I dont know how to invest hoping someone have good heart to teach me. I need to have income.
Janice Orosco
Janice Orosco Oct 19, 2021 3:55PM ET
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Any one can help me and be my mentor. I dont know how to invest hoping someone have good heart to teach me. I need to have income.
Ben Harmid
Ben Harmid Oct 19, 2021 5:14AM ET
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Yuan batter than usd
Ikechukwu Emmanuel
Ikechukwu Emmanuel Oct 17, 2021 5:08PM ET
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I don't know how to work the game
Md Mia
Md Mia Oct 17, 2021 5:06PM ET
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BTC down over $3K from Friday and COIN hitting obvious previous high resistance. Medium/Long term maybe okay, but next few 2-5 days could be rough
Doug Smith
Doug Smith Oct 17, 2021 4:43PM ET
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BTC down over $3K from Friday and COIN hitting obvious previous high resistance. Medium/Long term maybe okay, but next few 2-5 days could be rough
Gershom Zvi
Gershom Zvi Oct 17, 2021 12:03PM ET
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Stock to buy Hut (kinda Canadian coinbase)
Lurrecta Nattan
Lurrecta Nattan Oct 17, 2021 11:54AM ET
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i want to learn please
Jason Lebron
Jason Lebron Oct 17, 2021 11:47AM ET
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ok. Selling my coinbase and if T drops I'll buy more 🤣
Clinton Piercy
Clinton Piercy Oct 17, 2021 11:08AM ET
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ATT got a nice ******Divi and merger completes with discover next year. Should probably use lowest price opportunities to BUY stocks, not sell them... just sayin.
John Hen
HeresJohnny Oct 17, 2021 11:03AM ET
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Coinbase will without a doubt break revenue records, but check out Voyager - VYGVF. Voyager is growing at a ridiculous rate and has a tiny market cap.
ZS Beck
ZS Beck Oct 17, 2021 10:22AM ET
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So you can buy Bitcoin future, and soon it will be altciin future . One more competition for Coinbase or Robinhood, but Buy Coinbase?
clayton park
clayton park Oct 17, 2021 10:22AM ET
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never recommends a stock before a 20% breakout
Millennial Metals
Millennial Metals Oct 17, 2021 10:13AM ET
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Dump both of them
Mohd Izhar Muslim
Mohd Izhar Muslim Oct 17, 2021 7:24AM ET
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That so good!, thanks for the article 👍
 
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