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Weekly Recap April 10th 2021
An article by • Published May 25, 2021

Weekly Recap: April 10th 2021

For the week ending April 10th - the S&P 500 increased by 2.7%, the NASDAQ increased by 2.6% and the Dow Jones Industrial Average increased by 2.0%. The S&P 500 index and the Dow Jones Industrial Average both reached new all time-highs. 10-year U.S. Treasury Yield Rate hovered around 1.70% through Friday, April 9th.

Coinbase Announces Q1 2021 Earnings Estimates
Cryptocurrency exchange platform Coinbase announced its earnings estimates for the first quarter of 2021 that ended on March 31st, on Tuesday, April 6th, in an
8-K SEC filing
. The company's management expects to have 56 million verified users, 6.1 million MTUs (monthly transacting users) during the quarter. Additionally, they estimate their platform will have trading volume of $335 billion from which company will generate $1.8 billion in revenues during the quarter.

Collectible Card Maker Topps To Go Public Via SPAC
Mudrick Capital Acquisition Corporation II (ticker: $MUDS)

announced they will merge collectible card and chewing gum maker Topps on Tuesday, April 6th in an
8-K SEC filing
. Upon the completion of merger later this year, Topps will become a publicly listed company. Topps recorded sales of $567 million in 2020, which is an increase of 23% on Year-Over-Year basis. They already have strategic partnerships with organizations such as Major League Baseball, UEFA, Bundesliga, Major League Soccer, National Hockey League, Formula 1, Disney (ticker: $DIS), and World Wrestling Entertainment (ticker: $WWE). Recently, Topps has also started making forays into crypto-collectibles market through expansion in Blockchain/NFTs.

GameStop Wants To Appoint Ryan Cohen as Next Chairman
GameStop (ticker: $GME)
announced
its slate of board director candidates for the company's 2021 Annual Meeting of Shareholders (to be held on June 9th) on Thursday, April 8th. Company also mentioned that they intend to elect Ryan Cohen, who has
already been leading transformation of the company as Chairperson of Strategic Planning and Capital Allocation Committee
, as the next Chairman of the company. It is important to note here that Ryan Cohen controls about 12.9% of the GameStop's common stock (as of January 11th, 2021) according
SC 13D SEC filing
.

Economic Updates:
The U.S. Bureau of Economic Analysis (BEA) announced U.S. Balance of Trade for February 2021 on Wednesday, April 7th. The trade deficit was (i.e. imports exceeded exports by) $71.1 billion, $3.3 billion more than $67.8 billion in January 2021, according to the report.

The U.S. Department of Labor released Initial Jobless Claims report for the week ending April 3rd, 2021 on Thursday, April 8th. 744,000 Americans filed for unemployment (higher than 680,000 claims expected by analysts) according to the report. Initial Jobless Claims have now remained under 800,000 since the week that ended February 13th, 2021.