Tupperware Brands — Shares of Tupperware plunged 42% after a third-quarter earnings miss. The maker of household storage products also said it may not be able to comply with the covenants in its credit agreement, “which raises substantial doubt about the Company’s ability to continue as a going concern,” the earnings release said.
Rogers — The engineering materials maker saw shares tumble 43% after a planned $5.2 billion sale of the company to DuPont De Nemours was terminated, as the companies were unable to obtain clearance from regulators. The deal was first announced Nov. 1, 2021. DuPont’s stock rose about 4%.
Paramount Global — Shares of the media company dropped more than 11% after Paramount’s quarterly results missed expectations, as it suffered from cord cutting and a drop in advertising revenue. Paramount said revenue for its TV media segment was down 5% to about $4.9 billion compared to the previous quarter, as pay-TV subscriber numbers declined.
Estee Lauder — The cosmetic maker dropped 8% after it gave a weak outlook despite beating expectations for the quarter. The company said it was hurt by higher costs, Chinese Covid lockdowns and fluctuating foreign exchange.
Trimble — Shares dropped 7% after Trimble missed revenue expectations in its third-quarter results. The industrial technology firm reported sales of $884.9 million compared to a forecast for $911.4 million, according to consensus estimates on FactSet. Trimble reported earnings per share that were in line with expectations.
C.H. Robinson — The stock fell 6% after the transportation and logistics company reported disappointing revenue in its latest results. CEO Bob Biesterfeld said in a release that fears of “slowing freight demand and price declines in the freight forwarding and surface transportation markets” played out in the third quarter.
Airbnb— The lodging stock fell 10.1% after the company reported earnings per share that beat expectations, while revenue came in line with estimates. The top end of the company’s fourth-quarter revenue guidance, however, came in below some analyst estimates, StreetAccount data shows.
Chegg — The education stock surged more than 22.2% after Chegg beat estimates on the top and bottom lines for the third quarter. The company reported adjusted earnings were 21 cents per share on $164.7 million of revenue. Analysts surveyed by Refinitiv expected 14 cents per share on $158.3 million of revenue. Adjusted gross margin and subscribers both grew year over year.
Clorox — Shares of Clorox slipped 5.3% after the company reported quarterly earnings results that beat Wall Street estimates, but only affirmed their full-year guidance even though they have three full quarter left. The company it its fiscal first quarter reported adjusted earnings per share of 93 cents versus expectations of 75 cents. It also showed $1.74 billion in revenue, where analysts expected $1.69 billion.
Match Group — Shares of the dating app operator climbed 8.4% after the company posted higher-than-expected revenue for the third quarter, according to StreetAccount. Current quarter guidance for adjusted operating income also came in above StreetAccount’s estimates.
Broadridge Financial — Shares fell 6% after the financial technology company missed profit and sales expectations in its most recent quarter. Broadridge Financial Solutions reported earnings of 84 cents per share on revenue of $1.28 billion. Analysts were expecting earnings of 88 cents per share on revenue of $1.26 billion, according to consensus estimates on FactSet.
CVS Health — Shares were up 3.8% after the company beat expectations on revenue and profit for the most recent quarter and raised its adjusted full-year guidance.
Boeing — The industrial giant saw its shares climb more than 2.4% after Chief Financial Officer Brian West told investors it expects to generate $3 billion to $5 billion in free cash flow next year on the back of a ramp-up in deliveries of 737 Max and 787 jets.
Electronic Arts — Shares of Electronic Arts rose 3.2% even after the video game publisher reported lower-than-expected bookings for its fiscal second quarter. Net income was flat year over year despite a stronger dollar weighing on the company’s bookings. EA also said the newest FIFA game is outperforming the 2022 version over its first four weeks.
Caesars Entertainment — Caesars shares gained 2.5% after the company beat analysts’ top- and bottom-line estimates for its latest quarter. The resort operator also reported its digital betting business has turned profitable on an adjusted basis for the quarter, 12 months ahead of its target.
The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.
Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.
In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.
“No Man’s Land”
Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.
Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.
While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.
Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.
First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.
“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.
A News-Driven Environment
Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.
Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.
BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.
The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.
None of the ETFs recorded outflows for the day.
Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan
According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.
Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.
A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.
What’s Next For Bitcoin?
Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.
But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.
Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.
“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”
PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.
The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.
Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.
LI.FI Issues Warning After $8 Million Exploit
LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.
According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.
Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.
Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.
“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.
This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.
But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.
Recent Exploit Mirrors March 2022 Attack
Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.
The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.
“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.
Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.
LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.
