Fintechzoom Uber Stock: In-Depth Analysis

Ellington Financial Inc (EFC) has captured the attention of income-seeking investors with its hefty dividend yield. But before diving headfirst into EFC, a thorough analysis is essential. This article delves into Ellington Financial's dividend history, financial health, and future prospects to help you decide if it's a worthy addition to your portfolio.

Ellington Financial boasts a history of dividend payouts dating back to 2009. However, the company's dividend strategy has been somewhat inconsistent. While EFC currently offers a monthly dividend, this wasn't always the case. The switch to a more frequent payout structure might appeal to income-focused investors seeking regular cash flow.

As of July 22nd, 2024, EFC boasts a juicy dividend yield of around 12%, significantly higher than the S&P 500 average. This high yield is undoubtedly attractive, but it's crucial to understand the underlying factors that contribute to it.

A critical question regarding EFC's dividend is its sustainability. Can the company consistently generate enough cash flow to support these high payouts? Here's a closer look at EFC's financial health:

While EFC has shown profitability in recent years, its earnings haven't always been enough to fully cover dividend payments. This raises concerns about the long-term sustainability of the dividend if profitability falters.

The payout ratio compares a company's dividend payments to its net income. A high payout ratio suggests a larger portion of profits is being distributed to shareholders, leaving less room for reinvestment in the company's growth. EFC's current payout ratio is on the higher side, which could be a cause for concern.

EFC carries a significant amount of debt on its balance sheet. While debt can be used strategically to finance growth, high debt levels can also increase the company's financial risk. If economic conditions worsen, servicing this debt could become more challenging, potentially impacting dividend payouts.

Analyst opinions on EFC's dividend are mixed. Some analysts praise the high yield, while others express concerns about its sustainability. It's crucial to consider these varying viewpoints when making your investment decision.

While the dividend is a major draw for EFC, it's not the only factor to consider. Here's a glimpse into EFC's growth potential:

EFC operates in the mortgage finance sector, which is subject to economic fluctuations. Understanding the company's position within this market and its strategies for navigating market changes is crucial.

Does EFC have plans to expand into new markets or business lines? Growth through strategic expansion can enhance the company's long-term prospects and potentially contribute to future dividend increases.

Ellington Financial offers a high-yield dividend, but it comes with inherent risks. The company's financial health and future profitability are key factors to consider. Here are some additional points for investors to ponder:

High-yield dividend stocks are generally considered riskier than those with lower yields. Investors with a low-risk tolerance might be better suited for more conservative investments.

Don't let EFC become the sole source of your dividend income. Spreading your investments across various asset classes and sectors helps mitigate risk.

Ellington Financial's high dividend yield is undeniably tempting. However, responsible investing requires careful consideration of the potential downsides. Analyzing the company's financial health, future prospects, and your own risk tolerance is crucial before making a decision. Remember, there's no such thing as a guaranteed dividend, and a high yield today doesn't guarantee a high yield tomorrow. Conduct thorough research, seek professional advice if needed, and make an informed decision that aligns with your financial goals.

The resurgent crypto market continues to be a hotbed of activity, with memecoins like BONK leading the charge. Recent news has sent ripples through the crypto community, suggesting BONK has its sights set on the $0.00004 mark, fueled by a market capitalization exceeding a staggering $2 billion. This article delves deeper than a standard technical analysis, exploring the intricate chart patterns, market psychology, and potential roadblocks that could influence BONK's price trajectory.

News outlets are abuzz with reports of BONK experiencing a significant price surge, with some analysts predicting a rise to $0.00004. This targeted price point isn't a random guess; it's meticulously derived from a technical analysis of BONK's current chart patterns.

One crucial indicator under the microscope is the rising wedge. This chart formation, characterized by converging trendlines that form a wedge shape, suggests a period of consolidation. However, this consolidation isn't stagnant. It's a potential precursor to a breakout, where the price decisively breaks free from the confines of the wedge. If sustained buying pressure pushes BONK's price upwards, a breakout from the wedge could propel it towards the much-anticipated $0.00004 resistance level.

Another technical tool adding weight to the $0.00004 target is the Bollinger Band indicator. This volatility measurement tool depicts the price action of BONK within a band defined by two moving averages. Currently, the analysis reveals BONK's price testing the upper Bollinger Band. Historically, such a move has often preceded price breakouts. This is because the upper Bollinger Band represents an area of high resistance, and a successful test suggests the bulls (investors who believe the price will rise) are in control and a significant price increase might be imminent.

While technical indicators provide valuable insights, they only tell part of the story. Market sentiment and trading volume are equally important factors influencing BONK's price journey. Recent news of a broader crypto market recovery, characterized by rising prices across major coins like Bitcoin and Ethereum, has instilled a sense of optimism among investors. This positive sentiment can lead to a domino effect, with increased interest in established coins spilling over to memecoins like BONK.

Furthermore, reports highlight a substantial increase in BONK's trading volume. This signifies heightened buying activity, where investors are actively purchasing BONK tokens. Such a surge in volume often precedes price breakouts, as increased demand can push the price upwards. Imagine a crowded auction house; as more bidders compete for a limited number of items, the price naturally tends to rise.

While the technical analysis and market sentiment suggest a potential BONK price surge, there are potential roadblocks that could derail the journey to $0.00004:

The $0.00004 Resistance Awaits: Breaking through the $0.00004 resistance level won't be a smooth sail. Imagine BONK's price approaching $0.00004 like a climber reaching a steep cliff face. If significant sell-off pressure emerges at this point, it could be akin to encountering a storm on the climb. This selling pressure could stall the rally and potentially lead to a price correction, where BONK falls back in value.

Rising Wedge Breakout Uncertainty: The rising wedge, while suggestive of a breakout, presents a dilemma. The breakout direction – upwards or downwards – is not guaranteed. If bulls fail to maintain momentum, BONK could experience a price drop within the confines of the wedge, dashing hopes of reaching $0.00004.

The Ever-Present Volatility Threat: The cryptocurrency market remains inherently volatile. Unexpected events, such as regulatory changes or negative news surrounding a major crypto exchange, could trigger a sudden shift in sentiment. This could derail the current bullish trend and impact BONK's price negatively. Imagine a strong gust of wind threatening to topple the climber; unforeseen events in the crypto market can pose a similar risk to BONK's price surge.

The $0.00004 price target for BONK presents an intriguing opportunity for investors. However, careful consideration of the technical indicators, market psychology, and potential roadblocks is crucial before making any investment decisions.

The U.S. Securities and Exchange Commission's (SEC) July 30, 2024, filing to amend its complaint against Binance and affiliated entities marks a significant escalation in the regulatory battle against the world's largest cryptocurrency exchange. The move comes after a court hearing raised questions about the sufficiency of the SEC's allegations concerning certain tokens.

The SEC's decision to modify its complaint has several key implications:

Expanded Definition of Securities: By focusing on "Third Party Crypto Asset Securities," the SEC is signaling a broader interpretation of what constitutes a security under securities law. This could have far-reaching consequences for the crypto industry, as it opens the door for classifying a wider range of digital assets as securities.

Delaying Legal Precedents: The SEC's strategy of amending the complaint avoids a premature court ruling on the specific classification of certain tokens. This tactic buys the agency time to gather more evidence and potentially strengthen its case.

Strengthened Regulatory Authority: The SEC's actions reinforce its stance as a primary regulator of the cryptocurrency industry. This assertion of authority could shape the regulatory landscape for years to come, potentially impacting how other cryptocurrencies are treated.

The SEC's move is likely to have a profound impact on the cryptocurrency market:

Market Volatility: Increased regulatory uncertainty can lead to heightened market volatility. Investors may become more cautious, affecting trading volumes and asset prices.

Regulatory Clarity (or Lack Thereof): While the amended complaint might provide some additional clarity on the SEC's stance, the overall regulatory landscape remains uncertain. This ambiguity can hinder investment and innovation within the crypto ecosystem.Innovation Challenges: A stringent regulatory environment can stifle innovation. Crypto projects and startups may face increased hurdles in developing new products and services.

The term "Third Party Crypto Asset Securities" is central to the SEC's amended complaint. While the exact definition remains to be fully clarified, it is likely to encompass digital assets issued by entities other than Binance itself. This could include a wide range of tokens, from utility tokens to platform tokens.

The SEC's focus on these assets suggests a potential shift in its regulatory approach. Instead of targeting specific cryptocurrencies, the agency may be aiming to establish a broader framework for classifying digital assets based on their economic characteristics.

The SEC's actions against Binance have a ripple effect on the entire cryptocurrency industry. Other exchanges and platforms are closely watching the case, as it could set precedents for how they are regulated.

Moreover, the SEC's aggressive stance highlights the need for a comprehensive regulatory framework for digital assets. Industry stakeholders, policymakers, and regulators must work together to create a balanced approach that fosters innovation while protecting investors.

The SEC's amended complaint against Binance is a pivotal moment for the cryptocurrency industry. The outcome of this case will have far-reaching implications for how digital assets are regulated in the United States and beyond. As the legal battle unfolds, it is essential for market participants to stay informed and adapt to the evolving regulatory landscape.

This week, the cryptocurrency community has been abuzz with discussions about the potential introduction of an XRP ETF (Exchange-Traded Fund). This development comes as Ripple, the company behind XRP, continues to make strides in the financial technology sector and seeks to expand its reach in traditional investment markets.

The concept of an XRP ETF is gaining traction as part of a broader trend of cryptocurrency-based ETFs entering the market. While Bitcoin ETFs have already made their debut, the introduction of an XRP ETF would represent a significant milestone for altcoins and could potentially reshape the investment landscape for Ripple's digital asset.

Before delving into the specifics of the XRP ETF, it's important to understand the current market context for XRP. As of July 2024, XRP has been showing signs of recovery and growth. The asset has rallied 2% in the last 24 hours and 0.8% over the previous week, although it still shows some red in the 14-day and monthly charts. This recovery is part of a broader market trend, potentially influenced by investors re-entering spot Bitcoin ETFs and favorable events surrounding Ethereum.

The introduction of the XRP ETF Token represents a significant development in Ripple's strategy. This new token is designed to enhance liquidity and provide new investment avenues for both institutional and retail investors. The primary goals of the XRP ETF Token include:

Providing a stable and regulated investment vehicle

Facilitating faster and more cost-effective transactions

Attracting institutional investors who may have been hesitant due to regulatory uncertainties

The XRP ETF Token aims to bridge the gap between traditional financial markets and the cryptocurrency world, potentially driving greater adoption of XRP's technology and services.

The introduction of an XRP ETF could have several significant impacts:

Increased Liquidity: By providing a new, regulated investment vehicle, the XRP ETF could attract more investors, potentially increasing the overall liquidity of XRP.

Price Stability: ETFs typically provide more stability compared to direct cryptocurrency investments. This could lead to less volatility in XRP's price.

Mainstream Adoption: An ETF could make XRP more accessible to traditional investors, potentially driving wider adoption of the digital asset.

Regulatory Clarity: The approval and launch of an XRP ETF would likely require regulatory clearance, which could provide more clarity on XRP's regulatory status.

Despite the potential benefits, there are several challenges and considerations surrounding the XRP ETF:

Regulatory Hurdles: The ongoing SEC vs. Ripple lawsuit remains a significant barrier. The resolution of this case could greatly impact the feasibility and timeline of an XRP ETF.

Market Competition: With Bitcoin ETFs already in the market and other cryptocurrencies vying for similar products, XRP will face competition in attracting investor interest.

Market Volatility: While an ETF could provide more stability, the underlying cryptocurrency market remains volatile, which could impact the ETF's performance.

The future of the XRP ETF largely depends on regulatory developments and market conditions. If Ripple can successfully navigate its legal challenges and continue to demonstrate the utility of XRP in cross-border payments, an XRP ETF could become a reality.

Looking ahead, analysts foresee the potential for significant growth. Some predict that XRP could climb past $1 if it breaches the $0.65 resistance level. Moreover, large holders have been accumulating XRP, with their holdings reaching 85% of the total supply, indicating strong confidence in the asset's future.

In conclusion, the potential introduction of an XRP ETF represents a significant development in the cryptocurrency market. While challenges remain, particularly on the regulatory front, the XRP ETF could open new avenues for investment and potentially drive wider adoption of Ripple's digital asset. As always, investors should conduct thorough research and consider their risk tolerance before making investment decisions in this rapidly evolving market.

Stock markets pulled out of tech-led tumble on Thursday, as attention turned to whether the European Central Bank would signal September as its next likely point to cut interest rates after sitting on its hands at its latest meeting.

It was a busy day all round.

Wall Street was hoping for a Nasdaq reboot after its worst day since December 2022 . Japan's yen wilted after scaling a six-week high, while both the bond markets and euro were hearing from Christine Lagarde after the ECB left its only-recently pruned rates untouched.

Given that its policymakers have not been pushing back against market expectations, BNP Paribas economist Luca Pennarola said that "barring any shocks" September was now their preferred date for the next rate cut.

His colleague Mariana Monteiro said it would be important to hear whether Thursday's decision - which was fully expected - was unanimous given an emerging divergence over a potentially spluttering economic recovery but also stubborn pockets of inflation.

"We are not pre-committing to a particular rate path," Lagarde said in her opening remarks.

Back in the FX market, the U.S. dollar was still loitering close to its weakest level in four months against a basket of currencies.

Comments from Federal Reserve officials have bolstered the case for September cut in the U.S. too. That in turn meant gold was perched near its recent record highs.

Wall Street futures were going up. Europe's STOXX 600 was to snap a three-session losing streak with carmaker stocks driving the benchmark index with a 1.8% rise.

Tech  was only fractionally higher though after a 4.4% slump on Wednesday - also its worst day since December 2022 - following a report that the U.S. was considering tighter curbs on exports of advanced semiconductor technology to China.

MSCI's broadest index of Asia-Pacific shares outside Japan has seen a sub-index of IT stocks drop 2.5% overnight. Tech-heavy South Korean shares  slipped 1.5%, while Taiwan stocks fell 2%.

The yen's overnight strength and the sharp drop in chip stocks took Japan's Nikkei down more than 2%, although the yen came off in Europe after daily data showed little fresh evidence of intervention from authorities.

"This volatility spike is now leading to some broader risk reduction as investors worry about stretched positioning," said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management.

Broader risk sentiment was also still jittery after Republican presidential candidate Donald Trump said on Wednesday Taiwan "did take about 100% of our chip business" and should pay the U.S. for its defence as it does not give the country anything.

China stocks had wavered as investors awaited policy news from a key leadership gathering in Beijing. The Shanghai Composite index made a late push to end up 0.55% although the tech sector still finished down.

The dollar index , which measures the U.S. currency versus six peers, was 0.1% higher at 103.78, not far from the four-month low of 103.64 it touched on Wednesday.

Jobs data just out showed the number of Americans filing new applications for unemployment benefits rose more than expected last week, although there has been no material shift in the labor market it suggested.

The data is typically noisy in July anyway because of summer breaks and temporary factory closures.

The yen was last at 156, while the euro was hovering at $1.0930 as ECB chief started to speak in Frankfurt.

Bank of Japan data suggested Tokyo may have bought nearly 6 trillion yen last week to lift the frail yen away from the 38-year lows it has been rooted to since the start of the month.

The yen has dropped 9.5% against the dollar this year as the wide interest rate difference between the U.S. and Japan weigh, creating a lucrative trading opportunity, in which traders borrow the yen at low rates to invest in dollar-priced assets for a higher return, known as carry trade.

Analysts, however, said last week's suspected moves by Tokyo might lead to traders unwinding some of their positions.

"It feels like the tide is shifting a little here and it's generating some discomfort for yen funded carry traders," said James Athey fixed income portfolio manager at Marlborough Investment Management.

In commodities, gold was 0.5% higher at $2,469 per ounce just below the record high of $2,483.60 it touched on Wednesday.

Oil prices were on the rise again, with Brent futures 0.4% higher at $85.45 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 0.7% to $83.43.

September S&P 500 E-Mini futures are up +0.18%, and September Nasdaq 100 E-Mini futures are up +0.41% this morning, signaling a partial rebound from yesterday’s slump as an upbeat earnings report from Taiwan’s TSMC helped restore sentiment in the tech sector, while investors awaited a new round of U.S. economic data, remarks from Federal Reserve officials, as well as corporate earnings reports, with the spotlight on results from streaming giant Netflix.

In yesterday’s trading session, Wall Street’s major indices closed mixed. Spirit Airlines  plunged over -10% after the carrier lowered its Q2 revenue guidance. Also, chip stocks declined due to concerns about tighter U.S. restrictions on chip sales to China, with ASML Holding NV  slumping more than -12% to lead losers in the Nasdaq 100, Advanced Micro Devices sliding over -10%, and Nvidia falling more than -6%. In addition, Five Below  tumbled over -25% after the discount retailer provided downbeat Q2 guidance and announced the resignation of Joel Anderson from his roles as President and CEO. On the bullish side, Johnson & Johnson rose more than +3% after the pharmaceutical giant reported better-than-expected Q2 results.

Economic data on Wednesday showed that U.S. industrial production climbed +0.6% m/m in June, stronger than expectations of +0.3% m/m. Also, U.S. June housing starts rose +3.0% m/m to 1.353M, stronger than expectations of 1.300M, while U.S. building permits rose +3.4% m/m to 1.446M in June, stronger than expectations of 1.400M. In addition, U.S. June manufacturing production rose +0.4% m/m, stronger than expectations of +0.2% m/m.

Meanwhile, the Federal Reserve said Wednesday in its Beige Book survey of regional business contacts that the U.S. economy expanded at a modest pace heading into the third quarter, with several regions reporting flat or declining activity. The report also highlighted modest overall price increases, alongside slight growth in employment. Consumer spending was little changed. Nearly every district “mentioned retailers discounting items or price-sensitive consumers only purchasing essentials, trading down in quality, buying fewer items, or shopping around for the best deals,” the report said. Looking forward, businesses anticipated the slowing to persist. “Expectations for the future of the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation,” according to the Beige Book.

Fed Governor Christopher Waller said on Wednesday that the economy is nearing a point where the central bank can cut interest rates but noted he’d like to see a “bit more evidence” that inflation is on a sustained downward path. “While I don’t believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted,” Waller said. Also, New York Fed President John Williams remarked that inflation data in recent months has been encouraging, but he requires more evidence in the upcoming months to gain the confidence needed to reduce borrowing costs. In addition, Richmond Fed President Thomas Barkin stated that the Fed requires more evidence that the disinflation process is sustained before cutting interest rates.

U.S. rate futures have priced in a 4.7% chance of a 25 basis point rate cut at July’s monetary policy meeting and a 91.7% chance of a 25 basis point rate cut at the September meeting.

Second-quarter earnings season gathers steam, and investors await new reports from notable companies today, including Netflix, Abbott Laboratories , Blackstone , Intuitive Surgical , Marsh & McLennan Companies, Cintas, DR Horton, Domino’s Pizza, and KeyCorp .

On the economic data front, all eyes are focused on the U.S. Philadelphia Fed manufacturing index, set to be released in a couple of hours. Economists, on average, forecast that the July Philadelphia Fed manufacturing index will arrive at 2.7, compared to last month’s value of 1.3.

Also, investors will focus on U.S. Initial Jobless Claims data. Economists estimate this figure to stand at 229K, compared to last week’s number of 222K.

The U.S. Conference Board Leading Index will be reported today as well. Economists expect June’s figure to be -0.3% m/m, compared to the previous number of -0.5% m/m.

In addition, market participants will be anticipating speeches from Dallas Fed President Lorie Logan, San Francisco Fed President Mary Daly, and Fed Governor Michelle Bowman.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.187%, up +1.07%.

The Euro Stoxx 50 futures are up +0.16% this morning, ending a three-day losing streak, with investors awaiting the European Central Bank’s monetary policy decision later in the day. Automobile and energy stocks gained ground on Thursday, while technology stocks underperformed. Data from the Office for National Statistics published Thursday indicated that wage growth in the U.K. slowed in the three months to May, following months of significant rises, maintaining the possibility of an August interest rate cut by the Bank of England. Meanwhile, attention now turns to the interest rate decision from the ECB, due later in the session. While the ECB is anticipated to maintain interest rates unchanged, market participants will be monitoring President Christine Lagarde’s press conference for indications of potential further easing in the autumn following the initial cut in June. Most analysts foresee two additional quarter-point rate cuts this year, expected in September and December. In corporate news, Nokia Oyj slumped over -6% after the Finnish telecom equipment maker reported a 32% year-over-year decline in Q2 operating profit due to subdued demand for its 5G equipment. At the same time, Volvo Ab  rose about +5% after reporting a record Q2 core operating profit.

U.K.’s Average Earnings ex Bonus, U.K.’s Claimant Count Change, U.K.’s Employment Change 3M/3M, and U.K.’s Unemployment Rate were released today.

U.K. May Average Earnings ex Bonus arrived at 5.7%, in line with expectations.

U.K. June Claimant Count Change stood at 32.3K, weaker than expectations of 23.4K.

U.K. May Employment Change 3M/3M came in at 19K, stronger than expectations of 18K.

U.K. May Unemployment Rate was at 4.4%, in line with expectations.

Asian stock markets today settled mixed. China’s Shanghai Composite Index (SHCOMP) closed up +0.48%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -2.36%. 

China’s Shanghai Composite Index reversed opening losses and closed higher today as investors eagerly anticipated the official readout of the Third Plenum meeting, which is set to conclude later today. Telecommunication and consumer stocks outperformed on Thursday. At the same time, semiconductor stocks lost ground following a Bloomberg News report that the U.S. was considering stricter restrictions on exports of advanced semiconductor technology to China. Market participants are also concerned that China will play a significant role in Donald Trump’s foreign policy if he wins the U.S. presidential election. Meanwhile, investors are awaiting the results of China’s Third Plenum, the highly anticipated four-day closed-door meeting of its Communist Party’s Central Committee. Investors are optimistic about the high-level meeting, seeing it as a pivotal opportunity to tackle recent economic challenges. In a note, Everbright Securities’ analysts said they are anticipating the inclusion of “market-oriented reforms” of state-owned enterprises, which might involve divesting non-core businesses and enhancing dividend payouts, according to a South China Morning report. In corporate news, Hoymiles Power Electronics surged about +9% after securing Hunan Yingke Energy Storage Technology’s centralized procurement bid for a 241.5-megawatt integrated energy storage boost and converter.

Japan’s Nikkei 225 Stock Index closed sharply lower today. Chip-related stocks led the declines on Thursday, extending yesterday’s global sector sell-off following a Bloomberg News report that the Biden administration has informed allies it is contemplating using the most severe trade restrictions available if companies like Tokyo Electron and ASML Holding persist in providing China with access to advanced semiconductor technology. Ministry of Finance data released on Thursday indicated that Japan’s exports rose for a seventh consecutive month in June, supported by strong demand for chip-making machines, nonferrous metals, and plastics. At the same time, exports increased at the slowest pace in seven months. Also, data showed that Japan’s imports rose less than expected in June, marking the weakest rise in purchases since March. Meanwhile, Japan’s 10-year government bond yield climbed on Thursday, rebounding from a three-week low after Digital Minister Kono Taro told Bloomberg that he believes the Bank of Japan should raise interest rates again in July to bolster the yen. However, investors speculated that a sharp rally in the yen could provide the BOJ with enough room to postpone its second rate hike this year. The yen steadied following a recent surge, widely attributed to a round of purchasing by Japanese authorities. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed up +4.72% to 18.85.

The Japanese June Trade Balance has been reported at 224.0B yen, stronger than expectations of -240.0B yen.

The Japanese June Exports came in at +5.4% y/y, weaker than expectations of +6.4% y/y.

The Japanese June Imports arrived at +3.2% y/y, weaker than expectations of +9.3% y/y.

Chip stocks are moving higher in pre-market trading after the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing reported strong Q2 results and raised its full-year revenue growth forecast. As a result, Advanced Micro Devices is up more than +2%. Also, Applied Materials is up over +1%, and Nvidia  is up more than +2%.

Chuy’s Holdings surged about +47% in pre-market trading after Darden Restaurants agreed to acquire the company for $37.50 per share in an all-cash deal with an enterprise value of about $605 million.

Beyond Meat  plunged more than -12% in pre-market trading following a report from the Wall Street Journal that the company has begun discussions with a group of bondholders regarding a balance-sheet restructuring.

Doximity slid over -3% in pre-market trading after Wells Fargo downgraded the stock to Underweight from Equal Weight with a price target of $19.

CrowdStrike Holdings dropped about -2% in pre-market trading after Redburn Atlantic downgraded the stock to Sell from Neutral with a price target of $275.

PayPal Holdings fell more than -1% in pre-market trading after William Blair downgraded the stock to Market Perform from Outperform.