It's finally Friday.
Well, if we're being honest, it's been a really short work week for me so perhaps I'm not feeling the same Friday exuberance as others, but emotions aside: The weekend is here.
And that means that you can take a break from thinking about the 300 point slide on the Dow into the close.
So before we relax, let's take a look at some stocks in the market.
Oh, Lord: Lordstown
I feel like this has been a slow burn for a couple of months now, with firewood gradually being fed to the fire.
The slow burn here is that Lordstown just confirmed the probe, but it had been previously reported--weeks ago--by The Wall Street Journal and CNBC.
Per The Wall Street Journal, "In a regulatory filing Thursday, the company said it had been informed by the U.S. attorney’s office in Manhattan of its investigation, which follows one initiated by the U.S. Securities and Exchange Commission."
Let's take a step back in time here.
I remember, back in March, when we heard about the SEC probe into orders. It was back when I was co-hosting TheStreet Live and Jim Cramer and I discussed his thoughts on Lordstown.
And if you missed it, Cramer discussed the Lordstown CEO coming on Mad Money and talking about his orders back in March.
The reason why I bring this up is because there was a lot of back and forth in my mentions on Twitter at that time: some truly believed that former CEO Steve Burns was careful to disclose that the pre-orders, or reservations, that the company had received were not done deals. Burns's exact wording was 'serious orders' on CNBC.
And those who were more inclined to agree with the Hindenburg short report on the company--at the time--found fault in the wording used by the former CEO. As, for that matter, did Cramer.
Burns defense, in March, was, "I don't think anybody thought that we had actual orders."
He then resigned in June.
“We thank Steve Burns for his passion and commitment to the company,” the company said in a statement when it was announced that Burns would be stepping down.
But, under new leadership and multiple probes, what's next for the company?
That question--as multi-faceted as it is--is why I'm closely eyeing this stock and it'll remain pretty high on my watchlist for the next couple of months
Especially since we're waiting on its electric truck...
Well, that and the fact that this stock has dropped to $8 a share from its 52-week high of $32 a share.
So, do you think this stock can bounce back?
Jack Dorsey's Next Big Bet
The company is looking to create a new business that will be dedicated to decentralized financial services aka DeFi. The focus of the said business will be Bitcoin.
"Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services," Dorsey tweeted on Thursday.
Dorsey clarified that the business is looking to be different than its current Square crypto and that it "“will be focused on creating a platform business, and will open-source our work along the way.”
This comes after Dorsey even said that he would leave Twitter or Square--he's CEO of both companies--for Bitcoin.
As the skeptical journalist that I am, I'd like to see how this business is going to be different and more of a plan for it, which I'm sure we'll get in due time.
However, with the rise of popularity in the crypto space as a whole, I watch any new players in this space with genuine curiosity.
And, to Keep Things Lighthearted:
Okay, my colleague, Anuz Thapa was responsible for bringing this story to my attention and writing as well as producing this story so he truly gets all of the credit here, but I wanted to end this week on a more lighthearted note.
So, I give you: Dogecan.
No, that's not a typo.
Axe is teasing Dogecan on July 20.
And shout out to the social media team here. They even have one of the founders of Dogecoin interacting with them on Twitter.
Anyway, check out Thapa's full story here.