Bitcoin's 'Death Cross', GM's aggressive EV push, Spielberg signs deal with Netflix

Yahoo Finance’s Jared Blikre reports on the day's trending tickers.

Video transcript

KRISTIN MYERS: Well, let's turn to Yahoo Finance's Jared Blikre for a look at some of the trending tickers. Jared, let's start with Bitcoin. Not a ticker per se, but let's start with the digital currency. Of course, we've seen Bitcoin taking a leg lower after some headlines out about crackdowns in China.

JARED BLIKRE: Yeah, and it was not the greatest weekend for Bitcoin. Not a stock admittedly, but I think it's telling that we're beginning with the show kicking that off. A nice day for stocks, by the way. We can get to some of those in a little bit. But I want to go to the YFi Interactive because I'm looking at some price action over the weekend that was not too constructive. This is a year to date chart. Well, let's look at actually down to Bitcoin here. And there we go. This is that breakout top that we saw [INAUDIBLE]. And here we are, resting at about 30,000 to 32,000, that potential support.

But I'll tell you what. We just got a death cross. And what that is, you take the 200-day moving average, and we're going to plot that. You can see it's been acting as a resistance here. And then we're going to plot the 50-day moving average. You can see that one's a lot more tighter. But you can see it's been in play as well. And when it crosses below the 200-day moving average, as it is here, it's called a death cross. And it tends to lead to more downside price action.

I will say in the short term, over the next few days, it could be a contrary signal. So we might get a little bounce up. But if you take this down to a two-month chart here, probably going to be pretty difficult to get out of the $40,000 to $45,000 price level here for Bitcoin.

Before we go on to the next, I just want to show Dogecoin as well. And here's our crypto heat map that I'm going to pull up. Doge has been selling off. And the joke coin off 24% over the last 24 hours, hovering around the 27 line. So some of these alt coins seeing some weakness as well.

ALEXIS CHRISTOFOROUS: All right, I want to switch gears and talk a little autos. Because I know there's a bullish analyst note out about GM and Volkswagen and how they're aggressively making a push into EVs. What can you tell us?

JARED BLIKRE: That's right. It's on the entire EV industry, and Ford as well-- I'll put them in there. But GM and Volkswagen is the center of this analyst report. And those stocks have been outperforming other stocks like Tesla in the industry. So here's what Bank of America is saying. For the overall industry in terms of nameplate offerings by powertrain type, internal combustion engine is still dominant. We know that. But it's still that the lead is shrinking.

So they're saying that EVs now occupy the second position as a result of focused product efforts. And while hybrids still account for a little over a quarter of the powertrain offerings, they appear to be shrinking in relevancy. And that's because the ICE vehicles, Internal Combustion Engines, they're becoming close to parity when it comes to cost with respect to EVs. Also, they say that startup electric vehicle makers may make some headway as well. And they're talking about the pipeline of standalone EV names expected over the four-year period to also reflect some of the results of the newer industry entrants. This would be Rivian, Lucid, Fisker, Lordstown, the new Arrival.

And so while a lot of these companies are trying to beat Tesla or replicate their success, the analyst is writing, while a few may be successful, we note the competitive environment is fierce among incumbents and entrants. And we know some of those names have been hit harder than others recently, like Lordstown Motors. But let's pull up a chart of GM here before I get the next ticker. And you can see year to date, still down about 10%, but bouncing off those May lows.

KRISTIN MYERS: All right, Jared, talk to us about a really interesting deal that is happening between Steven Spielberg and his production company and Netflix.

JARED BLIKRE: That's right. He's coming to Netflix. In fact, he's already been there. They had a partnership last year for "The Trial of the Chicago Seven" and also a biopic on Leonard Bernstein that hasn't been released. It's still in post-production. But this is a new deal. And it's going to be a multi-year agreement. And they're seeking more hits. And they want to attract subscribers.

As we know, Netflix stock not reacting today, at least to the upside. It's down about 1%. You can see year to date, it's still been hugging those lows that it's hit several times over the last year. And if you take a look at a one-year chart, still looking pretty choppy. It got a really nice boost you'll remember early in the pandemic. And then it's just been flagging sideways. So maybe you need a little bit more of a catalyst here for Netflix. But one of my all-time favorite direct-- I got to say, coming to Netflix is going to be really interesting. I love his movies.

ALEXIS CHRISTOFOROUS: They are definitely tying up all the big names, Netflix, you know, in an effort to stay competi--