Tuesday's market recap

On Tuesday, there was a flurry of activity with General Electric splitting into three public companies, MasterCard set to launch crypto-based and New relic shares spiked 35% following release of its 2nd quarter results.

General Electric splitting into three public companies

In the equity space, General Electric Company revealed plans to split into three separate public firms. The release said that it will spin off the health segment by 2023, with the energy division expected to become an independent public entity by early 2024. The third entity will be a pure-play aviation firm.

New Relic beats Q2 earnings and revenue estimates.

New Relic Inc. shares surged 35% after it topped Q2 revenue estimates by reporting sales of $195.69 million relative to estimates of $181.9 million. In addition, the company reported a better than the anticipated loss of $0.10 per share, beating estimates of $0.13 per share. For the third quarter, the company expects revenue of $198 million to $202 million and loss per share of $0.15 to $0.18.

MasterCard to launch crypto-backed cards in the Asia Pacific

Cryptocurrency adoption is also growing in the mainstream sector, with companies such as MasterCard Corp revealing that it was exploring opportunities in the crypto sector earlier this year.

Recently, MasterCard revealed that it would launch its cryptocurrency solutions in the Asia Pacific region. The company will allow merchants and consumers to apply for cryptocurrency-backed debit, credit, and prepaid cards. The cards allow users to convert crypto to fiat and can be used in 210 jurisdictions.

Apple is not ready to invest in crypto

Despite the growing adoption of crypto, there are some that have been adamant about embracing the new payment form. For instance, Apple Inc. is not ready to use corporate funds in acquiring crypto despite its CEO Tim Cook confirming that he holds crypto.

Cook said he wouldn’t invest corporate funds in crypto because investors are not buying Apple stock to get crypto exposure. He added that the iPhone maker is keeping up to date with the industry, but there are no immediate plans to invest in cryptocurrencies. Currently, Apple Store allows cryptocurrency wallets but doesn’t permit mining apps.