Oppenheimer says Coinbase is benefiting from crypto enthusiasm
15 minutes ago
Analysts said on Monday that enthusiasm for cryptocurrencies has been “through the roof” since President Donald Trump's re-election, which should drive Coinbase Global's (COIN) stock price higher.
Oppenheimer analysts today set a price target for the cryptocurrency exchange's stock at $358, more than 17% above Friday's closing price. That's one of the highest targets on Wall Street, well above the average of $273, according to data from Visible Alpha.
“Sentiment and momentum towards cryptocurrencies skyrocketed after Trump won the election and Republicans secured majorities in both houses of Congress,” Oppenheimer wrote. Regulations under President Biden and outgoing SEC Chairman Gary Gensler have “prevented the flow of new capital into the sector, causing many developers to pivot to other industries. has a chance to rebuild its reputation, and Coinbase is leading this new chapter.”
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Coinbase stock rose nearly 3% on Monday amid recent gains in the broader market. The stock is expected to rise about 80% in 2024, and post-election it will rank alongside Bitcoin (which was recently aiming for the $100,000 level, but has fallen in recent days) and other crypto assets. It's rising.
According to Oppenheimer, this situation is likely to continue as the Federal Reserve continues to lower interest rates and investor appetite for cryptocurrencies increases.
“Even though many people still have [a] Strong memories of the turmoil and bankruptcy in the virtual currency industry that occurred in 2022, and its scale [Coinbase] If there is a decline, we would argue that this is primarily due to the Fed's rapid interest rate hikes and people's misconceptions about cryptocurrencies,” Oppenheimer analysts wrote.
–David Marino Nachison
Supermicro stock has doubled in the past week
1 hour 38 minutes ago
Super Micro Computers (SMCI) stock soared again on Monday, as the beleaguered server maker continues to recover from turmoil.
The recent rally comes as partner and AI favorite Nvidia (NVDA) cited the filing of a compliance plan last Monday to avoid possible Nasdaq delisting, as well as the semiconductor maker's earnings call on Wednesday. This is in response to this.
The stock has nearly doubled since it began trading last week, but has been in decline for months on the back of accounting and corporate governance issues, including the resignation of the auditor and the failure of several financial reports. There was a delay in submission.
In recent trading, the stock price rose 12% to about $37.
Supermicro stocks fell below support earlier this month, then quickly reversed course and regained key technical levels. Such a move creates a potential bear trap, a chart event that induces investors to sell or short positions before the market rebounds and causes losses.
It's also worth pointing out that the above-average volume supports the stock's recent recovery, indicating strong buy conviction. Additionally, while the Relative Strength Index (RSI) has climbed above 50, confirming an improvement in momentum, it remains below overbought territory, leaving plenty of room for upside testing.
Read the full technical analysis for information on the stock's key resistance levels and support.
–timothy smith
Cassava plummets after Alzheimer's disease drug test disappointment
2 hours 45 minutes ago
Cassava Sciences (SAVA) stock is on fire after the biotech company says its experimental drug Cymefilam, aimed at treating Alzheimer's disease, failed to show “significant reduction in cognitive function or functional decline” during a Phase 3 trial of the treatment. The stock lost most of its value on Monday morning following the announcement. .
The drug is aimed at treating patients with mild to moderate Alzheimer's disease, which the Mayo Clinic says is the most common cause of dementia.
CEO Rick Barry said the failure of Simufilam's late-stage trial means the company will halt another late-stage trial and an open-label study of the drug. According to the National Cancer Institute, in open-label or open-label studies, both the health care provider and the patient are aware of the drug or treatment being used.
In September, the company agreed to a $40 million settlement with the Securities and Exchange Commission (SEC) for allegedly manipulating clinical trial data related to its Alzheimer's disease drug.
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Cassava stocks fell 85% late Monday morning, trading at a four-year low.
–Nisha Gopalan
Bath & Body Works stock soars on profits, outk
3 hours 45 minutes ago
Bath & Body Works (BBWI) stock rose Monday after the personal care retailer reported better-than-expected results, boosting strong store traffic, customer loyalty and optimism for the upcoming holiday season. It skyrocketed.
The eponymous store owner reported a third quarter Adjusted earnings per share (EPS) was $0.49 and revenue was $1.61 billion, an increase of 3.1%. Both exceeded expectations.
CEO Gina Boswell said Bath & Body Works is “leveraging an agile business model and primarily U.S.-based supply chain to weather a volatile retail environment and short holiday calendar.” I believe we are in a good position to do so.”
The company now expects full-year adjusted EPS to be in the range of $3.15 to $3.28, compared with its previous guidance of $3.06 to $3.26. Sales are now expected to decline by 1.7% to 2.5%, compared to the previous forecast of a 2.0% to 4.0% decline.
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Bath & Body Works stock has risen 18% in recent trading. Despite the big gains, the stock is still down more than 16% since the beginning of the year.
–Bill McCall
Macy's stock price falls after postponing earnings announcement
4 hours 26 minutes ago
Macy's (M) stock fell Monday morning after the company announced that its official third-quarter results would be postponed while it completes an independent investigation into accounting issues.
The company said that employees “erroneously recorded unpaid items to hide cumulative shipping costs of approximately $132 million to $154 million'' from the fourth quarter of 2021 to the third quarter of 2024. announced that it had been found.
Macy's said it discovered the shipping cost issue during the preparation of its financial report, which was originally scheduled to be released on Tuesday. Macy's announced that the employee who made the apparently intentional mistake is no longer with Macy's.
However, Macy's released preliminary third-quarter results on Monday. According to estimates compiled by Visible Alpha, sales fell more than 2% year-on-year to $4.74 billion, lower than analysts' expectations of $4.88 billion.
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Macy's stock is down about 4.5% in recent trading and is down about 23% so far in 2024.
–Aaron McDade
Bitcoin levels to watch as $100,000 remains in sight
6 hours ago
Bitcoin (BTCUSD) has seen some decline this morning, but is still on the precipice of topping the $100,000 mark for the first time.
The cryptocurrency hit a high of around $99,800 on Friday afternoon and was in recent trading at $97,500.
Since Donald Trump's decisive election victory on November 5, Bitcoin has rallied around 40% on expectations for a crypto-friendly government and Congress.
Cryptocurrency prices recently broke out of a pennant pattern, indicating a continuation of the strong bullish movement.
A bar pattern that repositions the trending price bar preceding the pennant from the pattern's upper trendline predicts a price target of approximately $118,000. Investors should keep an eye on key support levels near $93,000 and $70,000 on Bitcoin charts.
Read the full technical analysis here.
–timothy smith
Futures suggest gains in major indexes
6 hours 32 minutes ago
Futures, which track the Dow Jones Industrial Average, rose 0.7%.
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S&P 500 futures rose 0.5%.
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Nasdaq 100 futures also rose 0.5%.
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