Bitcoin, Boeing, Burberry, TripAdvisor, and Moderna
Bitcoin rose on Friday after US president Donald Trump signed an executive order to advance his promised measures for the cryptocurrency sector.
The president signed the order on Thursday, outlining plans that include the potential creation of a strategic bitcoin reserve and the establishment of new regulations for the crypto space.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our nation’s international leadership,” the order stated.
Trump had pledged such measures during his campaign, with venture capitalist David Sacks and the president’s crypto and artificial intelligence czar overseeing the signing in the Oval Office.
The focus of the efforts will be on developing technology and rules for the domestic growth of crypto, according to the order.
A new working group will also be established to explore the possibility of a national digital asset stockpile, which could include cryptocurrencies lawfully seized by the federal government.
The order also includes provisions to protect developers and miners, ensuring that individuals and private-sector firms using blockchain networks are shielded from “persecution.”
Shares in Boeing fell nearly 2% in pre-market trading after the US aerospace giant warned it expected a fourth-quarter loss of around $4bn (£3.2bn), closing a year plagued by production quality issues, tougher regulatory oversight, supply chain disruptions, and a debilitating strike by West Coast factory workers.
The company forecast a loss of $5.46 per share for the quarter, significantly exceeding analysts’ average estimate of a $1.84 per share loss, according to data from LSEG. Boeing also projected quarterly revenue of $15.2bn, well below analysts’ expectations of $16.27bn.
New chief executive Kelly Ortberg said that while Boeing faced “near-term challenges, we took important steps to stabilise our business during the quarter”.
“Our team remains focused on the hard work ahead to build a new future for Boeing,” he added.
Citi analysts reacted by adjusting their outlook on Boeing stock, slightly reducing their price target from $209.00 to $207.00. However, they maintained a Buy rating.
Shares in Burberry surged by 14% as it reported a shallower-than-expected dip in quarterly sales, marking the first signs of its new efforts to revitalise the brand.
The British luxury fashion house, which has been affected by a global slowdown in demand for high-end goods, said comparable store sales fell 4% in the quarter, well below analyst expectations of a 12.8% drop.
The most significant sales declines were seen in Asia, with mainland China down 7%, the South Asia Pacific region falling 19%, and South Korea dropping 12%. Japan bucked the trend, with sales rising 4%.
Despite the challenges, the company expects its second-half results to broadly offset an adjusted operating loss of £41m reported in the first half of its financial year.
The fashion house, founded in England in 1856, launched a £40m cost-cutting programme in November after sinking into a loss.
In an update to shareholders on Friday, Burberry said the turnaround plan was already starting to pay off.
Joshua Schulman, Burberry’s chief executive since July 2023, said the company had “moved at pace to advance our strategy to reignite brand desire” with targeted advertising campaigns in New York, following the refurbishment of its flagship store on 57th Street.
“The acceleration of our core categories reinforces our belief that Burberry has the most opportunity where we have the most authenticity and that our strategic plan will deliver sustainable, profitable growth over time,” said Schulman, who previously led Coach and Jimmy Choo.
“However, we recognise that it is still very early in our transformation and there remains much to do,” he added.
Tripadvisor’s stock saw a modest movement in pre-market trading on Friday, following a 14% surge in Thursday’s session.
The boost came after a regulatory filing from Liberty TripAdvisor Holdings, a subsidiary of the online travel app company, revealed that a third party, referred to as Party 7, had expressed a “non-binding indication” of interest in acquiring all outstanding shares of Tripadvisor’s capital stock.
The filing detailed that Tripadvisor’s special committee had reviewed Party 7’s proposal but deemed it inadequate, ultimately deciding not to pursue the offer. Despite this, the market responded positively, speculating that a higher bid might be forthcoming.
The Liberty TripAdvisor Board directed its management team to seek waivers from Tripadvisor to facilitate discussions with Party 7 regarding a potential acquisition. However, the Tripadvisor special committee later clarified that engaging with Party 7 or granting the requested waivers was not in the best interests of Tripadvisor or its shareholders.
Moderna saw a slight 2% uptick in pre-market trading, building on a 10.1% jump in Thursday’s session, after securing a $590m funding boost from the US government to accelerate the development of its mRNA-based bird flu vaccine. This brings total government support for the initiative to over $766m.
The funding will help Moderna speed up the development of an mRNA vaccine targeting the H5N1 avian flu strain, currently circulating in birds and livestock, and will also allow for the expansion of clinical trials to support the potential use of mRNA technology against other flu strains with pandemic potential.
In a statement, Moderna said the funding will support the expansion of clinical studies “for up to five additional subtypes of pandemic influenza.” The company is already preparing for Phase 3 trials, positioning itself as a leader in the race to deliver next-generation flu vaccines.
This latest round of support follows a previous $176m award from the US government in July 2024 to help fast-track the development of an mRNA-based bird flu vaccine.
