Coinbase Benefits From Crypto Enthusiasm, Oppenheimer Says
1 hr 13 min ago
Enthusiasm for cryptocurrency has gone “through the roof” since the re-election of President Donald Trump, analysts said Monday, which should lift shares of Coinbase Global (COIN).
Oppenheimer analysts earlier today set a price target on the crypto exchange’s shares of $358, more than 17% above Friday’s close. That’s one of the higher targets on Wall Street, according to Visible Alpha data, well ahead of the average of $273.
“The sentiment and momentum for crypto has gone through the roof after Trump won the election and Republicans secured the majority of both House and Senate,” Oppenheimer wrote. Regulation under President Biden and outgoing SEC Chair Gary Gensler “had deterred new capital going into this space, and many developers had pivoted to other industries. But the industry has a chance to rebuild the reputation, and Coinbase is leading this new chapter.”
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Shares of Coinbase recently were up almost 3% Monday as broader markets rose. The stock is up some 80% in 2024, rising post-election alongside bitcoin—which recently flirted with the $100,000 level, though it has pulled back in recent days—and other crypto assets.
That could continue, according to Oppenheimer, with the Federal Reserve expected to continue cutting interest rates and investor appetite for crypto increasing.
“While many people still have [a] strong memory of the chaos and bankruptcy for crypto industry back in 2022, and how much [Coinbase] had declined, we would argue that it was primarily driven by the Fed’s rapid rate hike and people misunderstanding crypto,” Oppenheimer analysts wrote.
Supermicro Stock Price Has Doubled Over Past Week
2 hr 36 min ago
Super Micro Computer (SMCI) shares soared again Monday as the embattled server maker continues rebounding from a turbulent stretch.
The recent gains follow the filing of a compliance plan last Monday to avoid a potential Nasdaq delisting, as well as a mention from partner and AI favorite Nvidia (NVDA) in the chipmaker’s earnings call on Wednesday.
The stock, which has nearly doubled since the start of trading last week, had slumped for several months amid accounting and corporate governance issues that, in part, led to the resignation of the company’s auditor and delayed filing of several financial reports.
The stock was up 12% at around $37 in recent trading.
Supermicro shares broke down below support earlier this month before promptly reversing direction to reclaim the key technical level. Such a move creates a potential bear trap, a chart event that lures investors into selling or opening a short position before the market rebounds to cause a loss.
It’s also worth pointing out that above-average trading volume has backed the stock’s recent recovery, indicating strong buying conviction. Moreover, the relative strength index (RSI) has crossed above 50 to confirm improving momentum, but sits below overbought territory, giving the price ample room to test higher prices.
Read the full technical analysis piece for information on key levels of resistance and support for the stock.
Cassava Plummets on Alzheimer’s Drug Test Disappointment
3 hr 43 min ago
Cassava Sciences (SAVA) shares lost most of their value Monday morning after the biotech firm said its experimental Simufilam drug—aimed at treating Alzheimer’s disease—failed to show a “significant reduction in cognitive or functional decline” during the Phase 3 trial of the treatment.
The drug was aimed at treating patients with mild-to-moderate Alzheimer’s, which the Mayo Clinic describes as the most common cause of dementia.
CEO Rick Barry said that the failure of the late-stage trial for Simufilam means that the company would discontinue another late-stage study and open-label study of the drug. An open-label or nonblinded study is where both the health providers and the patients are aware of the drug or treatment being given, according to the National Cancer Institute.
The company in September agreed to a $40 million settlement with the Securities and Exchange Commission (SEC) over charges that it manipulated clinical trial data related to its Alzheimer’s disease drug.
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Cassava shares were down 85% and trading at a four-year low late Monday morning.
Bath & Body Works Stock Soars on Earnings, Outook
4 hr 42 min ago
Bath & Body Works (BBWI) shares skyrocketed Monday after the personal care items retailer posted better-than-expected results and boosted its outlook on strong store traffic, customer loyalty and optimism about the upcoming holiday season.
The owner of its namesake locations reported third-quarter adjusted earnings per share (EPS) of $0.49, with revenue up 3.1% to $1.61 billion. Both exceeded forecasts.
CEO Gina Boswell said Bath & Body Works was “capitalizing on our agile business model and predominantly U.S.-based supply chain, and we believe we are well-positioned to navigate a volatile retail environment and shorter holiday calendar.”
The company now sees full-year adjusted EPS of $3.15 to $3.28, compared to its earlier guidance of $3.06 to $3.26. It predicts revenue to decline 1.7% to 2.5%, versus the previous expectation of a drop of 2.0% to 4.0%.
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Bath & Body Works shares were up 18% in recent trading. Despite the big gain, the stock is still down more than 16% since the start of the year.
Macy’s Stock Slides as Company Delays Earnings Report
5 hr 24 min ago
Macy’s (M) shares fell Monday morning after the retailer said its official third-quarter results would be delayed so that an independent investigation into an accounting issue can be completed.
The company said that it discovered that an employee had made “erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses” from the fourth quarter of fiscal 2021 through the third quarter of 2024.
Macy’s said it found the issue with delivery expenses while preparing the earnings report, which was originally set to be released Tuesday. It said the employee responsible for the seemingly intentional error is no longer with Macy’s.
Macy’s did, however, release preliminary results for the third quarter on Monday. It said revenue declined just over 2% year-over-year to $4.74 billion, below the $4.88 billion analysts had expected, according to estimates compiled by Visible Alpha.
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Macy’s shares were down about 4.5% in recent trading and is now down about 23% since the start of 2024.
Bitcoin Levels to Watch as $100K Remains in Sight
6 hr 57 min ago
Bitcoin (BTCUSD) has given up some ground this morning but still sits on the precipice of surpassing the $100,000 mark for the first time.
The cryptocurrency was at $97,500 in recent trading, after hitting a high around $99,800 on Friday afternoon.
Since Donald Trump’s decisive election victory on Nov. 5, Bitcoin has surged around 40% amid expectations of a crypto-friendly administration and Congress.
The cryptocurrency’s price has recently broken out from a pennant pattern, signaling a continuation of its strong bullish move.
A bars pattern, which takes the trending price bars that preceded the pennant and repositions them from the pattern’s top trendline, projects a price target of around $118,000. Investors should watch important support levels on Bitcoin’s chart around $93,000 and $70,000.
Read the full technical analysis here.
Futures Point to Higher Open for Major indexes
7 hr 30 min ago
Futures tied to the Dow Jones Industrial Average were up 0.7%.
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S&P 500 futures were up 0.5%.
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Nasdaq 100 futures were also up 0.5%.
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