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Tag Archives: surges
ImmunoGen surges after cancer drug study hits a ‘home run’ – Reuters
- ImmunoGen surges after cancer drug study hits a ‘home run’ Reuters
- ELAHERE® Demonstrates Overall Survival Benefit in the Phase 3 MIRASOL Trial in Patients with FRα-Positive Platinum-Resistant Ovarian Cancer Yahoo Finance
- ImmunoGen Touts Additional Positive Data From Ovarian Cancer Drug, Seeks Expanded Use Approval, Stock Soa Benzinga
- Why Is ImmunoGen (IMGN) Stock Up 125% Today? InvestorPlace
- ImmunoGen Touts Additional Positive Data From Ovarian Cancer Drug, Seeks Expanded Use Approval, Stock Soars Yahoo Finance
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Meme Stock: Ryan Cohen Pick GameStop Surges After Earnings On Short Squeeze. Are Meme Stocks A Buy Now? – Investor’s Business Daily
- Meme Stock: Ryan Cohen Pick GameStop Surges After Earnings On Short Squeeze. Are Meme Stocks A Buy Now? Investor’s Business Daily
- GameStop stock soars after retailer posts first quarterly profit in two years CNBC
- GameStop stock ‘volatility is still there’ while short positions have eased: Analyst Yahoo Finance
- Latest Stock Market News Today: Yellen vows bank support, First Republic stock in focus, Tesla shares jump, Nike and GameStop report quarterly earnings. | March 21, 2023 | Live Updates from Fox Business
- Stocks making the biggest moves premarket: GameStop, Luminar Technologies, Virgin Orbit & more CNBC
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EV maker Lucid surges on report Saudi PIF to buy remaining stake
Jan 27 (Reuters) – Lucid Group’s (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.
The speculation originated from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.
The PIF, the sovereign wealth fund that owns more than 65% of Newark, California-based Lucid, did not immediately respond to a request for comment. Lucid declined to comment.
In 2018, PIF was interested in taking Tesla private, but the deal did not materialize. Tesla chief Elon Musk is under trial for allegedly misleading investors with his tweet “funding secured” for taking the company private.
Lucid has been struggling to deliver its sleek Air luxury EVs after delivering 4,369 vehicles last year.
With Tesla’s price cuts, money-losing U.S. startups like Rivian Automotive Inc (RIVN.O) and Lucid will find it difficult to grab share in an industry competing for shrinking consumer wallets.
Lucid’s short interest as a percentage of its total float is around 37% versus only 3.5% for Tesla. Still, in dollar amounts, Lucid’s short interest totals $1.6 billion, versus $15.01 billion of Musk’s car maker.
Short sellers dealt a mark-to-market loss of $685 million with Lucid’s shares spike on Friday, analytics firm S3 Partners added. Losses, however, only materialize if short sellers close out their positions.
“With Lucid short sellers’ mark-to-market losses climbing, we should expect short covering to begin in earnest after today’s short-side blood bath,” said Ihor Dusaniwsky, managing director of S3, adding it has become a popular trading position.
One long-short fund manager who had no previous exposure to Lucid said it decided to short it as this person believes the spike was solely based on rumors.
Reporting by Carolina Mandl, in New York, Chavi Mehta in Bengaluru and Hyun Joo Jin; Editing by Maju Samuel and Josie Kao
Our Standards: The Thomson Reuters Trust Principles.
Wall Street surges, powered by tech rebound
NEW YORK, Jan 23 (Reuters) – Wall Street surged on Monday, led higher by technology stocks as investors embarked on an earnings-heavy week with a renewed enthusiasm for market leading momentum stocks that were battered last year.
All three major stock indexes extended Friday’s rally, gaining momentum as the day progressed. The tech-heavy Nasdaq was out front, boosted by a 4.9% jump in semiconductor shares (.SOX).
“This is a remarkable rally in many of the names that did badly last year,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “No one wants to be watching from the sideline with a bunch a cash as the market gets away from them.”
The session marks a calm before the storm in a week jam-packed with high profile earnings reports and back-end loaded with crucial economic data.
Investors are all but certain the Federal Reserve implement a bite-sized interest rate hike next week even as the U.S. central bank remains committed to taming the hottest inflationary cycle in decades.
Financial markets have priced in a 99.8% likelihood of a 25 basis point hike to the Fed funds target rate at the conclusion of its two-day monetary policy meeting next Wednesday, according to CME’s FedWatch tool.
The Dow Jones Industrial Average (.DJI) rose 328.17 points, or 0.98%, to 33,703.66, the S&P 500 (.SPX) gained 55.93 points, or 1.41%, to 4,028.54 and the Nasdaq Composite (.IXIC) added 232.84 points, or 2.09%, to 11,373.28.
All 11 major sectors in the S&P 500 were higher, with tech (.SPLRCT) up the most, jumping 2.8%.
Fourth-quarter reporting season has shifted into overdrive, with 57 of the companies in the S&P 500 having posted results. Of those, 63% have delivered better than expected earnings, according to Refinitiv.
Analysts now see S&P 500 fourth quarter earnings, on aggregate, dropping 3% year-on-year, nearly twice as steep as the 1.6% annual drop seen at the beginning of the year, per Refinitiv.
This week, Microsoft Corp (MSFT.O) and Tesla Inc , along with a spate of heavy-hitting industrials including Boeing CO (BA.N), 3M Co (MMM.N), Union Pacific Corp (UNP.N) Dow Inc (DOW.N), Northrop Grumman Corp (NOC.N), are expected to post quarterly results.
Tesla Inc (TSLA.O) surged 7.8% as Chief Executive Elon Musk took the stand in his fraud trial related to a tweet saying he had backing to take the electric automaker private.
Baker Hughes Co (BKR.O) missed quarterly profit estimates due to inflation pressures and ongoing disruptions due to Russia’s war on Ukraine. The oilfield services company’s shares were off 0.9%.
Cloud-based software firm Salesforce Inc (CRM.N) jumped 3.1% following news that activist investor Elliot Management Corp has taken a multi-billion dollar stake in the company.
Spotify Technology SA (SPOT.N) joined the growing list of tech-related companies to announce impending job cuts, shedding 6% of its workforce as rising interest rates and the looming possibility of recession continue to pressure growth stocks. The music streaming company’s shares rose 2.1%.
On the economic front, the Commerce Department is expected to unveil its initial “advance” take on fourth-quarter GDP in Thursday, which analysts expect to land at 2.5%.
On Friday, the wide-ranging personal consumption expenditures (PCE) report is due to shed light on consumer spending, income growth, and crucially, inflation.
Advancing issues outnumbered declining ones on the NYSE by a 3.53-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored advancers.
The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 66 new highs and 14 new lows.
Reporting by Stephen Culp; Additional reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru
Editing by Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
Bitcoin Surges Above $21K, Ethereum, Dogecoin Rally Intact — Analyst Says This ‘Could Awaken Some Dormant Long-Term Bulls’
Major coins traded green on Sunday buoyed by renewed investor confidence that the Federal Reserve is managing inflation successfully without pushing the economy into recession.
| Cryptocurrency | Gains (% in 24 hours) | Price (Recorded 8:32pm EST) |
|---|---|---|
| Bitcoin | +2% | $21,118.80 |
| Ethereum | +2.7% | $1,564.75 |
| Dogecoin | +2.4 | $0.08 |
What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptos continue to surge in weekend trading, recorded at 8:32 p.m. EST.
| Top Gainers (24 hours) | Gains | Price |
|---|---|---|
| Frax Share | +26.1% | $8.45 |
| Decentraland | +20.2% | $0.70 |
| Celo | +19.6% | $0.74 |
Bitcoin has been on a remarkable run this year, trading at $21,118 – up a staggering 25% over the course of the year, primarily due to its meteoric rise since last Tuesday, when it was just above the $17,400 mark. Ether followed a similar pattern to Bitcoin this weekend, surging to a two-month high of $1,550 before falling slightly. ETH was trading at $1,564, at the time of writing.
Meme cryptocurrency Dogecoin DOGE/USD was trading at $0.08, struggling to reach $0.10, up 2.38% in the last 24 hours.
US Equity Markets will be closed on Monday in observance of Martin Luther King Jr. Day—a holiday honoring the late revered civil rights activist. Before trading closed on Friday, major indexes advanced slightly. Technology-heavy indices such as the Nasdaq and S&P 500, which has a strong technology component, recorded gains of over 5% and 4%, respectively.
See More: Best Crypto Day Trading Strategies
“Unless we hear some strong hawkish pushback from the Fed or if commodity prices surge, crypto traders should not be surprised if Bitcoin is able to extend its recent gains. The $18,500 level was critical resistance for Bitcoin and if it can stay above that level over the next few sessions, that could awaken some dormant long-term bulls,” said Edward Moya, Senior Market Analyst at OANDA, in a note seen by Benzinga on Friday.
Crypto analyst Michaël van de Poppe is patiently awaiting for BTC to reach $21,299 before dropping to $20,586. In a recent graph, Poppe tweeted, that the trend of the coming months is still up, with altcoins gathering more volume to be traded. He commented that when a further short squeeze occurs, it will be time for the longs to be punished.
Despite the naysayers, crypto analyst ‘Kaleo’ stands firm in his prediction that ETH will reach the $2500 level.
Read Next: Crypto Analyst Issues Bitcoin, Ethereum Warning After BTC Explodes Over $20K: ‘There’s A Problem For Bulls’
Bitcoin Surges on Inflation Tailwinds, Hovers Near $21K
Ether followed a similar pattern to bitcoin, continuing its late-week momentum into Saturday to hit a two-month high before falling slightly. ETH was recently changing hands above $1,550, approximately where it stood same time, a day earlier. Other major cryptos were mixed with some rising a couple of percentage points and others dropping, although FTT, the token of embattled crypto exchange FTX, recently jumped 35% to trade just over $2. Seven months ago, FTT was trading over $35. SOL, the token of the Solana blockchain, which has been rallying over the past few weeks despite its intertwining with the FTX debacle, fell back about 5%.
Bitcoin Surges Above $21,000 Amid Optimism Around Inflation, FTX
(Bloomberg) — Bitcoin surged over $21,000 on Saturday amid optimism that it may have bottomed and inflation may have peaked.
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The largest cryptocurrency rose as much as 7.5% to $21,299. It hadn’t been above $20,000 since Nov. 8, and Saturday marked its 11th straight day advancing. Second-largest Ether surged as much as 9.7%, and other tokens like Cardano and Dogecoin also notched solid gains. The overall market cap of the crypto universe rose above $1 trillion for the first time since early November, according to data from CoinGecko.
The gains came amid a report on consumer prices last week that showed inflation declining in January from December levels. The Federal Reserve is on track to downshift to smaller interest-rate increases following that further cooling, though it’s likely to keep hiking until price pressures show more definitive signs of slowing. That’s helped boost risk assets like the Nasdaq 100 stock index, which has gained for six straight days.
“Cryptoassets performed well following the soft CPI print, suggesting that crypto’s correlation to macro is not going away anytime soon,” said Sean Farrell, head of digital asset strategy at Fundstrat. “This week’s follow-through in price action is certainly encouraging,” and barring any forced liquidations from troubled crypto company DCG “there is a high probability that the absolute bottom is in for crypto prices.”
The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before this latest breakout. The upward moves have caught shorts by surprise — crypto short liquidations have topped $100 million in five of the past six days, according to data from Coinglass. Saturday’s total was the highest, topping $296 million.
“Declining CPI coupled with the announcement that the FTX liquidators have recovered $5 billion in liquid assets have given crypto markets plenty of factors to forget the macro picture, which is still bearish,” Hayden Hughes, chief executive officer of social-trading platform Alpha Impact, said in a message Saturday. “Markets have plenty of positive momentum heading into the next FOMC meeting later this month.”
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Bitcoin Surges Past $20K, Erasing Post-FTX Losses
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Bitcoin surges above $18K to cap 8-day winning streak
Bitcoin (BTC) has clocked eight straight days of increasing prices and has surged back above $18,000 for the first time since mid-December.
The cryptocurrency hadn’t recorded such a prolonged winning streak since July 2021, at the height of the COVID-19 pandemic.
Over the last seven days, the price of BTC has increased nearly 8%, with a 4.1% surge in the last 24 hours at the time of writing.
Cointelegraph analysts predicted on Jan. 11 that Bitcoin could rally to $18,000 and that its upward price movement put pressure on $275 million worth of weekly options expiring Jan. 13 with bets placed at $16,500 and lower.
Hedge fund Moskovski Capital’s CEO, Lex Moskovski, tweeted an image on Jan. 11 showing $86 million worth of Bitcoin shorts were “getting smoked royally.”
Shorts are getting smoked royally.
$86M in the last 4h. pic.twitter.com/hNPwn4C53M
— Lex Moskovski (@mskvsk) January 11, 2023
BTC’s price fell nearly 65% over 2022. The wider crypto market also faced headwinds resulting from numerous bankruptcies and collapses in the space in the same year including crypto exchange FTX, the second-largest exchange at the time of its bankruptcy.
It seems that #Bitcoin likes to remind us that it doesn’t give a shit about exchanges, investor letters, open letters, and ponzi schemes: pic.twitter.com/OfmmdWeUvz
— Andrew (@AP_Abacus) January 12, 2023
On Jan. 11, FTX said it had recovered $5 billion in cash and cryptocurrencies which it may sell in order to repay its creditors, a move that some say could form a bullish narrative if FTX customers are repaid.
yup my sense is that is and always has been the best recovery scenario for customers. I think that them being made substantially whole is a real possibility; I think we were possibly a few weeks away from getting there in November. (US is solvent, should make everyone whole.)
— SBF (@SBF_FTX) January 12, 2023
The exchange also found a number of cryptocurrencies it says will be harder to sell as the markets for those assets are illiquid.
Related: From Bernie Madoff to Bankman-Fried: Bitcoin maximalists have been validated
However, some have urged caution on the price, saying a BTC price rally is typical before the release of United States Consumer Price Index (CPI) data.
Never fails. This is third pre-cpi ramps.
— Bill Noble (@crypto_noble) January 12, 2023
CPI data is due on Jan. 12 and many seemingly expect it to show that inflation is dwindling and the Federal Reserve may pump the brakes on hiking interest rates.
The sentiment has also seen the price of stocks rally, with the S&P 500 up 4% over the past five days, according to Google Finance.
U.S. Treasury yields have also seen a slight fall recently, according to Bloomberg data.