Crypto Stocks Fall After False Announcement of Bitcoin ETF Approval
In premarket trading, stocks that provide exposure to bitcoin experienced a decline in parallel with the cryptocurrency’s price. This came after the Securities and Exchange Commission (SEC) X account was briefly compromised and posted a false announcement stating that a bitcoin exchange-traded fund (ETF) had been approved. As a result, popular crypto exchange Coinbase and bitcoin proxy Microstrategy both saw their stock prices drop by approximately 3% before the market opened. Mining stocks were also down across the board, with CleanSpark, Riot Platforms, and Marathon all experiencing losses.
Howmet Aerospace Sees Stock Rise on Bullish Wall Street Calls
Howmet Aerospace’s stock increased by 1.8% following two positive recommendations from Wall Street analysts. Bernstein named the stock as a top pick in the aerospace industry, noting that higher prices and strong guidance for commercial aircraft production would benefit the company. Additionally, Truist upgraded Howmet Aerospace from hold to buy, citing its high quality as an original equipment manufacturer in commercial aerospace.
Lennar Raises Dividend and Announces Stock Buyback
Homebuilder Lennar saw a 2.1% increase in its stock price after raising its annual dividend by 50 cents per share to $2. The company also announced plans to repurchase up to $5 billion of its own stock.
Intuitive Surgical Reports Strong Q4 Revenue
Medical stock Intuitive Surgical experienced a 4.9% rally after releasing a preliminary fourth-quarter revenue report of $1.93 billion. This figure surpassed analysts’ consensus estimate of $1.87 billion. The company also reported a 21% increase in procedures using its da Vinci systems compared to the previous year.
TG Therapeutics Surges on Positive Revenue Outlook
Biopharmaceutical company TG Therapeutics saw its stock jump by 11.7% after providing preliminary net product revenue projections for its multiple sclerosis treatment. The company expects around $40 million in revenue for Q4 2023 and $89 million for the full year. Furthermore, TG Therapeutics anticipates net revenue from the treatment to range between $41 million and $46 million for Q1 2024, and between $220 million and $260 million for the full year.
Bloom Energy Receives Upgrade from Baird
Shares of Bloom Energy increased by 4.3% following an upgrade to outperform by Baird. The firm believes that the company can benefit from positive catalysts such as lower costs, manufacturing improvements, and announcements related to electrolyzer sales.
Chesapeake Utilities Rises on RBC Upgrade
Utility stock Chesapeake Utilities rose by 1% after receiving an upgrade to outperform from RBC. The financial institution expressed confidence in Chesapeake’s management and their ability to deliver results based on their successful track record with mergers and acquisitions.
Etsy Downgraded by Goldman Sachs
Shares of e-commerce platform Etsy declined by 2% following a downgrade from Goldman Sachs. The firm cited a weak consumer discretionary spending environment as the reason for the downgrade.
Toast Receives Upgrade from Goldman Sachs
Restaurant-focused technology stock Toast climbed 3.5% after receiving an upgrade to buy from Goldman Sachs. The investment bank believes that the market has not fully accounted for expected profitability improvements this year.
Mister Car Wash Receives Overweight Rating from Wells Fargo
Shares of Mister Car Wash traded up by 1.8% after Wells Fargo initiated coverage of the stock with an overweight rating. The firm praised the company’s business model and highlighted that shares are currently at an attractive entry point.
Hot Take: Mixed Performance Among Stocks
In premarket trading, crypto stocks experienced a decline following a false announcement about the approval of a bitcoin ETF. On the positive side, Howmet Aerospace received bullish recommendations from Wall Street analysts, Lennar raised its dividend and announced a stock buyback, and Intuitive Surgical reported strong fourth-quarter revenue. TG Therapeutics also saw a surge in its stock price due to positive revenue projections for its multiple sclerosis treatment. Conversely, Etsy was downgraded by Goldman Sachs, while Toast and Mister Car Wash received upgrades from the same investment bank. Overall, it was a mixed performance among stocks in premarket trading.
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