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Things seem to have taken a turn lower in the crypto market, but bitcoin offers a glimmer of hope and Wolfe Research is defending its long view of the asset. The crypto market continues to struggle from low volume and liquidity that have dragged on for most of the year. "That changed this week with Monday seeing over $105 million in crypto liquidations, and the equal weight crypto index we track breaking down in turn," Wolfe Research's Rob Ginsberg said in a note Wednesday. On top of that, Treasury yields remain high amid stubbornly high inflation and uncertainty around the Israel-Hamas war. Crypto stocks are also trading down, but may be finding support now, according to Wolfe.
Persons: Wolfe, Rob Ginsberg, Bitcoin, bitcoin, it's, Ginsberg, — CNBC's Michael Bloom Organizations: Wolfe Research, BTC, ETF Locations: bitcoin, Israel
Plug Power — The battery stock added nearly 6% after the company projected a sharp rise in revenue by 2027 to roughly $6 billion, according to a regulatory filing. DaVita , Novo Nordisk — Shares of the dialysis services provider sank 15% on the news of Ozempic's effectiveness in Novo Nordisk's kidney disease treatment study. Exxon Mobil, Pioneer Natural Resources – Shares of Exxon Mobil were lower by more than 1% premarket after the company agreed to buy Pioneer for nearly $60 billion, or $253 per share, in an all-stock merger. Meanwhile, Pioneer shares rose 2.5%. CSX — Shares added nearly 2% after an upgrade to overweight from JPMorgan.
Persons: Michael Feniger, Raymond James, Humana, Bruce Broussard, Sherwin, Williams, Heidi G, Petz, David Risinger, Macheel, Pia Singh, Michelle Fox Organizations: Mobil, Bank of America, Novo Nordisk —, Novo Nordisk, Exxon Mobil, Natural, Exxon, CSX, JPMorgan, Leerink Partners Locations: Los Angeles , California, Novo
A report out Wednesday argues that the price of the ethereum cryptocurrency may eventually climb as high as $35,000. "Layer 2 scaling solutions … are likely to grow in importance over time, particularly as architecture upgrades expected in early 2024 sharply lower fees on these platforms. ETH.CM= 1Y mountain Ether (ETH) over the past year That valuation assumes future use cases and revenue streams that may not exist yet, Kendrick noted. He highlighted gaming and tokenization of real-world assets as the next big use cases for the network. Standard Chartered expects "significant developments on these fronts by 2025-26," Kendrick said.
Persons: ethereum, Geoff Kendrick, Kendrick, — CNBC's Michael Bloom Organizations: Chartered, ETH Locations: Solana, Cardano, London
Solar companies — Shares of solar companies rallied Tuesday, putting the Invesco Solar ETF (TAN) on pace for its best day since March 21. The defense and aerospace companies rose Monday after the Israel-Hamas war began over the weekend. Rivian — Shares of the electric vehicle manufacturer rose more than 5% after UBS upgraded the stock to buy from neutral. Block — Shares added 5.5% after Bank of America reiterated its buy rating on the payments stock. Unity Software — The video game software company added 3.2%.
Persons: Skechers, SolarEdge, Hannon Armstrong, Baird, Rivian, Joseph Spak, Semafor, Jason Kupferberg, efruxifermin, John Riccitiello, James Whitehurst, Davidson, — CNBC's Pia Singh, Tanaya Macheel, Jesse Pound, Michelle Fox, Lisa Kailai Han, Samantha Subin Organizations: UBS, Palantir Technologies, U.S . Army, PepsiCo, LSEG, Sustainability, Bank of America, Electronic Arts, EA's FIFA, Technologies, Northrop Grumman, Hamas, Truist, Therapeutics, Unity Software, Unity, Arm, Deutsche Bank, JPMorgan, Arm Holdings Locations: Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCaroline Ellison testifies Sam Bankman-Fried directed her to commit crimes: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kyla Curley of StoneTurn discusses the impact of Sam Bankman-Fried's trial on the industry.
Persons: Caroline Ellison, Sam Bankman, Fried, explainers, Kyla Curley, StoneTurn Organizations: CNBC Crypto, CNBC
Why Paul Tudor Jones is still bullish on bitcoin
  + stars: | 2023-10-10 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
Paul Tudor Jones says bitcoin along with gold are looking more attractive these days given the "cataclysmic" fiscal situation in the U.S., likelihood of a recession and new geopolitical turmoil abroad. So yeah, I like bitcoin and I like gold right here." BTC.CM= YTD mountain Bitcoin is having a strong year despite being stuck in a narrow range. Jones began buying bitcoin in 2020 as a hedge against inflation, comparing it at the time to the gold trade in the 1970s. Earlier this year, Jones told CNBC he still holds a small amount of bitcoin and "will always stick with it as a small diversification," praising it as "the only thing humans can't adjust the supply in."
Persons: Paul Tudor Jones, … we've, Jones, bitcoin Organizations: Tudor Investment, CNBC Locations: U.S, Israel, United States, Ukraine, Turkey
An Exxon gas station sign is seen on October 06, 2023 in the Brooklyn borough of New York City. The Wall Street firm said the software stock is at an attractive entry point after its recent pullback. Exxon Mobil , Chevron , Occidental Petroleum — Energy stocks popped as oil prices rallied following the Hamas attack on Israel over the weekend. Blue Owl Capital — Shares of the investment company dropped 2.6% after Oppenheimer downgraded Blue Owl Capital to perform from outperform. Lockheed Martin — The aerospace and defense company saw shares rise about 4.5% in premarket trading following the surprise attack on Israel by Palestinian militant group Hamas over the weekend.
Persons: Walt, Nelson Peltz's, Trian's, Trian, Saket Kalia, Oppenheimer, Bristol Myers, Tesla, Lockheed Martin, — CNBC's Brian Evans, Lisa Kailai Han, Fred Imbert, Hakyung Kim, Yun Li, Tanaya Macheel, Pia Singh Organizations: Exxon, Walt Disney —, Street Journal, Management, JPMorgan, Spotify Technology, Barclays, Oracle, ISI, Exxon Mobil, Occidental Petroleum — Energy, Chevron, Occidental, Owl, Mirati Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Lockheed, Hamas Locations: Brooklyn, New York City, Chevron, Israel, China, Palestinian
Spotify — Shares of the music streaming service company fell 2.5% after Redburn Atlantic downgraded the streaming giant to neutral from buy. Tesla — The automaker's stock fell 2.3% in Monday trading upon news that the company's year-over-year sales declined 10.9% in China last month, according to data from the China Passenger Car Association. Oil stocks — Energy stocks soared following the escalation of the Israel-Hamas conflict over the weekend. Airline stocks — On a broader level, airline names were down after several major airlines suspended service to Israel following this weekend's attacks. United Airlines slid 5.3%, while Delta Air Lines and American Airlines shed 4.5% and 5.3%, respectively.
Persons: Elizabeth, Saket Kalia, Bristol Myers, Tesla, Baird, — Datadog, Hess, Northrop Grumman, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound Organizations: General Dynamics Corp, Spotify, Atlantic, Amazon, Barclays, Therapeutics, Bristol, Bristol Myers Squibb, China Passenger Car Association, Motorola Solutions, Motorola, Bank of America, — Energy, Halliburton, CF Industries, Defense, L3Harris Technologies, General Dynamics, Airline, United Airlines, Delta Air Lines, American Airlines Locations: NASSCO, Norfolk , Virginia, China, Israel, Palestine
Markets could remain under pressure through the end of the year, and high dividend stocks are one option to help investors through the uncertainty, according to Morgan Stanley. Investors are also assessing pressures on the market driven by the surprise attack on Israel by Palestinian militant group Hamas over the weekend. To play another potential breakdown in the market, Morgan Stanley highlighted several dividend stocks that combine yield (how much a company pays out in dividends each year), dividend growth (how much that dividend grows over a period of time) and stability, and that look attractive on a three- to five-year basis. Morgan Stanley projects yields of 9.6% for Energy Transfer in 2024 and 9.9% for MPLX, a master limited partnership created out of Marathon Petroleum that operates crude oil and refined product pipelines. The bank's preference in tobacco is Philip Morris , whose 2024 dividend yield could be 5.5%, according to Morgan Stanley.
Persons: Morgan Stanley, Mike Wilson, Wilson, Philip Morris, they're, Hess, Morgan Stanley's, — CNBC's Michael Bloom Organizations: Hamas, Energy, Marathon Petroleum, Procter & Gamble, Colgate, Palmolive, Financial, Verizon Locations: Israel, Palestinian
Meanwhile, ether is heading for a losing week even after ether futures ETFs began trading, which was expected to be a positive catalyst for the cryptocurrency and digital assets broadly. That represents about 0.2% of the trading volume of bitcoin futures ETFs on their first day of trading, he added. Bitcoin and ether, the "blue chip" coins in the crypto market, are widely seen as high-risk and notoriously volatile assets that sometimes move in tandem with the broader market. Many crypto investors take a longer view on them, however, and may still see them as safe havens. While one group may be concerned that their prices have been stuck this year, the other sees them as resilient in the face of U.S. regulatory uncertainty and rising rates.
Persons: Crypto, Conor Ryder, , there's, Ryder, David Wells Organizations: Dow Jones, Ethena Labs, ETH, Enclave Markets
Check out the companies making the biggest moves in premarket trading:Pioneer Natural Resources — The energy stock soared nearly 10% in premarket trading after The Wall Street Journal reported Pioneer was close to reaching a deal to be bought by Exxon Mobil for about $60 billion. Levi Strauss — The denim apparel maker shed 1.3% after cutting its full-year sales forecast. Apellis Pharmaceuticals — Shares of the biopharmaceutical company rose 5.5% after Apellis reported growing sales for its Syfovre drug in August. Aehr Test Systems — Shares fell more than 11% despite Aehr Test Systems reporting an earnings and revenue beat for its first quarter. Frontline — The shipping stock shed 4.8% in premarket trading after Euronav said its second shareholder, Compagnie Maritime Belge, would acquire Frontline's shares in Euronav for $18.43 per share.
Persons: Levi Strauss, Philips —, ResMed, Tesla, Euronav, Macheel, Jesse Pound Organizations: Resources, Street Journal, Exxon Mobil, Exxon, Philips, U.S . Food, Drug Administration, FDA, U.S, Apellis Pharmaceuticals, JPMorgan, Aehr, Systems, Compagnie Maritime Belge Locations: Dutch, U.S, Euronav
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Gary Wang tells court Alameda got 'special privileges' to exchange's funds: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Tuchmann, former federal prosecutor and partner at Wiggin and Dana, discusses possible defense strategies for Sam Bankman-Fried.
Persons: Gary Wang, Alameda, explainers, Paul Tuchmann, Wiggin, Dana, Sam Bankman Organizations: CNBC Crypto, CNBC
Bitcoin and gold are "critical hedges" against the potential for monetary policy that reduces the value of currency, as well as the return of inflation, Jefferies says. Wood emphasized that investments in both bitcoin and gold should be viewed by investors as insurance rather than short-term trades. Jefferies recommends a 10% allocation to bitcoin for U.S. dollar-based long-term global investors, such as pension funds. Alongside physical gold and unhedged gold mining stocks and Asia equities, Jefferies has added bitcoin to this global portfolio in the past couple of years. This year, the firm introduced a global long-only equity portfolio that includes a 3% weighing in the Grayscale Bitcoin Trust (GBTC) .
Persons: Jefferies, Christopher Wood, Wood, bitcoin, — CNBC's Michael Bloom Organizations: Federal Reserve, Jefferies, U.S, Signature Bank, Silicon Valley Bank, First Republic Bank Locations: U.S, bitcoin, Asia
Rivian said it anticipates revenue to range between $1.29 billion and $1.33 billion, versus the $1.3 billion forecast by analysts polled by LSEG, formerly known as Refinitiv. Clorox — Shares dropped 7.7% on Thursday, one day after the product maker offered worse fiscal first-quarter guidance than analysts polled by FactSet expected. Oculis — Shares rose 3.4% after Stifel initiated coverage of the biopharma company with a buy rating and $35 target price. Johnson & Johnson — Shares of the health-care giant added 0.8% in midday trading after RBC initiated company coverage with an outperform rating. Instacart — Instacart fell 2.9% after Bernstein initiated coverage of the company at a market perform rating, noting that increased competition challenged the delivery company's strong digital advertising business.
Persons: Rivian, Clorox, FactSet, Kyowa Kirin, Vestis, Oculis, Wedbush, Shagun Singh, Lamb Weston — Lamb Weston, Tom Werner, Instacart — Instacart, Bernstein, — CNBC's Brian Evans, Alex Harring, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh, Samantha Subin, Michelle Fox Theobald Organizations: Rivian, Rivian Automotive, LSEG, Exxon Mobil —, UWM Holdings, BTIG, Orchard Therapeutics, Kyowa, Redburn, JPMorgan, Carrier, Bank of America, Johnson, RBC, Constellation Locations: Aramark, Europe
Mizuho is lowering its revenue estimates for Coinbase following a seasonally weak quarter that was further pressured by low trading volumes. Mizuho maintained an underweight investment opinion on Coinbase shares as well as a $27 price target, which is about 62% below their current price. "We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue." According to Mizuho, average daily trading volumes on the Coinbase platform were about $1 billion in the second quarter. As a result, Mizuho knocked down its revenue estimate for the quarter to $609 million from $652 million.
Persons: Mizuho, Dan Dolev, — CNBC's Michael Bloom Organizations: Mizuho Locations: Mizuho
In the final quarter of the year, bitcoin is likely to see continued chop and although there's room for some upside, it may be limited. Despite this, it remains on pace for an 11% decline in the third quarter, historically a weaker quarter for the cryptocurrency. Meanwhile, holding a non-yielding asset like gold or bitcoin could become "less interesting" as rates go higher, Amberdata's Magadini said. There's a significant crowd on both sides, Cox said – "that's why bitcoin is up 60% in a year when the Fed has hiked interest rates so aggressively." The answer to that depends on interest rates, which will probably stay high."
Persons: Bitcoin, bitcoin, Greg Magadini, Rob Ginsberg, wouldn't, haven't, Callie Cox, That's, Amberdata's Magadini, Cox Organizations: SEC, , Wolfe Research, Fed
Bitcoin has long perplexed investors with its ability to act as both a store of value and a high risk asset, but Wolfe Research says it's worth owning either way and to lean into the nuance. "A question we have often asked is whether BTC should be treated more like a risk asset or a storage of value such as Gold. "Bitcoin is highly correlated to small caps, a risk asset. That said however, bitcoin only rallied this spring thanks to the banking scare, which saw investors flee to the 'safety' of the coin," he added. Though bitcoin was initially designed to be digital cash and an alternative financial system, it spent much of 2022 trading like a speculative asset.
Persons: Bitcoin, Wolfe, It's, Rob Ginsberg, bitcoin, Ginsberg, — CNBC's Michael Bloom Organizations: BTC, Silicon Valley Bank, Signature Bank Locations: Silicon, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Chase UK bank to block crypto transactions over scam fears: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Andy Bromberg of Beam discusses the latest in crypto prices and payments.
Persons: JPMorgan's, explainers, Andy Bromberg, Beam Organizations: CNBC Crypto, CNBC
If you think crypto is dead, think again, says Bernstein's digital assets analyst. However, Bernstein says the crypto industry is alive and well — even if the price isn't reflecting that. Circuit sided with crypto investment giant Grayscale against the SEC, which had denied the company's application to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. BlackRock , Fidelity , Franklin Templeton and Invesco are among the largest names attempting to launch bitcoin ETFs. There are applications for eight bitcoin ETFs, three ether ETFs and 15 ether futures ETFs.
Persons: Bernstein, Crypto, Gautam Chhugani, Joe, Franklin Templeton, Chhugani, — CNBC's Michael Bloom Organizations: Blackrock, U.S . Securities, Exchange, U.S, Appeals, SEC, Fidelity, Visa, PayPal Locations: BlackRock
Zegna has an impressive growth story within the luxury sector, and recent underperformance in the stock offers an attractive opportunity for investors, according to Bank of America. The firm upgraded the menswear designer's shares to buy from neutral Monday and increased its price target to $16.50, implying more than 20% upside from its Friday closing price. "We see one of the fastest earnings growth profiles and profitability improvement for Zegna in our Italian coverage," Bank of America analyst Ashley Wallace said in a note. Bank of America estimates sales densities may already be at a 35% improvement from 2021 and more than halfway toward the company's mid-term guidance, Wallace said. "Category transition into leisurewear is proving to be successful as the company sees traffic, conversion and average purchase value all contributing to growth."
Persons: Zegna, Ashley Wallace, Wallace, Tom Ford, Michael Bloom Organizations: Bank of America
Tokenizing real-world assets on a blockchain is one of the buzziest topics of the year, and this time it isn't just coming from financial incumbents like Citi, JPMorgan and Northern Trust, it's coming from crypto native players, too. As the world of crypto becomes more connected to the broader financial market, the appetite for tokenizing real-world assets, or RWA, is coming from smaller participants as well. Kraken Ventures' Stuti Pandey said since tokenization's last hype cycle, RWAs have benefited from changes in economics, technology and credibility. "Over the past few years, interest rates have been very depressed and that has favored very high growth, high risk assets," she said. Now that rates are down, it's actually these real-world assets that have interesting yield."
Persons: blockchains, RWA, Maria Shen, MakerDAO, Shen, That's, Stuti Pandey, it's Organizations: Citi, JPMorgan, Northern Trust, Electric Capital, CNBC, Kraken Ventures
The Federal Reserve's hold on the bitcoin price may be back in play following the central bank's latest policy update. However, unlike the March and June rallies that followed oversold conditions, bitcoin has been trading sideways since its last major drop . "That's when the Fed pivots and that's when you see a violent rotation back into risk." If bitcoin breaks above $28,000, it could continue to as high as $32,000 in the short term, Ginsberg said. If bitcoin takes out the $25,000 support level, it could fall further still to between $20,000 and $21,000, according to Ginsberg.
Persons: bitcoin, Rob Ginsberg, Ginsberg, it's Organizations: Wolfe Research, CNBC, Federal Reserve
AstraZeneca — Shares of the British pharmaceutical company gained more than 2.7% in premarket trading after the company reported positive results for its drug Dato-DXd in a trial for treating a common type of breast cancer. Wayfair — Shares gained more than 2% after Bernstein upgraded home merchandiser to market perform from underperform. Chinese e-commerce stocks — U.S. listed shares of Alibaba and PDD Holdings added nearly 4% in premarket trading, while JD.com rose 3.3%. Arm Holdings — Shares of the chip designer added 1.3% during premarket trading. Yeti — Shares gained about 3% in the premarket.
Persons: Bernstein, Canaccord Genuity, Wells, Ralph Lauren —, Raymond James, Rick Patel, Jefferies, — CNBC's Pia Singh, Sarah Min, Samantha Subin, Tanaya Macheel, Brian Evans, Michelle Fox Organizations: AstraZeneca, AstraZeneca —, U.S, PDD Holdings, Bloomberg, Seagen, Deere, Susquehanna, Communications Locations: COVID, Smithfield, Sydney, DXd, Alibaba, China, drinkware
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises, posting its third week of back-to-back gains: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World's Tanaya Macheel sits down with crypto experts to get the latest on tokenization, stablecoin adoption, and more.
Persons: explainers, Crypto, Macheel Organizations: CNBC Crypto, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin sinks below $27,000 after Fed signals keeping rates higher for longer: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Chen Arad, co-founder and chief external affairs officer of Solidus Labs, breaks down the findings of the digital asset security startup's latest crypto market manipulation report on wash trading activity.
Persons: explainers, Chen Arad Organizations: CNBC Crypto, CNBC, Solidus Labs
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