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CNBC Pro screened to find the stocks that have moved most in line with bitcoin over the last 50 trading days. We looked at the relationship between the stocks and the flagship crypto over that period, as well as the average rolling correlation over the same time period. Here are the top seven names with the highest rolling correlations: The stocks with the highest correlations should come as no surprise. Further down the list, the connections between the stocks and bitcoin are less immediately clear. The electric vehicle maker has a rolling correlation of 0.31, clinching the sixth spot on the screen.
Persons: bitcoin, QuantumScape, FactSet Organizations: CNBC Pro, Marathon, Riot
"We initiate coverage on Regeneron with an Outperform rating and $1,125 price target." Canaccord reiterates MicroStrategy as buy Canaccord raised its price target on the crypto company to $1,810 per share from $975. "We are initiating coverage of The New York Times with a Buy rating and a $52 target price. "DG – Upgrading to Neutral Raising Price Target to $158." "We are initiating coverage of Central Garden & Pet ( CENT) with a BUY rating and $52 price target."
Persons: Bernstein, Morgan Stanley, Tesla, it's, optionality, Canaccord, Goldman Sachs, PDD, Goldman, Jefferies, underperform Jefferies, Raymond James, underperform Raymond James, Argus, Evercore, William Blair, Goldman Sacks Organizations: Citi, New York Times, Nike, JPMorgan, RBC, Bank of America, Apple, Oracle, Central, FedEx, Macquarie, Sony Locations: China
Core CPI, excluding food and energy prices, was up 3.8% year over year versus 3.7% expected but below January's 3.9%. RBC initiates DexCom with an outperform rating and $165 price target. JPMorgan upgrades Dollar General to neutral from underweight (hold from sell) and hikes price target to $158 per share from $120. The analysts keep an overweight buy-equivalent on Dollar Tree and increase price target to $165 from $157 ahead of earnings this week. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Evercore, Raymond James, Mike Roman, William Brown, Jim Cramer's, Jim Cramer, Jim Organizations: CPI, Treasury, Oracle, Apple, underperform, Southwest Airlines, Boeing, Max, RBC, Abbott Laboratories, JPMorgan, Jim Cramer's Charitable, CNBC
(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. An online car seller and a crypto trading platform were in focus on Tuesday's analyst chatter. Carvana shares are up more than 47% this year, soaring after the company topped fourth-quarter profit estimates. Until ETP flows taper and/or reverse, we suspect the stock's current momentum may persist," analyst Patrick O'Shaughnessy wrote. COIN YTD mountain COIN year to date Coinbase shares received a boost from the ETF excitement, rising more than 40% year to date, as bitcoin climbs to record highs .
Persons: Coinbase, Raymond James ., Jason Bazinet, Bazinet, — Pia Singh, Jefferies, Carvana, John Colantuoni, Carvana hasn't, Raymond James, Patrick O'Shaughnessy, ETP, O'Shaughnessy, — Fred Imbert Organizations: CNBC, underperform, Jefferies, Citi, New York Times, Citi Research, Bazinet , New York Times Locations: Bazinet ,, underperform, Monday's
Corporate executives at major companies have sold stock in their own companies in March as the stock market hits new record highs. Zuckerberg's moves appear to be part of a 10b5-1 stock sale plan adopted last summer. An even larger stock sale came from Michael Dell, the CEO and namesake of Dell Technologies . The tech founder has filed a Form 144 to sell 7 million shares, so more transactions could be coming, according to VerityData. Dell shares have soared more than 50% this year on optimism the AI boom will lead to a replenishment of servers and PCs.
Persons: Mark Zuckerberg, Michael Dell, Alesia Haas, Zuckerberg, Haas, Troendle, William Hickey III, James Walter, TechnipFMC, Douglas Pferdehirt, William Meaney Organizations: Facebook, Dell Technologies, Dell, Medpace Holdings Locations: , 10b5
Bitcoin’s Winning Streak Continues
  + stars: | 2024-03-12 | by ( Ephrat Livni | More About Ephrat Livni | ) www.nytimes.com   time to read: +1 min
The price of Bitcoin hovered around $72,000 on Tuesday, extending a rally that has helped mint a new crop of crypto billionaires. The cryptocurrency has climbed by more than 50 percent since the Securities and Exchange Commission approved the first Bitcoin exchange traded funds in January, bringing a wave of mainstream investors into crypto trading. Coinbase, a Nasdaq-listed crypto exchange, has seen its stock surge alongside Bitcoin this year. It said in its suit that the agency has shirked its responsibility to write clear rules on how the industry should operate. A panel of judges agreed that the agency acted arbitrarily, a ruling that paved the way for the approval in January of new Bitcoin funds.
Organizations: Securities and Exchange Commission, Nasdaq
Oracle — Shares added 1.6% ahead of the software giant's fiscal third-quarter earnings report due after the bell. Analysts polled by FactSet are expecting earnings per share of $1.38 and revenue of $13.29 billion. New York Community Bancorp — The regional bank stock dropped 4.8%, extending losses after Friday's more than 6% drop. Moderna — The stock jumped more than 8% in midday trading, putting it on track for its biggest one-day gain since December. Duolingo — Shares rose 3.6% after JPMorgan initiated coverage of the online learning platform with an overweight rating, forecasting "premium" revenue growth that could substantially drive up Duolingo's valuation.
Persons: FactSet, Lam, Coinbase, Microstrategy, Jefferies, Eli Lilly, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Pia Singh Organizations: Oracle, Nvidia, Semiconductor, Lam Research, New York Community Bancorp, Moderna, P Biotech, Xcel Energy, Barclays, JPMorgan, PDD Holdings
Crypto stocks — Stocks connected to cryptocurrencies rose as Bitcoin hit a fresh record high and topped $71,000. PDD Holdings — U.S.-listed shares of the Chinese ecommerce company added 4.5% following an upgrade by Jefferies to buy. Duolingo — Duolingo shares rose more than 1% after JPMorgan initiated coverage of the online learning platform with an overweight rating, citing expectations for "premium" revenue growth. Xcel Energy ­— Xcel Energy shares added‎ about 2%. New York Community Bancorp — Shares of the regional bank ticked up 1% in premarket trading.
Persons: Jefferies, Duolingo, Oppenheimer, Gamble —, , Jesse Pound, Michelle Fox Organizations: PDD Holdings —, Jefferies, JPMorgan, Energy, Xcel Energy, Barclays, Nvidia, New York Community Bancorp, Netflix, Procter, Gamble, Truist Locations: Temu, China
Cathie Wood's outlook for Nvidia is slower growth, weaker demand, and fiercer competition. Wood has cut her exposure to Nvidia as she believes the market's hopes may be overblown. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementCathie Wood has sounded the alarm on Nvidia, warning its spectacular growth is likely to slow, and comparing its stock surge to Cisco during the dot-com bubble. Indeed, Nvidia stock has soared almost 90% this year, boosting the company's market capitalization to more than $2 trillion.
Persons: Wood, , Cathie Wood, hasn't, Tesla, Jensen Huang, Sam Yeh Organizations: Nvidia, Ark, Service, Cisco, Ark Invest, Oracle, AMD, Getty, Apple Locations: AFP
On Tuesday bitcoin reached a new intraday record , for the first time since November 2021, of $69,210. It had been pushing higher for weeks – it's up 55% over the past month – and tumbled shortly after notching the new high. Bitcoin was last higher by 6% at $66,315.19, according to Coin Metrics, while ether rocketed more than 11% to $3,785.76, its highest level since January 2022. Cryptocurrencies bounced on Wednesday, recovering much of the losses from the previous day's sell-off, which came soon after bitcoin hit an all-time high. When traders use leverage to short bitcoin and the cryptocurrency's price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated.
Persons: bitcoin, , Bitcoin, Cryptocurrencies, David Wells, Binance, Shiba, Microstrategy Organizations: Metrics, Solana, Marathon Digital, CNBC PRO
Foot Locker — Shares tumbled about 9.7% after the sneaker retailer posted a holiday-quarter loss and provided weak guidance for the current year. CrowdStrike's adjusted earnings of 95 cents per share surpassed an LSEG consensus estimate of 82 cents per share. The firm's $845 million in revenue was also higher than the estimated $839 million. That's higher than analysts' calls for $1.65 per share on revenue of $5.81 billion, according to LSEG. Box — The stock added 2.9% after matching fourth-quarter revenue expectations, according to LSEG.
Persons: Foot, CrowdStrike, Palantir, ChargePoint, FactSet, Ross, Bitcoin, Nordstrom, , Jesse Pound, Michelle Fox Theobald Organizations: , U.S . Army, Tactical Intelligence, Ross, OpenAI, Nordstrom
JD.com — The Chinese e-commerce platform surged nearly 19% after posting a quarterly revenue increase. Thor Industries — Shares plunged 11% after the recreational vehicle maker posted quarterly revenue that disappointed expectations. In its second quarter, Thor Industries reported revenue of $2.21 billion, weaker than the FactSet consensus estimate of $2.27 billion. Box posted fourth-quarter earnings of 42 cents per share, topping the forecast 38 cents in earnings per share from analysts polled by LSEG. Wall Street firms HSBC and Deutsche Bank upgraded Target to buy after the earnings results.
Persons: CrowdStrike, JD.com, Nordstrom, Morgan Stanley, Locker, HashiCorp, LSEG, Couchbase, Bitcoin, Ether, ChargePoint, Wolfe, Brown, Forman —, Forman, Jack Daniel's, Adam Jonas, Tesla, Fitch, — CNBC's Michelle Fox, Lisa Kailai Han, Hakyung Kim, Pia Singh, Samantha Subin Organizations: Management, Nordstrom, New York Community Bancorp, Reuters, Wall, Bank, — Bank, PNC Financial Services, Northern Trust, T Bank, Thor Industries, FactSet, ChargePoint Holdings, LSEG, OpenAI, , U.S . Army, Tactical Intelligence, Wall Street, HSBC, Deutsche Bank, Target, Argus, Abercrombie, Fitch, Tech Locations: FactSet ., LSEG .
Bitcoin charged to new highs on Tuesday, but then retreated about 14%, sending a scare into the market. I've been following the bitcoin story for 10 years now, opened my first Coinbase account back in 2014 and bought bitcoin at $330. Are tech stocks — like semiconductors — acting as a leading indicator for bitcoin, signaling a sustained move through the highs? Higher rates and a higher dollar put downward pressure on U.S. tech stocks and bitcoin due to their positive correlation demonstrated above. As a result, tech stocks and Bitcoin are rallying.
Persons: Bitcoin, I've, Jerome Powell, Powell, bitcoin, It's, Gordon, GBTC Organizations: Nvidia, VanEck Semiconductor, BTC, Nasdaq, U.S ., Financial Services, Treasury, U.S, Elliott Locations: bitcoin
Start with the arrival of bitcoin exchange traded funds, which is often pointed to as one of the sparks of the crypto rebound. IBIT 1M mountain Bitcoin ETFs, like iShares' IBIT, have surged over the past month as the cryptocurrency has raced to a new record high. MSTR 1M mountain Shares of Microstrategy are outperforming bitcoin over the past month. Stock Chart Icon Stock chart icon Bitcoin ETFs, like iShares' IBIT, have surged over the past month as the cryptocurrency has raced to a new record high. Stock Chart Icon Stock chart icon Shares of Microstrategy are outperforming bitcoin over the past month.
Persons: Kenneth Worthington, It's, cryptocurrencies Organizations: Fidelity, Bitcoin, JPMorgan, Marathon, Getty
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what drove bitcoin's climb to a new all-time high above $69,000: 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, David Duong, head of institutional research at Coinbase, discusses what drove bitcoin's rally to a fresh record and whether the market is positioned for a steep correction.
Persons: explainers, David Duong Organizations: CNBC Crypto, CNBC
Super Micro Computer , Deckers Outdoor — Shares of Super Micro Computer and Deckers Outdoor jumped 12% and 5%, respectively, after S & P Dow Jones Indices said Friday the two companies would be added to the S & P 500 later this month. They will replace Whirlpool and Zion Bancorp, which will move to the S & P MidCap 400 index as of the March 18 open. Macy's — Macy's stock skyrocketed nearly 17% after Arkhouse Management upped its buyout offer for the department store chain to $24 from $21 a share, or about $6.6 billion. Crypto stocks – Companies whose performance is tied to the price of bitcoin rose in premarket trading after the cryptocurrency touched another two-year high . Spirit AeroSystems , Boeing — Shares of the fuselage maker rose nearly 3%.
Persons: Dow, CleanSpark, AeroSystems, Lyft, Morgan Stanley, Li Auto, Piper Sandler, Brian Mullan, — CNBC's Lisa Han, Fred Imbert, Tanaya, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: Micro Computer, Dow Jones, Whirlpool, Zion Bancorp, Arkhouse Management, Apple, European Commission, Marathon, Iris Energy, RBC, Boeing —, Boeing, Max, , Citi, Li Auto, Li, Mobile
Bitcoin tops $65,000 as it nears 2021 all-time high
  + stars: | 2024-03-04 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
Earlier, it rose to as much as $65,658.10, its highest level since November 2021. The price of bitcoin rose to start the week, edging even closer to its all-time high after the rally took a breather over the weekend. "What we're seeing today ... might well be a rerun of early last week when bitcoin surged $10,000 in the space of a couple of days. Investors have been extra eager to see bitcoin approach its all-time high. Nevertheless, long-term investors are confident that the combination of increasing demand for bitcoin through the new U.S. exchange-traded funds and a tighter supply expected after the April halving event will push the price of bitcoin to a new all-time high.
Persons: bitcoin, cryptocurrency, Antoni Trenchev, Crypto, David Duong, Dogecoin, Shiba, CleanSpark Organizations: Metrics, Nasdaq, Marathon Digital, Iris Energy
Super Micro Computer , Deckers Outdoor — The technology firm and athletic footwear designer respectively popped 27% and nearly 3% after S & P Dow Jones Indices announced Friday that the two stocks would be added to the S & P 500 on March 18. Super Micro Computer and Deckers Outdoor will replace Zions Bancorpation and Whirlpool , which will move to the S & P MidCap 400 Index. Macy's — Shares skyrocketed 16% after Arkhouse Management said it and Brigade Capital Management have raised their offer for the department store . DoorDash — Shares jumped more than 5% after RBC upgraded the food delivery company to outperform from sector perform. Lyft — The ride-sharing platform added 6% after RBC upgraded the stock to an outperform rating from sector perform.
Persons: Dow, Zions, , Lyft, Morgan Stanley, Li, Piper Sandler, Ford, CNBC's Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Yun Li, Jesse Pound, Samantha Subin Organizations: Micro Computer, Dow Jones, Whirlpool, Arkhouse Management, Brigade Capital Management, Apple, European, Miners, Marathon Digital, Cipher Mining, Iris Energy, RBC, Kyverna Therapeutics, Wells, JPMorgan, Ferrari —, Citi, Li Auto, Dutch Bros, American Airlines —, Max Locations: Wells Fargo
With bitcoin on a hot streak this past week, investors should brace themselves for a cooling in March. "But cash inflows into spot bitcoin ETFs are accelerating, and that seems to have been overpowering those technical signals." Although Bitcoin traded above $62,000 to end the week, it's realized price was down at the $42,000 level, according to CryptoQuant. CryptoQuant also showed the cost of opening new long positions in the futures market spiked in the recent rally, which historically signals a coming correction in the bitcoin price. Ether, however, has ended the month higher in six of the last eight March's since its inception, with an average gain on the month of 25%.
Persons: Yuya Hasegawa, Hasegawa, Julio Moreno, Bitcoin, it's, bitcoin, CryptoQuant, David Duong, Duong, Michael Bloom Organizations: JPMorgan, CNBC, Federal, New York Community Bancorp Locations: New York
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSimpler Trading's Danielle Shay talks how to trade crypto and bitcoin ETFsDanielle Shay, Simper Trading’s vice president of options, joins 'The Exchange' to discuss how to trade bitcoin, the ProShares Bitcoin Strategy ETF, Coinbase, and Riot Platforms.
Persons: Danielle Shay, Simper
Michael Saylor, chairman and CEO of MicroStrategy, speaks during the Bitcoin 2022 conference in Miami on April 7, 2022. While the long-term safety of bitcoin may still be up for debate, Saylor's strategy has been a hugely lucrative one, particularly this week. Add it up and Saylor is about $700 million richer than he was on Sunday. Between Saylor's MicroStrategy control and his bitcoin, his holdings climbed to $2.96 billion in value on Wednesday from $2.27 billion at the start of the week. The company said on Monday that it acquired an additional 3,000 bitcoins for a total of $155 million between Feb. 15 and Feb. 25.
Persons: Michael Saylor, MicroStrategy's Michael Saylor, Saylor, MicroStrategy, Andrew Kang, bitcoin Organizations: MicroStrategy Locations: Miami, bitcoin
Beyond Meat reported fourth-quarter revenue of $73.7 million, versus the $66.7 million consensus estimate, per LSEG, formerly known as Refinitiv. First Solar — Shares added more than 3% after the solar panel manufacturer reported a fourth-quarter earnings beat . Urban Outfitters — The clothing retailer plunged 15% after missing estimates for its fourth-quarter earnings and revenue. Axon Enterprise — The weapons manufacturer popped 14% after reporting a fourth-quarter earnings beat. Novavax — The vaccine maker slid 27% after Novavax missed Wall Street's estimates for its fourth-quarter revenue and earnings .
Persons: Bumble —, Bumble, FactSet, Lemonade, Viatris, LSEG, , Novavax, Axel Springer, Schibsted, — CNBC's Brian Evans, Michelle Fox, Alexander Harring, Pia Singh, Samantha Subin Organizations: Advance, FactSet, eBay, Baidu, U.S . Securities, Exchange Commission, Attorney's, District of Massachusetts, Materials, Urban Outfitters, Boeing —, Federal Aviation Administration, Boeing, Alaska Airlines, Street, Justice Department Locations: U.S, China
And with Wednesday’s gains, it’s nearing its all-time high of around $69,000 set in November 2021, the last time bitcoin traded above $60,000. The rally is partly driven by billions of dollars flowing into the cryptocurrency after the US Securities and Exchange Commission green lit bitcoin exchange-traded funds last month. The other major factor at play is the upcoming “halving” of bitcoin. Halving refers to the built-in feature of bitcoin that automatically reduces the rate of new coins entering circulation. It takes place roughly every four years and, in theory, pushes the price of bitcoin higher because it creates more scarcity of an already finite currency.
Persons: bitcoin, Jamie Dimon, Brian Armstrong, — Brian Armstrong 🛡️, C oinbase, alf l ater, Organizations: New, New York CNN, JPMorgan, it’s, US Securities and Exchange Commission Locations: New York
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf you were surprised to find your Coinbase account balance is sitting at zero, there's no need to panic, according to the company. The cryptocurrency exchange platform said it's investigating an error showing a zero balance for some users on Wednesday but assured customers that their assets are safe. "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," a representative told Business Insider. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Business
The Coinbase and bitcoin logos are displayed on a phone screen in San Anselmo, California, on Feb. 15, 2024. Coinbase 's app suffered from glitches on Wednesday that led many users to see a balance of zero when opening their accounts. "We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling," Coinbase said in a statement to CNBC. Coinbase advised users to check on the system outage at its status page: https://status.coinbase.com/incidents/qlpwww1zsm2yOne user sent a screengrab to CNBC showing a balance of $0.00 in his account. He soon received a notice titled "Site Degraded Performance," informing him that the company was investigating the matter.
Persons: Coinbase, Bitcoin Organizations: CNBC Locations: San Anselmo , California
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