"Market Highlights: Apple Reaches $3 Trillion Market Value, Coinbase Slides on Bitcoin ETF Concerns, and Carnival Soars on Upgraded Outlook"
- Apple's stock gained over 1%, pushing the company's market value past the $3 trillion mark, a milestone previously achieved in January 2022. Citi also assigned the stock a $240 price target, the highest on Wall Street.
- Coinbase, a crypto services company, experienced a 4% decline in its stock due to a dip in the price of bitcoin following a report that the U.S. Securities and Exchange Commission deemed recent bitcoin exchange-traded fund filings inadequate. Coinbase serves as the crypto custody partner for BlackRock, whose bitcoin ETF filing triggered a surge in followers and a rally in bitcoin and Coinbase shares.
- Pacific Biosciences, a biotech company, saw a 5.8% increase in its stock price after Goldman Sachs initiated coverage with a buy rating, highlighting the potential for the company to reach an inflection point with a new sequencing instrument.
- SolarEdge, a solar stock, rose by 3.3% after Bank of America raised its price target to $396 from $379, implying more than 50% upside potential from the previous day's closing price. The bank also expressed confidence in the company's healthy diversified structural growth story.
- Bright Health Group witnessed a 2.6% increase in its shares after announcing a deal to sell its California Medicare Advantage business to Molina Healthcare for approximately $600 million.
- Nike, the renowned sneaker giant, experienced a 2.5% decline in its stock price after reporting its first earnings miss in three years. The company attributed the decline in margins for its fiscal fourth quarter to higher product input costs, elevated freight and logistics costs, increased promotional activity, and unfavorable currency exchange rates.
- Meta Platforms, a social media company, saw a 2.1% increase in its stock price after the U.K.'s Competition and Markets Authority concluded its investigation into the company's sale of Giphy to Shutterstock.
- Xpeng, a Chinese electric-vehicle maker, surged over 12% following the launch of its competitively priced G6 SUV, positioning it against Tesla's popular Model Y.
- Carnival, a cruise stock, climbed more than 8% after receiving an upgrade from Jefferies, changing the rating from hold to buy. The upgrade was based on leadership changes within the company and an improved outlook.