At Extreme Investor Network, we keep you informed on the latest happenings in the world of finance and investing. In today’s market update, we saw a variety of companies making headlines before the opening bell.
Crypto stocks took a hit as bitcoin prices dropped 5% to their lowest level since February. This decline was attributed to the now defunct Mt. Gox exchange beginning repayments to creditors, as expected. Companies like Coinbase and MicroStrategy each lost 5% in premarket trading, while miners such as Iris Energy and CleanSpark also saw decreases.
On the flip side, educational technology stock Instructure saw a more than 3% increase, fueled by reported interest from private equity firms Francisco Partners and KKR for a potential acquisition. This news has investors paying close attention as final bids are due next week.
Retail giant Macy’s experienced a boost in its share price, rising more than 6% after news broke that an investor group had increased its takeout offer. Arkhouse Management and Brigade Capital Management are now offering about $24.80 per share for Macy’s, up from $24 previously.
Tesla, the electric vehicle manufacturer, saw a 2% increase as it continues its comeback following better-than-expected second-quarter vehicle deliveries. With shares up 24% for the week heading into Friday, investors are eager to see how this upward trend will continue.
In the pharmaceutical sector, Novo Nordisk’s U.S. traded shares rose 1.9% premarket despite a study linking semaglutide, present in Novo Nordisk’s Ozempic and Wegovy, to an increased risk of a rare eye disease. Deutsche Bank downplayed the study’s implications, stating that the evidence quality was “very low.”
Lastly, Shell saw a 1% increase in its share price after announcing expectations of posting an impairment hit of up to $2 billion tied to its Singapore and Rotterdam plants.
Stay tuned to Extreme Investor Network for more updates and analysis on the latest market movements and trends in the world of finance.