'Bitcoin $100K' Was So Near, Yet So Far—What's Next

50 minutes ago

The "bitcoin $100,000" price milestone has proven elusive. Some analysts are are blaming skittish investors taking profits as companies continue to purchase the crypto asset.

Bitcoin (BTCUSD), the largest cryptocurrency by market cap, rose to an all-time high over $99,500 on Friday. The $100,000 mark seemed imminent. Now, however, it’s closer to $92,000.

Bitcoin’s rally picked up steam after Donald Trump’s electoral victory, with optimism regarding a more crypto-friendly administration and Congress that could pave the way for regulatory clarity the crypto-industry has been seeking helping to lift bitcoin and other crypto assets.

Still, that rally has slowed lately. Some analysts say that is likely a result of profit-taking by relatively new investors into the asset, with longer-term investors holding on to their bitcoin.

Most of the selling "is coming from 2024 buyers who bought above 56k," said Galaxy Digital CEO Mike Novogratz in an X post Sunday, citing Galaxy's research. "Normal profit taking. Bitcoin analyst James Check said those who purchased bitcoin around $68,000 six weeks ago are responsible for a large amount of the selling pressure this month.

What’s next? Read the full story here.

–Kyle Torpey

Amgen Stock Sinks as Obesity Drug Test Results Disappoint

1 hr 42 min ago

Amgen (AMGN) shares tanked Tuesday after results from a test of the biotech’s experimental weight-loss drug came in below expectations.

The company reported a Phase 2 study of its injectable MariTide medicine showed an approximately 20% average weight loss over one year for patients who were obese or overweight without diabetes. In addition, Amgen noted the results were without a plateau, suggesting that even more pounds could be lost with additional use.

However, analysts were looking for better outcomes as compared with obesity treatments from Eli Lilly (LLY) and Novo Nordisk (NVO). They have also expressed worries about side effects and the number of patients that pulled out of the study. Citi wrote in a note that “concerns on pooled tolerability/discontinuation rates and overall competitiveness vis-à-vis Lilly or Novo has caused weakness in shares.”

Jefferies analysts noted that expectations were for a 23% to 25% drop in weight. Still, they called the stock selloff was likely a "big overreaction" and an opportunity.

Amgen Chief Scientific Officer Dr. Jay Bradner explained that the results give the company confidence to initiate a Phase 3 study of MariTide. In addition, Amgen will be presenting the Phase 2 data "at a future medical congress and submitted for publication."

Amgen shares were down nearly 8% in recent trading, leading decliners in the Dow Jones Industrial Average and trading at their lowest levels since April. The stock has lost 6% since the start of 2024.

–Bill McColl

Latest Trump Tariff News Hits Automaker Stocks

2 hr 52 min ago

The latest trade news out of the next Trump administration has markets on the move, hitting big automakers’ shares and the stocks of America’s neighbors. 

Canadian and Mexican stocks were sliding Tuesday following the news that President-Elect Donald Trump said he would impose stiff tariffs on imports from those countries. The iShares MCSI Mexico (EWW) and Canada (EWC) exchange-traded funds were recently off 3% and 1%, respectively. 

Among the stocks reacting to the news: some big global automakers. General Motors (GM), which makes many of its vehicles in Mexico, were recently off more than 8%, while Ford (F) shares fell 2%. Stellantis (STLA) fell more than 5%. Volkswagen and Porsche were each down about 2% in German trading.

The Mexican peso and Canadian dollar weakened against the U.S. dollar. 

Trump also said he plans an additional 10% tariff on goods from China. The Nasdaq Golden Dragon index of U.S-listed Chinese shares was recently off about 0.5%. 

–David Marino-Nachison

Best Buy Shares Sink as Results Hurt by Hesitant Consumers

3 hr 50 min ago

Best Buy (BBY) shares tumbled Tuesday morning after the electronics retailer missed profit and sales estimates and slashed its guidance, as consumers pulled back on spending ahead of the key holiday shopping season.

Best Buy posted fiscal 2025 third-quarter earnings per share of $1.26, with revenue falling more than 3% year-over-year to $9.45 billion. Analysts surveyed by Visible Alpha were looking for $1.29 and $9.63 billion, respectively.

Comparable store sales fell 2.9%, dragged down by slowing purchases of appliances, home theater, and gaming items. International comparable store sales were down 3.7%, and online comparable store

CEO Corie Barry said "a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand" in the second half of the quarter.

The company predicts full-year EPS of $6.10 to $6.25, compared with the prior outlook of $6.10 to $6.35. It sees revenue of $41.1 billion to $41.5 billion, versus the earlier $41.3 billion to $41.9 billion. It expects comparable store sales will sink 2.5% to 3.5%, down from a 1.5% to 3.0% decline previously.  

Best Buy shares were down 7% in recent trading, narrowing their year-to-date gains to 11%.

–Bill McColl

Kohl's Stock Tumbles After Weak Results, CEO Departure

4 hr 18 min ago

Kohl’s (KSS) shares plunged Tuesday morning after the retailer posted weaker-than-expected quarterly results and lowered its outlook.

The downbeat results and outlook come a day after the department store company said that CEO Tom Kingsbury is stepping down following less than two years running the struggling retailer. Kingsbury, who was named CEO in February 2023, will leave his post on Jan. 15 and be replaced by Ashley Buchanan, CEO of The Michaels Companies.

Kohl's reported third-quarter net revenue fell 9% year-over-year to $3.51 billion, with profit of $22 million, or 20 cents per share. Analysts polled by Visible Alpha expected $3.85 billion in revenue, with net income of $29.8 million, or 27 cents per share.

Kohl’s lowered its outlook for full-year net sales, now forecasting them to decline by 7% to 8%, down from its prior projection of a 4% to 6% decrease. It also lowered its 2024 earnings per share (EPS) estimate to $1.20 to $1.50 from $1.75 to $2.25.4

Kohl's shares were down 20% recently, trading at their lowest levels since April 2020, at the start of the COVID-19 pandemic.

–Nisha Gopalan

Tesla Stock Price Levels to Watch as Rally Stalls

6 hr 49 min ago

Tesla (TSLA) shares were little changed early Tuesday after falling 4% yesterday amid uncertainty over new California electric vehicle (EV) tax credits and bearish commentary from analysts at UBS.

On Monday, California Governor Gavin Newsom said that the state would provide EV tax credits if the Trump administration removed them at the federal level. However, Newsom added that the rebates would promote innovation and competition in the zero emission vehicle (ZEV) market, suggesting that they would apply to smaller EV makers than Tesla.

Sentiment may have also taken a dent yesterday after UBS analyst Joseph Spak said in a research note that the stock’s recent post-election run up had been driven by “animal spirits,” rather than fundamental changes at the company.

Tesla shares have surged around 35% since election day, with investors betting that CEO Elon Musk’s close relationship with the President elect will benefit the automaker, possibly through eased self-driving regulations. The stock was up slightly at around $339 in recent premarket trading Tuesday.

The stock's recent bullish price momentum may have temporarily hit the skids after the shares initially climbed to their highest level in more than two years on Monday before undergoing an intraday reversal to close near the day’s low.

Investors should watch key support levels on Tesla's chart around $310 and $265, while watching a bullish bars pattern price target near $500.

Read the full technical analysis piece here.

–Timothy Smith

Stock Futures Point to Mixed Open for Major Indexes

7 hr 31 min ago

Futures tied to the Dow Jones Industrial Average were down less than 0.1%.

S&P 500 futures were up 0.3%.

Nasdaq 100 futures were also up 0.3%.

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