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Today’s Biggest Stock Moves: Crypto Stocks, MPW, LAZR & More
May 6, 2024 9:55am ETAMD, EYPT, MSTR, REVOLT, THERE, MPW, HIVE, MARA, FRPT, CLSK, CURRENCY, HUT, BITF, LAZR, CIFR, BKKT, SDIG, HIVE: approx, HUT: APPROX, BITF:CAFrom: Niloofer ShaikhSA News Editor
Jonathan Cucina
Stock futures rose Monday after a weak jobs report reignited some expectations of a Federal Reserve rate cut.
Here are some of Monday’s biggest stock moves:
Biggest Gains in Stocks
- Cryptocurrency-related stocks posted gains Monday morning, with Bitcoin (BTC-USD) surpassing the $65,000 mark after rising about 10% over the last four sessions. MicroStrategy Incorporated (MSTR) in particular up 10%, Marathon Digital Holdings (MARA) increased 8% and Cipher Mining (CIFR) and CleanSpark (CLSK) both saw increases of 8% and 7%, respectively. Blockchain riot control (REVOLT) and Bitfarm (BITF) each rose 5%, Capanna 8 Mining (HUT) gained 5.2%, Coinbase Global (CURRENCY) and Hive Digital (HIVE) rose 3%, Stronghold Digital Mining (SDIG) rose 2.7% and Bakkt Holdings (BKKT) increased by 3.4%.
- Li Auto (THERE) shares rose 7% following the company’s announcement on Weibo that cumulative orders for the Li L6 exceeded 41,000 units between April 18 and May 5. On April 21, Li Auto reported over 10,000 orders within the first 72 hours of its launch. By April 30, cumulative orders had exceeded 20,000 units, and by May 4, orders for the model had exceeded 30,000 units.
- Freshpet Shares (FRPT) rose to 8% following first-quarter results, which beat consensus expectations with a 34% year-over-year increase in top-line revenue, driven primarily by a 30.6% volume increase. For fiscal 2024, the company updated its guidance, now expecting adjusted EBITDA of at least $120 million, up from the previous range of $100 million to $110 million. The company reaffirmed guidance for net sales of at least $950 million, representing a 24% increase from 2023, and capital expenditures of approximately $210 million.
Biggest stock losers
- Luminar Technologies (LAZR) shares fell more than 12% Monday morning after the company crashed announcement Friday regarding a workforce reduction of about 20% as part of a shift to a more “asset-light” model. The renovation is expected to generate savings of more than $400 million over the next five years, resulting in annual savings of $80 million. The company expects to incur between $6 million and $8 million in expenses related to workforce reductions.
- Medical Estates Trust (MPW) shares fell more than 17 % after his larger tenant, Steward Health Care System, has filed for Chapter 11 bankruptcy. In response, Medical Properties Trust is finalizing the terms of debtor-in-possession financing for Steward Health Care System. Initial financing will amount to $75 million, with an additional $225 million available under specific conditions.
- EyePoint Pharmaceutical Products (EYPT) the stock plunged 40% after a Phase 2 trial failed to meet its primary endpoint in the treatment of nonproliferative diabetic retinopathy. The company will provide an update on the future path of the product after reviewing the complete data. Despite this setback, the company plans to initiate a pivotal Phase 3 study for Duravyu in wet age-related macular degeneration (AMD) in the second half of the year, followed by a second pivotal Phase 3 study for the same indication. Additionally, the company plans to announce topline data from a Phase 2 study of Duravyu in the treatment of diabetic macular edema in the first quarter of 2025.