Dow pops after 30-stock average six-fight losing streak



Nasdaq futures led the way higher on Friday, up about 2%, despite Twitter (TWTR) shares falling 12% pre-market. The stock fell 25% after Elon Musk tweeted on Friday that his deal to buy the social network was “temporarily on hold”. Twitter stocks pared those losses when Musk tweeted a second time that he was “still committed” to the deal. (CNBC)

Tesla CEO Musk announced last month that he intended to buy Twitter for $44 billion. Shares of Tesla (TSLA), which have recently fallen on concerns that Musk’s Twitter deal was a distraction, rose more than 5% on Friday on the first tweet and maintained those gains after the second.

Tether, the world’s largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day. Another stablecoin known as TerraUSD or UST, which is supposed to be pegged 1 to 1 with the dollar, traded around 8 cents on Friday. Luna, a token closely associated with UST, is now worth $0. (CNBC)

The stablecoin saga has added a layer of uncertainty that has contributed to steep declines across the entire crypto market. On Friday, bitcoin was back above $30,000, rebounding from levels not seen since late 2020. At current levels, bitcoin, the world’s largest cryptocurrency, was down more 50% from its all-time high of over $68,000 in November. (CNBC)

Sam Bankman-Fried, CEO of crypto exchange FTX, has taken a 7.6% stake in Robinhood, according to a late Thursday filing with the Securities and Exchange Commission. The record says he paid $648 million. Shares of Robinhood, a popular stock and crypto trading platform, jumped more than 23% in Friday’s premarket. (CNBC)


Affirm Holdings (AFRM) reported a lower than expected quarterly loss. Revenues also exceeded forecasts. Affirm raised its full-year revenue outlook and announced the extension of its ongoing partnership with e-commerce platform operator Shopify (SHOP). The stock jumped 33.8% premarket.

Toast (TOST) added 3.2% pre-market after the restaurant-focused technology platform company reported a weaker-than-expected quarterly loss as well as higher-than-expected revenue from Street. It also raised its full-year revenue forecast as more restaurants adopt Toast’s technology.

MicroStrategy (MSTR) rose 13.9% in premarket stock in what was a volatile week for the business analytics firm. MicroStrategy, which has vast bitcoin holdings, saw its stock drop more than 25% on Monday and Wednesday before rebounding yesterday.

Roper Technologies (ROP) is set to strike a deal to sell its process technology unit to private equity firm Clayton Dubilier & Rice for around $3 billion, according to people familiar with the matter who spoke to Bloomberg. .

The Honest Company (HNST) rose 3.1% in premarket trading after reaffirming its full-year revenue outlook. The personal care and household products company also announced quarterly loss and revenue figures in line with Wall Street forecasts.

Duolingo (DUOL) jumped 15.3% premarket after reporting a narrower quarterly loss and better-than-expected revenue. The language software provider said the number of active users was at an all-time high and released an optimistic revenue forecast for the current quarter.

Figs (FIGS) saw its stock tumble 25.2% in premarket trading after the healthcare apparel company missed estimates with its latest quarterly results and issued a weaker-than-expected forecast for the year whole.

Poshmark (POSH) posted a loss of 18 cents per share, 4 cents less than Wall Street had expected, with earnings also beating estimates. That helped push its stock up 2.1% in premarket stock, even as the online apparel market posted weaker-than-expected current-quarter revenue forecasts.

Comments are closed.