Crypto stocks – Stocks that give investors exposure to bitcoin fell in tandem with the cryptocurrency’s price after the X account of the Securities and Exchange Commission was briefly compromised and posted a false announcement late Tuesday of a bitcoin ETF approval. Crypto exchange Coinbase and bitcoin proxy Microstrategy were each lower by about 3% premarket. Mining stocks were lower across the board with Wall Street favorites CleanSpark and Riot Platforms down more than 3%. Marathon lost nearly 4%.
Howmet Aerospace — The stock advanced 1.8% on the back of two bullish Wall Street calls. Bernstein named the stock a top U.S. pick in the aerospace industry, noting that the company should be helped by higher prices, a rising share of content and strong guidance for commercial aircraft production. Truist upgraded Howmet to buy from hold, calling it one of the highest quality plays for original equipment manufacturers in commercial aerospace.
Lennar — The homebuilder added 2.1% after increasing its annual dividend by 50 cents to $2 per share. Lennar will also buyback as much $5 billion in additional stock.
Intuitive Surgical — The medical stock rallied 4.9% on the back of a preliminary fourth-quarter revenue report of $1.93 billion, which is above the $1.87 billion consensus estimate of analysts polled by StreetAccount. Intuitive also said that procedures using its da Vinci systems increased 21% compared with a year ago.
TG Therapeutics — The biopharmaceutical stock jumped 11.7% after providing preliminary net product revenue for the company’s multiple sclerosis treatment. The company said to expect around $40 million for the fourth quarter of 2023 and $89 million for the full year. TG guided net revenue from the treatment to between $41 million and $46 million for the first quarter of 2024. For the full year, the company offered a range of $220 million and $260 million.
Bloom Energy — Shares popped 4.3% on the heels of an upgrade to outperform by Baird. The firm said Bloom can see positive catalysts through lower costs, manufacturing improvements and announcements tied to electrolyzer sales.
Chesapeake Utilities — The utility stock rose 1% following an RBC upgrade to outperform from sector perform. RBC said it believes Chesapeake management can deliver given its record of successful mergers and acquisitions.
Etsy — Shares declined by 2% after Goldman Sachs downgraded shares to neutral from buy. The firm projects a weak backdrop for the company as consumer discretionary spending tightens.
Toast — The restaurant-focused technology stock climbed 3.5% following an upgrade from Goldman Sachs to buy. Goldman said the market has not adequately accounted for better profitability trends expected this year.
Mister Car Wash — Shares traded up by 1.8% after Wells Fargo initiated coverage of the stock at an overweight rating. The firm said there’s much to like about Mister Car Wash’s business model and that shares are trading at an attractive entry point.
