The cryptocurrency market took a hit as bitcoin prices dropped by 5%, reaching their lowest level since February. Companies tied to bitcoin, such as Coinbase and MicroStrategy, saw a 5% decrease in premarket trading. Miners like Iris Energy and CleanSpark also experienced significant drops in their stock prices, with Marathon Digital and Riot Platforms falling by 6% and 4% respectively.
Instructure, an educational technology stock, saw a more than 3% increase in its stock price following reported interest from private equity firms Francisco Partners and KKR regarding a potential acquisition. According to sources familiar with the matter, the two firms are in the final round of bidding and are expected to submit binding offers next week.
Macy’s Receives Increased Takeout Offer
Shares of retailer Macy’s jumped by over 6% after an investor group raised its takeout offer. Arkhouse Management and Brigade Capital Management are now offering approximately $24.80 per share, up from $24 previously. This news comes after a report from the Wall Street Journal.
Electric vehicle manufacturer Tesla saw a 2% increase in its stock price, marking a continued comeback following better-than-expected second-quarter vehicle deliveries. The shares were up by 24% for the week heading into Friday, showing strong momentum in the market.
U.S. traded shares of pharmaceutical giant Novo Nordisk rose by 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 commented on the study, stating that the quality of the evidence was “very low” and that the results had minimal implications.
Shell Expects Impairment Hit
Shell announced that it expects to post an impairment hit of up to $2 billion related to its Singapore and Rotterdam plants. Despite this news, shares of Shell still managed to increase by 1%, indicating resilience in the face of potential financial challenges.
The stock market experienced a mix of ups and downs before the morning bell rang. While some companies saw significant drops in their stock prices, others managed to defy expectations and rise above challenges. As investors continue to navigate through market volatility, it is essential to stay informed and make data-driven decisions to capitalize on opportunities and mitigate risks in the ever-changing landscape of the stock market.