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- ⏰ The Clock Is Tik-ing
⏰ The Clock Is Tik-ing
TikTok is on the clock. Plus, MicroStrategy shares continue to surge higher on Bitcoin's rally.
Brooks Dyroff
March 13, 2024
Happy Wednesday, Zingers! The proposed bill that would force TikTok to sell its U.S. business or ban it outright pass through the House and is on the way to the Senate. President Joe Biden has already said that he will sign the bill if it gets to his desk. Bytedance has (obviously) pushed back, saying it is against the sale and that many small American businesses are reliant on the app.
Sorry influencers, it may be time to look for a real job… like streaming video games on Twitch or flipping sneakers on StockX.
Today’s Price Action:
$SPY: -.16%
$QQQ: -.77%
$DIA: +.11%
Also, check out the company that’s bringing EV technology to the air by powering electric planes.
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Nothing Micro about this Strategy. Michael Saylor and the MicroStrategy team bought nearly $1 billion worth of Bitcoin this week as the OG crypto coin traded above $73,000, hovering at all-time highs.
The Buy: The company acquired an additional 12,000 Bitcoin for approximately $821.7 million on Monday, bringing its total holdings to approximately 205,000 Bitcoin, at an average purchase price of around $33,706 per coin.
The Strategy: MicroStrategy founder Michael Saylor said Bitcoin is "digital property" and he has no plans to ever sell his Bitcoin holdings.
The Response: MicroStrategy received significant price target increases from analysts on Tuesday. Canaccord Genuity analyst Joseph Vafi maintained the stock with a Buy rating and raised the price target from $975 to $1810, and TD Cowen maintained MicroStrategy with an Outperform and raised its price target from $1220 to $1560.
PRESENTED BY HORIZON AIRCRAFT
The technology of Hollywood may finally be catching up to real life in another area. In the realm of electric vehicles (EVs), electric vertical take-off and landing (eVTOL) aircraft have gotten some attention from the press, the public and investors. From large international majors like Hyundai (OTCMKTS: HYMTF) to newer eVTOL companies like New Horizon Aircraft (NASDAQ: HOVR) (“Horizon Aircraft”), eVTOLs may be the way of the future.
Horizon Aircraft is working on its prototype eVTOL, Cavorite X7, which is designed for longer-range regional passenger, cargo and special missions. The 50%-scale prototype has already successfully demonstrated hover flight and the company believes it will complete a successful transition flight before the end of Q1 of 2024.
FIVE MOVERS
Marathon Oil’s stock moved higher today after an analyst from Benchmark raised the price target from $25 to $32.
Kintara Therapeutics stock shot higher Wednesday on higher-than-normal volume after the company changed its mind on a public offering.
Super Micro Computer Inc shares outperformed its AI peers today, following bullish coverage from a BofA Securities analyst.
Plug Power’s stock moved lower today after the clean-energy company announced a new offering to raise cash.
NVIDIA shares moved slightly lower today ahead of the company’s event next week, despite a price target increase from an analyst.
ONE TRADE IDEA FOR TOMORROW
Briefly: Some companies may be pushing back against ESG factors — but Uber isn’t one of them.
So Basically: Uber’s latest feature tracks how rides impact carbon footprints. Users can access this feature on the Uber app's account page to see the carbon emissions they've saved by choosing Uber Green or Uber Comfort Electric cars. It's an empowering tool for users, providing transparency and encouraging an eco-conscious lifestyle.
So Then: The correlation between Uber's eco-friendly efforts and its financial performance could benefit the company. After a substantial 68% stock drop from February 2021 to June 2022, Uber has witnessed an impressive rebound, soaring by 287% from the June 2022 low.
So What? Should these eco-conscious features strike a chord with users, investors might show interest in the stock, sending the price higher. However, following political pushback, many have distanced themselves from ESG investing, and could view this as a bug, not a feature.
PRESENTED BY HORIZON AIRCRAFT
The technology of Hollywood may finally be catching up to real life in another area. In the realm of electric vehicles (EVs), electric vertical take-off and landing (eVTOL) aircraft have gotten some attention from the press, the public and investors. From large international majors like Hyundai (OTCMKTS: HYMTF) to newer eVTOL companies like New Horizon Aircraft (NASDAQ: HOVR) (“Horizon Aircraft”), eVTOLs may be the way of the future.
Horizon Aircraft is working on its prototype eVTOL, Cavorite X7, which is designed for longer-range regional passenger, cargo and special missions. The 50%-scale prototype has already successfully demonstrated hover flight and the company believes it will complete a successful transition flight before the end of Q1 of 2024.