🎉 The Shortest Celebration Ever

The Bitcoin party sure ended early. Plus, Apple falls further from the tree.

Author

Brooks Dyroff
March 05, 2024

Happy Tuesday, Zingers! The moment we’ve all been waiting for: Bitcoin officially hit new all-time highs today. But just as we got one nice thing, we were reminded why we can’t have them. The celebration was about as short-lived as the night I turned 21 and ended up in the back of a cop car less than an hour later. (Kidding! Totally… Kidding… 😅)

After the OG crypto hit nearly $69,000, Bitcoin dropped more than 10% at one point, and hovered below $64,000 at the time of publication. So much for the trend being your friend.

Today’s Price Action:

$SPY: -1.00%
$QQQ: -1.79%
$DIA: -1.04%

Also, looking to earn some extra money on the side without getting a new job? Check out today’s partner.

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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY

Briefly: Apple’s stock continued to fall far from the tree today. The once-largest company in the world shed another 3% or so by close.

So Basically: iPhone sales in China came in more than 15% lower year-over-year, leaving investors worrying about the company’s growth in international markets.

So Then: The poor sales data from China came just one day after Apple was slapped with a $2 billion fine from the EU.

So What? Apple’s stock slid to $170 a share in Tuesday’s session. The stock is now down about 15% from its all-time highs of around $200 a share.

What Next: Wedbush analyst Dan Ives said he remains bullish on Apple despite this negative news and challenges for the company, based on 2024 iPhone estimates that are "hittable" and 2025 Street estimates that are "conservative."

PRESENTED BY FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

FIVE MOVERS

ChargePoint shares moved lower in after-hours trading following the company’s disappointing earnings report and sales miss.

GitLab stock GotLow today, dropping about 20% after the company reported earnings Monday afternoon.

Plug Power shares slipped lower by more than 5% in Tuesday’s session, following bearish analyst coverage from Piper Sandler.

AMD stock took a hit this morning on news that the company will not be able to sell some of its AI chips to Chinese companies.

CrowdStrike investors struck gold this afternoon, with the stock shooting up nearly 20% on a strong earnings report.

ONE TRADE IDEA FOR TOMORROW

Briefly: Wedbush analyst Scott Devitt reiterated an Outperform rating on the shares of MercadoLibre with a price target of $2,000.

Who: MercadoLibre is an eCommerce platform in Latin America, with the largest market share of online retail in its three key markets of Brazil, Argentina and Mexico.

Why: eCommerce and digital financial services are relatively early in their adoption in the region, and MercadoLibre is well positioned for the secular shift online, notes Devitt.

Why Else: MercadoLibre has an exceptional management team and a defensible moat supported by decades of investment, according to Devitt, and the strong logistics footprint of the company is capable of fulfilling about 50% of shipments.

Click here to check out the full breakdown.

PRESENTED BY FINANCE BUZZ

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.