MicroStrategy Hits New Record High After Bitcoin Purchase

36 minutes ago

MicroStrategy (MSTR) shares surged to fresh record highs Tuesday after soaring yesterday following news the software analytics company had purchased an additional $4.6 billion of bitcoin,

The company bought 51,780 bitcoins for approximately $4.6 billion in cash, at an average price of approximately $88,627 per bitcoin, taking its total stash in the pioneer cryptocurrency to 331,200 BTC, according to a U.S. Securities and Exchange Commission (SEC) filing.

MicroStrategy, whose BTC holdings tally roughly $30 billion at current prices, started acquiring Bitcoin in August 2020 to hedge against inflation and diversify its corporate treasury. MicroStrategy shares have surged nearly sixfold since the start of the year through Monday’s close, significantly outpacing Bitcoin’s year-to-date return of around 115%.

The stock was up 6% at $409 in recent trading,

Gains in the stock have accelerated since breaking out above a rectangle formation, with share turnover registering its highest level last week since going public in 1998.

A bars pattern, which takes the stock’s trend higher from October 2023 to March this year and repositions it from the rectangle formation's lower trendline, projects an upside bullish target of around $525.

Investors should watch important support levels on MicroStrategy's chart near $180 and $115.

Read the full technical analysis piece here.

–Timothy Smith

What Analysts Think of Target Before Earnings

1 hr 53 min ago

Target (TGT) is set to report third-quarter results before the opening bell Wednesday, with analysts expecting narrow increases in revenue and profit as investors look for further insight on consumer spending ahead of the holiday season.

Analysts are bullish on Target stock, with 10 “buy” ratings and six “hold” ratings among the 16 analysts tracked by Visible Alpha. Those analysts have an average price target of $179.94.

For the third quarter, analysts expect Target to report a revenue bump of nearly 2% to $25.89 billion, according to estimates compiled by Visible Alpha. Profit is seen rising to $1.05 billion, or $2.28 per share, up from $971 million and $2.10 per share.

Target shares were down slightly at around $156 this morning. Since the start of the year, the stock has gained 10%, less than half the increase posted by the S&P 500 over the period.

–Aaron McDade

Supermicro Levels to Watch After Plan to Avoid Delisting

2 hr 32 min ago

Super Micro Computer (SMCI) shares soared in early trading Tuesday after the beleaguered server maker said that it has appointed a new auditor and submitted a compliance plan with Nasdaq to meet its listing requirements.

The stock was up 30% at around $28 about 30 minutes after the opening bell and was the top gainer on both the S&P 500 and Nasdaq Composite.

After topping out in early March, Supermicro shares traded within a descending broadening formation before breaking down below the pattern towards the end of last month. Declines accelerated into early November before the stock found buying interest late last week just below the closely watched 200-week moving average (MA).

While the relative strength index (RSI) signals bearish price momentum with a reading hovering just above 30, the indicator has moved out of oversold territory this week and sits poised to continue rising after Tuesday’s jump.

Investors should monitor key overhead levels on Super Micro's chart around $30, $39, and $64, while watching an important support area near $23.

Read the full technical analysis piece here.

–Timothy Smith

Walmart Surges in Premarket Trading on Strong Earnings

3 hr 45 min ago

Walmart (WMT) reported better third-quarter fiscal 2025 results than analysts expected, sending its stock higher Tuesday morning.

The retail giant reported $169.59 billion in revenue, up from $160.80 billion a year ago and above the $167.72 billion analysts expected, according to Visible Alpha. Walmart’s net income came in at $4.58 billion, or $0.57 per share, better than expectations of $4.25 billion and $0.53 per share, respectively.

Walmart has been gaining market share among customers across a variety of income levels in recent quarters, and executives have said the retailer’s combination of price and convenience has made it a destination for inflation-weary American consumers.

The retailer also lifted its fiscal 2025 projections, expecting sales to grow between 4.8% and 5.1% year-over-year, up from a previous range of 3.75% to 4.75%. It also raised its adjusted earnings per share (EPS) outlook to a range of $2.42 to $2.47 from $2.35 to $2.43 previously.

Walmart and home improvement giant Lowe’s (LOW) kicked off a busy period of retail earnings, with a number of competitors including Target (TGT), TJX Companies (TJX), and BJ’s Wholesale Club (BJ) reporting earnings this week. The reports from some of the nation’s biggest retailers will provide a view into the health of the U.S. consumer ahead of the holiday shopping season.

Walmart shares were up 3% in recent premarket trading and were on track to open Tuesday's session at an all-time high.

–Aaron McDade

Major Index Stock Futures Lower

4 hr 21 min ago

Futures tied to the Dow Jones Industrial Average were down 0.5%.

S&P 500 futures were off 0.3%.

Nasdaq 100 futures were down 0.2%.

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