Crypto Stocks Are Getting a Lift After Bitcoin’s Price Touches a Record High
39 minutes ago
Bitcoin (BTCUSD) is giving crypto stocks a lift after its price topped $125,000 over the weekend, reaching a new record.
The world’s largest cryptocurrency had been on a weeklong rally, validating bitcoin bulls’ anticipation of fresh highs after September-end swoons. Bitcoin treasury Strategy (MSTR), crypto exchange Coinbase Global (COIN), and stablecoin issuer Circle (CRCL) were up at least 2% Monday morning. Bitcoin mining plays Marathon Digital parent company MARA Holdings (MARA) and Riot Platforms Inc. (RIOT) are up around 4%.
The price of a bitcoin topped $125,000 over the weekend.
Romain Costaseca / Hans Lucas / AFP via Getty Images
The price of bitcoin was recently at around $124,700. Crypto’s collective market capitalization was more than $4.5 trillion, according to research firm Messari.
Bitcoin has been buoyed by investors’ increasing appetite for risk, which has driven stocks to near records, as well as a growing pool of traders buying tokens as more crypto ETFs are launched and cryptocurrencies become more integrated into financial services. (Spot crypto ETF approvals have been put on ice since the government shutdown.)
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–Crystal Kim and Nisha Gopalan
Comerica Stock Jumps on $10.9B Takeover by Fifth Third Bancorp
1 hour ago
Comerica (CMA) shares jumped Monday morning after Fifth Third Bancorp (FITB) agreed to purchase the financial firm for $10.9 billion.
Shares of Comerica were recently up some 14%. Fifth Third said the all-stock deal gives Comerica investors nearly 1.9 Fifth Third shares for every Comerica share they own, representing $82.88 per share based on Fifth Third’s Friday closing price, a more than 17% premium. First Third shareholders will control about 73% of the combined company, with Comerica investors holding the rest.
Fifth Third’s shares were recently down more than 1%. An index of regional banking stocks was up about 1%.
Luke Sharrett / Bloomberg via Getty Images
Fifth Third said the acquisition would create the ninth-largest U.S. bank with $288 billion in assets. It added that the move was part of the Ohio-based bank’s strategy to expand its footprint in high-growth markets and its commercial business.
CEO Tim Spence called the combination “a natural fit” that will create “a stronger, more diversified bank that is well-positioned to deliver value for our shareholders, customers, and communities.”
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–Bill McColl
Verizon Stock Paces Dow Decliners After Company Replaces CEO
1 hr 25 min ago
Verizon Communications (VZ) decided to part ways with CEO Hans Vestberg. Investors are not responding positively to the development.
Verizon was the worst-performing stock in the Dow Jones Industrial Average in recent trading, with shares down about 3.3%.
The company appointed former PayPal Holdings (PYPL) CEO Dan Schulman its new chief executive, effective immediately. Vestberg “will serve as Special Advisor through October 4, 2026, during which time he will be focused on ensuring a smooth transition including the integration with Frontier Communications, which is expected to close in the first quarter of 2026,” Verizon said, adding that he will remain on its board until its 2026 annual meeting.
Verizon shares are up about 5% this year, barely half the advance of the Dow.
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AMD Stock Soars on OpenAI Partnership for AI Chips
2 hr 1 min ago
OpenAI, the world’s most valuable startup, is making a big bet on Nvidia’s rival.
The ChatGPT owner is committing to buying several generations of artificial intelligence chips from Advanced Micro Devices (AMD), as part of a deal that could see the ChatGPT owner take a stake in the chip designer. AMD said in the companies’ joint announcement that the deal would yield “tens of billions of dollars in revenue,” though the companies didn’t disclose the cost of the transaction.
OpenAI’s deal with AMD could see the AI startup have an almost 10% stake in the chip designer.
Jonathan Raa / NurPhoto via Getty Images
The news sent shares of the chip designer soaring over 30% shortly after the open Monday, bringing their year-to-date gains close to 80%.
The computing deal comes just weeks after rival Nvidia (NVDA) said that it plans to invest in OpenAI, while the AI startup would buy the chip designer’s next-generation chips for its data centers. Shares of Nvidia were 2% lower in recent trading.
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–Nisha Gopalan
Klarna Rises as Deutsche Bank, Wedbush Initiate Stock at ‘Buy’ or Equivalent
2 hr 53 min ago
Klarna (KLAR) shares have gone in reverse since debuting last month. Deutsche Bank and Wedbush like what the stock anyway.
Deutsche Bank and Wedbush analysts initiated coverage at “outperform” and “buy,” respectively, on Monday, with rosy price targets.
Shares of the buy now, pay later firm opened at $52 on Sept. 10 but entered Monday at $40.69. Still, Deutsche Bank and Wedbush gave the stock a price target of $50 and $48, respectively, with the latter saying Klarna’s “emphasis on global expansion (particularly in the US), coupled with its strong brand recognition and high user engagement, further strengthens its long-term growth prospects.”
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Stock Futures Point Higher After Dow, S&P 500 Close at Records
4 hr 30 min ago
Futures tied to the Dow Jones Industrial Average advanced 0.2%.
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S&P 500 futures were up 0.3%.
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Nasdaq 100 futures rose 0.7%.
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