Bitcoin bounced back sharply on Wednesday, rising about 5% to around $71,418. That move pulled crypto-related stocks higher across the board.
Strategy gained 8%, Coinbase rose around 7%, and MARA Holdings was up 7%. Riot Platforms, Robinhood Markets, Galaxy Digital, and Hut 8 all gained between 4% and 5%. Circle Internet Group also added 6%.
The crypto rally came after a period of selling tied to rising Middle East tensions. Investors appeared to shift back into risk assets as markets stabilized somewhat.
Gold miners also gained on Wednesday. Newmont climbed 2.8% and Freeport-McMoRan rose 1.9%, as uncertainty in the Middle East pushed some investors toward safe-haven assets including gold.
Moderna reached a $950 million settlement with Arbutus Biopharma and Genevant Sciences. The case was tied to patent disputes over its COVID-19 and RSV vaccines.
The settlement was seen as a relief by investors, who had feared a much larger payout. Moderna’s COVID-19 vaccine has generated between $45 billion and $50 billion in revenue.
The payment is due in Q3 and will be recorded as a Q1 charge. After the settlement, Moderna expects to end the year with $4.5 billion to $5 billion in cash.
Moderna will still appeal to the U.S. Federal Circuit. A favorable ruling could remove any additional payment, but an adverse decision could require up to $1.3 billion more within 90 days.
Ross Stores had a strong day, rising up to 7.5% in premarket trading. The retailer beat Q4 earnings estimates and issued guidance well above Wall Street expectations for the coming quarter.
For Q1, Ross expects comparable sales growth of 7% to 8%, versus analyst estimates of about 3.7%. The company also raised its dividend by 10%.
GitLab fell around 8.5% to 9% despite beating Q4 earnings. The company’s full-year revenue guidance of $1.099 billion to $1.118 billion came in below the $1.13 billion consensus.
CEO Bill Staples said the company was not satisfied with its revenue guidance and outlined five steps to improve growth.
Horizon Technology Finance dropped 10% after reporting total investment income of $20.7 million, short of the $23.9 million estimate. Net asset value per share also edged lower during the quarter.
CrowdStrike edged up 1.1% after beating Q4 earnings and revenue estimates. Box gained 6.2% after topping Wall Street targets and issuing solid guidance for the current quarter.
Broadcom was up 1% ahead of its fiscal first-quarter earnings report after the closing bell, with analysts expecting its semiconductor revenue to rise 51% year over year.
The post Today’s Market Movers: Bitcoin Lifts Strategy, Coinbase, and Riot as Moderna Settles $950M Patent Case appeared first on CoinCentral.
