Bitcoin Price Causes MSTR Stock Price to Drop

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MicroStrategy (MSTR), which now owns more than 92,000 Bitcoins, fell $35 a share. All after Bitcoin plunged to less than $40,000. Fueling the pullback, China just “banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading,” says Reuters. Plus, weeks after fueling a Bitcoin rally on news Tesla (TSLA) would accept the currency for auto purchases, Musk put a stop to that and criticized Bitcoin’s energy use.

With video game demand increasing, Take-Two Interactive (TTWO) posted incredible earnings.

EPS of $1.40 easily beat estimate for 68 cents on sales of $784.5 million. That revenue was also better than estimates for $663 million. “Our strong fourth quarter results concluded an exceptional year for our organization,” said Strauss Zelnick, Chairman and CEO of Take-Two, as quoted in a company press release.

“We delivered record operating results, including Net Bookings of approximately $3.6 billion and Adjusted Unrestricted Operating Cash Flow of $920 million. Throughout the year, we enhanced our organization for the long term by broadening our portfolio of offerings, capitalizing on diverse business models, enhancing our infrastructure, and most importantly, investing in our creative talent.”

Target Corporation (TGT) crushed earnings expectations, too.

For Q1 2021, net sales came in at $24.2 billion, as compared to estimates for $21.77 billion. Same store sales were up to 22.9% as compared to expectations for 10%. Gross margins improved to 30% from 28.62%. Operating profits grew from $1.53 billion to $2.4 billion.

In addition, according to Yahoo Finance, “Target guided to a second quarter comparable sales increase of a mid- to high-single digit percentage, slower than the 24.3% increase last year. Operating margins are unlikely to be as high as the 10% level achieved for last year’s second quarter. For the full year, Target sees operating margins “well above” the 2020 rate of 7% with the “potential” to reach 8% or somewhat higher.”

Reata Pharmaceuticals Inc. (RETA) was up more than $17.50 a share earlier this week. All after the US FDA said that after “a preliminary review of briefing materials for an upcoming Type C meeting, a pre-NDA meeting is the most appropriate format for a discussion of the development program for omaveloxolone in Friedreich’s ataxia (“FA”). The Division suggested that the Company withdraw the current meeting request for a Type C meeting and instead request a pre-NDA meeting, which the Division will grant upon receipt.”

At the time of this writing, Ian Cooper did not hold a position in any of these stocks.

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