Bitcoin has dropped below $90,000, coinciding with MicroStrategy’s recent purchase of over 20,000 bitcoins, leading to a 5% decline in its shares. Meanwhile, Bank of America has reduced its price target for Coinbase, and Wall Street anticipates a flat market open following a mixed session.Home Depot reported better-than-expected earnings amid a challenging housing market, while Tesla’s sales in Europe fell 45% last month despite a surge in overall EV sales. Additionally, Hims & Hers shares plummeted 20% after announcing a shift away from weight loss drugs, and PayPal is set to hold its first investor day in four years, projecting significant revenue growth for Venmo by 2027.
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0 posts last weekTop Billionaire-Backed Stocks to Consider for Your Portfolio Now
Billionaire asset managers are currently favoring Amazon and PayPal as compelling stock options. Amazon, a leader in e-commerce and cloud computing, is seen as a growth buy due to its low valuation and potential in generative AI. Meanwhile, PayPal, despite past struggles, shows promise with a new CEO and improved financial metrics, making it an attractive value buy.
read moreA Busy Week Ahead: Key Earnings and Economic Updates Expected
The stock market is gearing up for a busy week with major companies like Apple, Amazon, Pfizer, and eBay set to report their earnings. The Federal Reserve’s policy meeting and a slew of economic data releases will also keep investors on their toes. Additionally, companies like Dell Technologies, Nvidia, and Walmart are showing positive momentum, adding to the anticipation in the market.
read moreStocks Fluctuate Amid Earnings Reports and Inflation Concerns
Stocks were mixed as investors digested a flurry of corporate earnings and eyed the upcoming inflation report. The Dow inched up, the S&P 500 struggled near 5,000, and the Nasdaq rose. Expectations for a rate cut have dropped, with the Fed now seen as less likely to cut rates in March or May. Arm Holdings soared nearly 50% on strong earnings, while Disney jumped 11.5% on dividend news and an investment in Epic Games. However, PayPal slumped 11.2% after weak full-year guidance.
read morePayPal Stock: Analyst Forecasts and Investor Outlook for Q4 2023 Earnings
PayPal is about to report its 4Q23 earnings, with analyst Bryan Keane expecting relatively in-line results but emphasizing the importance of the new CEO’s strategy. Keane maintains a Buy rating on PYPL stock with a $74 price target, foreseeing a potential upside of ~18% from current levels. Despite some concerns, the stock claims a Moderate Buy consensus rating with an average price target of $70.05.
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