Nasdaq rises to record high ahead of big tech earnings; Bitcoin is approaching all-time highs

Bitcoin rose above $73,000, approaching its all-time high

10 minutes ago

Bitcoin (BTCUSD) traded above $73,000 on Tuesday for the first time since March, gaining traction ahead of the U.S. presidential election as investors poured billions into spot Bitcoin exchange-traded funds.

The momentum puts the most-traded cryptocurrency within striking distance of its all-time high of $73,798 set earlier this year. It also sent shares of MicroStrategy (MSTR) — which held more than 252,000 bitcoins on its books as of Sept. 19 — to a 52-week high of $267.89 on Tuesday.

Shares of other Bitcoin-related companies, including Coinbase Global (COIN) and Marathon Digital parent MARA Holdings (MARA) and Riot Platforms (RIOT), also rose. MicroStrategy and Coinbase report earnings tomorrow.

Bitcoin trading activity is increasing as election day approaches. Both former President Donald Trump, the Republican candidate, and Democratic Vice President Kamala Harris have made efforts to engage with the crypto community: Trump embraced crypto earlier this year after previously being skeptical, while Harris in has been discussing its own approach in recent months.

According to data from Farside Investors, spot Bitcoin ETFs have seen net inflows of nearly $4 billion since October 11, with money outflowing them in just one day. Spot Bitcoin ETFs hold Bitcoin, and increased demand for the product was partly responsible for Bitcoin reaching an all-time high earlier this year.

–Mrinalini Krishna

Crocs shares fall as Heydude sales weakness continues

1 hour and 31 minutes ago

Shares of Crocs, Inc. (CROX) plunged on Tuesday after the company's third-quarter profit surge was overshadowed by weak sales at its smaller Heydude brand.

The footwear company reported revenue of $1.06 billion, just above Visible Alpha estimates, while profit of $199.8 million also beat estimates of $187.3 million.

Investor concerns appeared to stem from the sale of Heydude shoes – a company that Crocs acquired in 2022.

Heydude's revenue fell short of estimates at $204 million, and the company also updated its full-year guidance and expects Heydude's revenue to decline more than previously reported.

CEO Andrew Rees said Crocs had seen positive results from its investments in new marketing for the brand, but noted that Heydude's “recent performance and the current operating environment suggest it will take longer for the brand to turn around.” , than we originally planned.” “

The company said it expects fourth-quarter sales to be about the same or slightly up year-over-year, as 2% sales growth at Crocs will likely be offset by a 4% to 6% decline in Heydude sales.

Crocs shares were down 19% late Tuesday, trading at their lowest level since February.

–Aaron McDade

Stanley Black & Decker falls after weak earnings

3 hours and 44 minutes ago

Shares of Stanley Black & Decker (SWK) plunged as the tool maker reported worse-than-expected results and cut its forecast, citing falling consumer demand and a slowdown in the automotive sector.

The company reported third-quarter diluted earnings per share (EPS) of $0.60, with revenue declining 5.1% to $3.75 billion. Analysts polled by Visible Alpha expected $0.87 billion and $3.80 billion, respectively.

Sales in the Tools & Outdoors division fell 3% to $3.26 billion as volumes declined due to a weak consumer and do-it-yourself (DIY) environment. Industrial revenue fell 18% to $488 million, due to what the company called “automotive market weakness.”

Stanley Black & Decker now expects adjusted earnings per share in a range of $3.90 to $4.30, compared to its previous forecast of $3.70 to $4.50.

Shares of Stanley Black & Decker fell 8% in afternoon trading, falling into negative territory for the year.

–Bill McColl

DR Horton falls due to weak results and outlook

5 hrs 17 mins ago

Shares of homebuilder DR Horton (DHI) sank Tuesday morning, leading S&P 500 declines after both quarterly results and the company's fiscal 2025 forecast fell short of analysts' expectations.

For the fourth quarter of fiscal 2024, DR Horton reported revenue of $10.00 billion, down from $10.50 billion in the year-ago period and less than Visible Alpha analysts' consensus estimate of $10.22 billion US dollars. The homebuilder reported net income of $1.28 billion, down from $1.51 billion and less than the $1.37 billion expected by analysts.

DR Horton's outlook for fiscal 2025 revenue also fell short of analysts' estimates. The company expects sales between $36 billion and $37.5 billion, well below the expectation of $39.39 billion.

Chief Executive David Auld said sales this quarter were slower than the company expected. “While mortgage rates have fallen from their peaks earlier this year, many potential homebuyers expect rates to be lower in 2025,” Auld said.

DR Horton shares fell 10% and were at their lowest level since July.

–Aaron McDade

Ford Stock Slides After Earnings – Key Stocks to Watch

7 hours and 46 minutes ago

Shares of Ford (F) fell 7% in premarket trading after the automaker late Monday reported third-quarter profit that fell short of Wall Street expectations and cut its full-year outlook.

The stock has been consolidating within an ascending triangle, a chart pattern that can signal a downward move if it forms within an established downtrend.

Investors should keep an eye on key support levels on the Ford chart at around $9.50, $8.70 and $7.50. A breakout above the key resistance at $11.30 could act as a catalyst for a bullish trend reversal.

Read the full technical analysis article here.

–Timothy Smith

Futures point to lower openness for major indices

8 hours and 17 minutes ago

Futures tied to the Dow Jones Industrial Average fell 0.4%.

S&P 500 futures lost 0.2%.

Nasdaq 100 futures fell 0.1%.