The stock market witnessed a rebound with the Nasdaq Composite leading the gains, while Nvidia briefly outpaced Alphabet in market capitalization. Ark ETFs' increased stakes in biotech firms added to the positive sentiment, and Apple's waning Android switcher rate caused a slight dip in its shares. In the backdrop, geopolitical tensions simmered with the revelation of Russia's space-based nuclear ambitions. Meanwhile, Lyft's clerical error led to a temporary stock surge, and Coinbase anticipated a profitable quarter amidst a crypto rally. Michael Burry (Trades, Portfolio)'s Scion Asset Management placed bets on consumer spending, and Lockheed Martin faced budget cuts impacting F-35 jet orders. Saudi Arabia's PIF exited Plug Power, and Twilio faced a downgrade ahead of its earnings report. Lastly, Williams' shares dropped following its earnings report, and Tecnoglass was downgraded by Stifel due to expected lower earnings.
Apple (AAPL, Financial) saw a slight decline in its stock after reports indicated that the rate of smartphone users switching from Android to iOS is slowing down. Despite this, the switch rate remains higher than in previous years, suggesting a maturing iPhone market with a focus on retaining existing users.
The House Intelligence Committee disclosed a national security threat related to Russia's intentions to place a nuclear weapon in space. This announcement has prompted a scheduled classified meeting with congressional leadership to discuss the implications.
Ark ETFs, managed by Cathie Wood, bolstered their equity ownership in CRISPR Therapeutics (CRSP, Financial), Intellia Therapeutics (NTLA, Financial), and Recursion Pharmaceuticals (RXRX, Financial), contributing to a rise in their share prices.
Uber Technologies (UBER, Financial) saw its shares surge following aggressive three-year targets and a stock buyback announcement. Other companies such as IQVIA (IQV, Financial) and DaVita (DVA, Financial) also experienced post-earnings gains, while MGM Resorts (MGM, Financial) faced losses due to concerns over regional casino performance.
Lyft Inc. (LYFT, Financial) corrected a significant earnings margin error, which had briefly caused its stock to soar. Despite the mistake, the company reported strong gross bookings, leading to a substantial increase in its stock price.
Coinbase Global (COIN, Financial) is expected to report improved fourth-quarter results, potentially showing a profit driven by a crypto-market rally and the approval of U.S. spot bitcoin ETFs.
Michael Burry (Trades, Portfolio)'s Scion Asset Management revealed new stakes in various retailers, indicating a bet on continued strong consumer spending, while also adjusting positions in other holdings.
Lockheed Martin (LMT, Financial) faced a stock decline after reports emerged that the U.S. government plans to reduce its order of F-35 jets, impacting the company's revenue.
Saudi Arabia's PIF sold off its stake in Plug Power (PLUG, Financial) and adjusted other investments, signaling shifts in its portfolio strategy.
Twilio (TWLO, Financial) received a downgrade amid concerns over its shift in focus from growth to margin improvement and potential impacts on product innovation and sales.
Nvidia (NVDA, Financial) surpassed Alphabet (GOOG, Financial) (GOOGL, Financial) in market cap, reflecting the chipmaker's strong performance driven by the artificial intelligence boom.
Tiger Global Management adjusted its investment positions, exiting stakes in Alibaba (BABA, Financial) and others, while initiating new positions in companies like DexCom (DXCM, Financial) and Broadcom (AVGO, Financial).
Williams (WMB, Financial) saw its shares fall after reporting Q4 earnings and providing guidance that slightly missed expectations.
Clean Energy Fuels (CLNE, Financial) announced the completion of a renewable natural gas facility, boosting its stock as it begins to contribute to the company's clean fuel production.
Tecnoglass (TGLS, Financial) was downgraded by Stifel due to anticipated lower earnings, leading to a drop in its stock price.
Arvinas (ARVN, Financial) was downgraded by Citi following a significant stock price increase, balancing the risk/reward outlook for the company.
