Biggest stock movers today: Apple, Unity Software, Li Auto, crypto-related stocks and more - Seeking Alpha

jokbanga.blogspot.com

, , , , , , ,

The virtual download bar with loading progress bar for New Year"s Eve and changing the year 2023 to 2024. The new year 2024 is loading, calendar date, end of the year, Countdown to 2024 concept — undefined undefined/iStock via Getty Images

Stock futures edged lower on the first trading day of 2024, following the strong performance of the S&P 500 in 2023.

Here are some of Tuesday's biggest stock movers:

Biggest stock gainers

As Bitcoin (BTC-USD) surged past the $45,000 mark (+7.7%) amid anticipation of a spot Bitcoin ETF approval, several cryptocurrency-related stocks experienced significant gains on Tuesday. Notably, Coinbase (COIN) shares climbed by 6%, MicroStrategy (MSTR) saw a 9% increase, Riot Platforms (RIOT) surged by 11%, and both CleanSpark (CLSK) and Marathon Digital (MARA) soared by over 14%, respectively. Additionally, Bitfarms (BITF) witnessed a notable 16% increase, HIVE Digital (HIVE) rose by 13%, TeraWulf (WULF) jumped by 22%, and Bit Digital (BTBT) recorded a 15% gain.
Golden Ocean Group's (NASDAQ:GOGL) shares climbed 4% following the company's decision to appoint interim CEO Lars-Christian Svensen as the permanent CEO, effective January 1. Svensen had been serving as the interim CEO since June of the previous year, taking over from Ulrik Andersen.

Biggest stock losers

Apple (NASDAQ:AAPL) shares fell over 3% after Barclays downgraded them due to concerns over its hardware business, including the iPhone 15. Analyst Timothy Long lowered his rating to underweight, citing uninspired sales for the iPhone 15 and a cut in price target to $160. Long also noted a lack of bounce back from the Macs, iPads, and wearables business lines, which saw the introduction of new Macs and M3 processors in October and January.
Shares of Li Auto (NASDAQ:LI) fell over 4% despite the reported delivery of 50,353 vehicles for the month of December, reflecting a robust M/M growth of 22.7% and a Y/Y increase of 137.1%.
Unity Software (NYSE:U) shares dropped over 4% after Piper Sandler downgraded the stock from Neutral to Underweight. Analyst Brent Bracelin notes that the substantial gain in December leaves "little margin for error."
Corcept Therapeutics (NASDAQ:CORT) shares declined 32% following an unfavorable outcome in a patent trial against Teva Pharmaceuticals (NYSE: TEVA) related to the patent for the Cushing's syndrome drug Korlym. The court ruling, issued late Friday by Judge Renée Marie Bumb of the US District Court for the District of New Jersey, stated that Corcept (CORT) had not met the burden of proving induced infringement.
Rivian Automotive (NASDAQ:RIVN) shares plunged 7% after releasing production report for Q4. The company produced 17,541 vehicles at its manufacturing facility in Normal, Illinois, and delivered 13,972 vehicles during the same period, which was slightly below the consensus expectation of analysts for 14,111 vehicles. However, the electric vehicle startup produced 57,232 vehicles and delivered 50,122, surpassing the latest full-year 2023 production guidance of 54,000 vehicles.