Morning Brew: Bitcoin Nears $100K, Gap Surges on Strong Earnings

GuruFocus11-22 21:40

S&P 500 futures are down by four points, a 0.1% drop. Nasdaq futures have fallen by 34 points, equal to a 0.2% decrease. However, Dow Jones Industrial Average futures are up by 30 points, reflecting a...

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This caused the euro to fall to its lowest level in nearly two years.Today’s U.S. economic data features the Flash November S&P Global U.S. Manufacturing PMI and Services PMI, along with the Final November University of Michigan Consumer Sentiment numbers.Treasury yields have decreased, with the 10-year yield down to 4.39% and the 2-year yield down to 4.33%.Today's NewsBitcoin (BTC-USD, Financial) is on the brink of hitting the $100,000 mark, a milestone that has surprised many traditional investors but not the steadfast crypto enthusiasts. Overnight, Bitcoin climbed 4% to reach $99,512, contributing to a broader crypto market growth from $2.5 trillion to $3.5 trillion since Donald Trump's election win. The former president has promised to create a favorable environment for cryptocurrencies, including opposing CBDCs and proposing a Bitcoin Strategic Reserve.Gap (GAP, Financial) saw a significant rise in its stock price following strong Q3 results and an optimistic full-year guidance. Under CEO Richard Dickson's leadership, Gap has improved operations across its brands, with a notable rebound in Athleta's sales. The company reported a 5% increase in comparable sales for Athleta, attributed to effective marketing strategies and successful new product launches.PepsiCo (PEP, Financial) announced its acquisition of the remaining 50% stake in Sabra Dipping Company and Obela, allowing it full control over these joint ventures. This move is part of PepsiCo's strategy to diversify and innovate its product offerings in North America, with Sabra being a leading hummus brand in the U.S. and Canada.MicroStrategy (MSTR, Financial) experienced a sharp decline of 16.2% in its share price after Citron Research, an activist short seller, bet against the stock. Despite a previous recommendation as a Bitcoin investment vehicle, Citron now believes MSTR's valuation has detached from Bitcoin's fundamentals, even as Bitcoin approaches $100,000.Reddit (RDDT, Financial) shares dropped 7% in premarket trading amid news that a shareholder aims to raise $1.2 billion by selling 7.8 million shares. The sale is intended to establish a credit facility, with Advance Magazine Publishers maintaining its ownership level through derivatives.NetApp (NTAP, Financial) reported better-than-expected Q2 earnings, leading to a 7% increase in its stock price. The company's results were boosted by strong performance in its flash portfolio and AI and data lake modernization wins, despite analysts maintaining a neutral stance on the stock.Arm Holdings (ARM, Financial) received an Overweight rating from Wells Fargo, with a price target of $155. The firm is optimistic about Arm's potential to exceed consensus estimates through its transition to v9 Compute Subsystems, which offer higher royalty rates.Honeywell (HON, Financial) agreed to sell its Personal Protective Equipment unit for $1.325 billion, aligning with its strategic focus on automation, aviation, and energy transition. 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