Friday’s stock market opened with the Dow surging by 700 points. Bottom-fishers are betting that the trifecta bubble burst risk, led by technology, will end.
Strategy (MSTR) is leading the advance, rising by over 15%. It follows Bitcoin (BTC-USD) prices. BTC fell from around $120,000 late last year to as low as around $64,500 on Thursday. Famed short-seller Michael Burry, who posted that he had over 200,000 subscribers on Substack, set a zero-dollar price target on Bitcoin.
In early morning trading, Bitcoin rose by 8.7% to $68,289.
Robinhood (HOOD) added 12% to trade above $81. The trading platform expanded its addressable market by offering cryptocurrency and stablecoin trading in 2018.
Molina (MOH) lost over one-quarter of its value this morning. This drop rivals that of Stellantis (STLA), an automaker. Molina is forecasting adjusted earnings of at least $5.00 a share this year. Analysts expected nearly $14 in EPS. Full-year revenue of $44.5 billion is below the consensus of around $47 billion.
UnitedHealth (UNH) and Cigna (CI) are not reacting to the MOH stock drop.
Stellantis is facing the reality of the government previously mandating electric vehicles.
The firm booked a $26 billion charge (EUR 22.2 billion) and cancelled its dividend for 2026. It is writing off BEV – battery EV – development costs.
