After Bitcoin (BTC-USD) prices fell by around 3%, shares of Strategy (MSTR) fell by more. On Wednesday, MSTR stock fell by 6.79%.
Markets are overlooking Strategy’s $20.9 billion gain in the quarter that ended on Sept. 30. Between Oct. 1 – 4, the firm bought 334 Bitcoin, spending $28.7 million. It paid an average price of $85,800, compared to the closing price of $83,411.64.
Strategy’s peers that might have trading momentum include Mara Holdings (MARA), IREN, CleanSpark (CLSK), and Hut 8 (HUT).
In the media sector, Skydance (SKYD) fell by nearly 7% to close at $8.89. The firm completed its acquisition of Warner Bros. Discovery. Renaming the firm to Skydance, the media giant holds well-known brands that include Paramount, HBO, Max, Warner Bros., CBS, and CNN.
SKYD stock is not the only slumping stock. Disney (DIS) is in a two-month-long downtrend. Netflix (NFLX) nearly fell to its 52-week low of $65.08 before rising to $69.70 this week. Versant Media (VSNT) trades on thin volume compared to Comcast (CMCSA).
CMCSA stock closed at a new 52-week low.
Caterpillar (CAT) is stuck in a trading range between $800 and $850. The huge influx in data center construction benefits machinery companies. That includes Caterpillar, Deere (DE), and United Rentals (URI).
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