Broadcom (AVGO) is the stock to watch after shares erased its recent breakout. AVGO stock broke out from the $375 - $400 range to trade near $430, only to close at $364.03.
Markets reacted to Alphabet (GOOG) striking a design deal with Marvell (MRVL). Marvell will expand its partnership with Google to work on semiconductor products. In return, Marvell issued Google a warrant. Google may buy 58.97 million shares of MRVL stock at an exercise price of $206.58.
Markets fear that Broadcom would lose some of the design business.
After announcing positive clinical results for an mRNA vaccine for melanoma, Moderna (MRNA) fell by 23.55%. Short-sellers who have the nerve to hold on to their bearish bet might erase some of their losses.
Strategy (MSTR) traded above $100 for the first time since late June, closing at $112.39. Bitcoin’s unexpected breakout from the $65,000 range to $73,742 last night gave the Bitcoin holder a boost. Bitcoin, gold (GLD), silver (SLV), and precious metals are more attractive as a store of value.
The U.S. government’s support for its debt devalues the U.S. Treasury and U.S. currency. Investors are dumping both.
Coinbase (COIN) gained 7.6%. Tokenization in the U.S. increased the attractiveness of the cryptocurrency platform.
