U.S. Stock Market Update
1. Cryptocurrency Developments:
MicroStrategy (MSTR.US) saw a significant rise, increasing by over 650% this year and reaching a market value of over $100 billion. The price of Bitcoin approached $98,000. The Trump team is discussing the creation of a new White House position to oversee cryptocurrency policy. This role, referred to as the “cryptocurrency czar,” would be responsible for regulating the industry. Brian Brooks, a former executive at Coinbase and Binance US, is among the candidates for this position.
2. Blue Chip Stocks Surge:
Williams-Sonoma (WSM.US) experienced a remarkable rise, surging over 27% and reaching a record high. The company’s third-quarter revenue was $1.8 billion, with a 2.9% decrease in sales but a 7% increase in earnings per share, now at $1.96. Williams-Sonoma repurchased $533 million in shares and raised its guidance for the year. Analyst Jonathan Matuszewski upgraded their rating from “buy” to a target price increase from $156 to $194.
Wix.com (WIX.US) reported third-quarter revenue of $445 million, up 13% year-on-year, with a gross profit margin increasing to 69%. Analyst Trevor Young enhanced the target price from $184 to $236.
Manbang (YMM.US) showed a strong 33.9% increase in third-quarter revenue, reaching 3.03 billion yuan. Adjusted net profit rose by 50.2%. Citi analyst Alicia Yap raised the target price from $12 to $13, maintaining a “buy” rating.
3. Flextronics Joins S&P Mid-Cap 400 Index:
Flextronics (FLEX.US) has soared nearly 80% this year and reached a new all-time high. The company completed a $325 million acquisition of Crown Technical Systems, enhancing its power product portfolio. Flextronics will replace Azenta Corporation in the S&P Mid-Cap 400 Index, effective November 25.
Market Summary:
These updates highlight significant trends and performances in the U.S. stock market, providing insights for investors looking for areas to consider in their portfolios. Remember to conduct your own research before making any investment decisions.
