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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Tuesday’s Market Update:
The markets rally yet again; China’s Shanghai Stock Exchange Composite Index (SHCOMP) has skyrocketed in the past year, up nearly 150 percent up until mid June. Now, China, like Greece, faces a crisis; The Shanghai Composite alongside the Shenzhen Composite have both plunged nearly 30 percent since their highs in mid June. The depressed country’s regulators constructed a plan to make capital applicable for entities allowing for more margin lending.
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Many Chinese experts believe their stock market’s upsurge this year was moderately due to average investors contagiously taking on debts in order to invest in stocks. Once the chinese markets began crashing mid June, the same investors panicked and eventually sold the investments to repay the loans, which added more fuel to the fire and is still advancing. Many investors still hold confidence as they think of the country’s tremendous GDP growth and the fact that China’s economy has still elevated exceedingly in the past year, despite the recent decline.
Greece, on the other hand, still awaits a decision for a bailout and possibly exiting the Eurozone. Greek official, Euclid Tsakalotos announced that a new proposal will be presented on Wednesday; Greece’s Eurozone partners have stated not to expect debt relief in the short term.
Wednesday’s UPDATE:
Alexis Tsipras, Greece’s Prime Minister, demands a “fair compromise” with the country’s creditors and requests a three-year bailout on Wednesday, according to the Wall Street Journal; He also stated that Greece’s government will present a “concrete and detailed overhaul measures in the coming days.”
Greece continually ponders being able make a $3.8 billion bond payment to the ECB on July 20. If Greece continues to linger on its non-payments, the ECB may discontinue emergency lending to top Greek banks; such a move may require Greece to print its own currency to regain strengths in its financial system. Tsipras is still confident that his country will honor its debts to all creditors in a timely manner.
Moving on to China, the struggle continues as Chinese authorities dashed yet another “raft of emergency measures” to halt the meltdown, according to the Wall Street Journal; Equity selloffs poured into offshore trading in the Yuan (Chinese currency) which caused depressed global commodity prices. Matters worsened as China’s, apparently safe government bonds dwindled while mutual funds and brokerages started to sell debt to raise cash, following the government's order to buy stocks.
Despite the Greece and China's turmoil, and NYSE being halted; US stocks continue to move:
Tuesday’s Winners:
Depomed Inc (NASDAQ: DEPO) soared nearly 36 percent after the specialty pharmaceutical company received an unsolicited $3 billion bid from Horizon Pharma PLC (NASDAQ: HZNP). Shares were up 0.21 percent in Wednesday’s market action.
Prima Biomed Ltd (NASDAQ: PBMD) was lifted 21 percent as the immuno oncology company received positive scientific advice from the European medicines agency for its IMP321 (its leading product). Shares moved down 15 percent Wednesday.
Professional Diversity Network Inc (NASDAQ: IPDN) jumped 21 percent as the online networks company surpassed 530,000 new registered users in the month of June; Q2 bookings amounted to $10.3 million, up ~800 percent compared to 2014 Q2. Shares moved down 6.72 percent Wednesday.
Plug Power Inc (NASDAQ: PLUG) increased 11 percent as the fuel cell company acknowledged 2015 guidance; it stated that it has set a company record for revenues. The stock dwindled 6.04 percent Wednesday.
TeleCommunication Systems Inc (NASDAQ: TSYS) moved up 9 percent after announcing its Board of Directors founded a “Special Committee” that is comprised of independent directors to analyze strategic alternatives to boost shareholder value. Shares continue to rise 1.62 percent Wednesday.
Himax Technologies Inc (NASDAQ: HIMX) spiked 7 percent as Chardan Capital analysts upgraded the semiconductor provider from Sell rating to a Buy rating. Shares remained constant in Wednesday’s session; down 0.70 percent.
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Pinnacle Entertainment Inc (NYSE: PNK) rose 6 percent as it received a proposal from Gaming and Leisure Properties Inc (NASDAQ: GLPI) for the company’s real estate assets. Shares were down 0.81 percent Wednesday.
Tuesday’s Losers:
China Digital TV Holding Co Ltd (NYSE: STV) was shot down 22 percent as China’s stock market continues to fall. Shares continued to decline 3.87 percent in Wednesday’s session. Other stocks that were effected by China’s downfall were:
- Bazoun Inc (NASDAQ: BZUN) - Was down 22 percent. Shares continue to fall 1.28 percent Wednesday.
- NQ Mobile Inc (NYSE: NQ) - Was down 16 percent. Shares were down 2.38 percent Wednesday.
- Jumei International Holding Ltd (NYSE: JMEI) - Was down 15 percent. Shares continue to decrease 1.31 percent Wednesday.
- Tarena International Inc (NASDAQ: TEDU) - Was down 14.50 percent. The stock fell 2.83 percent Wednesday as China continues its turmoil.
- Noah Holdings Limited (NYSE: NOAH) - Was down 14.27 percent. Shares continue its decline Wednesday, down 7.88 percent.
- Alibaba Group Holding Limited (NYSE: BABA) - Was down 3.7 percent. Shares of the tech giant continue to fall 1.77 percent Wednesday.
Advanced Micro Devices Inc (NASDAQ: AMD) was down 15 percent after the chipmaker warned that second quarter revenues are likely to fall 8 percent. Shares of AMD continued to decline 2.87 percent in Wednesday’s session.
Wednesday’s Winners:
Great Basin Scientific Inc (NASDAQ: GBSN) soared 15 percent after the the molecular diagnostic testing company announced its Group B Streptococcus (strep) molecular test which previously received FDA clearance.
Oculus Innovative Sciences Inc (NASDAQ: OCLS) spiked 12 percent amid awarded a new US patent for Microcyn Technology hypochlorous acid in treating atopic dermatitis.
Kongzhong Corporation (NASDAQ: KZ) was up 7.50 percent after it formed a special committee to consider a non-binding going private offer.
Eros International Plc (NYSE: EROS) was lifted 7.43 percent as the entertainment company is in talks to sell stakes in EROS Now unit to the Fullerton Fund Management Company.
Network-1 Technologies Inc (NYSE: NTIP) moved higher 7 percent as the tech company announced a favorable court ruling in its Mirror Worlds patent.
Inventure Foods Inc (NASDAQ: SNAK) elevated 5.23 percent after Wedbush Securities upgraded the specialty snack food company from a Neutral rating to Outperform; raising the price target from $10 to $13.
Wednesday’s Losers:
China Zenix Auto International Limited (NYSE: ZX) fell 21 percent as China’s markets continue to fall. Other companies that fell with China are:
- China Distance Education Holdings Limited (NYSE: DL) moved down 13.74 percent.
- Sinopec Shanghai Petrochemical Co Ltd (NYSE: SHI) declined 13.54 percent.
- ChinaNet Online Holdings Inc (NASDAQ: CNET) was down 12.30 percent.
Perficient Inc (NASDAQ: PRFT) moved down 15.83 percent as the information technology consulting company lowers its FY15 Q2 guidance; Expected revenue was $110.5-$120.9 million, now $108.2-$109.2 million. FY15 revenues were expected to be in the range of $470-$495 million, now $455-$475 million.
Enphase Energy Inc (NASDAQ: ENPH) declined 14.96 percent after being downgraded from Overweight rating to Neutral; The price target was slashed from $16 to $10 by JP Morgan.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.