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.
Midway through trading Wednesday, the Dow traded down 0.17 percent to 18,007.18 while the NASDAQ declined 0.48 percent to 5,128.87. The S&P also fell, dropping 0.36 percent to 2,104.18.
Leading and Lagging Sectors
On Wednesday, non-cyclical consumer goods & services shares gained by 0.33 percent. Meanwhile, top gainers in the sector included Westmoreland Coal Company (NASDAQ: WLB), and CONSOL Energy Inc. (NYSE: CNX).
In trading on Wednesday, energy shares fell by 1.46 percent. Meanwhile, top losers in the sector included FleetCor Technologies, Inc. (NYSE: FLT), down 11 percent, and Resolute Energy Corp (NYSE: REN), down 8 percent.
Top Headline
Broadcom Limited (NASDAQ: AVGO) and Brocade Communications Systems Inc. (NASDAQ: BRCD) disclosed a definitive deal through which the former would acquire the latter for $12.75 a share in cash. This would translate into a valuation of about $5.9 billion, including $0.4 billion of net debt.
The transaction would be immediately accretive to Broadcom's adjusted earnings.
Equities Trading UP
Novocure Ltd (NASDAQ: NVCR) shares shot up 21 percent to $7.20 after the company posted a narrower-than-expected Q3 loss.
Shares of AveXis Inc (NASDAQ: AVXS) got a boost, shooting up 21 percent to $57.95 after the company disclosed a single-arm design for its pivotal study of AVXS-101 in SMA Type 1 patients.
Office Depot Inc (NASDAQ: ODP) shares were also up, gaining 14 percent to $3.48 on better-than-expected quarterly earnings.
Equities Trading DOWN
Adeptus Health Inc (NASDAQ: ADPT) shares dropped 64 percent to $9.71 after the company posted downbeat quarterly results and lowered its FY16 EBITDA outlook.
Shares of Tandem Diabetes Care Inc (NASDAQ: TNDM) were down 62 percent to $2.05 after the company posted downbeat quarterly results.
Cempra Inc (NASDAQ: CEMP) was down, falling around 58 percent to $7.80 after the FDA raised liver safety issues in its review of the company's experimental drug to treat community acquired pneumonia. Baird downgraded Cempra from Outperform to Underperform.
Commodities
In commodity news, oil traded down 3.15 percent to $45.20 while gold traded up 1.35 percent to $1,305.40.
Silver traded up 1.34 percent Wednesday to $18.67, while copper fell 0.29 percent to $2.22.
Eurozone
European shares were lower today. The eurozone’s STOXX 600 slipped 1.07 percent, the Spanish Ibex Index fell 1.81 percent, while Italy’s FTSE MIB Index declined 2.31 percent. Meanwhile the German DAX slipped 1.46 percent, and the French CAC 40 dropped 1.13 percent while U.K. shares fell 0.96 percent.
Economics
The MBA’s index of mortgage application activity declined 1.2 percent for the week ending October 28, 2016.
Private-sector employers added 147,000 in October, ADP Inc. reported. However, economists were expecting a gain of 165,000 jobs.
Crude supplies increased 14.4 million barrels for the week ended October 28, the U.S. Energy Information Administration reported. Analysts were expecting a gain of 1.9 million barrels. Gasoline supplies declined 2.2 million barrels, while distillate stockpiles dropped 1.8 million barrels.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
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.
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