Lyft plunges 18% after disappointing 3rd-quarter earnings suggest Uber is taking share from the ride-hailing company

Lyft bus
  • Lyft plunged 18% after its third-quarter earnings report missed investor expectations on revenue and ridership.
  • The weakness suggested that Uber is taking market share away from the ride hailing company.
  • “We believe Uber has done a much better job at rebuilding driver supply, likely leaving Lyft with a structurally smaller share of the market than it had pre-pandemic.”

Shares of Lyft plunged 18% on Tuesday after the company’s third-quarter earnings report missed investor expectations on revenue and ridership.

The weak results came on the heels of a solid earnings report from Uber last week, suggesting that Lyft is losing market share to its larger rival.

Here were the key numbers of Lyft’s earnings report:

Revenue: $1.05 billion versus estimates of $1.06 billion
Adjusted EBITDA: $66.2 million, versus estimates of $62.1 million
Total Active Riders: 20.3 million, versus estimates of 21.2 million

While Lyft saw a decline in total active riders, Uber saw a more than 20% surge in active riders last quarter, bolstering the idea that Uber is taking share from Lyft. 

“We believe Uber has done a much better job at rebuilding driver supply, likely leaving Lyft with a structurally smaller share of the market than it had pre-pandemic,” Atlantic Equities analyst James Cordwell said.

Tuesday’s decline sent shares of Lyft within reach of testing its all-time low of $10.83. The stock traded at $11.68 in early Tuesday trades. 

According to Wedbush analyst Dan Ives, Lyft could still see upside as consumers return to travel and head back into the office in a post-pandemic period. He maintained an “Outperform” rating on Lyft but lowered his price target to $17 from $25.

“We believe that this is a short-term headwind and the company will continue to grow its profit margins throughout FY23. In a nutshell, we believe while this was a modestly disappointing quarter for Lyft, we believe as consumers continue to return to travel, shifting to the office, and other post-pandemic trends take hold Lyft will continue to capture market share in North America heading into 2023,” Ives said. 

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6 reasons why the stock market can still stage a year-end rally despite recent volatility, according to Fundstrat’s Tom Lee

Tom Lee
  • Fundstrat’s Tom Lee has been unwavering in his view that the S&P 500 will rally into year-end.
  • But ongoing volatility stemming from a potential policy change by the Fed has put that call at risk.
  • These are the six reasons why Lee still expects the S&P 500 to rally to as high as 4,800 over the next two weeks. 

Fundstrat’s Tom Lee can’t seem to catch a break with his steadfast call that the S&P 500 could rally as much as 4% from current levels to 4,800 by year-end.

And while the S&P 500 closed at a record high of 4,712 on Friday, the index subsequently fell as much as 2% so far this week as investors fret over a potential policy change announcement from the Fed at Wednesday’s meeting. 

“Nobody want to be a hero in front of FOMC [meeting] and technicals have suffered some damage. But base case remains YE rally,” Lee said in a Tuesday note. 

Investors have labeled hawkish Fed policy, including potential interest rate hikes, as the No. 1 tail risk currently impacting equities, according to Bank of America’s fund manager survey. Meanwhile, the bond market is currently pricing in three interest rate hikes for 2022, according to a note from JPMorgan.

Three interest rate hikes would be a shock to investors who have been conditioned to expect nothing but easy monetary policies from the Fed since the onset of the COVID-19 pandemic.

But according to Lee, a potential hawkish pivot by the Fed this Wednesday is already priced into markets, and a record rally in the stock market could materialize over the next two weeks for these 6 reasons.

“Positive seasonals.”

According to data from LPL, the S&P 500 has on average returned 1.5% in December, making it the third best month of the year for returns. Additionally, the stock market generates a positive return 74% of the time in December, more than any month of the year.

Finally, the “Santa Claus rally” describes the seven trading days after Christmas that have on average generated returns of 1.3% for the S&P 500, with a positive hit rate of 78%. 

“Positioning data.”

Investors and consumers are hoarding cash, according to various readings including Bank of America’s recent fund manager survey, with cash allocations jumping to 5.1%, generating a tactical buy signal. An earlier note from Lee highlighted more than $3 trillion in institutional cash sitting on the sidelines. 

“Negative sentiment.”

The most recent sentiment survey from AAII showed bullish responses well below its historical average, while bearish responses were near their historical average. The CNN Fear and Greed indicator is currently in “Extreme Greed” territory with a reading of 24. 

“Omicron could peak.”

Any sign of a peak in Omicron cases in South Africa or the UK could provide relief to investors anxious about a potential resurgence in the pandemic. 

“FDA could approve COVID-19 therapeutics.”

A final analysis of Pfizer’s COVID-19 antiviral pill showed it was 89% effective in preventing hospitalizations of COVID patients. Relieving pressures of America’s hospital system will help further a return to post-pandemic normalcy. The pill also showed effectiveness against the Omicron variant, and could receive emergency use authorization within weeks.

“Fed meeting will be in the rear view mirror.”

Wednesday’s highly anticipated Fed meeting will soon be in the rear view mirror, and with three 2022 rate hikes already priced into the markets, any dovish tilt from Chairman Powell could serve as a catalyst for higher equity prices.

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Lucid jumps 7% after being included in the Nasdaq 100. Here are the 6 stocks being added and removed from the tech index.

US stock trader Wall Street stock exchange woman
Traders have been cheered by earnings but are still concerned about inflation.

  • Lucid stock jumped as much as 7% on Monday after it was announced the EV maker would join the Nasdaq 100. 
  • Six stocks are being added to and removed from the tech-heavy index on December 20.
  • Airbnb and Palo Alto Networks are also joining the tech index, while Fox and Cerner are getting cut.

Shares of Lucid Group surged as much as 7% Monday after it was announced the EV maker would join the Nasdaq 100 later this month. But the stock reversed lower amid a sell-off in the broader market.

Prior to the open on December 20, Lucid and five other stocks will be added to the tech-heavy index in its annual reconstitution.

The Nasdaq 100 index is composed of the 100 largest non-financial companies listed on the Nasdaq stock market and dates back to January 1985 when it was launched along with the Nasdaq Financial 100 index. Both indexes are reconstituted each year in December.

The Nasdaq 100 is popular with investors who are looking for exposure to fast growing technology companies. Investors can gain access to the index through the Invesco QQQ Trust, which aims to provide investment results that correspond with the performance of the Nasdaq 100.

These are the six companies being added to and removed from the index next week.

1. Airbnb

Ticker: ABNB
Market Capitalization: $114.9 billion
Index Change: Added

A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco.

2. Fortinet

Ticker: FTNT
Market Capitalization: $56.2 billion
Index Change: Added

Phil Quade, Fortinet NSA

3. Palo Alto Networks

Ticker: PANW
Market Capitalization: $53.9 billion
Index Change: Added

Signage with logo at the Silicon Valley headquarters of computer security and firewall company Palo Alto Networks, Santa Clara, California, August 17, 2017.
Palo Alto Networks, Santa Clara, California, August 17, 2017.

4. Lucid Group

Ticker: LCID
Market Capitalization: $63.5 billion
Index Change: Added

Lucid Air

5. Zscaler

Ticker: ZS
Market Capitalization: $45.4 billion
Index Change: Added

Zscaler conference
Zscaler CEO Jay Chaudhry opens the company’s conference on June 15, 2021.

6. Datadog

Ticker: DDOG
Market Capitalization: $56.2 billion
Index Change: Added

Datadog

7. CDW Corporation

Ticker: CDW
Market Capitalization: $26.7 billion
Index Change: Removed

CDW logo pictured on a phone

8. Fox Corporation

Ticker: FOXA / FOX
Market Capitalization: $20.1 billion
Index Change: Removed

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.
News Corp Chairman Rupert Murdoch.

9. Cerner Corporation

Ticker: CERN
Market Capitalization: $21.9 billion
Index Change: Removed

Bill Graff Cerner CIO

10. Check Point Software

Ticker: CHKP
Market Capitalization: $14.9 billion
Index Change: Removed

Gil Shwed Check Point
Gil Shwed, CEO of Check Point Software.

11. Trip.com Group

Ticker: TCOM
Market Capitalization: $18.7 billion
Index Change: Removed

atlanta airport
Passengers gather near Delta airline’s counter as they check-in their luggage at Hartsfield-Jackson Atlanta International Airport, in Atlanta, Georgia, U.S., May 23, 2021.

12. Incyte Corporation

Ticker: INCY
Market Capitalization: $14.6 billion
Index Change: Removed

A Biogen employee works in the company's lab
A Biogen employee works in the company’s lab in Cambridge, Massachusetts in 2013.

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Billionaire investor Bill Ackman says inflation is being underreported by the government due to soaring rent costs

FILE PHOTO: FILE PHOTO: Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake/File Photo
Bill Ackman, CEO of Pershing Square Capital

  • Bill Ackman believes inflation is being underreported by the government due to soaring rent prices.
  • Friday’s CPI release showed a 6.8% increase in November, hitting its highest level since 1982.
  • “The inflation that households are actually experiencing is raging and well in excess of reported gov’t statistics,” Ackman tweeted.

Friday’s consumer price index release by the US Bureau of Labor Statistics showed inflation jumped 6.8% in November from a year earlier, hitting its highest level since 1982.

But billionaire investor Bill Ackman thinks those figures are understated due to soaring rent prices that aren’t reflected in the inputs that are used to calculate the CPI.

In a series of tweets on Friday, Ackman explained that the consumer price index relies on homeowner surveys to estimate inflation in housing costs. “This is an extremely imprecise metric,” the CEO of Pershing Square Capital said, adding that he instead relies on the single-family rental market for more accurate data.

“Owners’ equivalent rent in [Friday’s] reported core CPI was 3.5% year-over-year. The largest owners of nationwide single family rentals are reporting 17% year-over-year rent increases,” he said.

Recalculating the consumer price index with the different rent increase data would send November’s reading to 10.1% from 6.8%, according to Ackman. And the trend is unlikely to slowdown due to an imbalance in the housing market.

“Housing inflation is unlikely to abate based on supply and demand trends. The inflation that households are actually experiencing is raging and well in excess of reported government statistics,” Ackman said.

Soaring inflation seems to be top of mind at the Fed, which recently signaled that it may speed up the tapering of its monthly bond purchase program as the unemployment rate fell below 5%. Policymakers meet this week and will release a statement on Wednesday.

Fed Chairman Powell also testified to Congress last month that the Fed is retiring the use of the word “transitory” when describing inflation.

Apart from ending its monthly bond purchasing program, the Fed can tame inflation by raising interest rates, which many market participants will begin sometime next year. 

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US stocks slip ahead of key Fed policy meeting

Jerome Powell Senate Banking testimony
Federal Reserve Chair Jerome Powell adjusts his tie as he arrives to testify before a Senate Banking, Housing and Urban Affairs Committee hearing, July 15, 2021.

  • US stocks edged lower on Monday, extending last week’s gains ahead of a key Fed meeting.
  • The Federal Reserve is scheduled to meet Tuesday and Wednesday and could quicken the speed of its tapering program.
  • Apple is less than 1% away from hitting a $3 trillion valuation milestone in early Monday trades.

US stocks slipped on Monday, opening the week lower after last week’s gains ahead of a key Federal Reserve policy meeting this Tuesday and Wednesday.

Investors will be watching whether Fed Chairman Jerome Powell announces a quickening of its monthly bond purchase tapering program, as it seeks to combat an ongoing rise in inflation. The Fed could also set investor expectations as to when it may begin to raise interest rates in 2022. 

Apple is on the verge of becoming the first company ever to hit a $3 trillion valuation on Monday. The iPhone maker’s stock price needs to hit $182.85 for the $3 trillion market valuation to be reached. Shares traded at $181.72 in early Monday trades.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

JPMorgan said Apple’s upcoming budged 5G iPhone SE will help accelerate sales in 2022 and drive 17% upside in the stock to $210. The bank reiterated Apple as one of its top picks in a Monday note.

Arena Pharmaceuticals soared 97% on Monday after Pfizer agreed to acquire the biotechnology firm for $6.7 billion, or $100 per share. Arena Pharmaceuticals develops CAR-T technology and is developing a drug for ulcerative colitis.

They mayor of Miami is planning to take some of his 401(k) retirement savings in bitcoin as he continues to promote the city as a cryptocurrency haven. 

West Texas Intermediate crude oil dropped as much as 0.47% to $71.33 per barrel. Brent crude, oil’s international benchmark, fell as much as 0.52% to $74.76 per barrel.

Gold rose as much as 0.07% to $1,786.00 per ounce.

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The ‘seesaw’ in markets is a signal to dump bubble assets like tech stocks and crypto, investment chief Richard Bernstein says

Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City.
  • Investors should ditch overvalued assets like tech and crypto, Richard Bernstein said.
  • He slammed cryptocurrencies as being the biggest financial bubble in history.
  • Bernstein expects bitcoin to tumble 90% from current levels.

Investment chief Richard Bernstein said he’s skeptical of assets with high valuations, and called cryptocurrencies the biggest-ever financial bubble.

The investing world can be viewed as a risky seesaw with bubble assets balanced to one side, Bernstein said.

“On one side, we have all that I would call the bubble assets: tech, innovation, disruption, cryptocurrencies,” he said in an interview on CNBC’s “Trading Nation” on Friday.

“On the other side of this seesaw, you have literally everything else in the world,” he continued. “I think if you’re looking at 2022 into 2023, you want to be in the ‘everything else in the world’ side of that seesaw.”

Tech stocks, including those benefiting from the shift to remote work during the pandemic, have continued their upward ascent in 2021, with many investors viewing the FAANG group as a comfort zone. The tech-heavy Nasdaq is up about 27% so far this year.

While tech valuations appear overvalued to some, others have trumpeted the prospect of growth in segments including cloud, cyber security, 5G, and the metaverse as unparalleled in history.

But Bernstein warned investors could be hurt by “bubble assets.” “Valuations are very high and what you have to remember is the valuation is more important than the story,” he said.

Even participants in the tech bubble of the 2000s took years to pocket profits, he noted. “If you invested in the Nasdaq 100, which were the real companies at the time, it took you 14 years to break even,” Bernstein said. “Something tells me that the people today are not paying attention to valuations, but also aren’t thinking it’s going to take them 14 years to break even.”

Bernstein said there’s a scarcity of capital on the other side of the seesaw, which is likely to generate higher returns. 

After earlier this year calling oil the most ignored bull market, he said the top play for 2022 should be the energy sector. The Energy Select Sector SPDR Fund, which measures stocks in the sector, is up 51% so far this year, according to data from TradingView

“The last time the FCF [free cash flow] yield for the energy sector was this high relative to either the market or the tech sector was around the tech bubble, and energy outperformed for a decade. The sector’s dividend yield is >3x the S&P 500′s dividend yield,” Bernstein wrote in a note to CNBC.

As for cryptocurrencies, the investing chief expects bitcoin to tumble 90% from current levels. “Cryptos are the biggest financial bubble ever in history,” he said. “This is just a monster one.”

Bitcoin was last trading around $48,509 at last check Monday. While its year-to-date gains stand at 66%, the crypto is down 28% from its record high in November.

“I think one wants to wait to look at the true fundamentals, and look at the valuations before deciding that this is all over,” Bernstein said.

Read More: A couple on track to retire in their 30s share their top 3 strategies for achieving financial freedom, including their house-hacking tactics

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Apple’s budget 5G iPhone will accelerate sales and catapult the stock past a $3 trillion valuation, according to JPMorgan

An Apple store.
An Apple store.

  • Apple’s expected launch of a budget 5G iPhone SE will accelerate its sales cycle in early 2022, according to JPMorgan.
  • The bank raised its price target on Apple to $210, representing potential upside of 17%.
  • Apple’s stock price is less than 1% away from hitting a $3 trillion market valuation on Monday.

Apple’s upcoming launch of a budget 5G iPhone SE will accelerate its sales cycle and help drive its market valuation to well above $3 trillion, according to a Monday note from JPMorgan.

The bank reiterated its top pick status for Apple heading into 2022 and raised its price target to $210, representing potential upside of 17% from Friday’s close. A move to $210 would catapult Apple well into $3 trillion market value territory, with the iPhone maker less than 1% away from hitting that milestone for the first time ever on Monday.

Apple’s stock price needs to hit $182.85 for the $3 trillion market valuation to be reached. Shares traded at $181.72 in early Monday trades.

“We believe that there are more upgrades to consensus iPhone shipments still to come with the iPhone SE with 5G capability to launch soon in early 2022, which has the potential to drive upgrades from the installed base of old iPhones as well as switchers from an installed base of low- to mid-end Android phones,” JPMorgan explained.

The bank estimates there are more than 300 million iPhone users that are overdue for an upgrade, and more than 1.4 billion low- to mid-end Android phones in use. 

The expected launch of a sub-$500 iPhone with 5G capability in 2022 will boost investor expectations of Apple’s 2022 product lineup, as many were expecting a weaker product cycle earlier this year, according to JPMorgan. The bank believes Apple could sell more than 30 million iPhone SE units in 2022, bringing its total 2022 unit forecast to 250 million.

Apple’s original iPhone SE was launched in the spring of 2016, but infrequent model updates have led analysts to assign little weight to the potential launch of an upgraded version of the phone on a more frequent basis. Apple released an upgraded iPhone SE model in 2020, without 5G capability.

“We expect Apple to upgrade the iPhone SE with 5G connectivity in 1H22, and also make it a frequent annual upgrade going forward, driving further its already demonstrated strategy of encompassing a wider range of price points,” JPMorgan said. 

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A dot-com style unwind of big tech stocks is coming on the heels of a Fed rate hike — and investors should sell now before the looming crash, Bank of America says

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

  • Investors should sell the rally in stocks ahead of upcoming Fed interest rate hikes, Bank of America said in a Friday note.
  • BofA’s Michael Hartnett expects the Fed to raise interest rates by 0.50% in March 2022, ahead of consensus. 
  • The bank also highlighted the striking similarity between the unwind in tech during the 2000 dot-com bubble and today.

The stock market’s recovery rally over the past week represents an opportunity for investors to sell ahead of an upcoming Fed interest rate “shock,” Bank of America’s Michael Hartnett said in a Friday note.

Hartnett recommends investors “sell the rip” rather than “buy the dip” in stocks as interest rate hikes are about to rock Wall Street, and amid a strikingly similar unwind in tech stocks compared to the dot-com bubble in 2000.

According to Hartnett, the Fed could, and should, begin to hike interest rates at its December meeting next week. If they don’t, the market will price in a 0.50% interest rate hike in March 2022 because of a “red hot labor market,” Hartnett said, pointing to Thursday’s jobless claims data hitting its lowest level since 1969.

If Hartnett’s Fed rate hike expectations pan out, that would likely be a shock to Wall Street, with most market participants expecting the Fed to start with a 0.25% rate hike in the second half of 2022. “The lead indicator (yield curve) all say ‘Fed coming’, but investment grade bonds and FAANG do not,” Hartnett said. 

Hartnett is referring to the mega-cap tech complex, which consists of five stocks driving 64% of the Nasdaq’s 23% year-to-date gain. Those five stocks are Microsoft, Alphabet, Apple, Nvidia, and Tesla

“The bubble in speculative froth has popped,” Hartnett said, highlighting that the ongoing breakdown in Ark Invest’s Disruptive Innovation fund is closely tracking the descent of Invesco during the 2000 dot-com unwind. Ark’s Cathie Wood defended her fund’s investment strategy this week and estimates big gains ahead.

Relative price chart of Berkshire vs ARKK

Finally, investors shouldn’t get too excited about short-term rallies in the stock market after big sell-offs, as they tend to serve as head fakes to bullish investors during a declining market. According to Hartnett’s analysis, the Nasdaq staged 11 “dead cat bounces” with rallies as high as 45% between April 2000 and August 2002, well before the stock market bottomed in October 2002. 

Since the Nasdaq fell about 5% in late November, it has since rallied as much as 4.5% before continuing slightly lower, representing a dead cat bounce if it doesn’t hit record highs in the near future. 

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Top corporate executives have reportedly reaped over $200 million each from stock sales this year as insiders take advantage of surging share prices

NYSE trader
  • Top corporate insiders are selling their stock at a record pace in 2021 ahead of potential tax changes and amid record high stock prices.
  • 48 top executives have each sold more than $200 million in stock this year, according to a report from The Wall Street Journal.
  • Top stock sales this year have come from Elon Musk, Satya Nadella, Mark Zuckerberg, among others.

Soaring stock prices and potential changes in the US tax code have spurred record equity sales by top corporate executives, according to a report from The Wall Street Journal.

Through November, 48 top executives have each sold more than $200 million in their company’s stock, nearly four times the average number of insider sales from 2016 through 2020. Altogether, top insiders at companies like Walmart, Tesla, and Microsoft have sold a combined $63.5 billion in company stock this year, up about 50% from 2020.

Waves of insider sales have come from Alphabet co-founders Larry Page and Sergey Brin, Tesla CEO Elon Musk, and Microsoft CEO Satya Nadella, among others. The tech sector has led the pace of insider selling, with $41 billion in stock sales across the entire market, according to the WSJ report. 

These record insider sales are reminiscent of a surge in sales by insiders during the early 2000s dot-com bubble, when sky-high tech valuations were disconnected from reality. Insiders have historically been good market timers in terms of buying their stock near bottoms and selling their stock near tops. 

While record highs in the stock market have made it more appealing for insiders to unload their stocks and recognize profits, a potential increase in the long-term capital gains tax rate in Biden’s Build Back Better legislation could also be incentivizing insiders to reduce their stakes and lock in a lower tax rate.

If the proposed tax hikes go into effect next year, corporate executives could save up to $8 million in taxes on every $100 million shares sold ahead of the effective date, representing a significant incentive to unload shares sooner rather than later.

Elon Musk has sold more than $12 billion in Tesla stock this year, and he could have another $8 billion to sell if he stays true to his Twitter poll from earlier this year that he plans to sell 10% of his stake, or about $20 billion. 

Microsoft CEO Satya Nadella sold $285 million of his stock last month, ahead of Washington State implementing a 7% tax for long-term capital gains next year.

“People are clearly being opportunistic. These guys have been telling you all year that the market is overheated,” InsiderScore’s Ben Silverman told The Wall Street Journal. 

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US stocks end 3-day win streak as investors reassess impact Omicron impact amid new restrictions

A trader sits in front of a computer monitor on the floor of the New York Stock Exchange.
Trader Leon Montana works on the floor of the New York Stock Exchange stocks NYSE worry

  • US stocks were mostly lower on Thursday, ending a three-day rally amid new virus restrictions.
  • The UK has imposed a new mask-wearing policy indoors as it expects a big surge in cases.
  • Meanwhile, weekly jobless claims fell to 184,000 last week, hitting its lowest level in decades.

US stocks finished mostly lower on Thursday, ending a 3-day win streak as investors digest new virus restrictions and weekly jobless claims data.

Seeking to prevent a surge in daily COVID-19 cases amid the spread of the Omicron variant, the UK is imposing new mask wearing restrictions in certain indoor settings, and is asking employees to work from home when possible.

Early studies suggest that the Omicron variant is much more transmissible than the Delta variant, and that three doses of Pfizer’s vaccine provide protection from the disease.

Weekly jobless claims were below economist estimates on Thursday, with 184,000 claims representing the lowest level since 1969. Continuing claims rose to 1.99 million for the week that ended November 27, missing estimates.

Here’s where US indexes stood at the 4:00 p.m. ET close on Thursday:

As cryptocurrency continues to grow in popularity, users of the ethereum blockchain are growing infuriated by the high transaction fees of ether. The problem could derail ether’s leading status and developers are rushing to fix the issue. Ether’s loss is a win for other cryptos, as its helping boost boost ether rivals like solana and avalanche. 

Ark Invest’s Cathie Wood believes bitcoin has a lot more gas left in its tank, as growing allocations by institutional investors could drive its price to more than $500,000. Wood also defended Ark Invest’s strategy of investing in innovative growth stocks. 

This year has been a wild ride for cryptocurrencies, including metaverse tokens and digital art that is valued in cryptos like ether. These are the 10 best performing crypto assets of 2021.

MicroStrategy is buying the dip in bitcoin, having added 1,434 bitcoin to its holdings over the past week. The average price paid was $57,477. Those purchases were underwater on Thursday, with bitcoin trading below $50,000.

All eyes were on original meme stock GameStop on Thursday, after the video game retailer announce third-quarter earnings that beat revenue estimates but missed profit estimates. The company disclosed an ongoing inquiry by the SEC, and the stock traded lower by about 3%.

Lumber prices rose 5% on Thursday, jumping above the $1,000 price level as demand for the essential building material remains steady amid ongoing supply chain issues. 

West Texas Intermediate crude oil dropped as much as 0.90% to $71.71 per barrel. Brent crude, oil’s international benchmark, fell as much as 0.91% to $75.13 per barrel.

Gold fell as much as 0.46% to $1,777.30 per ounce.

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