Capri Holdings witnessed a notable surge in its stock price, climbing nearly 8% following a Bloomberg report. The report, which cited individuals familiar with the matter, suggested that luxury fashion brand Prada is on the brink of purchasing Versace from Capri Holdings. The expected transaction is valued at approximately 1.5 billion euros, or roughly $1.6 billion.
Shares of crypto exchanges saw significant gains, with Coinbase and Robinhood jumping 9% and 8%, respectively. This increase followed an announcement by President Donald Trump regarding the establishment of a U.S. strategic cryptocurrency reserve. The news spurred optimism among investors in the digital currency sector.
AppLovin's shares rose nearly 6% as the mobile advertising firm revealed modifications to its share buyback program. Despite acknowledging a "tough near term," the company remains optimistic that its stock could rally by 90% within a year. However, analyst Jamie Baker pointed out that the current valuation of the stock might be too high. He noted that he "remained convinced that Southwest's best margin and ROIC [return on invested capital] days lie in the past."
Aurora Innovation experienced a nearly 9% increase in share value after Morgan Stanley initiated coverage on the stock with an overweight rating. The investment firm sees a "transformational" earnings opportunity in autonomous trucking technology, which has contributed to the positive outlook for Aurora.
In the agricultural sector, Mosaic Company saw its shares rise nearly 3% following an upgrade from neutral to overweight by JPMorgan. The firm anticipates a rise in prices for Mosaic's key fertilizer categories by 2025, which could boost the company's profitability.
Meanwhile, Chipotle Mexican Grill's shares increased by 2% after Morgan Stanley upgraded its status to overweight. Similarly, Tesla's shares climbed nearly 3% as Morgan Stanley's Adam Jonas recognized Tesla as a new top pick in the U.S. automotive industry. This endorsement comes at a time when Tesla faces multiple challenges in the market.
MicroStrategy also enjoyed a substantial gain, with its shares climbing 13%, adding to a day of significant stock movements across various sectors.
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