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Coinbase stock rises after Bitcoin trades above $30,000 for the first time in 10 months.
Dreamstime
Stock futures inched higher Tuesday as Wall Street prepared for the release of inflation data at both the consumer and producer levels.
These stocks were poised to make moves Tuesday:
Coinbase
(COIN) rose 2.8% in premarket trading,
MicroStrategy
(MSTR) gained 3.4%, and
Marathon Digital
(MARA) was up 4.2% after
Bitcoin,
the world’s largest cryptocurrency, traded above $30,000 for the first time in 10 months.
Newmont
(NEM) raised its takeover offer for Australia’s
Newcrest Mining
(NMCGY) to about $19.5 billion. Newmont offered $17 billion back in February but Newcrest, Australia’s largest-listed gold miner, rejected the offer. Newmont stock fell 2.5% in premarket trading. Newcrest Mining gained more than 5% in Australia trading.
Cannabis company
Tilray Brands
(TLRY) fell 8% after agreeing to buy
Hexo
(HEXO), the maker of pot products, for $56 million in an all-stock deal. Tilray will pay about $1.25 a share for Hexo, which sank 20.7% in premarket trading to $1.30. Tilray also reported fiscal third-quarter results that were worse than analysts’ expectations.
Virgin Orbit Holdings
(VORB) was falling nearly 23.5% to just under 13 cents after saying that Nasdaq planned to delist shares of the space launch startup. Virgin Orbit filed for Chapter 11 bankruptcy protection last week.
Shares of
Upstart
(UPST), the artificial intelligence lending platform, were initiated with an Underweight rating at
J.P. Morgan
,
the Fly reported. The stock fell 2.2% in premarket trading.
Earnings reports are expected Tuesday before the stock market opens from used-car retailer
CarMax
(KMX) and from grocery chain
Albertsons
(ACI).
Write to Joe Woelfel at [email protected]
