Crypto-linked stocks slide as bitcoin tumbles back below $70,000

Bitcoin is back to singing the blues, pulling a host of crypto-adjacent stocks lower in premarket trading.

Strategy, MARA Holdings, Riot, and Coinbase are all down roughly 2% or more as of 5:50 a.m. ET.

The cryptoasset rose 11.5% on Friday, its biggest daily gain since March 2023, and crept higher over the weekend before starting a sharp retreat overnight that’s carried forward through Monday morning.

Volatility in crypto has spiked relative to that of the US stock market. As of Friday’s close, realized 20-day annualized volatility for the iShares Bitcoin Trust was running 66 points above the SPDR S&P 500 ETF, the widest such premium since August 2024, and roughly double the average gap since the inception of the former fund in early 2024. In May 2025, the short-term volatility of SPY briefly exceeded that of IBIT amid the prior month’s tariff-induced plunge in stocks and start of the V-shaped recovery.

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Luke Kawa30m

AppLovin jumps after CapitalWatch announces “significant revisions” to negative report but says stance on company “remains unchanged”

AppLovin is trading to the upside on Monday morning after a financial research agency issued a “correction and apology” regarding some of the claims in its negative report on the company and its principals.

Shares of the adtech firm tumbled in January as CaptialWatch called it “the ultimate monument to 21st-century new-type transnational financial crime.”

But after “a rigorous internal review,” CapitalWatch determined that the allegations of money laundering directed at one of AppLovin’s largest shareholders, Hao Tang, were based on a judicial document that was interpreted erroneously, and that his connections with other parties in the report “were inaccurate and failed to meet our publication standards.”

However, the outlet still argues that it’s right on the company, but just didn’t have enough proof to single out Tang individually. Per CapitalWatch:

Our review concluded that while the macro data and transaction structures highlighted in the original report warrant market scrutiny, the information currently available is legally insufficient to attribute these complex capital operations directly and exclusively to Mr. Tang. We have chosen to retract the allegations directed at Mr. Tang personally out of strict adherence to evidentiary principles, not as a denial of the objective market phenomena observed.

Our stance regarding the complex financial structure of AppLovin (NASDAQ: APP) remains unchanged.

AppLovin forcefully denied the original report, saying it was “rife with false, misleading, and nonsensical allegations.”

The firm, like most in the software space, has floundered recently amid potential disruptive threats from AI tools and new entrants.

J. Edward Moreno1h

Novo sues Hims alleging patent infringement

Danish pharmaceutical giant Novo Nordisk announced Monday that it has sued Hims & Hersfor infringing on one of its patents on semaglutide, the active ingredient in Ozempic and Wegovy.

Shares of Hims extended losses to trade down 20% in the premarket, while Novo pared gains but is still trading nearly 6% to the upside.

The move comes after Hims launched — then abruptly discontinued — copies of Novo's Wegovy pill, the first GLP-1 pill approved for weight loss. Hims still sell copies of Novo's injectable GLP-1s.

"Hims has engaged in promotional campaigns that highlight its compounded semaglutide products, duping consumers and healthcare professionals as to the clinical benefits and safety of these unapproved drugs," the drugmaker said in a statement.

Hims did not immediately respond to a request for comment. Its short-lived launch of an oral semaglutide product appeared to be a tipping point for Novo and regulators, which until now had not taken aggressive action against Hims despite critiquing its behavior.

Hims launched its pill Thursday morning. Hours later, Novo released a statement threatening “legal and regulatory action” against Hims.

By that evening, FDA Commissioner Marty Makary said in an X post that the agency would “take swift action against companies mass-marketing illegal copycat drugs.” Department of Health and Human Services' General Counsel Mike Stuart said in a post on X on Friday he has referred Hims to the Department of Justice "for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions."

J. Edward Moreno2/6/26

FDA says it will take “decisive steps” against GLP-1 compounders, HHS refers Hims to DOJ for investigation

The Food and Drug Administration said it would take "decisive steps" to restrict GLP-1 compounding, a day after Hims & Hers announced that it would sell copies ofNovo Nordisk’sWegovy pill.

The FDA specifically called out Hims in the announcement. Additionally, Department of Health and Human Services' General Counsel Mike Stuart said in a post on X on Friday he has referred Hims to the Department of Justice "for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions."

In a statement, Hims said the company "has always operated with a deep commitment to the safety and best interests of consumers and in compliance with applicable law."

"We have a long history of successfully working with regulators, and look forward to continuing to engage with the FDA to ensure safe access to affordable healthcare," they said.

Based on a review of the applicable facts, earlier today @HHSOGC referred Hims & Hers Health, Inc. (“Hims”) to the Department of Justice for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.
— HHS General Counsel Mike Stuart (@HHSGCMikeStuart) February 6, 2026

This marks a significant shift in tone from the FDA, which has done little to prevent companies like Hims from marketing copies of Novo's lucrative weight loss drugs.

Shares of Hims fell 14% after hours. The stock had already taken a hit after FDA Commissioner Marty Makary said in an X post on Thursday that the agency would “take swift action against companies mass-marketing illegal copycat drugs.”

Hims, long flying under regulators’ radar, finally strikes a nerve with its Wegovy pill copy

In a statement, Hims said the company "has always operated with a deep commitment to the safety and best interests of consumers and in compliance with applicable law."

"We have a long history of successfully working with regulators, and look forward to continuing to engage with the FDA to ensure safe access to affordable healthcare," they said.

Based on a review of the applicable facts, earlier today @HHSOGC referred Hims & Hers Health, Inc. (“Hims”) to the Department of Justice for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.
— HHS General Counsel Mike Stuart (@HHSGCMikeStuart) February 6, 2026

This marks a significant shift in tone from the FDA, which has done little to prevent companies like Hims from marketing copies of Novo's lucrative weight loss drugs.

Tasha Matsumoto

2/6/26

Tech rebound propels stocks to best day since May

The S&P 500, Nasdaq 100, and Russell 2000 all climbed higher as the AI trade was back on.

Chicago Bulls Dennis Rodman (91) and Michael Jordan (23) in action, rebounding vs Charlotte Hornets

Max Knoblauch2/6/26

Airlines rise, continuing their volatile 2026, as US-Iran talks may foreshadow some oil supply relief

Airline stocks are surging on Friday, as the market appears to be pricing in some medium-term oil pricing relief following talks between the US and Iran. Iranian officials referred to the meeting as “a good beginning.”

Shares of budget carriers, which have tighter margins and are more sensitive to fluctuations in fuel costs, are leading the surge. Frontier Airlines and Allegiant up more than 13%, while major airlines like United Airlines, American Airlines, and Delta Air Lines are also up at least 6%. JetBlue and Alaska Air are similarly up about 6%.

The market more broadly is rebounding on Friday, with the S&P 500 up 1.6% and bitcoin recovering some of this week’s losses.

Airlines have been volatile to start 2026 amid geopolitical tensions, varying annual forecasts, and the impact of winter storms.

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