This morning’s mystery of modern finance was why in the world GameStop rallied as much as 7% in the premarket after buying bitcoin when management could have bought the cryptocurrency about two months ago at a much lower price.
Anywho, mystery solved: shares are down 3% in early trading.
GameStop is scheduled to report earnings next Friday.
EV maker Rivian surged up more than 9% in premarket trading on Thursday following an announcement that Uber will invest up to $1.25 billion in the company through 2031 as part of a robotaxi partnership.
The deal will begin with an initial $300 million investment, and Uber will purchase 10,000 autonomous versions of the R2. Uber will have the option to buy 40,000 more in 2030.
The R2 is Rivian's smaller, less-expensive model and is set to roll out to buyers in the second quarter of this year.
Uber, which has more than 20 autuonomous vehicle partnerships ranging from Alphabet’s Waymo to Baidu, has become a dominant robotaxi force.
Rivian had first hinted at robotaxi plans at its “Autonomy and AI Day” in December.
The R2 is Rivian's smaller, less-expensive model and is set to roll out to buyers in the second quarter of this year.
Uber, which has more than 20 autuonomous vehicle partnerships ranging from Alphabet’s Waymo to Baidu, has become a dominant robotaxi force.
Rivian had first hinted at robotaxi plans at its “Autonomy and AI Day” in December.
Eli Lilly released late-stage trial results for its next-generation GLP-1 shot, retatrutide, showing the drug helped patients lose more weight than anything currently on the market.
Patients taking the highest dose of retatrutide, 12 mg, lost 16.8% of their body weight after 40 weeks, more than its current best-seller, tirzepatide. The results also showed significant reduction in blood sugar levels.
The stock was flat in premarket trading following the news.
Lilly's tirzepatide, sold under the brand names Zepbound and Mounjaro, is currently the most-sold drug in the world. The company's sales have now outpaced its top-rival, Novo Nordisk, which was the first to bring a GLP-1 to market but has seen sales decelerate as competitors have muscled in.
Still, some expect Lilly's winning streak may not last forever. Analysts at HSBC gave the stock a rare downgrade earlier this week, citing a crowded market among other factors.
Often seen as safe havens through times of uncertainty, precious metals aren't proving that way today, as oil prices spike amid escalations in the Iran war, compounding inflationary concerns and sending the SPDR Gold Shares ETF and iShares Silver Trust down 3.4% and 6.6%, respectively, at 6:55 a.m. ET.
Although the Fed kept rates steady yesterday, as was universally expected, officials raised their forecasts for inflation — a move which seems to have spooked investors, who had already been taking risk off the table in recent weeks. With Brent crude north of $114 per barrel this morning, investors look to be bracing for further inflationary shock and are dumping gold and silver, as implied odds of a Fed rate cut in June plummeted on prediction markets from 60% on February 23rd, to just 16% this morning.
The shiny metal slump is already weighing on mining stocks like Anglogold Ashanti, Newmont, Wheaton Precious Metals, and Agnico Eagle, which are all plunging in premarket trading.
After a relentless rise into the print, a stunning beat — 21% on revenue and 36% on adjusted EPS — wasn't quite enough to keep the momentum going.
