GameStop Is Popping, Coinbase Is Dropping, and the Stock Market Is Following Bitcoin Lower
Stocks were down Monday morning even after encouraging comments on Johnson & Johnson’s (JNJ) vaccine from Dr. Anthony Fauci. Bitcoin also declined over the weekend, a potential sign that market sentiment was turning.
Dow Jones Industrial Average futures fell 77 points, or 0.2%, while S&P 500 futures declined 0.2%, and Nasdaq Composite futures dropped 0.4%.
Over the weekend, Fauci said Johnson & Johnson’s vaccine could be ready to resume use this Friday following the Food and Drug Administration’s pause due to rare blood clots. The sooner, the better as Covid-19 cases were rising around the world.
Some observers pointed to Bitcoin’s 7.8% decline since Friday as a sign that the market was heading for a risk-off day. Coinbase (COIN), which went public through a direct listing last week, has slipped 3.1%
Here were some notable stock movers:
Shares of Herman Miller (MLHR) fell 12% after it said it would acquire Knoll (KNL) in a deal worth $1.8 billion. Knoll rose 30%.
GameStop (GME) shares rose 9% after CEO George Sherman said he would step down in July.
Harley-Davidson (HOG) shares were up 8% after the company reported a profit of $1.68 a share on sales of $1.4 billion, topping estimates for earnings of 90 cents a share on revenue of $1.3 billion.
Textron (TXT) shares were rising 1.5% after Credit Suisse upgraded the stock to Outperform from Neutral.
First Solar (FSLR) shares rose 3% after Citigroup upgraded the stock to Buy from Neutral.
Coca-Cola (KO) stock rose 1.1% after the company reported a profit of 55 cents a share on sales of $9 billion, topping estimates for earnings of 50 cents a share on revenue of $8.6 billion.
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