Marathon Digital, Riot Platforms And Other Big Stocks Moving Lower In Monday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
Despite U.S. stock futures being higher, several stocks are moving lower in Monday's pre-market session. Companies like Gaotu Techedu, Cheche Group, and Northann Corp. are experiencing significant declines. The drop in Bitcoin's value is affecting stocks such as Marathon Digital Holdings, CleanSpark, Riot Platforms, and Canaan Inc. Iris Energy announced the acquisition of miners to increase mining capacity, yet its shares also declined.
December 18, 2023 | 10:38 am
News sentiment analysis
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NEGATIVE IMPACT
Affirm Holdings shares declined 5% in pre-market trading.
The pre-market drop may reflect a negative short-term sentiment towards the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Canaan Inc. shares declined 4.7% in pre-market trading with Bitcoin's fall.
Canaan's performance is closely tied to the cryptocurrency market, making it vulnerable to Bitcoin's price movements.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Cheche Group shares fell 12.2% in pre-market trading.
A double-digit percentage drop indicates a bearish short-term outlook for the stock.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
CleanSpark shares fell 5.1% in pre-market trading due to Bitcoin's decline.
CleanSpark's stock price is sensitive to changes in the cryptocurrency market, particularly Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Gaotu Techedu shares dropped 21.4% in pre-market trading.
The significant pre-market drop suggests a negative short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Iris Energy shares declined 5.8% despite announcing an acquisition to increase mining capacity.
The stock is declining despite positive company news, likely due to the overall negative sentiment in the crypto market.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Marathon Digital Holdings shares fell 5.2% amid a decline in Bitcoin.
As a crypto-related stock, Marathon Digital is directly impacted by the price movements of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Northann Corp. shares declined 10.1% in pre-market trading after a 42% surge on Friday.
The decline may be a correction following the previous surge, suggesting a negative short-term impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Riot Platforms shares fell 4.7% amid a decline in Bitcoin.
Riot Platforms, being in the cryptocurrency space, is likely to be affected by the downturn in Bitcoin prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
TeraWulf Inc. shares fell 8.4% in pre-market trading.
The pre-market decline could signal a bearish sentiment among investors for the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70