Crypto Boom and Big Moves: What's Happening in Stocks Today?

Waking up to a bullish crypto market, stocks linked to digital currencies took off. Bitcoin hit a high of over $64,000, sparking a rise in companies like MicroStrategy and Mara Holdings, with each jumping over 5%. Coinbase wasn't left behind, climbing over 3%. Meanwhile, Flutter Entertainment, the parent company of FanDuel, got a boost from Wells Fargo. The investment firm urged investors to buy the stock after a recent dip. Over at Boeing, things weren't as sunny. The aerospace giant dropped 2.3% after announcing job cuts affecting about 17,000 workers. Delays in the 777X wide-body plane and forecasts of larger-than-expected losses in the third quarter added to the gloom. Additionally, Boeing is grappling with losses due to an ongoing machinist strike.

Sirius XM Holdings had a different story. The audio entertainment company saw a 3.5% increase after Warren Buffett's Berkshire Hathaway scooped up more shares, bringing their total to over 108 million. On the flip side, Caterpillar took a hit, dipping over 2% after Morgan Stanley downgraded the stock. The bank warned of potential de-stocking and a negative risk-reward situation. Ibotta, a mobile rewards app, popped nearly 4% after Goldman Sachs gave it a thumbs-up. The firm highlighted the company's growth potential through its partnerships with Walmart and Instacart. Conversely, AppLovin, a mobile tech stock, lost 3.7% following Goldman Sachs' move to downgrade it. The firm noted that after a period of strong performance, the stock's risk-to-reward ratio was now more balanced. Lastly, Hims & Hers Health rallied over 6% after the FDA allowed compounding pharmacies to sell custom versions of Eli Lilly's weight loss drug, Mounjaro.

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