| | Good Afternoon! | Hey, everyone. It's Adam from Elite Trade Club. | Here’s what moved the market today. |
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| | | | Markets 📈 | U.S. indexes enjoyed a great day after the consumer price index rose less than forecast. The Nasdaq Composite saw the biggest percent gain, adding over 450 points to its total. | DJIA [+1.65%] S&P 500 [+1.83%]
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| Nasdaq [+2.45%] Russell 2K [+1.99%]
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| | Market-Moving News 📈 | Consumer | Joann Files for Bankruptcy Protection Again in Search of Buyer | | Joann Inc., the crafts and fabric retailer, has filed for bankruptcy protection for the second time in less than a year as it seeks a buyer to prevent liquidation. The company, grappling with significant debt, has 30 days to conduct an auction for a potential sale, or it risks losing access to critical funds. Joann is working under a deal with lenders owed over $450 million and already has an initial bid from liquidator Gordon Brothers Retail Partners. | If no higher bids are made by February 12, the company will likely sell to the liquidator, which specializes in closing businesses. Joann’s stores will remain open during this process. The retailer’s debt has climbed to $615.7 million in funded debt and an additional $133 million in trade debt, as detailed in its recent court filings. | Despite exiting bankruptcy in March 2024 with a restructured debt load, Joann’s financial struggles resurfaced. The company faced inventory issues and challenges in a weak retail market, including sluggish sales and difficulties with vendors. Additionally, unanticipated supply chain issues hurt product availability, further impacting revenue. | Joann’s second bankruptcy filing follows a wave of similar retail bankruptcies, as companies navigate inflation and interest rate pressures. |
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| | Tech | Microsoft Unveils AI Chat Service to Boost Business Productivity | | Microsoft has introduced a new chat service designed to help businesses streamline routine tasks with AI. The platform, Copilot Chat, leverages OpenAI's GPT-4 to create AI agents tailored to tasks like market research, document writing, and meeting preparation. The service is available for free and supports natural language interactions in languages such as English and Mandarin. | For more advanced features, like summarizing Teams calls or generating PowerPoint presentations, users will need a Microsoft 365 Copilot subscription, priced at $30 per month. | This launch is part of Microsoft's broader strategy to justify its significant investments in AI, which are expected to total around $80 billion for the current fiscal year. The company is under pressure to demonstrate the value of these expenditures, especially after a Gartner report cast doubt on the widespread adoption of its Copilot tools. | To boost uptake, Microsoft has also introduced a new feature that allows businesses to create more autonomous AI agents that require less human involvement. Analysts suggest that this could be a key step toward simplifying monetization for tech companies in the AI space. |
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| | Crypto | Bitcoin Approaches $100,000 Again Following Soft U.S. Inflation Data | | Bitcoin has once again approached the $100,000 level, as softer-than-expected U.S. inflation data fueled renewed demand for the digital asset. Over the past month, Bitcoin has been trading within a range of $90,000 to $100,000, reaching a peak of $99,776 on Wednesday before pulling back slightly from its intraday high. The cryptocurrency last touched the $100,000 mark on January 7. | This surge in Bitcoin comes as the correlation between the cryptocurrency and U.S. technology stocks has risen to its highest point in two years. The reaction to the latest U.S. inflation report, which showed a 2.9% year-over-year increase and a lower-than-expected 0.2% month-over-month rise in core inflation, contributed to Bitcoin’s price movement. | Bitcoin’s performance has been increasingly tied to broader economic data, and the latest inflation report helped set a positive tone for digital assets. With inflation data coming in below expectations, the market has reacted positively, reflecting greater optimism for riskier assets like Bitcoin. | As Bitcoin inches closer to $100,000 again, investors are closely watching economic data and broader market movements, signaling growing interest in the cryptocurrency as a hedge in the current economic environment. |
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| | Top Winners and Losers 🔥 | | | Quantum Computing Inc [QUBT] $11.55 (+55.45%) | Quantum Computing boosted its share price on hype from Microsoft’s new program and sentiment that 2025 is the “year of quantum computing”. | Quantum Corp [QMCO] $33.50 (+49.49%) | Quantum Corp also surged on help from a new Microsoft program that puts quantum computing back into the spotlight. | Vertical Aerospace Ltd [EVTL] $10.46 (+29.78%) | Vertical Aerospace selected industry veteran Dómhnal Slattery as chairman, causing its shares to jump. |
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| | | | | | Blaize Holdings Inc [BZAI] $9.60 (-26.88%) | Blaize Holdings named Lane Bess as its chairman today, a move that didn’t seem to resonate with shareholders. | Cytek Biosciences Inc [CTKB] $5.68 (-21.78%) | Cytek Biosciences stock fell after the company shared its full-year 2024 results, likely due to lower-than-expected growth. | Keros Therapeutics Inc [KROS] $10.42 (-16.51%) | Keros Therapeutics suffered after announcing it would discontinue a drug trial for its TROPOS medication. |
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| | | | That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback! | Thanks for reading. I'll see you at the next open! | Best Regards,
— Adam G.
Elite Trade Club |
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