Check out the companies making headlines in midday trading: KULR Technology Group — The space technology company skyrocketed more than 40% after it bought 217.18 bitcoin worth about $21 million. The cryptocurrency purchase was the first for the company since it announced a new bitcoin treasury initiative on Dec. 4, the day bitcoin hit the $100,000 level for the first time . KULR plans to allocate up to 90% of its surplus cash to bitcoin, borrowing a page from MicroStrategy’s playbook. Honda — U.S.-listed shares rallied more than 4%, continuing to advance after the automaker announced official merger talks earlier this week with fellow Japanese automaker Nissan. That gain raised its week-to-date advance above 18%. Toyota Motor — Shares climbed more than 8% after Nikkei, citing an executive who asked not to be named, reported that the automaker plans to double its return on equity, or ROE, target to 20% . Alibaba — Shares of the e-commerce giant rose about 0.7% on the heels of an announcement of a joint venture with South Korean retailer Shinsegae. Alibaba’s stock is still down more than 1% in December. GameStop — Shares of the video game retailer jumped almost 6%, extending its gains from Tuesday. GameStop has risen four straight days and climbed nearly 85% this year. Crypto stocks — Stocks tied to the price of bitcoin cut earlier losses but remained under pressure with the cryptocurrency. Bitcoin is hovering at the $96,000 level and about 11% off its record. Shares of Coinbase were down nearly 2%, while MicroStrategy dipped more than 4%. Miners Mara Holdings and Iren were each lower by more than 4% and 3%, respectively. Broadcom — Broadcom shares gained more than 2% to build on a strong year-to-date and December rally. The stock is up about 51% this month and has notched new highs. Shares have rallied 119% in 2024. Assembly Biosciences — The biotechnology stock popped 4.5% after reporting “encouraging” results from a clinical trial for a chronic hepatitis B treatment. Enrollment is currently underway for the second cohort. Kewaunee Scientific — The health-care product maker advanced more than 4% after Chief Financial Officer Donald Gardner disclosed a sale of 2,000 shares of common stock. Following the sale, Gardner beneficially owns 22,600 shares. — CNBC’s Pia Singh, Tanaya Macheel, Jesse Pound, Sean Conlon and Samantha Subin contributed reporting.
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Our finance blog is your go-to resource for expert financial advice, covering everything from personal budgeting and saving strategies to smart investing and market analysis. Stay updated with the latest trends, tips, and insights to help you make informed decisions and achieve financial success.
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