Microstrategy rises along with Bitcoin

MicroStrategy, which owns 1% of all bitcoin that has been mined to date, rose 7.5%. The company's shares often climb when Bitcoin rises. The cryptocurrency market is currently experiencing an uptick, with most major digital assets, including Bitcoin, trading in the green. Bitcoin has surpassed the $64,000 mark, while Ethereum and other prominent cryptocurrencies also show gains.


Cardinal Health faces contract Non-Renewal with OptumRx 

Cardinal Health dropped 5.8% after it announced that its pharmaceutical distribution contracts with OptumRx, a unit of UnitedHealth Group Inc., will not be renewed after their expiration at the end of June. The company is looking to mitigate the impact of this loss by securing new customers and expanding its specialty pharmacy business. Despite the setback, CEO Debbie Weitzman expressed optimism about future opportunities and the integration of Specialty Networks in fiscal 2025. 

Verizon Communications Reports Mixed First-Quarter Results

Verizon Communications fell 3.8% after it reported first-quarter earnings that surpassed analyst expectations, with adjusted earnings of $1.15 per share, despite a slight decline from the previous year. The company's operating revenue saw a marginal increase, attributed to prior price hikes, but fell short of market expectations. Verizon experienced a reduction in postpaid phone subscriber losses compared to last year and saw broadband net additions decrease slightly. The company reaffirmed its full-year adjusted EPS guidance and wireless service revenue growth outlook. Shares of Verizon initially rose in premarket activity but later declined after the opening bell.

Informatica Denies Ongoing Acquisition Discussions

Informatica tumbled 9% after it publicly stated that it is not currently engaged in discussions to be acquired, countering recent reports of potential takeover talks with Salesforce. The company also provided an optimistic Q1 financial outlook, expecting key financial metrics to be within the upper half of its previously issued guidance. Additionally, Informatica announced the resignation of Chief Product Officer Jitesh Ghai, who is leaving to pursue another executive opportunity.

Li Auto Adjusts Prices Amid Intensifying EV Price Competition in China

Li Auto fell 5.6% after it reduced prices on several of its hybrid and electric vehicle models in China, following price cuts by Tesla and BYD. The price reductions, averaging around 5%, are seen as a response to the intensifying price competition in the Chinese EV market. Li Auto has also committed to refunding customers who purchased the vehicles earlier in the year.

HSBC Downgrades AngloGold Ashanti

HSBC has downgraded AngloGold Ashanti from "Hold" to "Reduce", sending its shares down 7.1%.