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Friday, March 13

Noteworthy macro moves today: Bitcoin +3.2%. Oil (WTI) -3.7%. Ethereum +3.5%. Noteworthy US mega-cap moves today: Visa Inc (V) +1.0%. Mastercard Inc (MA) +0.9%. Exxon Mobil Corp (XOM) +0.5%. 

Global equity markets are trading higher following the release of mixed economic data from the U.S., which included a disappointing GDP growth revision to 0.7%, significantly below expectations of 1.4%. This has raised concerns about economic stability and potential implications for future Federal Reserve policy, especially as inflation pressures persist, with the PCE price index showing a slight easing to an annual rate of 2.8%.

In Canada, employment figures released this morning revealed a loss of 83,900 jobs in February, pushing the unemployment rate up to 6.7%, which was above market expectations of a rise to only 6.6%. This significant decline in employment has led to negative sentiment in Canadian markets as investors reassess the outlook for economic stability amid ongoing challenges such as declining manufacturing sales.

Additionally, oil prices have dropped sharply by approximately 3.7%, reflecting ongoing geopolitical tensions in the Middle East that are contributing to fears of stagflation and impacting energy markets globally. The volatility in oil prices is influencing broader market dynamics and investor sentiment across various sectors, particularly those sensitive to energy costs and inflationary pressures.

United States Oil Fund LP (USO) [-2.4%]
The United States Oil Fund LP (USO) has seen a price decline of 2.4% in pre-market trading. This follows a significant drop in crude oil prices, with WTI Spot Oil experiencing a decline of over 3% after an earlier surge due to escalating geopolitical tensions in the Middle East. Reports indicate that the International Energy Agency is coordinating a release of 400 million barrels from emergency reserves to address supply disruptions. Social media discussions reflect a mix of bullish sentiment and concerns regarding U.S. intervention in oil futures, alongside geopolitical events such as Sweden's boarding of a Russian oil tanker. Additionally, there are rising worries about ongoing security issues in the Persian Gulf, which could further impact oil supply dynamics.

Bitcoin (BTC/USD) [+2.6%]
Bitcoin prices have surged past 72,000, buoyed by comments from U.S. Treasury Secretary Bessent addressing concerns over oil market volatility amid escalating geopolitical tensions in the Middle East. The closure of the Strait of Hormuz by Iran has left ten Maersk ships stranded, disrupting global shipping and supply chains. Concurrently, social media discussions highlighted potential buying opportunities as over 170 million in short positions were liquidated when Bitcoin surpassed 71,000. The Crypto Fear & Greed Index rose from extreme fear levels, reflecting a shift in sentiment. Additionally, Bitcoin ETFs saw net inflows of 53.8 million on March 12, marking four consecutive days of inflows. Notably, Bitcoin's scarcity index reached its highest level since October 2025, with whale wallets now holding over 20,000 BTC. Ethereum also exhibited strength, rising by 2.75%, reinforcing a strong correlation with Bitcoin.

ADBE | -8.1% | -9.0B
Adobe Inc | Application Software
Adobe Inc's shares have dropped significantly following the announcement of CEO Shantanu Narayen's impending departure after appointing a successor. This news has raised concerns regarding leadership stability. Although the company reported fiscal Q1 results that exceeded revenue and earnings estimates, the net new annual recurring revenue of $400 million fell below expectations. Analysts have responded with caution, with several firms lowering their price targets amid increasing competition in the AI sector. Social media discussions highlight mixed reactions to the earnings report, noting strong financial performance such as a year-over-year revenue growth of 12% and increased digital media revenue. However, concerns regarding the leadership transition and Adobe's competitive positioning against AI-native rivals have contributed to a cautious outlook among investors, with shares nearing seven-year lows.

ULTA | -8.0% | -2.2B
Ulta Beauty Inc | Other Specialty Retail
Ulta Beauty Inc. reported its fourth-quarter results, with earnings per share at $8.01, slightly missing analyst expectations of $8.03, despite revenues reaching $3.898 billion, which exceeded estimates of $3.804 billion. The company anticipates fiscal 2026 earnings per share between $28.05 and $28.55, below the consensus estimate of $28.57. Furthermore, Ulta forecasts net sales growth of 6% to 7%, also falling short of market expectations. This outlook, along with a decrease in comparable sales growth projections and rising operational costs, has led to a notable decline in share price following the earnings announcement. Social media discussions reflected disappointment over the mixed performance, highlighting an 8% decline in after-hours trading and a further drop of approximately 7.5% in pre-market trading today.

VEON | +8.4% | +7.6B
VEON Ltd | Wireless Telecommunication Services
VEON Ltd reported a 17.4% year-on-year increase in total revenue for Q4, reaching 1.171 billion, surpassing analysts' expectations of 1.122 billion. Despite slipping to a loss in Q4, the company saw its EBITDA rise. VEON's earnings per share (EPS) came in lower at -0.44, compared to the expected 1.66. The firm has set its revenue guidance for FY2026 between 4.795 billion and 4.927 billion, exceeding the previous estimate of 4.648 billion. Notably, digital revenues surged by 84%, now constituting 20.1% of total revenues, contributing to an overall revenue increase of 17%. These developments have coincided with a price movement of +5.6% since Thursday.

MU | +1.5% | +6.7B
Micron Technology Inc | Semiconductors
Micron Technology Inc. has experienced a price increase of 1.3%, aligning with the broader market's upward movement. The company is set to report its Q2 FY26 earnings on March 18, generating notable attention from analysts. A Wells Fargo analyst has raised Micron's price target, reflecting confidence in its performance, while Mizuho maintains a bullish outlook with a reiterated Buy rating. Year-to-date, Micron's stock has increased significantly, supported by a remarkable annual gain. Additionally, social media discussions highlight that Wedbush analyst Matt Bryson has raised the price target from 320 to 500, maintaining an Outperform rating, based on positive expectations for Q2. Analysts suggest that NAND and DRAM prices could rise substantially. Micron is also positioning itself as a key player in the AI sector, with strong demand for its high-bandwidth memory solutions fully contracted through 2026.

NKTR | +2.9% | +383.5M
Nektar Therapeutics | Pharmaceuticals
Nektar Therapeutics reported its fourth-quarter financial results, revealing product sales of 21.8 million, down from 29.2 million year-over-year. The company recorded a net income loss of 36.1 million, with earnings per share of -1.78, surpassing analyst estimates of -2.59. Total revenue for fiscal year 2025 was 55.2 million, significantly lower than the 98.4 million reported in 2024, primarily due to the cessation of product sales following the December 2024 sale of its Huntsville manufacturing facility and a reduction in non-cash royalty revenue. Additionally, social media discussions highlighted that Nektar raised 44 million from share sales through an At-The-Market offering during February and March 2026. Posts also noted that data from the REZOLVE-AA study on alopecia areata has been accepted for presentation at the American Academy of Dermatology Annual Meeting in March 2026, marking a key milestone for the company.

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