Yahoo Finance Trending tickers: Bitcoin | Charles Schwab | Pfizer | Ocado
The latest investor updates on the stocks that are trending on Monday
Bitcoin (BTC-USD)
The price of bitcoin jumped around 3.2% on Monday morning, after a key milestone was reached in the progress towards the approval of a bitcoin Exchange Traded Fund (ETF).
The cryptocurrency was trading above $27,700 (£22,795) after the Securities and Exchange Commission in the US failed to appeal a recent decision on crypto asset manager Grayscale's application.
Grayscale applied to convert its bitcoin trust into a more investor-friendly ETF, meeting initial opposition from regulators. The lack of challenge to the ruling means it has cleared the latest hurdle to that being approved.
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Bitcoin prices dipped last week after the US's consumer price inflation report showed core inflation rose 0.3% for a second month running.
Charles Schwab (SCHW)
Charles Schwab stock ticked lower in pre-market trade ahead of the brokerage's Q3 earnings update on Monday.
Investors are awaiting evidence that the company has ironed out its cash sorting issues. The bank has been grappling with plummeting deposits as customers move their money into higher yielding products in a high interest rate environment.
Read more: Stocks that are trending today
Its stock price is down more than 37% this year amid the crunch.
Q3 is expected to bring earnings of 75 cents a share, compared with reported earnings of $1.10 for the same period a year ago, according to FactSet.
Pfizer (PFE)
Pfizer stock was down more than 3% in premarket trade on Monday after it cut its full-year profit forecast on lacklustre sales of its COVID vaccine. It also reported job cuts due to the slump.
In an update on Friday, the drugs firm said full-year group revenues would likely come in between $58bn and $61bn, down from its early August forecast of between $67bn and $70bn.
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It added that adjusted earnings for full-year will likely be within a range of $1.45 to $1.65 per share, well beneath its August forecast of between $3.25 to $3.45 per share.
Ocado (OCDO.L)
Ocado stock headed south on Monday, losing around 5.5% of its value by 11.30am in London after Barclays downgraded it to underperform from equal weight. Its price target now sits at 430p, down from 680p.
The broker said it sees a downside risk for the next 12 months after evaluating the online supermarket and food warehousing company's tech solutions which account for around 80% of its enterprise value.
It added that it is sceptical about how far the company can scale its non-grocery deals, amid pressures from competition like Autostore (AUTO.OL).
Watch: The clash of assets: Bitcoin vs gold and a crypto update
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