Hot Stocks: TLRY drops on earnings; MARA, MSTR, RIOT, COIN boosted by crypto rise; PSMT gains; MRNA falls
The major market averages are neutral during Tuesday's intraday trading as investors wait for this week's important inflation data release, which will indicate how quickly interest rates will rise in the future.
In terms of specific stocks, Pricesmart (NASDAQ:PSMT) advanced on strong results news while Tilray (NASDAQ:TLRY) declined on Q3 sales disappointment.
Elsewhere, Coinbase (NASDAQ:COIN), Marathon Digital (NASDAQ:MARA), MicroStrategy (NASDAQ:MSTR) and RIOT (NASDAQ:RIOT) led a rally in crypto-focused stocks as the Bitcoin (BTC-USD) crossed the $30K threshold.
Meanwhile, TG Therapeutics (NASDAQ:TGTX) rose to a 52-week high on B. Riley's comments, while Moderna (NASDAQ:MRNA) fell as its flu vaccine mRNA-1010 failed to satisfy an early success benchmark.
Gainers
PriceSmart (PSMT) rose more than 10% after beating the expected mark in Q2 with a sales increase of around 10%.
Shares of TG Therapeutics (TGTX) rose 17% to a new 52-week high after B. Riley Securities reported an increasing trend in demand for the company's recently authorised multiple sclerosis medication Briumvi.
Meanwhile, crypto-linked stocks Coinbase (COIN) +7.4%, Marathon Digital (MARA) +9%, Riot Platforms (RIOT) +12.7%, MicroStrategy (MSTR) +6.3%, Hive Blockchain (NASDAQ:HIVE) +5.4%, and CleanSpark (NASDAQ:CLSK) +10.9% led the recovery in the crypto market, with Bitcoin (BTC-USD) surpassing the $30K threshold, maintaining the highest levels seen since June last year, when it last surpassed $30,000.
Decliners
Tilray (TLRY) slumped roughly 8% after announcing lower-than-expected revenue for the third quarter, driven by a 14% year-on-year fall in net cannabis sales to $47.5 million. In addition, the company recorded a gross loss of $11.7 million, compared to a profit of $40 million the previous year.
In the meantime, Moderna (MRNA) fell more than 5% after its seasonal influenza (flu) vaccine mRNA-1010 failed to accumulate enough cases at an interim effectiveness analysis to announce early success in a Northern Hemisphere phase 3 study.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.