Investors should stay away from stocks that fell by around 10% or more amid markets at all-time highs.
Analysts continued to have strong influence on shares of Intuit (INTU). The tax preparation software firm fell after Goldman Sachs (GS) cut its recommendation on INTU stock from a neutral to a sell. The firm expressed concerns about Intuit entering a competitive market in the tax filing market. Even though the P/E fell to 19x GAAP EPS, Intuit has negative catalysts.
Intuit has competition for its new products. Fortunately, Goldman did not think that AI competition would hurt Intuit’s business.
Ad platform The Trade Desk (TTD) fell by 9.13% to close at $21.10. On Monday, TTD appointed Nate Olmstead as chief financial officer. The new CFO was an SVP at an AI infrastructure and technology solutions company, Penguin Solutions. He was the CFO of Logitech (LOGI) before that.
The plunge in Bitcoin (BTC-USD), from the $75,500 to as low as around $66,500, sent Strategy (MSTR) shares lower. MSTR stock fell by 9.15%. Unusually, the firm sold just 32 bitcoins between May 26 and 31. That raised $2.5 million at an average price of $77,100. Strategy owns 843,700 BTC at an average price of $75,700.
Bitcoin ETFs saw billions in funds withdrawn. Investors might be betting on the SpaceX, OpenAI, and Anthropic IPOs.
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