Bitcoin's new high, Stitch Fix, AT&T, SoFi: Trending tickers
The S&P 500 (^GSPC) opened lower on Tuesday thanks to a decline in tech stocks and concerns about when the Federal Reserve will start cutting rates. It's a different story for bitcoin (BTC-USD), however, with the cryptocurrency notching a new all-time high.
Alibaba (BABA) shares are on the move. The Chinese internet giant is one of the companies investing in Chinese AI startup MiniMax, according to a report from Bloomberg.
Stitch Fix (SFIX) shares are trading lower after posting a wider-than-expected loss in the second quarter. The online styling company also cut its full-year sales outlook.
AT&T (T) received an upgrade to Outperform from Peer Perform at Wolfe Research, which cites the telecom's fundamentals and the fact that it's paying down debt and becoming more efficient.
Shares of SoFi Technologies (SOFI) are falling sharply after announcing a new debt offering.
Yahoo Finance's Brad Smith and Seana Smith break down some of Tuesday's trending tickers.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Stephanie Mikulich.
Video Transcript
BRAD SMITH: Let's take a look at how things are shaping up. Stocks are lower pulling further back from record highs as uncertainty over interest rate cuts. And the continued strength of tech stocks brought a note of wariness to the market here. Meanwhile, Bitcoin is taking center stage surging past $68,000. And we'll see if it can hit a new all-time high today here as well.
SEANA SMITH: All right. Let's take a look at some of those individual trending tickers, first up Alibaba investing in Chinese AI startup MiniMax. Now this is according to Bloomberg. MiniMax has secured funds from Alibaba and other investors at a valuation of over 2 and 1/2 billion dollars. Now Alibaba emulating moves of companies such as Microsoft and betting on artificial intelligence. This being Alibaba's second major deal in the space this year that it's spearheading. You could see the move up just about 7/10 of a percent.
BRAD SMITH: And taking a look on the earnings front, Stitch Fix shares under pressure after the company delivers a wider than expected loss per share in the second quarter. Stitch Fix also slashing its full-year outlook while guidance for the third quarter disappoints Wall Street's expectations.
SEANA SMITH: And meanwhile, AT&T gets an upgrade from Wolfe Research, the firm upgrading the stock to outperform citing more 5 g fiber and cash flow. Now Wolfe Research saying even amidst bad headlines AT&T is growing its core business gaining efficiency and also paying down debt.
BRAD SMITH: And taking a look at SoFi. The company announces its intention to offer a $750 million aggregate principal amount of convertible senior notes due 2029. SoFi also intends to grant the initial purchasers an option to buy up to an additional $112.5 million aggregate principal amount of notes here. You're taking a look at shares of SoFi, they are down Right now by a little more than 8%.
