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Disney stock jumps, Airbnb falls, WISH sinks to record low, Bitcoin rebounds above $46K

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Yahoo Finance’s Jared Blikre reports on the day's trending tickers.

Video Transcript

- But I want to turn to Jared Blikre now. Let's talk about some of today's trending tickers. I was just talking about Disney, Jared. So give us some more details there.

JARED BLIKRE: All right. It's all about the recovery in parks and also Disney Plus. Of course, 116 million subscribers really blew out Wall Street expectations, you can see up 1.8%. Now, those weren't the highs of the day. Here's an intraday look at the stock. So it kind of settled into the middle of the day's trading range after being up about 4% or 5%.

I just want to focus on the technicals here because we did gap up into an important area. We can see these are the highs from July. And in fact, if we broaden this out to a six-month view, we can see we are now at levels that have been in play going back at least six months here, actually over the last year. So have to see what happens into the close. We we're charting this with Brian Shannon of Alpha Trends just a couple of hours ago. And here's what the Street is saying.

Wells Fargo recommends the stock with an overweight rating. Price target has been moved to $216 from $209. They're saying, "the momentum of the company's direct-to-consumer segment appears undaunted. With lots of acquisition content set to arrive in the next 18 months and parks getting back to its stride, we see scope for stronger Disney ownership and higher estimates." Also, Goldman Sachs, which rates it a bye, moving up its price target to $218 from $215, saying, "the return to profitability in the domestic park business was another encouraging data point." And finally, a comment from Bloomberg Intelligence, a, quote, "flawless quarter from Disney, particularly on Disney Plus, where the growth momentum should continue while parks recovery looks solid." Kristen.

- All right. Now, Jared, let's just talk about Airbnb. They did post a beat on earnings. And yet the stock is coming under pressure. Tell us why.

JARED BLIKRE: Yeah, the stock had been under a little bit more pressure. And it has to do with the company's outlook. And I'll just go straight to the Street comments on it. Barclays, which holds it with an equal weight price target of $140, they're saying that third-quarter room nights guidance indicates that the pace of the travel recovery is reversing. "While bookings and revenue beat expectations in the quarter, the stock is currently trading at double the multiple of its peers."

And here's something from RBC. They hold it with an outperform price target of $170. They're saying investors will likely be disappointed by the room night outlook. And also commentary about the third quarter was more ominous and uncertain in terms of the potential Delta-- excuse me, potential Delta impact. Also, finally, KeyBank Capital Markets, they have a price target of m slightly higher there. And they're saying, "investors will likely debate whether the guidance is a near-term blip driven by Delta concerns or a sign of the shift in behavior that could mean market share losses." So you put it all together here, concerns about the third quarter not only for the recovery trade, but Airbnb in particular, Kristen.

- And Jared, as we're talking record highs in the markets, some stocks are actually seeing the flip side of that. They're actually seeing some record lows. I'm thinking of Wish right now. Tell us what's going on.

JARED BLIKRE: That's right. ContextLogic not putting in the best results here. And I'll just get-- you can see the chart here on the "YFi" interactive. This is a max chart going back to their IPO earlier this year. And-- or I think it was December of last year. Anyway, this is a record low for this stock and you can see down 62% from the opening day.

Now, here's what JP Morgan is saying. And by the way, I just want to start by saying there were four downgrades, and JP Morgan cut it two, two from underperform-- excuse me, two underperform from outperform. Also they lowered their price target to $5 from $17. And their reasoning, "the second quarter results and third quarter outlook, they suggest more significant damage to the business model. And the new product strategy could take many quarters to materialize and carries considerable execution risk."

Now, with both macro and company-specific headwinds into Wish's businesses, they sent them into a, quote, "meaningful decline." So that's JP Morgan. Also a quick comment from Cowen here. They hold it within market perform. They cut it from outperform. And they also cut the price target down to $10 from $18. They say, the downgrade based on softening is based on a softening of Wish's business trajectory, also saying that management's business turnaround plan isn't projected to drive meaningful gains until the second half of 2022, Kristen.

- And let's finish and round this off by chatting about one of our favorite things to talk about, which, of course, is always cryptocurrency. Bitcoin had been under some slight pressure lately. It had taken a slight dip, falling below that 45,000 level. And we have seen a nice little pop back upwards, up over 46,000 now. Tell us a little bit more.

JARED BLIKRE: That's right. You're seeing a nice heat map there, lots of green, only Tether there slightly in the red. Here's Bitcoin. Now, we've seen it kind of oscillating around this 45,000 number that we've identified as a key kind of intermediate hurdle here if it's going to get back up to its record highs. And we can see on a six-month basis-- here and I'll change to channel-- excuse me, change to candlesticks. We can see that we are right at the rubicon. This is an area that's been in play many times before, and it continues to be in play.

If we were to sell off from this level, that would be pretty bearish. But I'll tell you what, things are looking incrementally better for Bitcoin. Even the sell offs that we're seeing since this rise began a couple of weeks ago not that bad. So if we can continue to push up, next target is 50,000. I think then we're easily talking a return to these 61,000, 62,000 highs that we saw several months ago.