Monitoring These Key Technical Levels in IQV, BGC, and WGMI
The healthcare analytics company IQVIA Holdings (IQV) is a leader in the healthcare analytics field. IQVIA Holdings stock traded steadily last Friday, but it may come on investors’ radar this week after a court upheld a decision from the Federal Trade Commission (FTC) to block its planned acquisition of health advertising company DeepIntent. The regulatory body filed the initial complaint in July of last year, arguing that the proposed merger would reduce competition among rival companies, leading to less competitiveness in programmatic health advertising. U.S. District Judge Edgar Ramos stated in the ruling, “The FTC has shown a reasonable probability that the proposed acquisition would substantially lessen competition in the relevant market, and the balance of equities leans toward preventive action.” IQVIA expressed disappointment with the decision and will review its available options.
BGC Group, Inc.
BGC Group (BGC) shares jumped 6.8% on Friday after the brokerage and technology company announced that it expects fourth-quarter earnings to reach the high end of its previous forecast and also indicated that regulatory approval for its FMX futures trading platform is nearing. In its most recent quarterly call, the company projected that fourth-quarter revenues would be between $450 million and $500 million, with pre-tax earnings ranging from $88 million to $108 million. Chairman and CEO Howard Lutnick stated, “Our business performance has been strong throughout the fourth quarter. We expect to deliver double-digit growth in adjusted revenues and pre-tax earnings for both the fourth quarter and the full year 2023.” BGC Group’s FMX platform aims to provide full electronic trading in cash treasuries, foreign exchange, and interest rate swaps.
Valkyrie Bitcoin Miners ETF
As we approach the beginning of 2024, it’s worth considering the performance of the Valkyrie Bitcoin Miners ETF (WGMI), one of the top ETFs linked to Bitcoin. The fund has surged almost fourfold. It consists of a selection of stocks that derive at least half of their revenue from Bitcoin mining operations or related services. The top three stocks in the fund—Marathon Digital Holdings, Inc. (MARA), CleanSpark, Inc. (CLSK), and Iris Energy Limited (IREN)—have produced impressive returns of 556.15%, 425.24%, and 445.8%, respectively. In comparison, Bitcoin’s value rose 155% in 2023, according to data from Coinbase Global, Inc. (COIN). Crypto-related stocks are benefiting from increasing speculation that the Securities and Exchange Commission (SEC) may approve the long-awaited Bitcoin ETF in early to mid-January.
The fund’s price soared sharply from mid-December with increased trading volume, thanks to the 50-day moving average crossing above the 200-day moving average, generating a golden buy signal. However, a sell-off on the last trading day of 2023 left a broad red bar on the chart. If further selling occurs in the new year, it is important to monitor how the fund reacts to the $15 level, which may provide support due to a horizontal line connecting a series of price points over the past 18 months.
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Sources of the article: Reuters. “U.S. Judge Allows FTC to Temporarily Block IQVIA Acquisition of DeepIntent.” BGC Group. “BGC Group Updates its Outlook for the Fourth Quarter of 2023 and Provides Update to FMX Announcement Timing.” BGC Group. “BGC Group Reports Third Quarter 2023 Financial Results, Page 5.” ETF.com. “Valkyrie Bitcoin Miners ETF.”
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