Crypto Lawsuit Boosts This Brokerage

By George Banko

September 5, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were down following the Labor Day Holiday. Investors are combing over new data showing China’s economy is still struggling to recover. Despite the worrisome sentiment overseas, analysts at Goldman Sachs cut their odds of a U.S. recession, given cooling inflation and a still resilient labor market.

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Here’s a look at the top-moving stocks this morning.

Fidelity National Financial (NYSE: FNF)

Fidelity is up 7.46% premarket. The brokerage had applied to launch a Bitcoin exchange-traded fund in late June 2023 and last week the U.S. Court of Appeals sided with Grayscale in its lawsuit against the U.S. Securities and Exchange Commission. Earlier, the SEC had denied Grayscale’s application to convert its popular Grayscale Bitcoin Trust GBTC to an ETF. Fidelity is expected to grow at a rate of 33.9% in 2024.

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Nvidia (Nasdaq: NVDA)

Nvidia is down 0.64% premarket after CEO Jensen Huang recently met with India’s Prime Minister Narendra Modi, which could be a clue to the hopes of making India a new chip partner. Nvidia has been the stock and company of 2023, leading the AI revolution. Its stock rose 5.4% to 485.09 last week.

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Tesla (Nasdaq: TSLA)

Tesla is up 0.57% premarket after the EV giant saw modest gains in August despite a series of summer reductions and rebates. The China Passenger Car Association said August Tesla sales rose 9.3% form last year to 84,159 units, a tally that came firmly below the June levels even as the carmaker unveiled two major price cuts in the span of three days.