MARA is rising in step with Bitcoin (BTC)
Stocks are bouncing in the wake of the latest encouraging inflation reading. Three names making notable moves include Delta Air Lines Inc (NYSE:DAL), biotech stock Crispr Therapeutics AG (NASDAQ:CRSP), and Bitcoin-adjacent Marathon Digital Holdings Inc (NASDAQ:MARA).
Top-Line Whiff Grounds Delta
Delta stock was last seen off by 1.1% to trade at $33.44. The airliner's first-quarter earnings and revenue fell short of estimates, two whiffs that overshadowed an upbeat second-quarter forecast. DAL is holding onto its year-to-date breakeven level today.
No analyst notes have come through today, but its noteworthy that 15 of the 16 in coverage rate the equity a "strong buy," with zero "sells" on the books. More headwinds on the charts could prompt a shift in the brokerage sentiment.
Big Step Forward for Gene Editing
CRSP is one of the best stocks on the Nasdaq today, up 14.8% to trade at $49.90. The company's one-time gene editing therapies underwent an independent drug pricing review, and the group (ICER) deemed them as cost effective if priced at up to $1.9 million. The stock is now up 22% in 2023, breaking out of a month-long consolidation around $43-$45.
With a healthy 16.4% of the shares' total available float sold short, tailwinds could come from an exodus of bearish bettors. And at the stock's average pace of trading, it would take those shorts almost 13 trading days to buy back their bets.
MARA Gets the Bitcoin Bump
Another big gainer today is MARA, last seen 16.7% higher to trade at $11.62. The stock is heading toward its highest close since Nov. 2, rising in conjunction with a resurgent Bitcoin (BTC). The cryptocurrency adjacent company is up 273% in 2023, and has nearly quadrupled in value off its Dec. 28 annual low of $3.11.
Options traders are betting bearishly, per the stock's 10-day put/call volume ratio of 3.46 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Not only does that indicate puts outflank calls by a more than 3-to-1 ratio, but that ratio sits in the elevated 89th percentile of its annual range.