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JB Hunt Drops, Crypto Stocks Plunge, SpaceX Rallies

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Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

  • JB Hunt (JBHT) shares dropped after the trucking company flagged rising costs and issued a rare earnings warning at a Morgan Stanley conference. JB Hunt expects 2Q to 3Q earnings to drop 5 to 10%, the company said, acknowledging that they do not usually talk about intra-quarter trends.
  • Shares of cryptocurrency companies like Coinbase (COIN), Circle (CRCL) and Gemini (GEMI) plunged after Senators from both parties blocked a landmark digital asset market structure bill in a procedural vote on Tuesday. The long-stalled legislation sought by crypto firms would hand the Commodity Futures Trading Commission the primary authority to regulate the digital assets industry. It needed 60 votes to advance and failed on a vote of 49-50, with Democrats citing continued concerns over ethics provisions meant to address President Donald Trump’s crypto business interests. Shares of exchange Coinbase Global Inc. extended a decline to as much as 12%, while stablecoin issuer Circle Internet Group Inc. fell 13%. Bitcoin, the largest cryptocurrency, dropped as much as 5.3% to below $75,000 after the bill failed to get the requisite votes.
  • SpaceX (SPCX) shares are rallying after Ark Investment CIO Cathie Wood touted it as a stock that could be a "deep value opportunity", if it accomplishes its lofty goals including the Artemis moon mission and eventually sending people to Mars.
 
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