Biggest stock movers Monday: SMCI, MSTR, and more

Cautious sentiment gripped stock futures on Monday morning as markets braced for a pivotal week, with the Federal Reserve’s potential rate cut taking center stage.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• MicroStrategy (NASDAQ:MSTR) led a rally among cryptocurrency-exposed stocks, rising 6% on optimism surrounding its upcoming inclusion in the Nasdaq 100 Index. Other crypto-related stocks, including Coinbase (NASDAQ:COIN), Riot (NASDAQ:RIOT), Hive Digital (NASDAQ:HIVE), and Mara Holdings (NASDAQ:MARA), all gained over 3% as Bitcoin (BTC-USD) surged 2.4%, reaching a record high of $104.8K.
• Okta (NASDAQ:OKTA) shares rose nearly 3% after JPMorgan upgraded the application software company to Overweight from Neutral. The firm highlighted Okta’s favorable risk-reward profile, driven by the strength of its Identity Cloud product. Analyst Brian Essex believes the company is well-positioned to benefit from growing demand, predicting significant improvements in performance. He also expects the Identity product line to become increasingly important, providing additional growth tailwinds. Essex flagged the company’s estimated 7% growth as conservative.
• Capri Holdings (CPRI) shares surged as much as 6% after a report revealed that the handbag retailer is considering the sale of its Jimmy Choo and Versace brands. The company is working with Barclays to identify potential buyers, though the sales process is in its early stages, and it remains unclear whether the brands will be sold together or separately. Sources stated that Capri expects to receive indications of interest before Christmas. This news follows the termination of Capri’s $8.5B merger deal with Tapestry (TPR), which a judge blocked last month due to antitrust concerns. Since the deal’s collapse in late October, Capri’s shares have dropped nearly 50%.

Biggest stock losers

• Super Micro Computer (NASDAQ:SMCI) shares fell over 6% following the announcement that the company will be removed from the Nasdaq-100 Index. The Nasdaq-100 tracks the largest non-financial companies listed on the Nasdaq Stock Exchange. The rebalancing will be effective before the market opens on December 23.