Biggest stock movers today: Crypto stocks, M, and more

Stock futures were trading mixed on Friday, a day after the Independence Day holiday, following the latest nonfarm payrolls report, which showed job growth slowing and unemployment rising.

Here are some of Friday’s biggest stock movers:

Biggest stock gainers

• Macy’s (NYSE:M) shares rose 10% after an investor group led by Arkhouse Management and Brigade Capital Management upped their takeover bid for the second time to $24.80 per share, valuing the company at about $6.9B, according to sources familiar with the matter cited by the Wall Street Journal. This revised proposal targets acquiring Macy’s (M) shares not already owned by the investor group, following rejections of their prior offers of $24 in March and $21 in December.
• Smith & Nephew (NYSE:SNN) shares climbed 7% after the U.K.-based medical equipment firm reported an ownership stake from Swedish activist investor Cevian Capital. In a regulatory filing, Smith & Nephew (SNN) disclosed that Cevian owned a 5% investment in the London-listed company as of July 2.

Biggest stock losers

• Crypto-related stocks were tumbling as Bitcoin (BTC-USD) extended its losses for the fourth consecutive trading session. Bitcoin, the largest cryptocurrency, fell nearly 6% to $54,300 just before the planned $9B payout to users of the defunct Mt. Gox exchange. The weakness in Bitcoin is dragging down other major coins like Ethereum (ETH-USD), which plunged about 10%. This decline is also impacting exposed stocks such as Riot Platforms (NASDAQ:RIOT) -6%, MicroStrategy (NASDAQ:MSTR) -9%, CleanSpark (NASDAQ:CLSK) -7%, Coinbase (NASDAQ:COIN) -6%, Bitdeer Technologies (NASDAQ:BTDR) -11%, HIVE Digital (NASDAQ:HIVE) -10%, and Marathon Digital (NASDAQ:MARA) -8%, all of which are experiencing significant price drops.
• NIO’s (NYSE:NIO) stock fell by more than 8% after its CFO, Mr. Steven Wei Feng, resigned for personal and family reasons on July 5, 2024. The board of directors also approved the promotion of the company’s senior VP of Finance, Mr. Stanley Yu Qu, to CFO.