Defiance Daily Target 2x Long MSTR ETF (NASDAQ: MSTX)

最新ニュース Defiance Daily Target 2x Long MSTR ETF (NASDAQ:MSTX)

The Fund is an actively managed exchange traded fund (ETF) that attempts to achieve 1.75 times (175 percent) the daily percentage change in the share price of the Underlying Security by entering into swap agreements on the Underlying Security. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A single day means the period from the close of regular trading on one trading day to the close on the next trading day.

Defiance Daily Target 1.75X Long MSTR ETF

Defiance Daily Target 2x Long MSTR ETF

MADORO METALS CORP by MADORO METALS CORP.

Madoro Metals Corp

Analysts are closely examining the impact of&nbsp;Michael Saylor, co-founder of&nbsp;MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), on exchange-traded funds (ETFs) that are<a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them"> linked to the company&#8217;s performance</a>. This comes amid a significant surge in MicroStrategy&#8217;s stock, driven by its substantial Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings.
What Happened: The volatility of&nbsp;MicroStrategy has led to significant returns for ETFs tied to its performance. The stock has surged 416.19% year-to-date, impacting various ETFs.
The&nbsp;Bitwise Crypto Industry Innovators ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITQ#NYSE">BITQ</a>) with 18.35% MSTR holding saw a rise of 68.58% so far this year, while the&nbsp;Schwab Crypto Thematic ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STCE#NYSE">STCE</a>), which gives 14.4% exposure to MSTR, increased by 55.07%.
The&nbsp;T-Rex 2x Long MSTR Daily&nbsp;Target&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>) experienced a remarkable 453.76% gain, and the&nbsp;Defiance Daily Target 2x Long&nbsp;MSTR ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>) rose by 309.09%, Barron&#8217;s <a href="https://pro.benzinga.com/">reported</a> on Wednesday. 
Both T-Rex and Defiance have hedged with inverse ETFs, but the&nbsp;T-Rex 2x Inverse MSTR Daily&nbsp;Target (MSTZ) holds&nbsp;only $155 million in assets.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42152684/musk-tweet-sparks-dogecoin-surge-fuels-speculation-on-x-payments?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Tweet Sparks Dogecoin Surge, Fuels Speculation On X Payments</a>
Matthew Tuttle, manager of the T-Rex ETF, attributes this phenomenon to &#8220;The Michael Saylor effect,&#8221; likening it to the influence of other high-profile CEOs like Elon Musk and Jensen Huang, reported Barron&#8217;s. Tuttle acknowledges the risk, noting that from a fundamental perspective, MicroStrategy&#8217;s valuation appears inflated.
Why It Matters: On Monday, MicroStrategy <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42159139/microstrategy-shares-rise-in-monday-pre-market-as-michael-saylor-reveals-mstr-generating-500m-daily-amid-bitcoins-surge">shares climbed 5.93% in pre-market </a>trading before <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42208320/michael-saylors-microstrategy-plunges-23-in-5-sessions-while-bitcoin-slips-under-6-gary-black-quips-dont-say-i-didnt-warn-you">closing the session</a> in the red. Over the weekend, Saylor revealed that the company is generating $500 million daily as Bitcoin edges closer to the $100,000 milestone.
According to <a href="http://pro.benzinga.com">Benzinga Pro data,</a> MicroStrategy has a consensus price target of $449.5 based on the ratings of 12 analysts. The high is $690 issued by BTIG on Dec. 11, 2023. The low is $140 issued by Jefferies on Nov. 10, 2022. The average price target of $563.33 between TD Cowen, Barclays, and Benchmark implies a 41.90% upside for MicroStrategy.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor Reveals MicroStrategy Is &#8216;Making $500M A Day&#8217; With Bitcoin: &#8216;May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now&#8217;</a></li>
</ul>
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ETF Opportunities Trust T-Rex 2X Long MSTR Daily Target ETF

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MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This 'The Michael Saylor Effect'?

Donald Trump's election stoked anticipation of a looser regulatory landscape, benefiting the crypto ecosystem. 
Companies like MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), long synonymous with its audacious Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) strategy, is emerging as a key player in this evolving market. 
The company, which owns more than 150,000 Bitcoin, effectively operates as a leveraged bet on the cryptocurrency. Its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39045022/microstrategys-big-move-from-bitcoin-bet-to-russell-1000-inclusion">inclusion in equity indices</a> has quietly exposed countless institutional and retail investors to Bitcoin's wild price swings, even if they never intended to dabble in crypto.
As Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42107053/mstr-climbs-over-8-in-thursday-pre-market-as-bitcoin-approaches-98000-michael-saylors-company-has-more-than-doubled-the-investors-wealth-since-trumps-victory">rallied post-election</a> on optimism about regulatory clarity, MicroStrategy shares surged, highlighting the close correlation. 
Meanwhile, the broader crypto industry is buzzing with new ventures from Wall Street to Silicon Valley.
<h2 class="wp-block-heading">Crypto Initiatives Gain Traction</h2>
JPMorgan Chase is currently <a href="https://www.jpmorgan.com/insights/payments/payment-trends/introducing-kinexys">rebranding</a> its blockchain platform from Onyx to Kinexys, and aims to transform foreign exchange markets, according to Nikolaos Panigirtzoglou, an analyst with the firm. 
Goldman Sachs is also carving out its <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42047066/goldman-sachs-to-spin-out-digital-assets-platform-amid-blockchain-push">digital asset division</a> to expand private blockchain services. And BlackRock is doubling down with a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39863203/blackrocks-buidl-tokenization-fund-hits-500m-in-assets-under-management">tokenized money market fund</a> on diverse blockchains, signaling a strategic shift.
These developments underline the growing institutional appetite for blockchain, from tokenized treasuries in El Salvador to cutting-edge trade finance solutions in Brazil.
Read Also: <a href="https://www.benzinga.com/news/events/24/11/42012198/a-new-era-how-tokenization-could-reduce-frictions-and-potentially-costs-in-finance">A New Era? How Tokenization Could &#8216;Reduce Frictions And Potentially Costs&#8217; In Finance</a>
<h2 class="wp-block-heading">MicroStrategy's Big Bet: A Tailwind Or A Trap?</h2>
MicroStrategy's role as a Bitcoin proxy has drawn mixed reactions. Some view it as a savvy way to capitalize on crypto's growth; others worry about overexposure to Bitcoin's volatility. Yet, as the Leveraged MicroStrategy ETF (Defiance Daily Target 2x Long MSTR ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstx#NASDAQ">MSTX</a>) <a href="https://www.globenewswire.com/news-release/2024/11/12/2979763/0/en/MSTX-The-First-Leveraged-MicroStrategy-ETF-Surpasses-1-Billion.html">gains inflows</a> and demand for Bitcoin ETFs surges, the company's strategy looks increasingly prescient.
Panigirtzoglou, in a Thursday analyst report, highlighted a burgeoning trend: corporate treasuries are dipping their toes into Bitcoin as a reserve asset. If this is the start of a trend, MicroStrategy is ahead of the curve.
With Bitcoin at the heart of a post-election crypto surge, MicroStrategy's bold approach positions it as both a leader and a litmus test for the future of corporate crypto adoption. Whether it rides this wave to unprecedented highs or succumbs to volatility will depend as much on regulatory clarity as on the trajectory of Bitcoin itself.
In a rapidly transforming market, one thing is clear: MicroStrategy's &#8220;leveraged bet on Bitcoin&#8221; makes it a stock to watch in this new crypto-driven era.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/ipos/24/11/42068551/nexbridge-brings-bitcoin-tech-to-us-treasury-bills-tokenized-exposure-anyone">NexBridge Brings Bitcoin Tech To US Treasury Bills: Tokenized Exposure, Anyone?</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Bitcoin Boom 2.0? MicroStrategy Gains Traction As 'Leveraged Bet' On Crypto Growth

Investors now have more ways to invest in or against MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a software company and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holder that has outperformed top stocks, asset types and index funds <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur">in recent years.</a>
What Happened: REX Shares and Tuttle Capital Management launched two new ETFs Wednesday to give investors more ways to get exposure <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40878741/canaccord-lowers-microstrategy-price-target-to-173-cites-ongoing-bitcoin-accumulation">to MicroStrategy stock </a>with leveraged and inverse ETFs.
The two companies launched the T-REX 2X Long MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>) and the T-REX 2X Inverse MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTZ#BATS">MSTZ</a>).
"These are the first ETFs to provide investors with 200% leveraged exposure and -200% inverse exposure to the daily price movement of MicroStrategy (MSTR), allowing traders to capitalize on MSTR's exposure to the Bitcoin market," the companies said.
The launch comes after <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">Defiance launched</a> a 1.75X long MicroStrategy ETF and 1.5X Short MicroStrategy ETF in August with the Defiance Daily Target 1.75X Long MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>) and Defiance Daily Target 1.5X Short MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMST#NASDAQ">SMST</a>) respectively.
With the new 2X ETFs, REX and Tuttle have pushed the envelope further.
"The 2X Leveraged and 2X Inverse MSTR ETFs offer traders unparalleled access to MicroStrategy's Bitcoin exposure, whether they're looking to amplify potential gains or hedge against market volatility. We're a product of our ability to redefine what's possible in the ETF industry," Tuttle Capital Management CEO Matthew Tuttle said.
REX Shares CEO Greg King said the new ETFs help provide tools to traders "to engage with a company that's pushing the boundaries in digital assets."
"MicroStrategy's forward-thinking approach presents a compelling opportunity for traders seeking additional ways to trade the stock," King added.
The launches follow several other leveraged and inverse ETFs from REX and Tuttle Capital. The two companies launched the T-REX 2X Long Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCL#BATS">BTCL</a>) and T-REX 2X Inverse Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCZ#BATS">BTCZ</a>) in July.
Read Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/09/40802938/fund-manager-who-bet-against-jim-cramer-and-cathie-wood-has-new-anti-woke-etf-puts-profits-ah">Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: &#8216;Puts Profits Ahead Of Politics, DEI &amp; ESG&#8217;</a>
Why It's Important: MicroStrategy has been a top-performing stock, gaining 94% year-to-date in 2024 and gaining 790% over the last five years.
The company has also seen shares highly volatile as related to the price of Bitcoin because the company is a large holder of the leading cryptocurrency.
MicroStrategy <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">recently announced it bought</a> $1.1 billion worth of Bitcoin bringing its total up to 244,800 Bitcoin. The company <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40919378/microstrategy-raises-875m-in-convertible-notes-plans-further-bitcoin-purchases">recently raised</a> over $800 million to redeem $500 million in senior secured notes and to buy additional Bitcoin.
MicroStrategy began buying Bitcoin in August 2020 and will continue to add more Bitcoin, as co-founder and Executive Chairman Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27865236/exclusive-michael-saylors-microstrategy-is-married-to-bitcoin-everything-else-in-the-world">previously told Benzinga.</a>
"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor told Benzinga.
Saylor said he believes Bitcoin is the best asset in the world.
"Everything else in the world is inferior to Bitcoin. So, if you gave me $1 million and said what do you want to buy, I don't want to buy a sports team, I don't want to buy a building, I don't want to buy a company … all I want to buy is Bitcoin," Saylor previously told Benzinga.
Saylor also previously said that if people hate Bitcoin, they can short MicroStrategy and if they love Bitcoin they could buy the stock.
While investors have more ways to get Bitcoin exposure thanks to cryptocurrency exchanges and Bitcoin ETFs, MicroStrategy remains a popular option to get exposure.
With the new leveraged and inverse ETFs, investors have more ways to predict what will happen to MicroStrategy in terms of the stock going up or down.
Tuttle <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36500461/exclusive-the-man-who-shorts-cathie-wood-and-jim-cramer-filed-for-new-bitcoin-etfs-why-lev">previously told Benzinga</a> that leveraged and inverse ETFs aren't for all investors, but have an important place in the market.
"They are a tool, just like stocks, bonds, ETFs, mutual funds, options, etc.," Tuttle told Benzinga. "Just like any tool some people will use them correctly and others won't."
Tuttle said that leveraged ETFs can be used by investors as an &#8220;alternative to options.&#8221;
&#8220;Unlike options, they can be traded after hours. They are very conducive to short-term trading strategies.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/09/40855829/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a></li>
</ul>
Photo: Master Tux from Pixabay

Specialty ETFs

New ETFs

BTCL

BTCZ

ETF Opportunities Trust T-Rex 2X Inverse MSTR Daily Target ETF

MSTZ

SMST

MicroStrategy 2X Leveraged, Inverse ETFs Are Here, Offer 'Unparalleled Access To MicroStrategy's Bitcoin Exposure'

In an interview with crypto influencer Scott Melker, Bloomberg ETF analysts James Seyffart and Eric Balchunas highlighted both the challenges and successes of the new spot cryptocurrency ETFs.
What Happened: On the latest episode of Melker&#8217;s <a href="https://www.youtube.com/live/B2zIYA7dHHY">podcast</a>, Balchunas emphasized the resilience of Bitcoin ETF investors, noting, "99.5% of the assets stuck, even though there was a weekend where they woke up to a 15% downturn."
Regarding <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">Bitcoin ETFs</a>, Seyffart reported impressive inflows: "They have like 17 and a half to 18 billion in inflows since they launched." He noted the ETFs now hold around 920,000 bitcoin, approaching a significant milestone. "Within a year, the US ETFs will have more Bitcoin than Satoshi," Balchunas added, highlighting the rapid institutional adoption.
The <a href="https://www.benzinga.com/money/what-is-ethereum-etf">Ethereum ETFs</a>, however, have faced challenges. Seyffart admitted, "They have negative flows since launch." Despite this, Balchunas provided context: "If you took the Bitcoin ETFs off the table and you looked at the launches this year, Ether would be number one by far at a billion dollars." He noted that the BlackRock Ethereum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETHA#NASDAQ">ETHA</a>) ranks 136 overall based on flows this year for all ETFs, placing it in the top 3%.
The analysts addressed the withdrawal of <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470226/solana-etf-approval-in-2024-has-only-a-6-chance-a-snowballs-chance-in-hell-etf-analyst-say">Solana ETF</a> applications, viewing it as an early step in a longer process. Balchunas compared it to Bitcoin&#8217;s ETF journey, stating, "I would look at this as like the Winklevoss filing in 2013. These are the sort of like first shots you get." He suggested Solana ETFs might have better prospects under a different political administration or with the development of futures markets.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470226/solana-etf-approval-in-2024-has-only-a-6-chance-a-snowballs-chance-in-hell-etf-analyst-say">Solana ETF Approval In 2024 Has Only A 6% Chance: &#8216;A Snowball&#8217;s Chance In Hell,&#8217; ETF Analyst Says</a>
Why It Matters: The analysts suggested patience with Ethereum ETFs, expecting a slower adoption curve compared to Bitcoin ETFs. Balchunas explained, "I always equate the Ether to silver to gold. They&#8217;ll have their own little market." He added, &#8220;It&#8217;s a long game. They&#8217;re off to a decent start."
The conversation also touched on the broader ETF market, highlighting record inflows across various sectors. Balchunas noted, &#8220;The breadth of flows beyond equities is a really promising sign for the industry.&#8221;
A particularly interesting development was the launch of highly volatile products like leveraged <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">MicroStrategy ETFs</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>). Seyffart described one such product as "the most volatile ETF ever introduced in the United States,&#8221; with Balchunas adding, &#8220;I believe it&#8217;s the most immediately popular leveraged ETF ever to launch."
In conclusion, while acknowledging the current challenges, the analysts emphasized the need for patience and a broader perspective. Balchunas summarized, "Don&#8217;t worry. They had a lot of things going against them. They're doing okay despite it."
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/personal-finance/financial-advisors/24/08/40431425/morgan-stanley-becomes-first-wall-street-giant-to-let-advisors-recommend-bitc">Morgan Stanley Becomes First Wall Street Giant To Let Advisors Recommend Bitcoin ETFs</a></li>
</ul>
Image: Shutterstock

$ETH

$SOL

ETHA

Spot Bitcoin ETFs Will Soon Own More BTC Than Satoshi, Analysts Predict, But Another Fund Is The 'Most Volatile ETF Ever' In The US

In a wide-ranging discussion, crypto analyst Dylan LeClair broke down the innovative "<a href="https://www.benzinga.com/markets/cryptocurrency/20/12/18727657/microstrategy-just-cant-get-enough-of-bitcoin-to-now-raise-550m-in-debt-to-fund-purchase">Bitcoin strategy playbook</a>" pioneered by MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and is now being adopted even by soccer clubs.
What Happened: LeClair noted on the &#8220;What Bitcoin Did&#8221; <a href="https://www.youtube.com/watch?v=cZr7Xqo5E1I">podcast</a> that the strategy's core involved leveraging corporate finance tools to accumulate Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). For public companies like MicroStrategy, this includes issuing convertible bonds and equity to purchase Bitcoin, effectively creating a "Bitcoin balance sheet."
"Sailor figured out how to give a bond market starved of yield exposure to Bitcoin volatility," LeClair noted. This allowed MicroStrategy to borrow at extremely low rates and use the proceeds to buy Bitcoin.
LeClair noted that while this strategy seemed risky to many, it has paid off handsomely. MicroStrategy&#8217;s market cap has grown from $1 billion to over $30 billion since implementing this approach.
LeClair believes more companies will adopt versions of this playbook as Bitcoin gains mainstream acceptance. However, he cautioned that fully embracing the strategy remains a &#8220;radical step&#8221; for most corporations at this stage.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40128336/microstrategy-stock-has-soared-1200-since-adding-bitcoin-to-its-balance-sheet-outpacing-nv">MicroStrategy Stock Has Soared 1200% Since Adding Bitcoin to Its Balance Sheet, Outpacing Nvidia&#8217;s Returns: What You Should Know</a>
Why It Matters: The strategy isn&#8217;t limited to public companies. Real Bedford FC, an 8th-tier English football club, has accumulated 82 Bitcoin using similar principles. Club chairman and podcast host Peter McCormack shared that this has led to unprecedented merchandise sales and sponsorship deals for a club at their level.
&#8220;We&#8217;re getting the same sponsorships that clubs get in the professional leagues because they want exposure to Bitcoiners,&#8221; McCormack said.
&#8220;We&#8217;re starting to see those trickle in,&#8221; LeClair concluded, &#8220;but I don&#8217;t think we&#8217;re at the point in time where that&#8217;s widely adopted yet.&#8221;
Recently, Defiance ETFs <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">launched MSTX</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSDTX#NASDAQ">MSDTX</a>), the first single-stock leveraged ETF for MicroStrategy in the U.S. 
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">MSTX Becomes First Single-Stock Leveraged ETF For MicroStrategy Stock, Offers 175% Exposure</a></li>
</ul>
Image: Shutterstock

MSDTX

MicroStrategy's Bitcoin 'Strategy Playbook' Explained: Will Others Follow This 'Radical Step'?

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<h3>
	Macro Focus</h3>
<ul>
<li>
		Boston Federal Reserve Bank President Eric Rosengren is set to speak in Hartford, Conn at 9:00 a.m. ET.</li>
<li>
		The Labor Market Conditions Index for December is schedule for release at 10:00 a.m. ET.</li>
<li>
		The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.</li>
<li>
		The TD Ameritrade Investor Movement Index for December will be released at 12:30 p.m. ET.</li>
<li>
		Atlanta Federal Reserve Bank President Dennis Lockhart is set to speak at 12:40 p.m. ET.</li>
<li>
		Data on consumer credit for November will be released at 3:00 p.m. ET.</li>
</ul>
<h3>
	BZ News Desk Focus</h3>

	In what may be the calm before the storm on the earnings front, a pair of seemingly unrelated companies are set to post <a href="https://www.benzinga.com/news/earnings/17/01/8881194/are-low-earnings-expectations-for-delta-air-supervalu-an-early-warning-a">their latest results</a>. However, given that Wall Street analysts anticipate modest declines on the top and bottom lines for both Delta Air Lines (NYSE: <a class="ticker" href="/stock/dal#NYSE">DAL</a>) and SUPERVALU (NYSE: <a class="ticker" href="/stock/svu#NYSE">SVU</a>), investors may be wondering if this is a sign of things to come. Note that these results are for the period during which it was revealed that Warren Buffett had taken positions in Delta and other airlines, and the leading supermarket operator sold its Save-A-Lot business for $1.3 billion.
<h3>
	Sell-Side Themes</h3>

	Barclays initiated coverage on Coca-Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>), PepsiCo (NYSE: <a class="ticker" href="/stock/pep#NYSE">PEP</a>) and Dr. Pepper Snapple (NYSE:DPS all at Equal-Weight.

	JPMorgan upgraded Baidu (NASDAQ: <a class="ticker" href="/stock/bidu#NASDAQ">BIDU</a>) and JD.com (NASDAQ: <a class="ticker" href="/stock/jd#NASDAQ">JD</a>).
<h3>
	Sell-Side&#39;s Most Noteworthy Calls</h3>
<ul>
<li>
		UBS downgraded VMware (NYSE: <a class="ticker" href="/stock/vmw#NYSE">VMW</a>) to Neutral.</li>
<li>
		Mizuho downgraded Eagle Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/egrx#NASDAQ">EGRX</a>) to Underperform.</li>
<li>
		Barclays upgraded Clorox (NYSE: <a class="ticker" href="/stock/clx#NYSE">CLX</a>) to Equal-Weight.</li>
</ul>
<h3>
	Deal Talk</h3>

	Mast Therapeutics (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) and Savara announced Saturday that the two companies have entered into a definitive merger agreement, valuing Mast at $36.5 million. Current Mast stockholders will collectively own approximately 24 percent, and Savara stockholders will collectively own approximately 76 percent, of the combined company on a pro-forma basis.

	Merrimack Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/mack#NASDAQ">MACK</a>) confirmed a Reuters report Sunday that it has entered into a definitive asset purchase and sale agreement with Ipsen (OTC: <a class="ticker" href="/stock/ipsey#OTC">IPSEY</a>) sell its first commercial product ONIVYDE and its generic version of DOXIL in a transaction valued at up to $1.025 billion, plus up to $33 million in net milestone payments. The transaction is expected to be completed in Q1 of 2017.
<h3>
	In The News</h3>

	The <a href="http://www.benzinga.com/general/biotech/17/01/8879397/the-years-biggest-healthcare-conference-commences-this-week-heres-what">35th JPMorgan Chase Healthcare Conference</a> gets underway on January 9 and will go on until January 13. Touted as the life science industry&#39;s largest conferences of the year, the event showcases innovations of healthcare companies, which are out to scout for their next partners or investors.

	As the first major awards show since Donald Trump&#39;s election, the Golden Globes offered a <a href="http://www.cnn.com/2017/01/09/entertainment/golden-globes-review/">record-setting embrace</a> of the musical &quot;La La Land,&quot; but also a snapshot of the hostile atmosphere between the President-elect and the arts/entertainment.
<h3>
	Blogopshere</h3>

	&quot;The thing about <a href="http://thereformedbroker.com/2017/01/08/the-thing-about-dow-milestones/">major milestones</a> for the Dow Jones Industrial Average &ndash; whether we&rsquo;re talking about 2,000 or 20,000, is that they contain precisely zero useful information about what the future may hold. They&rsquo;re fun to talk about and to celebrate, but they work terribly as buying or selling indicators.&quot;
<h3>
	Trending</h3>

	SGYP JDST JNUG DUST NUGT UNH EXAS KO MCD T AAPL CMC AMGN

Global

Pre-Market Outlook

BIDU

EGRX

IPSEY

MACK

The Market In 5 Minutes: Earnings Results, Conferences, Trump And More

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Friday January 6 through Sunday January 8, 2017.

	Invitae Acquires AltaVoice for $5M in Stock at Closing Plus Up to $10M Based on Milestones

	The Deal:

	Invitae Corp (NYSE: <a class="ticker" href="/stock/nvta#NYSE">NVTA</a>) announced it has acquired AltaVoice, a privately owned, patient-centered data company with a global platform for collecting, curating, coordinating, and delivering safeguarded data from patients and clinicians. Invitae purchased all of AltaVoice&#39;s stock in exchange for $5 million in Invitae common stock issuable upon closing and up to an additional $10 million in Invitae common stock issuable based on certain future milestones.

	Invitae closed Friday at $8.54, down 1.61 percent.

	Mast Therapeutics, Savara Sign Merger Agreement; Deal Values Mast at $36.5M

	The Deal:

	Mast Therapeutics Inc (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) and Savara Inc. announced Saturday that the two companies have entered into a definitive merger agreement, valuing Mast at $36.5 million. Current Mast stockholders will collectively own approximately 24 percent, and Savara stockholders will collectively own approximately 76 percent, of the combined company on a pro-forma basis.

	Mast Therapeutics closed at $0.10 on Friday, up 3.02 percent.

	Merrimack Pharmaceuticals Confirms Plan to Sell ONIVYDE, Generic Version of DOXIL to Ipsen for Up to $1.025B

	The Deal:

	Merrimack Pharmaceuticals Inc (NASDAQ: <a class="ticker" href="/stock/mack#NASDAQ">MACK</a>) confirmed a Reuters report Sunday that it has entered into a definitive asset purchase and sale agreement with Ipsen (OTC: <a class="ticker" href="/stock/ipsey#OTC">IPSEY</a>) sell its first commercial product ONIVYDE and its generic version of DOXIL in a transaction valued at up to $1.025 billion, plus up to $33 million in net milestone payments. The transaction is expected to be completed in Q1 of 2017.

	Merrimack closed at $3.60 on Friday, down 5.26 percent.

Rumors

NVTA

Wall Street's M&A Chatter From January 6-8

Mast Therapeutics, Inc. (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) and Savara Inc. (Savara) announced Saturday, that the two companies have entered into a definitive merger agreement, under which the stockholders of Savara would become the majority owners of Mast, and the operations of Mast and Savara would be combined. Subject to stockholder approval, the combined company will advance a pipeline of novel inhalation therapies for the treatment of diseases with significant unmet medical needs, featuring three product candidates, each in advanced clinical development.

	&nbsp;

	Under the terms of the merger agreement, pending stockholder approval of the transaction, Savara stockholders will receive newly issued shares of Mast common stock in exchange for their Savara stock. The exchange ratio was determined using a pre-transaction valuation of&nbsp;$115 million&nbsp;for Savara&#39;s business, based on its latest priced investment round and an acquisition of assets of Serendex Pharmaceuticals A/S, and&nbsp;$36.5 million&nbsp;for Mast&#39;s business, a premium to the 20-day volume weighted average share price of Mast. As a result, current Mast stockholders will collectively own approximately 24%, and Savara stockholders will collectively own approximately 76%, of the combined company on a pro-forma basis, subject to adjustment based on Mast&#39;s net cash balance and Mast&#39;s and Savara&#39;s capitalization at closing.

	&nbsp;

	The combined company, led by Savara&#39;s current management team, is expected to be named Savara Inc. and be headquartered in&nbsp;Austin, TX.&nbsp;&nbsp;Prior to closing, Mast will seek stockholder approval to conduct a reverse split of its outstanding shares to satisfy listing requirements of the NYSE MKT. The combined company is expected to trade on the NYSE MKT under a new ticker symbol. At closing, the combined company&#39;s board of directors is expected to consist of seven members, including five members of Savara&#39;s current board and two members of Mast&#39;s current board. The merger agreement has been unanimously approved by the board of directors of each company. The transaction is expected to close by the second quarter of 2017, subject to approvals by the stockholders of Mast and Savara, and other customary closing conditions.

	&nbsp;

	Mast&#39;s financial advisor in the transaction is Roth Capital Partners. Canaccord Genuity Inc. is acting as financial advisor to Savara. DLA Piper LLP (US) is serving as legal counsel to Mast and&nbsp;Wilson Sonsini Goodrich&nbsp;&amp; Rosati, P.C. is serving as legal counsel to Savara.

Mast Therapeutics, Savara Sign Merger Agreement; Deal Values Mast @$36.5M

Mast Therapeutics, Inc. (NYSE MKT: <a class="ticker" href="/stock/mstx#NYSE MKT">MSTX</a>) today reported that the first patient has been enrolled in an investigator-sponsored Phase 2 study of the Company's lead product candidate, AIR001, for the treatment of heart failure with preserved ejection fraction (HFpEF). The Inorganic Nitrite to Amplify the Benefits and Tolerability of Exercise Training (INABLE-TRAINING) in HFpEF study will evaluate AIR001's potential to improve the clinical responses to exercise training in individuals with HFpEF. The INABLE-TRAINING study is expected to enroll approximately 68 patients who will undergo 12 weeks of cardiac rehabilitation, including exercise training, and will be randomized to receive either AIR001 or placebo inhalation solution through the training period. The primary endpoint of the study will be the change in exercise capacity as measured by peak oxygen consumption. 
"We are pleased to report that patient enrollment is underway in this Phase 2 study of AIR001 for the treatment of HFpEF," stated Brian M. Culley, Chief Executive Officer of Mast Therapeutics, Inc. "There are now three Phase 2 studies actively enrolling patients to evaluate AIR001 for the treatment of HFpEF and we remain excited about its potential in this indication. Data from this and other studies will help guide our clinical and regulatory strategy in this area of significant unmet need. Currently, HFpEF affects approximately half of the more than 5 million people in the U.S. diagnosed with heart failure and has no proven effective treatment. Heart failure is a leading cause of morbidity and mortality among the elderly worldwide and is the primary diagnosis in more than 1 million hospitalizations each year, with medical costs projected to rise to more than $50 billion in the U.S. alone by 2030."

Press Releases

Mast Therapeutics Announces Initiation Of Patient Enrollment In Additional Phase 2 Study Of AIR001 For The Treatment Of Heart Failure With Preserved Ejection Fraction

Mast Therapeutics Reports Q3 EPS $(0.04) vs. Est. $(0.05), Rev. $45K

Mast Therapeutics, Inc. (NYSE MKT: <a class="ticker" href="/stock/mstx#NYSE MKT">MSTX</a>) today announced that its wholly-owned subsidiary, Aires Pharmaceuticals, Inc., has entered into a collaborative agreement with Philips Respironics, Inc., the sleep and respiratory care business of Royal Philips (NYSE: PHG, AEX: PHIA) related to the supply of Philips' I-neb® Adaptive Aersol Delivery (AAD™) devices and related consumables for the nebulized delivery of the Company's lead product candidate, AIR001, a sodium nitrite solution for intermittent inhalation. The I-neb® handheld AAD™ system is a small, portable and virtually silent vibrating mesh technology nebulizer system designed to deliver more precise, reproducible doses of medication faster than conventional jet or ultrasonic nebulizers. 
"As we announced last month, we are accelerating activities related to our AIR001 program with support for ongoing, investigator-sponsored Phase 2 clinical studies of AIR001 being conducted at three separate prestigious research institutions," said Brian M. Culley, Chief Executive Officer of Mast. "As part of this commitment, we are pleased to be working with Philips, a recognized global leader in the development of aerosol delivery devices and a leading provider of innovative solutions for the global respiratory market. Our agreement has been extended to include not only two of the Phase 2 studies of AIR001 currently underway, but also future clinical studies and will remain in place until 2020 or sooner, if replaced with a commercial supply agreement."

Contracts

Mast Therapeutics Reports Agreement With Philips For Supply Of Adaptive Aerosol Delivery System For AIR001

&nbsp;
<ul>
<li>
		Caesars Entertainment Corp (NASDAQ: <a class="ticker" href="/stock/czr#NASDAQ">CZR</a>) shares declined 14.9 percent to $8.05. Caesars Entertainment and Caesars Entertainment Operating Co. announced key economic terms of proposed consensual restructuring plan for CEOC.</li>
<li>
		Alliance One International, Inc. (NYSE: <a class="ticker" href="/stock/aoi#NYSE">AOI</a>) shares fell 14.6 percent to $18.39 after the company reported an offering of $275 million senior secured first lien notes due 2021.</li>
<li>
		Vanguard Natural Resources, LLC (NASDAQ: <a class="ticker" href="/stock/vnr#NASDAQ">VNR</a>) shares dropped 12.4 percent to $0.885. Hilliard Lyons downgraded Vanguard Natural from Buy to Neutral.</li>
<li>
		B2Gold Corp (NYSE: <a class="ticker" href="/stock/btg#NYSE">BTG</a>) shares declined 12.1 percent to $2.54. Gold futures fell 1.03 percent to trade at $1,330.20 an ounce.</li>
<li>
		Actinium Pharmaceuticals Inc (NYSE: <a class="ticker" href="/stock/atnm#NYSE">ATNM</a>) shares fell 12 percent to $1.76. Actinium reported the initiation of Phase 2 trial of Actimab-A in patients newly diagnosed with Acute Myeloid Leukemia over age 60.</li>
<li>
		Skypeople Fruit Juice Inc (NASDAQ: <a class="ticker" href="/stock/spu#NASDAQ">SPU</a>) dropped 9.5 percent to $7.42. Skypeople Fruit Juice shares have climbed 16.48 percent over the past 52 weeks, while the S&amp;P 500 index has increased 14.05 percent in the same period.</li>
<li>
		Mast Therapeutics Inc (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) fell 7.5 percent to $0.114. Cowen &amp; Co. downgraded Mast Therapeutics from Outperform to Market Perform.</li>
<li>
		Rice Energy Inc (NYSE: <a class="ticker" href="/stock/rice#NYSE">RICE</a>) shares declined 7.3 percent to $25.15. Rice Energy priced its 40 million share offering at $25.50 per share and announced the acquisition of Vantage Energy for $2.7 billion.</li>
<li>
		Nordic American Tanker Ltd (NYSE: <a class="ticker" href="/stock/nat#NYSE">NAT</a>) shares fell 7 percent to $9.94. Nordic American Tanker reported an offering of 11 million shares of common stock.</li>
<li>
		FactSet Research Systems Inc. (NYSE: <a class="ticker" href="/stock/fds#NYSE">FDS</a>) shares fell 6 percent to $165.61. FactSet reported weaker-than-expected results for the fourth quarter.</li>
<li>
		Summit Therapeutics PLC (ADR) (NASDAQ: <a class="ticker" href="/stock/smmt#NASDAQ">SMMT</a>) declined 5.6 percent to $9.58. Summit disclosed that it has received Rare Pediatric Disease designation from the FDA for ezutromid in the treatment of Duchenne Muscular Dystrophy.</li>
<li>
		Sunoco Logistics Partners L.P. (NYSE: <a class="ticker" href="/stock/sxl#NYSE">SXL</a>) shares dropped 5.1 percent to $27.67. Sunoco Logistics Partners priced its 21 million unit public offering at $27.00 per unit.</li>
<li>
		Carter&#39;s, Inc. (NYSE: <a class="ticker" href="/stock/cri#NYSE">CRI</a>) shares fell 4.8 percent to $88.89. Wells Fargo downgraded Carter&#39;s from Outperform to Market Perform.</li>
<li>
		J M Smucker Co (NYSE: <a class="ticker" href="/stock/sjm#NYSE">SJM</a>) dropped 3 percent to $133.60. Credit Suisse downgraded J M Smucker from Outperform to Neutral and lowered the price target from $158 to $145.</li>
<li>
		Gilead Sciences, Inc. (NASDAQ: <a class="ticker" href="/stock/gild#NASDAQ">GILD</a>) fell 2.3 percent to $78.83. Leerink Swann downgraded Gilead Sciences from Outperform to Market Perform.</li>
</ul>

Movers & Shakers

Intraday Update

ATNM

GILD

RICE

SMMT

15 Biggest Mid-Day Losers For Tuesday

On Monday, Mast Therapeutics Inc (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) provided an update on its business strategy and the clinical development of its product candidate AIR001.
Laidlaw&rsquo;s Yale Jen maintains a Neutral rating on the company.
<h3>Update</h3>
&ldquo;Management reiterated that MSTX will focus on clinical development of AIR001 (inhaled sodium nitrite) as a potential heart failure with preserved ejection fraction (HFpEF) treatment,&rdquo; Jen mentioned.
The company intends to continue to support the three investigator-sponsored Phase II trials in 2016 and 2017.
Mast Therapeutics also said that it would evaluation the opportunities for partnering out AIR001, and potentially vepoloxamer.
Vepoloxamer development activities are expected to wind down and be completed by 4Q16.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/general/biotech/16/09/8479848/shkreli-warned-you-mast-therapeutics-plummets-80-after-sickle-cell-dru">Shkreli Warned You: Mast Therapeutics Plummets 80% After Sickle Cell Drug Phase 3 Trial Fail</a></bzrelatedlink>
The company also stated that it would repay its $10 million debt facility in early October, with the additional repayment of the remaining $3.5 million in equal monthly installments through January 1, 2019.
<h3>Disappointing Results</h3>
&ldquo;We were disappointed with the negative outcome of the EPIC study, even given that enriched pediatric and hydroxyurea (HU) treated patients were included in the study, and the significant impairment of the vepoloxamer value,&rdquo; Jen stated.
However, the analyst believes the use of AIR001 in HFpEF continues to be promising, given that nitrite is known for its vasodilatory and anti-inflammatory capabilities.
Jen expects Mast Therapeutics shares to remain range bound in the near future, until the completion of the HFpEF Phase II study and reporting of the data.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Analyst Color

Biotech

Health Care

Reiteration

Analyst Ratings

Mast Therapeutics Provides Clinical Developments Update; Range-Bound Trading A Mid-Term Plausibility

Below is a tool used by the Benzinga News Desk each trading day -- it&#39;s a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com.
<h3>
	Macro Focus</h3>

	Stocks and the Mexican peso rose following the U.S. presidential debate, but falling oil prices and growing concerns about the banking sector kept European shares depressed.

	Futures for the Dow Jones Industrial Average climbed 31 points to 18,044.00, while the Standard &amp; Poor&rsquo;s 500 index futures gained 4.50 points to 2,144.25. Futures for the Nasdaq 100 index rose 10.25 points to 4,826.00.

	Oil prices traded higher as Brent crude futures dropped 2.05 percent to trade at $46.38 per barrel, while US WTI crude futures also fell 1.89 percent to trade at $45.06 a barrel.

	Redbook Reports US Retail Sales During First Four Weeks of Sept. Down 0.5% MoM, Up 0.4% YoY

	USA S&amp;P/CaseShiller Home Price Index (YoY) for Jul 5.00% vs 5.10% consensus estimate. The prior reading was 5.10%.
<ul>
<li>
		The Markit services PMI for September is schedule for release at 9:45 a.m. ET.</li>
<li>
		The Conference Board&rsquo;s Consumer Confidence Index for September will be released at 10:00 a.m. ET.</li>
<li>
		The Richmond Fed&#39;s manufacturing index for September is schedule for release at 10:00 a.m. ET.</li>
<li>
		Federal Reserve Board Vice Chair Stanley Fischer will speak in Washington, D.C. at 11:15 a.m. ET.</li>
<li>
		The Treasury is set to auction 4-week bills at 11:30 a.m. ET.</li>
<li>
		The Treasury will auction 5-year notes at 1:00 p.m. ET.</li>
</ul>
<h3>
	BZ News Desk Focus</h3>
<ul>
<li>
		FactSet (NYSE: <a class="ticker" href="/stock/fds#NYSE">FDS</a>) Reports Q4 Adj. EPS $1.69 vs $1.70 Est., Sales $287.3M vs $290.4M Est.</li>
<li>
		SYNNEX Corp (NYSE: <a class="ticker" href="/stock/snx#NYSE">SNX</a>) Reports Q3 EPS $1.73 vs. Est. $1.56, Rev. $3.67B vs. Est. $3.49B</li>
<li>
		Thor (NYSE: <a class="ticker" href="/stock/tho#NYSE">THO</a>) Announces Q4 EPS $1.57, Revenue $1.29B vs $1.18B Est</li>
</ul>

	Ahead of the earnings announcement from Nike (NYSE: <a class="ticker" href="/stock/nke#NYSE">NKE</a>) on Tuesday afternoon, most of the brokerages <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/09/8496080/analysts-largely-bullish-on-nike-ahead-of-q1-earnings">remain bullish</a> regarding the company&#39;s results. Street analysts expect Nike to post EPS of $0.56 on revenue of $8.8 billion. There has been no change in analysts&#39; EPS estimates in the last 60 days.
<h3>
	Sell-Side Themes</h3>

	Credit Suisse looked at a few packaged food stocks, notably, downgrading JM Smucker (NYSE: <a class="ticker" href="/stock/sjm#NYSE">SJM</a>) to Neutral.
<h3>
	Sell-Side&#39;s Most Noteworthy Calls</h3>
<ul>
<li>
		Leerink downgraded Gilead Sciences (NASDAQ: <a class="ticker" href="/stock/gild#NASDAQ">GILD</a>) to Market Perform.</li>
<li>
		Cowen downgraded Mast Therapeutics (NYSE: <a class="ticker" href="/stock/mstx#NYSE">MSTX</a>) to Market Perform.</li>
<li>
		Goldman Sachs upgraded Eli Lilly (NYSE: <a class="ticker" href="/stock/lly#NYSE">LLY</a>) to Buy.</li>
<li>
		Morgan Stanley upgraded AutoZone (NYSE: <a class="ticker" href="/stock/azo#NYSE">AZO</a>) to Overweight.</li>
<li>
		JPMorgan raised Amazon&#39;s (NASDAQ: <a class="ticker" href="/stock/amzn#NASDAQ">AMZN</a>) price target form $925 to $1,000.</li>
</ul>
<h3>
	Deal Talk</h3>

	Shares of Twitter (NYSE: <a class="ticker" href="/stock/twtr#NYSE">TWTR</a>) spiked higher Monday following a report from Bloomberg, that Disney (NYSE: <a class="ticker" href="/stock/dis#NYSE">DIS</a>) has hired an advisor and may bid for the social media company. Disney is the latest potential buyer mentioned in the past week, joining Alphabet (NASDAQ: <a class="ticker" href="/stock/googl#NASDAQ">GOOGL</a>) and Salesforce (NYSE: <a class="ticker" href="/stock/crm#NYSE">CRM</a>). Later, CNBC&#39;s David Faber said Microsoft (NASDAQ: <a class="ticker" href="/stock/msft#NASDAQ">MSFT</a>) was a possible bidder, while Facebook (NASDAQ: <a class="ticker" href="/stock/fb#NASDAQ">FB</a>) was not likely interested. Faber said a deal could happen in the next 30 to 45 days.
<h3>
	In The News</h3>

	Bitcoin-inspired ledger technology is taking <a href="http://www.wsj.com/articles/new-currency-trading-platform-uses-bitcoin-inspired-ledger-technology-1474961400">its first steps</a> in foreign-exchange markets. Companies that provide payments systems to banks are unveiling products that use distributed ledgers to lower the costs of cross-border transactions, amid signs that stricter regulations have pushed smaller lenders to cut their participation in currency markets. On Tuesday, New York-based CLS Group said clients will be able to access a forthcoming currency service through a distributed ledger.

	In a <a href="http://www.bloomberg.com/news/articles/2016-09-27/eight-cent-eggs-consumers-gobble-cheap-food-as-grocers-squirm">startling development</a>, food prices have fallen for nine straight months in the U.S. It&rsquo;s the longest streak of food deflation since 1960 -- with the exception of 2009, when the financial crisis was winding down.
<h3>
	Blogosphere</h3>

	Any good podcasts based around finance, the economy, accounting, or money in general? Check out what <a href="https://www.reddit.com/r/finance/comments/54fzpw/any_good_podcasts_based_around_finance_the/">these people think</a>.
<h3>
	Trending</h3>

	ARRY TWTR DIS NKE KITE HIMX GILD NQ MACK SNX BXS DB IBM THO

	In a battle of preparation versus instincts, preparation won in a major way in the first 2016 Presidential #debate. Most analysis say Hillary Clinton gained the upper hand early as Donald Trump grew defensive over personal attacks, dissembled or contradicted himself on key issues, and reopened old wounds on gender and race along the way.\
<h3>
	<a href="http://www.benzinga.com/general/16/09/8498944/can-you-guess-this-chart">Guess This Chart</a></h3>
<ul>
<li>
		This stock was recently downgraded to neutral by Piper Jaffry and B. Riley, and will report earnings this afternoon.</li>
<li>
		This company has been a rumored buyer of Lululemon (NASDAQ: <a class="ticker" href="/stock/lulu#NASDAQ">LULU</a>) and Fitbit (NYSE: <a class="ticker" href="/stock/fit#NYSE">FIT</a>) in the past.</li>
<li>
		Sympathy plays include Under Armour (NYSE: <a class="ticker" href="/stock/ua#NYSE">UA</a>) and adidas (OTC_ADDYY).</li>
</ul>
<div id="preview-wrapper">
<div id="file-preview">
		<a href="https://www.benzinga.com/imce?app=nomatter|imceload%40imceInline.load#" title=""><img alt="capture_177.png" src="https://www.benzinga.com/files/images/2016/September/27/capture_177.png" style="width: 800px; height: 204px;" /></a></div>
</div>

AMZN

GOOGL

LULU

MSFT

TWTR

The Market In 5 Minutes: Debates, Oil Keep Stocks Mixed

3 Things - Terrible Ideas, Bonds, ETFs

Microstrategy ($MSTR) is a popular name among those who are familiar with crypto stocks. Indeed, the software analytics company is one of the bigge...

Leveraged Microstrategy ETF (NASDAQ:MSTX) Attracts $127M in Six Days

MicroStrategy: Recent Numbers And Basic Math Show The Tremendous Value In This Company

Is MicroStrategy Tapped Out? Long BTC, Short MSTR Isn't As Smart As You Think

MSTX: Take The Risk, Make The Gains

MicroStrategy: Feedback Loops Also Work In Reverse

Latest data shows the largest indicative borrow rate increases among liquid option names include: SPIRIT AIRLINES INC. (SAVEQ) 268.16% +18.78, Wix....

Largest borrow rate increases among liquid names

Last month's surge in MicroStrategy ($MSTR) shares created headaches for Matt Tuttle, who runs the T-Rex 2X Long MSTR Daily Target ETF ($MSTU). Acc...

How MicroStrategy (MSTR) ETFs Are Pushing Prime Brokers to Their Limits

Unusual total active option classes on open include: Ocean Power (OPTT), KULR Technology Group (KULR), NextDecade Corp (NEXT), Roku (ROKU), Defianc...

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