On this episode of Stock Movers:
- Stablecoin issuer Circle (CRCL) shares rose as much as 9.8% on Wednesday after the US Senate passed stablecoin legislation setting up regulatory rules for crypto currencies pegged to the dollar. The stablecoin vote is the industry’s most tangible return yet on the hundreds of millions of dollars it poured into electing a crypto-friendly Congress. As of the last close, the stock has risen more than 380% from its IPO price of $31. Visa (V) and Mastercard (MA) both fell as much as 5% amid continued worries about the impact of stablecoins on the credit-card issuers.
- Marvell Technology (MRVL) also rallied today. Analysts are now positive on the chip maker after first quarter earnings that came in line with expectations. Following an event focused on AI, Marvell raised its overall data center total addressable market to $94 billion by 2028, up from $75 billion.
- Netflix (NFLX) is up 38% year-to-date today after an announcement that the streamer will add live television channels and shows from French broadcaster TF1, expanding Netflix's live offerings for customers in the country. French customers will be be able to watch live feeds, including sports, from TF1’s channels, and stream the broadcaster’s shows on demand from next summer, Netflix said in a statement on Wednesday. Netflix will dedicate a portion of the app to TF1 content as part of the distribution agreement.
Netflix is expanding the content it offers customers and has invested in live events such as National Football League games and wrestling matches. The French partnership goes a step further, offering traditional live broadcast content such as dramas and reality television.
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