Alphabet shares fell 1% in premarket trading following a legal setback in Europe, where a court upheld a €4.1 billion ($4.67 billion) antitrust fine against the company. The ruling reinforces a 2018 European Commission decision regarding anticompetitive practices involving Google’s Android ecosystem.
In other notable moves, Bending Spoons shares declined 7% after a significant surge following its Wednesday debut, despite having climbed nearly 40% from its initial IPO price. Meanwhile, defense technology firm AeroVironment saw its stock rise 4% after securing a $500 million U.1. Army contract aimed at developing advanced counter-drone capabilities.
Palantir shares climbed over 3% following an upgrade from D.A. Davidson, which moved the stock from neutral to buy. Analysts noted that the company’s current valuation appears highly attractive, contributing to a weekly gain of more than 15% during this shortened trading period.
The cryptocurrency sector provided a boost to several stocks as Bitcoin surpassed the $61,000 mark, marking a two-day rally of 4.5%. Consequently, MicroStrategy rose 6%, and Coinbase increased by more than 3%. Robinhood also saw gains, bolstered by a price target increase to $130 from Mizuho analysts, who suggested the platform has the potential to become a global “hyperscaler” in the online brokerage space.
Conversely, the memory sector continued to face downward pressure. Following profit-taking sessions earlier in the week, Sandisk shares dropped 3.5%. Other industry players, including Western Digital and Seagate Technology, also saw declines of 2.5% in early trading.
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