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Trending tickers: Bitcoin, Macy's, Apple, Ocado

The latest investor updates on stocks that are trending on Monday

FILE PHOTO: Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
The bump in the price of bitcoin has been attributed to market confidence following the approval of a spot bitcoin ETF in the US earlier this year and the upcoming halving event. (Reuters / Reuters)

Bitcoin (BTC-USD)

Mainstream cryptocurrencies continued their rally this week as capital rushes back into the market, with a more than 5% increase in Bitcoin over the last 24 hours.

The bump has been attributed to market confidence following the approval of a spot bitcoin ETF in the US earlier this year and the upcoming halving event.

Halving drives miners to optimise energy consumption and increase hash power. Its meant to optimise the network for the long-term.

Bitcoin is heading towards all-time highs seen in the bull run of 202, trading at around $65,100 (£51,348).

Read more: FTSE 100 LIVE: European stocks mixed as markets anticipate UK Budget

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Alongside this bump, memecoins like Shiba Inu (SHIB-USD) and Dogecoin (DOGE-USD) are on the up, with short bets mounting against their rise, according to data from Coinglass.

Data from CoinMarketCap shows a total sector increase of around 4% in the last 24 hours for cryptocurrencies.

Macy's (M)

Macy's was trading around 15.5% higher in premarket on Monday, as a takeover battle rages for the department store chain.

In the latest development, Arkhouse Management and Brigade Capital Management increased their takeover offer, with a potential deal now valued at $6.6bn.

On Sunday, the pair announced they had submitted an all-cash offer of $24 per remaining share, an increase on the previous bid of $21 per share which was rejected by the retail conglomerate. The previous attempt, laid out an rejected in January, would have been valued at $5.7bn.

Read more: Stocks that are trending today

Arkhouse and Brigade said on Sunday that they "remain frustrated by the delay tactics" by Macy's board, but are committed to completing the transaction.

Apple (AAPL)

Apple stock was heading lower in premarket on Monday following a decline on Friday as Goldman Sachs cut it from its list of "top buys" following what it called "underperformance".

There is mounting concern over weak demand for its key products, as it lags many of its peers in the so-called "magnificent seven".

On Goldman's radar is its anaemic iPhone sales, as well as continuing economic troubles in China — a key engine of its growth.

Stock was set to open 0.8% lower on Monday.

Ocado (OCDO.L)

Ocado Group stock was trading 5.3% lower in pre-lunch time trade on Monday as investors digest its latest earnings report.

The decline comes as the online grocer reported narrowing net losses of £314m, down 31% from the full-year in 2022.

Revenue was reported as bing up to £2.8bn, a 12% increase from its full-year in 2022.

Watch: Bidders raise Macy's buyout offer to $6.6 bln

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