We recently published an article titled These 10 Stocks Defied Tuesday’s Bloodbath. In this article, we are going to take a look at where MicroStrategy Incorporated (NASDAQ:MSTR) stands against the other stocks.
The stock market fell further into negative territory on Tuesday as trade tensions between the US and its largest trading partners continued.
The Dow Jones fell the most, losing 1.55 percent, while the S&P 500 declined 1.22 percent. The Nasdaq dropped by 0.35 percent.
Following the start of President Donald Trump’s blanket 25-percent tax on goods from Canada and Mexico on Tuesday, and a 10-percent tax on Chinese imports, both Canada and China moved to retaliate with higher taxes on US imports. Mexico is also expected to follow suit.
Despite uncertainties, 10 companies managed to stay stronger, posting impressive gains mostly on the back of better earnings performance. In this article, we have detailed the reasons behind their gains.
To come up with Tuesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A software engineer wearing a headset, collaborating with a remote team on a project.
MicroStrategy Incorporated (NASDAQ:MSTR)
MicroStrategy Incorporated (NASDAQ:MSTR), doing business as Strategy, jumped by 9.66 percent on Tuesday to finish at $275.15 each as investors cheered news developments on President Donald Trump’s planned cryptocurrency reserve.
On his social media account, Trump announced that he ordered the Presidential Working Group to move forward on a Crypto Strategic Reserve, which will include cryptocurrencies such as XRP, SOL, and ADA.
More than an hour later, he added a post saying that BTC and ETH would also be included.
“I will make sure the US is the Crypto Capital of the World,” Trump noted.
MicroStrategy Incorporated (NASDAQ:MSTR), which holds nearly 500,000 Bitcoins, saw its share prices spike by as much as 16.8 percent at intra-day trading on Tuesday alone.
It also pushed Bitcoin’s prices higher to retest the $94,000 level before traders turned sellers to drag it back to the $87,000 level as of this writing.
Overall MSTR ranks 7th on our list of Tuesday’s top gainers. While we acknowledge the potential of MSTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MSTR but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.