Bitcoin rose on Friday after US President Donald Trump signed an executive order to strengthen his promised measures for the cryptocurrency sector.
The president signed the order on Thursday, outlining plans that include the potential creation of a strategic bitcoin reserve and the establishment of new regulations for the cryptocurrency space.
“The digital asset industry plays a critical role in innovation and economic development in the United States, as well as our country’s international leadership,” the order said.
Trump had pledged such measures during his election campaign, with venture capitalist David Sachs and the president’s cryptocurrency and artificial intelligence czar overseeing the signing in the Oval Office.
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Efforts will be focused on developing technology and rules for domestic growth of cryptocurrencies, according to the order.
A new working group will also be created to explore the possibility of a national stockpile of digital assets, which could include cryptocurrencies legally seized by the federal government.
The order also includes provisions to protect developers and miners, ensuring that individuals and private sector companies using blockchain networks are protected from “persecution.”
Boeing shares fell nearly 2% in pre-market trading after the US aerospace giant warned it expects a loss of about $4bn (£3.2bn) in the fourth quarter, capping a year plagued by production quality issues and tightening regulatory oversight. and supply chain disruptions and an exhausting strike by West Coast factory workers.
The company expected a loss of $5.46 per share during the quarter, significantly exceeding analysts’ average estimate of $1.84 loss per share, according to data from LSEG. Boeing also expected quarterly revenue of $15.2 billion, well below analysts’ expectations of $16.27 billion.
New CEO Kelly Ortberg said that while Boeing faced “challenges in the near term, we took important steps to stabilize our business during the quarter.”
“Our team remains focused on the hard work ahead of us to build a new future for Boeing,” he added.
Citi analysts reacted by revising their forecasts for Boeing stock, lowering their price target slightly from $209.00 to $207.00. However, they maintained their Buy rating.
Burberry shares rose 14% after it reported a smaller-than-expected decline in quarterly sales, marking the first signs of its new efforts to revitalize the brand.
The British luxury fashion house, which has been hit by a global slowdown in demand for luxury goods, said comparable store sales fell 4% in the quarter, well below analysts’ expectations of a 12.8% decline.
Asia saw the largest decline in sales, with mainland China down 7%, the South Asia Pacific region down 19%, and South Korea down 12%. Japan bucked the trend, where sales rose 4%.
Despite the challenges, the company expects second-half results to broadly offset an adjusted operating loss of £41 million reported in the first half of its financial year.
The fashion house, which was founded in England in 1856, launched a £40 million cost-cutting program in November after falling into loss.
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In an update to shareholders on Friday, Burberry said the turnaround plan was already bearing fruit.
Joshua Shulman, Burberry’s CEO since July 2023, said the company “moved at pace to advance our strategy to reignite brand desire” through targeted advertising campaigns in New York, following the renovation of its flagship store on 57th Street.
“The acceleration of our core categories reinforces our belief that Burberry has the greatest opportunities where we have the greatest authenticity and that our strategic plan will deliver sustainable, profitable growth over time,” said Schulman, who previously led Coach and Jimmy Choo.
“However, we recognize that it is still very early in the transition, and there is still much more to do,” he added.
Tripadvisor stock saw modest movement in premarket trading on Friday, after rising 14% in Thursday’s session.
This support came after a regulatory filing from Liberty TripAdvisor Holdings, a subsidiary of the online travel app company, revealed that a third party, referred to as Party 7, had expressed a “non-binding indication” of interest in acquiring all of Liberty’s outstanding shares. TripAdvisor Holdings. Tripadvisor Company Capital.
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The filing details that Tripadvisor’s special committee reviewed Party 7’s proposal but deemed it inappropriate, ultimately deciding not to pursue the proposal. Despite this, the market responded positively, anticipating the possibility of a higher bid.
Liberty TripAdvisor’s Board of Directors has directed its management team to seek waivers from Tripadvisor to facilitate discussions with Party 7 regarding a potential acquisition. However, Tripadvisor’s Special Committee later clarified that engaging with Party 7 or granting the requested exemptions was not in the best interests of Tripadvisor or its shareholders.
Moderna saw a slight 2% rise in pre-market trading, building on a 10.1% jump in Thursday’s session, after receiving $590 million in funding support from the US government to accelerate development of an mRNA-based avian flu vaccine. This brings the total government support for the initiative to more than $766 million.
This funding will help Moderna accelerate the development of an mRNA vaccine targeting the H5N1 avian influenza strain, currently circulating in birds and livestock, and will also allow for the expansion of clinical trials to support the potential use of mRNA technology against other influenza strains. Possibility of a pandemic.
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Moderna said in a statement that the funding will support the expansion of clinical studies “for up to five additional subtypes of pandemic influenza.” The company is already preparing for Phase III trials, positioning itself as a leader in the race to deliver next-generation influenza vaccines.
This latest round of support follows a previous $176 million grant from the US government in July 2024 to help accelerate the development of a messenger RNA (mRNA)-based avian influenza vaccine.
Other companies in the news on Friday, January 24:
Business (WRKS.L)
Model Banking Services (PAG.L)
LG Electronics (066570.KS)
Gevaudan (GVDNY)
L.M. Ericsson (ERIC-B.ST)
Signal (LIGHT.AS)
American Express (AXP)
Verizon (VZ)
HCA Healthcare (HCA)
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