NATI - Hot Stocks: Crypto stocks surge; NATI gets bid; CROX sets 52-week high; IQ plunges

Stocks kicked off a holiday-shortened week with a mixed performance on Tuesday. Weak results from Goldman Sachs weighed on the Dow, which dropped almost 400 points on the session. Meanwhile, the Nasdaq managed to eke out thin gains, notching its seventh consecutive day of advances.

Cryptocurrency-related names were among the pockets of strength. With Bitcoin reaching its highest level since November, stocks like Coinbase ( COIN ), Marathon Digital ( MARA ), MicroStrategy ( MSTR ) and Bit Digital ( BTBT ) posted advances.

Among individual stocks, National Instruments ( NASDAQ: NATI ) surged on a takeover bid from Emerson Electric ( EMR ). Meanwhile, Crocs, Inc. ( CROX ) extended recent gains to reach a new 52-week high.

Looking to the downside, iQIYI ( IQ ) recorded a double-digit percentage decline following the pricing of an equity offering.

Sector In Focus

Bitcoin ( BTC-USD ) edged higher again in Tuesday's trading, holding gains posted late last week. The crypto touched a level just below $21.6K early in the day before pulling back a bit later. This took the market to its highest mark since the pre-FTX collapse days in November.

With this strength in the underlying market , stocks related to the crypto sector showed notable strength. Coinbase ( COIN ) was a high-profile gainer in the group, advancing about 8% on the session and reaching its highest finish since mid-November.

Elsewhere in the group, Marathon Digital ( MARA ) and MicroStrategy ( MSTR ) both climbed nearly 9%. Meanwhile, Bit Digital ( BTBT ) jumped almost 19%.

Standout Gainer

News of a takeover bid sparked buying in National Instruments ( NATI ). The stock rose another 11%, adding to recent gains and setting a fresh 52-week high.

Emerson Electric ( EMR ) revealed an offer to acquire the automated test equipment maker for $53 per share in cash. The proposed transaction has an implied enterprise value of $7.6B.

Following the bid, NATI surged to an intraday 52-week high of $54.69. Shares drifted off that peak through the session but still closed at $52.04, a gain of $5.07 on the day.

The advance added to gains posted late last week, after NATI revealed that it had initiated a review of its strategic options , including a possible sale. Shares have now climbed 37% in the past week.

Standout Decliner

iQIYI ( IQ ) slumped following the pricing of a public equity offering . The news sparked a 16% slide in shares of the China-based provider of online entertainment video services.

IQ revealed that it has priced an underwritten public offering of 76.5M ADSs. The sale is priced at $5.90 per ADS, leading to net proceeds of $442.3M, after deducting underwriting commissions and assuming the underwriters don't exercise an option to purchase up to another 11.475M ADS.

Amid fears of dilution from current stockholders, IQ dropped $1.10 to close at $5.59. This marked its lowest finish since late December.

Notable New High

Crocs, Inc. ( CROX ) added to a recent upswing, spurred higher last week by the release of a strong forecast . With another advance of almost 2%, the stock set another 52-week high.

CROX climbed $2.23 to close at $128.05. During the session, shares touched an intraday 52-week high of $129.01. This extended gains posted last week after the footwear maker predicted record 2022 revenue of about $3.55B.

Looking longer-term, shares dropped early in 2022 but have been trending higher since late June. The stock has climbed 36% in the past month and has surged 133% in the past six months.

For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .

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