Bitcoin (BTC-USD) breaks below $90,000 as crypto selloff deepens. (00:26) Apple (AAPL), Indonesia reportedly agree on terms to end iPhone 16 ban. (01:47) Drug compounders sue FDA over semaglutide status: report. (03:08)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Tuesday: Crypto stocks, HIMS, ZM, and moreGold racks up another record high on tariff concerns, spiking ETF holdingsOPEC+ seen raising oil production in bid to appease Trump, BofA analyst believesDenny's add eggs surcharge at some locations due to national shortageSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: Why did Bitcoin fall below $90,000?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Tuesday, February 25th. I'm Julie Morgan. Bitcoin dips below 90K. Apple and Indonesia have reportedly reached an agreement about the iPhone 16. And the OFA files another lawsuit against the FDA.
Chapter 2: What are the current challenges in the crypto market?
Bitcoin is extending its decline, falling below the $90,000 mark for the first time in more than a month. The most popular cryptocurrency traded at around $87,000 as of the time of this recording. BTC is under pressure from widespread bearish sentiment across the crypto market, and ongoing struggles in U.S. stocks to recover from their recent downturn.
Ether, the largest altcoin by market cap, is down 11%. Solana is the worst performer among the major cryptos, down 15% and around 45% over the past month. The sell-off comes amid renewed global trade tensions, with President Donald Trump reaffirming on Monday that tariffs on imports from Canada and Mexico will will go forward next week after a month-long pause expires.
Chapter 3: How has the Bybit security breach impacted the crypto industry?
Adding to the market's difficulties, cryptocurrency exchange Bybit experienced a significant security breach, resulting in hackers stealing $1.5 billion in digital assets from the crypto exchange's Ethereum cold wallet. Potential relevant crypto names include MicroStrategy, Coinbase Global, Galaxy Digital Holdings, Riot Platforms, Mara Holdings, Hive Digital Technologies, and BitDigital.
Chapter 4: What is the status of Apple's agreement with Indonesia regarding the iPhone 16?
Apple and Indonesia have agreed on terms to lift the country's iPhone 16 ban. Bloomberg reported citing people familiar with the matter that this signals a potential end to a five-month standoff fueled by the government's efforts to push Apple to meet domestic manufacturing requirements in the country. Indonesia's Ministry for Industry may sign the agreement with Apple this week,
Chapter 5: What are Apple's investment plans in Indonesia?
with permission for iPhone 16 sales to be reinstated as soon as possible. The iPhone maker committed to invest $1 billion in Indonesia, which includes funds to set up an AirTag production plant and a facility for other accessories. Funds will also go towards training locals in product R&D, which would enable them to develop similar software and design their own goods.
Indonesia previously backtracked on a deal with Apple, so the latest agreement could still fall through. To note, Apple has no immediate plans to manufacture iPhones in Indonesia. The country banned iPhone 16 sales as Apple did not meet the requirement of smartphones comprising at least 35% locally made parts.
The company then made the $1 billion investment commitment to placate the government, but the Ministry of Industry upheld the ban last month to seek better terms. Makers of copycat versions of Novo's popular weight loss drug semaglutide, also known as Ozempic and Wegovi, are suing the FDA for removing the GLP-1 medication from its shortage list.
If you remember, the OFA filed a similar lawsuit last year when the FDA determined that Eli Lilly's tier Zepatide, also known as Manjaro and Zepbound, was also no longer in short supply. The Outsourcing Facilities Association, which represents drug compounders, filed the suit in a Texas federal court.
According to Reuters, the group has alleged the FDA's decision was capricious and arbitrary, and that semaglutide still remains in short supply. Compounded versions of branded drugs are allowed on the U.S. market if the branded versions are determined to be in short supply. Last Friday, the FDA removed semaglutide from its drug shortage list, giving compounders 60 days in outsourcing facilities
90 days to comply with the change. And on Monday, shares of HIMS and HERS tumbled 20% after it indicated 2025 sales could be significantly impacted by the removal of semaglutide from the FDA's shortage list. Now let's take a look at what's trending on Seeking Alpha at this early hour. Gold racks up another record high on tariff concerns, spiking ETF holdings.
A B of A analyst believes OPEC Plus is seen as raising oil production in a bid to appease Trump. And breakfast at Denny's will cost you more. Denny's is adding an eggs surcharge at some locations due to a national shortage. On our Catalyst Watch for the Day, Apple will hold its annual meeting.
Shareholders will vote on proposals covering diversity, artificial intelligence, child safety, and charitable topics. Notable investor events include PayPal's Investor Day, LiveRamp's Investor Day, and Alnylam Pharmaceuticals' R&D Day. Now for a look at the markets today ahead of the opening bell. Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is up 0.1% at $70 a barrel.
In the world markets, the FTSE 100 is up 0.4% and the DAX is flat. EverQuote is on our list of the biggest movers of the day pre-market. Ever is up 25% after the company delivered strong Q4 results. On today's economic calendar, at 9 a.m., the Case-Shiller Home Price Index, and at 1 p.m., the Fed's Thomas Barkin will speak on inflation then and now before the Rotary Club of Richmond.
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