TD Cowen Reiterates $400 Price Target on Strategy, Maintains 'Buy' Rating
June 9 — Lance Vitanza, an analyst at investment bank TD Cowen, has reiterated a Buy rating for MicroStrategy (MSTR), the Bitcoin treasury firm, with a $400 price target.
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TD Securities: US May CPI Expected to Cool Off but Remain Elevated, Limited Downside for Year-to-Date Core Inflation
June 9: TD Securities expects the upcoming May U.S. Consumer Price Index (CPI) report will confirm inflation is cooling but remains stubbornly high. The firm forecasts May’s core CPI monthly rate to fall to 0.23%, while the annual core CPI stays flat at 2.8%. Headline CPI is projected to decline to a 0.4% monthly gain, lifting its annual rate to 4.2%.
Looking at the subcomponent breakdown: Commodity prices are expected to rise 0.13% month-over-month in May, in line with the three-month average. Core goods excluding motor vehicles will make up the bulk of this increase, with categories like household products and clothing posting gains. Further declines in used car prices are anticipated to partially offset that rise. Additionally, continued pass-through from oil price shocks and tariff-related effects will push annual core inflation to around 3.0% in June. There is an upside risk to this forecast if aviation fuel costs feed into airline ticket prices more significantly than expected.
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The U.S. House of Representatives has introduced several bills aimed at adjusting the cryptocurrency tax framework, focusing on mining, staking, and reporting rules.
June 9 — Crypto reporter Eleanor Terrett reports that Republican members of the U.S. House Ways and Means Committee have unveiled six standalone bills, alongside a discussion draft, ahead of Wednesday’s 2 p.m. local-time cryptocurrency tax hearing. The proposals are crafted to systematically adjust the country’s cryptocurrency tax framework.
The legislative package spans key areas including crypto donation rules, taxation of mining and staking rewards, mandatory reporting requirements, equal tax treatment for digital assets, voluntary disclosure mechanisms, and extending existing tax anti-abuse rules to cover the digital asset space. The separate discussion draft focuses specifically on cracking down on cryptocurrency tax avoidance through offshore structures, aimed at boosting regulatory constraints and compliance obligations.
Committee leadership stated the bills are designed to bring clarity, fairness, and operational practicality to digital asset regulations, while upholding the
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US Stock Photos Communications Stocks Downtrend, AAOI Plunges Over 7%
June 9: U.S. optical communications stocks saw broad declines, per Bitget market data. On May 28, the newly launched Pure Photonic ETF (ticker: FOTO) slumped 3.01%. Below are key individual stock moves:
- Marvell Technology (MRVL): A stock previously touted by George Huang as the next trillion-dollar market cap firm, it slid 6.69%.
- Applied Optoelectronics (AAOI): The maker of high-speed 800G/1.6T optical modules focused on AI data center transceivers, dropped 7.13%.
- Lumentum Holdings (LITE): A top supplier of optical communications lasers and modules for AI data centers, fell 3.48%.
- Coherent Corp. (COHR): A leader in lasers, optical components, and photonics solutions for data centers and industrial sectors, declined 7.02%.
- Ciena Corp. (CIEN): Which produces high-speed SerDes and interconnect chips focused on low-power solutions for AI data centers, slipped 4.61%.
- Fabrinet (FN): A leading contract manufacturer of high-end optical modules for multiple industry play
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Bitfinex Report: Bitcoin Enters Distribution-Dominated Phase, Unrealized Loss Funds Create New Selling Pressure on Bounce
On June 9, a Bitfinex analyst published a report noting that Bitcoin has shifted from the "accumulation phase" — which fueled its recent price rally — into a "distribution phase." Data highlights that after robust buying pressure between April and May, the spot volume delta has swung sharply negative, signaling early market entrants are steadily selling off during the current weak period, rather than holding or adding to their positions.
The analyst added that short-term holders’ average cost basis has fallen below the market’s true average of $77,800, meaning a large portion of recent capital inflows are now sitting at unrealized losses — adding fresh selling pressure every time prices rebound. Bitfinex noted in the report: "Both on-chain and fund flow data confirm the current market is leaning toward a distribution-driven phase, rather than a classic panic bottom." The exchange stated that until spot demand makes a meaningful recovery, the broader market will stay in a defensive pos
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