Nvidia’s Record High Sends Nasdaq Surging Past 17K

Norwegian Cruise Line Holdings (NCLH) saw a boost in its stock price on Tuesday after Mizuho Securities upgraded the stock and raised its price target. The upgrade came as a result of the company’s cost-cutting measures and a positive industry outlook. Mizuho raised its rating to “buy” from “neutral” and increased the price target to $24 from $21.

According to Mizuho executive director Ben Chaiken, Norwegian Cruise Line is “streamlining” its business by reducing expenses, which is expected to improve near- and medium-term results. Additionally, the company is benefiting from a favorable industry backdrop of limited supply and high demand.

Despite the positive news, Norwegian Cruise Line Holdings shares were still down 17% in 2024. However, the stock was up 3.5% on Tuesday afternoon following the upgrade.

In other news, sports-betting stocks like DraftKings (DKNG) and FanDuel parent Flutter Entertainment (FLUT) experienced a drop in their stock prices after the Illinois Senate passed a state budget that includes a new progressive tax rate on such firms. The proposed tax rate would range from 20% to 40%, depending on the dollar amount of bets handled, which would impact larger players like DraftKings and FanDuel the most.

Meanwhile, GameStop (GME) saw a surge in its stock price after completing a $933 million share sale. The video game retailer successfully sold 45 million shares, capitalizing on a recent rally in its shares. The company plans to use the proceeds for general corporate purposes, such as investments and acquisitions.

Overall, the stock market showed mixed results with Dow futures slipping slightly while Nasdaq futures gained. Investors will be closely watching these developments in the coming days.