Stock Movers 3M Drops, Strategy Falls, ImmunityBio Drops After FDA Meeting Update
Jan 20, 2026
3M's profit outlook disappoints, causing shares to drop as adjusted earnings fall short of expectations. Meanwhile, MicroStrategy's massive $2.13 billion Bitcoin buy leads to stock volatility and questions about the move. In contrast, ImmunityBio sees a surge after a positive FDA meeting about its bladder cancer treatment, with heavy short interest adding to its stock's excitement. The hosts dissect the shifting market dynamics and the impacts on various sectors, providing insights into the current investment landscape.
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3M's Growth Pivot May Be Overstated
- 3M's adjusted earnings midpoint fell just below analyst expectations, signaling a modest miss for 2026.
- The company's push into trendy sectors like data centers may be overstated given limited revenue exposure.
Big Bitcoin Buys Come With Timing Risk
- MicroStrategy's massive bitcoin purchases often occur near price highs, exposing the company to short-term downside.
- The stock fell sharply after the $2.13 billion buy as bitcoin pulled back from recent peaks.
ImmunityBio Rally Follows Positive FDA Dialogue
- ImmunityBio jumped after a favorable Type B End-of-Phase FDA meeting about its bladder cancer drug.
- The FDA asked for additional information to support a potential sBLA resubmission for Anktiva with BCG.