Streetbeat News

Acquisitions Mergers

ARKK

BLK

GBTC

The SEC has approved spot Bitcoin ETFs from 11 issuers including Grayscale, Ark Investment, BlackRock, VanEck, Wisdom Tree, Fidelity, Invesco Franklin, Hashdex, and Valkyrie. Grayscale's GBTC is now listed on NYSE. The approval is seen as a victory for crypto, with Bitcoin's value surging at the end of 2023. Jesper Toft of GSU Protocol suggests the SEC's actions aim to protect USD dominance, while GSU offers a stable alternative. The EU's MiCA regulations are seen as protective of banks. Crypto's future as a viable alternative to fiat currencies like USD is discussed.

Portfolio Pulse from Justin Roberti

January 13, 2024 | 2:26 pm

GOEV

HMC

HTZ

KARS

LCID

TSLA

XPEV

Electric vehicle stocks, including Tesla, Lucid Group, and XPeng, faced declines amid investor concerns over Tesla's price cuts in China and a bearish EV market. Tesla's refreshed Model 3 launched in North America, but price reductions in China may lead to lower earnings estimates. Hertz plans to sell a portion of its EV fleet to reinvest in ICE vehicles, reversing its previous EV-focused strategy. Lucid reported lower Q4 production and deliveries year-over-year. XPeng showcased a flying car at CES 2024 and plans to open pre-orders in Q4. Canoo acquired manufacturing assets at a discount but saw its stock fall. Honda unveiled '0' series concept EVs at CES with a potential North American launch in 2026. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) also dropped.

Portfolio Pulse from Shanthi Rexaline

January 13, 2024 | 2:03 pm

BLK

TSLA

The past week in the cryptocurrency market saw Anthony Scaramucci expressing bullishness on Bitcoin ETFs, the SEC's Twitter account being hacked with false Bitcoin ETF approvals, Elon Musk discussing Bitcoin use on X, Cathie Wood revealing her Bitcoin holdings, a surge in crypto prices following Bitcoin ETF approval, and a significant increase in the Shiba Inu token burn rate. BlackRock and Tesla were mentioned in relation to Bitcoin ETF applications and potential Bitcoin use, respectively.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 10:17 am

GOOGL

MSFT

NYT

SSNLF

This week in AI, Microsoft's AI helped discover a new battery material, Samsung teased its Galaxy AI feature, Google faces a $7B patent infringement trial, Microsoft's Notepad gets an AI feature, and OpenAI responds to a lawsuit from The New York Times. Microsoft's AI screened 32 million materials for batteries, Samsung partnered with Marvel for an ad, Google's AI processors are under legal scrutiny, Microsoft's Notepad will charge for AI co-writing, and OpenAI blames a bug for ChatGPT's content issues.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 9:55 am

BRK

DJCO

Berkshire Hathaway Inc. (BRK) board member Chris Davis warns of potential activist investor pressure after CEO Warren Buffett's departure. Buffett, 93, is nearing the end of his tenure, following the death of his right-hand man, Charlie Munger. Davis praises Buffett and Munger's stewardship and expresses concern over future shareholder proposals that may seek short-term value at the expense of long-term gains. Berkshire's structure, designed by Buffett and Munger, faces scrutiny for efficiency, which could lead to calls for changes. The Daily Journal Corp. (DJCO) also acknowledges the irreplaceable role of Munger in its operations.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 6:38 am

ATAI

CMND

CMPS

GHRS

PSIL

MAPS Public Benefit Corporation, a subsidiary of MAPS, has raised over $100M in Series A funding to support FDA approval of MDMA for PTSD treatment. The U.S. Department of Veterans Affairs is funding psychedelic research for veterans with PTSD and depression. A list of 30 influential figures in psychedelics for 2024 was highlighted. Psychedelics policy reform is advancing in 13 states. Psychedelics stocks and ETFs showed varied performance, with some like GH Research and Atai Life Sciences closing higher, while others like Clearmind Medicine saw a decline.

Portfolio Pulse from Lara Goldstein

January 12, 2024 | 9:55 pm

AAPL

BAC

GBTC

GOOGL

IBIT

JPM

MSFT

TSLA

WFC

The SEC approved spot Bitcoin ETFs, with significant inflows on their debut. Inflation rose to 3.4%, potentially affecting Fed policies. JPMorgan, Bank of America, Wells Fargo, and Citigroup reported mixed financial results. A study predicts a $1-trillion boost from generative AI, while Google's layoffs cause concern. Microsoft briefly overtook Apple as the most valuable company, and Tesla cut prices in China to boost competitiveness.

Portfolio Pulse from Piero Cingari

January 12, 2024 | 9:36 pm

AVGO

KKR

EQT and KKR are reportedly among the potential buyers for a Broadcom asset valued at around $5 billion. The sale is part of Broadcom's strategy to divest certain assets. The news indicates a competitive bidding process that could attract private equity firms and other investors interested in the technology sector.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:24 pm

KALU

METC

RGLD

Royal Gold, Inc. will present at the CIBC conference on Jan. 17. Kaiser Aluminum Corporation declared a quarterly dividend of $0.77/share, payable on Feb. 15, with a neutral rating and a lowered price target from JPMorgan. Bragar Eagel & Squire is investigating Ramaco Resources, Inc. for potential legal violations after a report questioned the profitability of its mining claims and noted insider stock sales.

Portfolio Pulse from Austin DeNoce

January 12, 2024 | 9:21 pm

DMAQ

TruGolf and Deep Medicine Acquisition Corp (DMAQ) have announced that the SEC has declared their Form S-4 effective. The business combination values TruGolf at an $80 million equity value and is expected to close by the end of January 2024, pending shareholder approvals and other closing conditions.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:13 pm