Streetbeat News

Assets

FTS

Fortis expects to achieve a long-term dividend growth of 4%-6% annually through 2028, supported by a $25 billion five-year capital plan. This plan is anticipated to increase the midyear rate base from $37.0 billion in 2023 to $49.4 billion by 2028, resulting in a 6.3% compound annual growth rate over five years.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 11:07 am

STLA

Stellantis NV (STLA) and Mercedes-Benz Group AG are nearing a €4.4 billion ($4.7 billion) debt deal for their joint venture, Automotive Cells Company SE (ACC), to expand its electric vehicle battery production in Europe. The funds will be used to enlarge ACC's French factory and to establish new sites in Germany and Italy, with a consortium of banks likely backing the deal. This move aligns with the EU's goal to develop a local EV supply chain and reduce reliance on Asian battery suppliers. Stellantis and Mercedes plan to increase their equity stakes in ACC.

Portfolio Pulse from Benzinga Neuro

February 09, 2024 | 10:36 am

BABA

BIDU

JD

MCHI

Chinese stocks are showing signs of a potential turnaround, according to LPL's Chief Technical Strategist, Adam Turnquist. He cites technical indicators, extreme oversold conditions, and surges in ETF inflows as promising signs. However, he also notes the challenges in predicting market bottoms, especially in China due to government policy influences and current economic conditions. The recovery of Chinese stocks could benefit U.S.-listed Chinese companies like Alibaba Group Holdings Ltd. (BABA), Baidu, Inc. (BIDU), JD.com, Inc. (JD), and the iShares MSCI China ETF (MCHI).

Portfolio Pulse from Shanthi Rexaline

February 09, 2024 | 9:50 am

GM

General Motors Co (NYSE:GM) has hired Kurt Kelty, a former Tesla executive with over 11 years of experience in battery technology, as its Vice President of Batteries. Kelty, who played a key role in developing Tesla's Gigafactory, will lead GM's battery cell strategy to boost the company's affordable electric vehicle (EV) production. This move comes as GM aims to scale its EV production in North America, with a target of producing 200,000 to 300,000 Ultium-based EVs across its Chevrolet, GMC, Cadillac, and BrightDrop brands, despite acknowledging a slowdown in EV growth and adjusting production targets.

Portfolio Pulse from Anan Ashraf

February 09, 2024 | 9:12 am

BTCUSD

ETHUSD

A JPMorgan survey reveals 78% of institutional traders are not considering cryptocurrency trading in the next five years, despite a slight increase in current crypto trading and future plans. AI and machine learning are seen as more influential for the future of trading, while interest in blockchain technology declines.

Portfolio Pulse from Benzinga Neuro

February 09, 2024 | 9:01 am

FXI

China reported new loans for January totaling 4,920.0 billion, surpassing the estimated 4,500.0 billion and significantly higher than the previous 1,170.0 billion.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 8:09 am

TIP

Economist Peter Schiff warns of a significant risk to the stock market's record run, citing a 'false belief' about the victory over inflation. He points to a potential breakdown in long-term Treasuries and a breakout in oil prices as indicators. The yield on the 10-year Treasury note has seen fluctuations, and crude oil prices are rising. Schiff questions the claims of diminishing inflationary pressure and suggests that the Federal Reserve may need to maintain a hawkish stance, posing risks to the economy and the stock market. The iShares TIPS Bond ETF (TIP) saw a slight decrease in its latest session.

Portfolio Pulse from Shanthi Rexaline

February 09, 2024 | 8:06 am

HSY

Cocoa prices have doubled in the past year, reaching a record high of $5,600 a metric ton due to extreme weather conditions in West Africa, impacting production. This surge is expected to increase chocolate prices, affecting manufacturers like Hershey Co (HSY), which has already warned of potential earnings growth impediment in 2024 due to historic cocoa prices. Hershey's recent earnings report showed stable Q4 earnings amid slow sales growth and rising cocoa costs.

Portfolio Pulse from Benzinga Neuro

February 09, 2024 | 7:54 am

DHAI

DIH Holding US announced a private placement of common stock, raising $1.5 million from OrbiMed. The deal includes the sale of 150,000 shares at $10 each, plus warrants for an additional 300,000 shares at the same price.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 7:17 am

BTCUSD

Bitcoin's price has surpassed $45,000 for the first time since Bitcoin ETFs were introduced in January, with predictions now aiming for a $50,000 target. LMAX Digital suggests a potential rise to $50,000, while Laurent Ksiss warns of possible profit-taking that could test lower levels. The surge is attributed to significant events in the cryptocurrency space, including the approval of Bitcoin ETFs and an increase in large Bitcoin wallets.

Portfolio Pulse from Benzinga Neuro

February 09, 2024 | 4:11 am