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The Federal Reserve has decided to leave the key overnight policy rate unchanged. This decision is likely to influence the broader market and specific ETFs that track major indices.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:00 pm

AVAXUSD

USDTUSD

NBA star Dwight Howard's NFT collection 'Ballers by Dwight Howard' has been accused of being a 'rugpull' by blockchain investigator ZachXBT. The collection, which offered 3,000 NFTs on the Avalanche network at 2 AVAX each, only sold 10% after launch. Efforts to redesign the NFTs, incentivize buyers, and reduce supply to 1,500 did not significantly improve sales, with only 15% minted and the floor price falling below mint price. Ava Labs distanced themselves from the project. Meanwhile, Peckshield reported a 27.78% decrease in crypto losses from cybercrimes in 2023, with $674.9 million recovered from hacks.

Portfolio Pulse from Murtuza Merchant

January 31, 2024 | 6:41 pm

ETH-USD

On Tuesday, 5,679.23 Ether (ETH) valued at approximately $13.3 million was burned as part of the Ethereum network's transaction process. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is permanently removed from circulation. The current annual issuance rate of new Ether is 4%, but with the upcoming Ethereum 2.0 upgrade, it is expected to drop to 0.5-1%, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -5.24% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

January 31, 2024 | 6:00 pm

COP

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Oil prices have risen in early 2024 due to escalating tensions in the Middle East and Red Sea regions, with Nymex WTI up nearly 8% and Brent crude up 6%. The United States Oil Fund (USO) has seen a 9.2% increase. Despite conflicts and attacks on shipping, oil prices had previously fallen due to weak demand and sufficient supply. Iran's tensions with the U.S. and its involvement in Red Sea shipping attacks pose risks to oil flows. Saudi Aramco is planning a share sale to raise at least $10 billion, following a halt in oil expansion plans. Shares of ExxonMobil, Chevron, and ConocoPhillips fell on Wednesday.

Portfolio Pulse from Neil Dennis

January 31, 2024 | 5:51 pm

OMVKY

TTE

TotalEnergies SE (NYSE:TTE) has agreed to purchase a 50% stake in SapuraOMV Upstream Sdn from OMV AG (OTCPK: OMVKY) for $903 million, which includes the transfer of a $350 million loan. The assets are located offshore Sarawak in Malaysia, and the deal is expected to close by the end of the first half of 2024. This acquisition aligns with TotalEnergies' strategy to grow in Malaysia and strengthen its partnership with Petronas, while also contributing to the demand for gas in Asia. Additionally, TotalEnergies recently won a contract to supply 1.34 GW of renewable electricity to New Jersey.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 5:29 pm

AAPL

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The Arora Report analyzed earnings from Microsoft (MSFT), Advanced Micro Devices (AMD), and Alphabet (GOOG), stating they were good but did not meet the whisper numbers, and AI prospects are strong but overhyped. ADP's employment report showed weaker than expected job growth, leading to speculation of a potential Fed rate cut, which caused a shift from selling to buying in tech stocks. Money flows were negative in major tech stocks like Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META), Microsoft (MSFT), NVIDIA (NVDA), and Tesla (TSLA), while mixed in ETFs SPY and QQQ. The momo crowd is buying gold, oil, and bitcoin, while smart money remains inactive. The Arora Report advises investors to maintain a protection band of cash, hedges, and short-term trades to balance risk and opportunity.

Portfolio Pulse from The Arora Report

January 31, 2024 | 5:00 pm

PSX

Phillips 66 (NYSE:PSX) shares rose after reporting Q4 results surpassing expectations with revenue of $38.74 billion and adjusted EPS of $3.09, beating consensus estimates. The company saw varied performance across segments, with Midstream and Chemicals showing slight gains, while Refining and Marketing and Specialties segments reported lower income compared to Q3. Phillips 66 reported $2.2 billion in operating cash flow, significant capital expenditures, share repurchases, and dividends. The company is on track with its cost and capital reduction targets and plans to divest non-core assets to generate over $3 billion. PSX shares increased by 1.04% to $143.89.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 4:51 pm

Boeing's CFO announced during a conference call that the company will prioritize the 737 supply master schedule to prevent disruptions. As of the end of 2023, Boeing had approximately 200 Max planes in inventory and anticipates delivering most of them by 2024.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 3:49 pm

USO

The latest report indicates a 1.234 million barrel build in crude oil inventories, which contrasts with the estimated 217 thousand barrel draw. This unexpected increase in oil stockpiles suggests a potential oversupply in the market.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 3:30 pm

FVRR

Fiverr Intl (NYSE:FVRR) has experienced a 16.34% increase in short interest since its last report, with 4.87 million shares sold short, representing 14.88% of its float. It would take about 6.25 days to cover all short positions based on current trading volume. This rise in short interest may indicate a bearish market sentiment towards FVRR, although it does not necessarily predict a price drop. FVRR's short interest is significantly higher than its peer group average of 5.01%.

Portfolio Pulse from Benzinga Insights

January 31, 2024 | 3:15 pm