Streetbeat News

Assets

BABA

HLPPY

LGFRY

MCHI

TECHY

Chinese stock markets continued their decline with the Hang Seng index dropping 2.3% and the Shanghai Composite by 1.8%. Hang Lung Properties and Longfor Properties saw significant losses. Despite a short-selling ban by the China Securities Regulatory Commission, the sell-off persisted, driven by investors exiting the market rather than hedge funds. U.S.-listed ETFs like the iShares MSCI China ETF experienced net outflows, with MCHI losing a third of its value over the past year. Market analysts attribute the downturn to political factors and trade tensions rather than economic issues. Tim Seymour expressed a cautious stance on China, highlighting state control over companies like Tencent and Alibaba.

Portfolio Pulse from Neil Dennis

January 30, 2024 | 2:55 pm

GILD

META

SMCI

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin are rising as short sellers face liquidations. Meta Platforms receives a 22% price target boost before Q4 results, with optimism for ad market recovery and Reels. Invesco and Galaxy Asset Management reduce Bitcoin ETF fees to compete. Super Micro Computer shares are up over 10% premarket. Investors await earnings from Microsoft and Alphabet, with caution advised for a pivotal trading week. Meta tightens child safety measures and receives a price target boost. Tesla's Model Y becomes the first EV to top global car sales, and the company sees potential for a better stock performance after a significant January loss. Gilead Sciences increases its stake in Arcus Biosciences.

Portfolio Pulse from Akanksha Bakshi

January 30, 2024 | 2:32 pm

BTCUSD

ETHUSD

PENDLEUSD

Cryptocurrency prices are on the rise with Bitcoin surpassing the $43,000 level and Ethereum topping $2,300. Pendle emerged as the top gainer with a 21.9% increase over the past 24 hours, while Manta Network experienced the largest loss, dropping by 5.8%. The global crypto market cap has increased by 2.5% to $1.67 trillion.

Portfolio Pulse from Avi Kapoor

January 30, 2024 | 2:30 pm

SON

Sonoco has agreed to sell its Protective Solutions packaging business to Black Diamond Capital Management for an estimated $80 million in cash. This divestiture is part of Sonoco's strategy to streamline its operations and focus on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 2:17 pm

FFBC

First Financial Bank has entered into a new $2.4 billion five-year Community Benefits Agreement (CBA) with the National Community Reinvestment Coalition and related partner organizations. This follows the bank's overachievement of its previous $1.75 billion goal for 2018-2023, where it reached 192% of the target in lending and investments.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 2:12 pm

INTC

MSFT

On the 17th anniversary of Windows Vista's release, a reflection on Microsoft's stock performance reveals a 1,225% increase from $30.48 on Jan. 30, 2007, to $403.93 today. A $1,000 investment in Microsoft then would be worth $13,252 now, outperforming similar investments in Nasdaq and S&P 500 index funds. Microsoft continues to innovate, integrating AI into Windows with the AI-powered Copilot, and is optimistic about the PC market's future, supported by data from Counterpoint Research and IDC. Intel Corp. also anticipates a PC market revival.

Portfolio Pulse from Rounak Jain

January 30, 2024 | 2:03 pm

IWM

QQQ

SPY

Historical data over the last 20 years shows February to be a flat month for stocks, with the S&P 500 averaging a 0.2% gain. The SPDR S&P 500 Trust (SPY) reflects this trend. The NYSE Composite has had mixed results, averaging a slight loss. The Nasdaq 100, represented by the Invesco QQQ Trust (QQQ), has seen a 0.2% average gain, while the iShares Russell 2000 ETF (IWM) has outperformed with a 0.6% average gain in February. Seasonality is backward-looking and does not guarantee future performance.

Portfolio Pulse from Cory Mitchell

January 30, 2024 | 1:43 pm

NHWK

NightHawk has generated $3.25 million in proceeds through the sale of non-core intellectual property and the issuance of a low-interest bearing note. This move is part of the company's strategy to streamline its operations and focus on its core business areas.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 1:27 pm

IMMP

Immutep reported its cash and cash equivalents for Q2 2024 to be approximately $103.7 million. This financial update provides investors with insight into the company's liquidity and financial health.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 1:14 pm

AKBA

Akebia Therapeutics, Inc. (NASDAQ: AKBA) has closed a loan facility with BlackRock, providing up to $55 million in borrowing capacity available in three tranches. This financial move aims to support Akebia's mission to improve the lives of those affected by kidney disease.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 1:08 pm