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BTCUSD

South Korea's Financial Services Commission maintains a stance against recognizing cryptocurrencies as financial assets and prohibits financial institutions from investing in them. Despite the U.S. SEC approving Bitcoin ETFs, South Korea will not amend its laws to allow virtual asset ETFs, believing its financial stability during crypto downturns is due to such restrictions. SEC Chairman Gary Gensler stated that the SEC's approval is limited to cash exchange-traded products holding Bitcoin.

Portfolio Pulse from Murtuza Merchant

January 11, 2024 | 5:26 pm

SUN

Sunoco LP (NYSE:SUN) has agreed to sell 204 convenience stores to 7-Eleven for approximately $1 billion, with adjustments for fuel and merchandise inventory. The deal includes an amendment to Sunoco's existing fuel supply agreement with 7-Eleven, promising additional fuel gross profit. Proceeds will be used to reduce leverage and fund growth, with the sale expected to close after regulatory approvals. Sunoco also plans to acquire Zenith Energy's terminals in Amsterdam and Bantry Bay, which is expected to close in Q1 2024 and be accretive to unitholders in the first year. The acquisition will be funded through Sunoco's credit facility. Sunoco reaffirmed its FY24 EBITDA guidance of $975 million to $1 billion. SUN shares rose 1.7% to $59.05.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 5:21 pm

USO

Oil prices surged by 2.5% to over $74 following the seizure of a US-controlled tanker, the St Nikolas, by Iran off the coast of Oman. The incident is part of escalating tensions in the Red Sea region, including Houthi militia strikes and heightened military engagement by US and UK naval forces. The UN Security Council condemned the attacks, with some nations abstaining. The European Union is considering a naval operation to secure navigation in the Red Sea. The United States Oil Fund ETF (USO) rose 3.1% in response to these events.

Portfolio Pulse from Piero Cingari

January 11, 2024 | 5:14 pm

UBOT

The article discusses the synergy between blockchain technology and artificial intelligence (AI), highlighting three areas where they complement each other: authenticity, speed, and smarter smart contracts. It also provides investment advice, suggesting that ETFs, particularly leveraged ETFs like Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares (UBOT), are good vehicles for investing in AI. UBOT tracks the Indxx Global Robotics and Artificial Intelligence Thematic Index and aims for double the index's daily return. However, it is noted that leveraged ETFs should be used for trading rather than long-term investment. UBOT has recently shown bullish signs, trading above key moving averages and approaching a resistance level at $21.10.

Portfolio Pulse from Johnny Rice

January 11, 2024 | 4:58 pm

SPY

Fed's Mester emphasized the need for more evidence that the economy is progressing as expected before considering rate cuts. She mentioned that discussions on the balance sheet would start this year, indicating a cautious approach to monetary policy adjustments.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 4:55 pm

DB

Deutsche Bank (NYSE:DB) has significantly outperformed the market with an average annual return of 30.18% over the past decade. An investment of $1000 in DB stock 10 years ago would now be worth $14,281.12. The company's current market capitalization stands at $27.33 billion.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 4:30 pm

HTZ

Hertz Global Holdings, Inc (NASDAQ:HTZ) plans to sell about 20,000 EVs from its U.S. fleet, which is one-third of its global EV fleet. The sale, starting in December 2023 and continuing through 2024, aims to balance EV supply with demand, reduce lower margin rentals, and cut damage expenses. Hertz will reinvest in ICE vehicles to meet customer demand. The company expects an additional $245 million in depreciation expenses in Q4 2023 due to the EV sale. However, the fleet change is not anticipated to materially impact its asset-backed securitization facilities. Hertz projects an improvement in Adjusted Corporate EBITDA and an increase in free cash flow by $250-300 million over 2024 and 2025. Q4 2023 revenue is expected to be $2.10-$2.20 billion. HTZ stock dropped 5.19% to $8.86 following the announcement.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 4:06 pm

BTCUSD

The U.S. SEC's approval of 11 Spot Bitcoin ETFs has propelled Bitcoin's price over $48,000, with a peak at $49,012. Trading volumes surged, with Spot ETFs trading $2.3 billion in 20 minutes and OTC Bitcoin volume hitting $7.7 billion. Bitcoin's market cap now surpasses Tesla, Facebook, and Berkshire Hathaway. This surge coincides with U.S. CPI data for December 2023 rising to 3.4%, above the expected 3.2%.

Portfolio Pulse from Khyathi Dalal

January 11, 2024 | 4:02 pm

CDNS

Cadence Design Systems (NASDAQ:CDNS) is evaluated against its peers in the Software industry. CDNS has a lower P/E ratio than the industry average, suggesting growth potential, but higher P/B and P/S ratios, indicating potential overvaluation. Its ROE, EBITDA, and gross profit are below the industry average, while revenue growth exceeds it. CDNS has a favorable debt-to-equity ratio compared to its top 4 peers, indicating a strong financial position.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 4:00 pm

PPG

Over the past 15 years, PPG Industries (NYSE:PPG) has produced an average annual return of 13.93%, outperforming the market. A $1000 investment in PPG 15 years ago would be worth $7,079.93 today. PPG currently has a market cap of $34.57 billion.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 4:00 pm