Streetbeat News

Assets

CVX

HES

PXD

USO

XOM

Crude oil experienced a volatile year in 2023, with WTI starting at $80.18 and currently trading down about 8%. OPEC+ production cuts failed to sustain prices, while U.S. oil production hit a potential record, challenging OPEC's influence. Major acquisitions in the U.S. oil sector included Chevron's purchase of Hess and Exxon Mobil's acquisition of Pioneer Natural Resources. The United States Oil Fund, LP (USO) reflects the oil price trend with a 1.1% YTD loss. Analysts predict a conservative average of $85 for Brent crude, while fund manager Louis Navellier sees potential for oil to breach $100 a barrel.

Portfolio Pulse from Shanthi Rexaline

December 28, 2023 | 6:43 am

MSTR

MicroStrategy Inc (NASDAQ:MSTR) has increased its Bitcoin holdings by purchasing an additional 14,620 BTC for $615.7 million. Canaccord Genuity raised MSTR's price target to $791, citing the company's stock outperformance relative to Bitcoin's value increase and a scarcity premium due to its lower operational risk compared to other Bitcoin exposure methods. MSTR's stock surged by 29% in a month and 119% over six months, outpacing Bitcoin's 16% monthly and 41% six-month gains. The company's shares are now trading at a 36% premium to the underlying Bitcoin value.

Portfolio Pulse from Mehab Qureshi

December 28, 2023 | 6:28 am

BRK

Warren Buffett's wealth increased by over $10 billion due to a 16% rise in Berkshire Hathaway stocks, but he dropped from fifth to tenth on the Bloomberg Billionaires Index as tech giants like Elon Musk, Jeff Bezos, and Bill Gates saw larger gains in their net worth due to surges in their respective company shares. Buffett's philanthropy also contributed to his rank decline, with $5.5 billion donated in 2023.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 6:01 am

COIN

MSTR

Bitcoin SV (BSV) experienced a significant surge, increasing over 51% and outperforming Bitcoin (BTC) and Ethereum (ETH). The spike in BSV's price was accompanied by a substantial increase in trading volume, which rose by over 877%. Short positions in BSV worth over $3 million were liquidated. The crypto market overall is rallying, with Bitcoin around the $44,000 mark. MicroStrategy's CEO Michael Saylor announced the purchase of an additional 14,620 BTC, which may have contributed to the market's positive sentiment. Bitcoin SV emerged from a hard fork of Bitcoin Cash in 2018. Coinbase Global Inc has discontinued support for BSV.

Portfolio Pulse from Mehab Qureshi

December 28, 2023 | 5:41 am

COIN

ETHUSD

An Ethereum wallet allegedly linked to Donald Trump transferred 1,075 ETH, worth about $2.4 million, to Coinbase, possibly from NFT sales. Arkham Intelligence reported the wallet's previous peak balance at $4 million. The wallet now holds assets worth $2.22 million, including Ethereum and other tokens like MATIC. The transfer to Coinbase does not necessarily indicate a sale. Trump-themed NFTs are marketed by NFT International LLC under a license that can be revoked. ETH price was up 9.03% at $2,417.

Portfolio Pulse from Mehab Qureshi

December 28, 2023 | 5:14 am

BBJP

DXJ

EWJ

Japan's Industrial Production for November decreased by 0.9%, which is better than the estimated 1.6% decline but lower than the previous month's 1.3% increase.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 5:12 am

AMD

BITO

COIN

PLTR

SSYS

TWLO

VCYT

Ark Invest, led by Cathie Wood, purchased over $92 million of ProShares Bitcoin Strategy ETF (BITO) and sold shares of Coinbase (COIN), Block (SQ), and Palantir (PLTR). The firm also reduced holdings in Stratasys (SSYS), Advanced Micro Devices (AMD), Twilio (TWLO), and Veracyte (VCYT). These trades reflect Ark's strategic adjustments in the cryptocurrency market and other sectors.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 4:19 am

MSTR

MicroStrategy purchased an additional 14,620 BTC for approximately $615.7 million, boosting its total holdings to 189,150 BTC valued at around $5.9 billion. This acquisition coincided with a rise in major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Analysts provided insights on the market, with predictions of Bitcoin reaching $130K based on technical indicators and cycle theories.

Portfolio Pulse from Mehab Qureshi

December 28, 2023 | 3:11 am

BTC-USD

Crypto hedge funds are experiencing a resurgence, with Pantera Capital's liquid-token fund up nearly 80% this year, and Chainview Capital doubling its value. Despite the closure of about a third of crypto hedge funds after the FTX collapse, the remaining funds are optimistic about 2024, driven by Bitcoin's strong performance and the potential approval of Bitcoin ETFs in the U.S. A PwC report highlights significant global regulatory progress in the crypto space, suggesting a more stable future for digital assets.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 2:42 am