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The S&P 500 index experienced a 1.4% drop on Wednesday, ending a 10-day winning streak despite positive economic indicators and a dovish Federal Reserve. The decline was attributed to heavy trading in zero-day options (0DTE), particularly put options, which forced market makers to sell stocks to hedge their exposure. The sell-off was concentrated in major tech stocks, including Apple and Alphabet, which have seen significant rallies this year. Some analysts view the pullback as a warning sign, while others attribute it to low trading volumes typical of the holiday season.

Portfolio Pulse from Neil Dennis

December 21, 2023 | 7:23 pm

PPG

PPG Industries (NYSE:PPG) has seen a 16.9% increase in short interest since the last report, with 1.96 million shares sold short, representing 0.83% of available shares. The short interest ratio is 1.63 days to cover. While an increase in short interest can indicate bearish sentiment, PPG's short interest is below its peer group average of 4.22%. This information suggests investors are more bearish on PPG, but the company is less shorted compared to its peers.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 7:15 pm

HUBB

Hubbell Inc (NYSE:HUBB) has agreed to sell its Residential Lighting business to Kingswood Capital Management for $131 million. The sale is part of Hubbell's strategy to focus on a portfolio with better growth and margin prospects, particularly around grid modernization and electrification. The Residential Lighting business is projected to generate about $190 million in sales in 2023. Hubbell's long-term debt was $1.439 billion as of the end of September. The transaction is expected to close in Q1 2024, pending regulatory approvals. Hubbell recently acquired Systems Control, enhancing its energy infrastructure offerings. HUBB shares rose 0.80% to $323.70.

Portfolio Pulse from Nabaparna Bhattacharya

December 21, 2023 | 7:03 pm

STXUSD

Stacks (CRYPTO: STX) has seen a price decrease of 8.6% in the last 24 hours, now at $1.4, despite a 32.0% increase over the past week. The trading volume is up by 22.0%, and the circulating supply has risen by 0.53% to 1.43 billion, which is 78.59% of the max supply. Stacks is currently ranked #41 by market cap at $2.01 billion.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 7:01 pm

BSX

Boston Scientific (NYSE:BSX) has delivered an average annual return of 16.3% over the past 10 years, outperforming the market. A $100 investment in BSX a decade ago would be worth $459.34 today. The company's market capitalization stands at $80.68 billion.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 7:00 pm

ATOM-USD

Cosmos Hub's cryptocurrency, ATOM, saw a price increase of 4.56% in the last 24 hours, reaching $11.23, despite a 2.0% decline over the past week from $11.4. The all-time high for ATOM is $44.45. Trading volume has decreased by 22.0% over the past week, and the circulating supply dropped by 0.38%, now at 292.59 million. ATOM's market cap is currently ranked #29, valued at $3.29 billion.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 7:00 pm

TTD

Trade Desk (NASDAQ:TTD) has significantly outperformed the market with an average annual return of 46.81% over the past 5 years. An initial investment of $1000 in TTD stock 5 years ago would now be worth $7,238.84. The company's market capitalization currently stands at $37.03 billion.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 6:33 pm

NSC

Over the past 20 years, Norfolk Southern (NYSE:NSC) has produced an average annual return of 14.36%, outperforming the market by 6.89% on an annualized basis. A $1000 investment in NSC 20 years ago would be worth $14,626.89 today. Norfolk Southern currently has a market capitalization of $52.48 billion.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 6:33 pm

SRE

Sempra (NYSE:SRE) has seen a 14.98% decrease in short interest, with 11.05 million shares sold short, representing 1.76% of available shares. The short interest is below the peer group average of 2.99%. While a decline in short interest can indicate bullish sentiment, it does not necessarily predict a near-term price rise.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 6:15 pm

LLY

Eli Lilly (NYSE:LLY) has seen a decrease in short interest, with a 5.41% drop since the last report, now standing at 5.52 million shares or 0.7% of float. It would take about 2.15 days to cover all short positions. Short interest is a measure of market sentiment, and a decrease may indicate a more bullish outlook. Eli Lilly's short interest is below its peer group average of 4.35%. While a decline in short interest doesn't necessarily predict a stock price increase, it suggests fewer traders are betting against the stock.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 6:15 pm