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Cryptocurrency prices fell with Bitcoin dropping below $42,000 and Ethereum below $2,200. The global crypto market cap decreased by 3.1% to $1.54 trillion. Astar was the top gainer, while Celestia was the biggest loser among the cryptocurrencies mentioned. Other notable gainers include Stacks, Helium, Bitget Token, and Injective, while SATS, Terra Classic, Internet Computer, and MultiversX were among the top losers.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 2:37 pm

ZIMV

ZimVie Inc (NASDAQ:ZIMV) shares surged over 33% following the announcement of an agreement to sell its spine business to H.I.G. Capital for $375 million. The deal includes $315 million in cash and a $60 million promissory note with 10% annual interest. Expected to close in the first half of 2024, the sale will allow ZimVie to reduce debt and focus on its dental business, aiming to improve revenue growth rate, EBITDA margin, and cash flow conversion rate. The company's CEO, Vafa Jamali, expressed that the transaction will create a leaner, more focused ZimVie with a leading position in the global dental markets.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 2:37 pm

LLY

Eli Lilly (NYSE:LLY) has delivered an average annual return of 19.95% over the past 15 years, outperforming the market by 7.97% annually. A $100 investment in LLY stock 15 years ago would be worth $1,537.60 today. The company's current market capitalization stands at $545.04 billion.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 2:30 pm

PSHG

Performance Shipping has voluntarily prepaid its existing loans with Piraeus Bank, totaling approximately $44.8 million. As a result, the company's total outstanding debt will be reduced to about $55.2 million, and three of its seven vessels will be free of debt encumbrances.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 2:29 pm

CTRM

Castor Maritime Inc. (NASDAQ:CTRM) has sold the M/V Magic Orion for $17.4M with an expected net gain of $2M, to be delivered by Q1 2024. Additionally, the sale of M/V Magic Argo was completed for $15.75M with a net gain of $3M, recorded in Q4 2023.

Portfolio Pulse from Happy Mohamed

December 18, 2023 | 2:14 pm

FTTUSD

FTX Trading is proposing a plan to return money to creditors as part of its bankruptcy case. The proposal involves liquidating most of the firm's cryptocurrencies and valuing the assets in cash based on their value at the time of the bankruptcy filing on November 11, 2022. Creditors will vote on the proposal before it goes to U.S. Bankruptcy Judge John Dorsey for final approval. Major creditor and customer groups have tentatively approved the plan, but it does not clarify if FTX will resume operations or how much creditors will receive. FTX has been allowed to sell assets, including its subsidiary LedgerX for $50 million.

Portfolio Pulse from Khyathi Dalal

December 18, 2023 | 2:08 pm

CI

Over the past 10 years, Cigna Group (NYSE:CI) has produced an average annual return of 12.92%, outperforming the market. A $1000 investment in CI a decade ago would now be worth $3,378.30. Cigna Group currently has a market cap of $85.01 billion.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 2:00 pm

MCO

Over the past decade, Moody's (NYSE:MCO) has delivered an average annual return of 17.52%, outperforming the market by 7.61% on an annualized basis. A $100 investment in MCO stock 10 years ago would be worth $503.70 today. Moody's currently holds a market cap of $71.20 billion.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 2:00 pm

IVV

SPY

VOO

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XME

United States Steel Corp (NYSE:X) stock surged over 28% in premarket trading due to its acquisition by Nippon Steel Corp (OTC:NISTF), valuing the company at $14.9 billion. Over the past year, U.S. Steel has outperformed the S&P 500, with a 59.3% return compared to the S&P 500 ETF's 23.6% gain. The company's stock also outperformed the SPDR S&P Metals & Mining ETF (NYSE:XME) by 40%, with XME holders gaining 17.5% over the same period.

Portfolio Pulse from Surbhi Jain

December 18, 2023 | 1:51 pm

BCAN

BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) has reached a significant milestone in its intellectual property strategy by filing a national phase application for its EZ-G Device in the U.S. and 11 additional jurisdictions. The application was filed under the Patent Prosecution Highway, which allows for accelerated processing. The company has also filed two provisional patent applications in the U.S. and two design applications in China. CEO Yftah Ben Yaackov believes this expansion in IP strategy will significantly increase shareholder value.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:38 pm