Streetbeat News

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SPY

UNG

USO

The U.S. Baker Hughes Oil Rig Count has decreased by 2 from last week, bringing the total to 494. Meanwhile, the Gas Rig Count remains unchanged from last week, standing at 118.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 6:04 pm

ETHUSD

On Thursday, 10,709.53 Ether (ETH) valued at $22.4 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -13.73% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

November 10, 2023 | 6:00 pm

DIA

IWM

QQQ

SPY

Major stock indexes have experienced an increase as Treasury yields have fallen, indicating a potential shift in investor sentiment towards equities.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 5:56 pm

GME

GameStop Corporation (NYSE:GME) has the potential to create a global peer-to-peer e-commerce platform for the gaming industry, leveraging its brand and NFT marketplace experience. The gaming industry, worth over $100 billion, includes video games, board games, card games, collectibles, and conventions. GameStop's notoriety from the 2021 stock events and its financial position with substantial cash and minimal debt could allow it to invest in this venture, potentially creating significant shareholder value and becoming the 'Etsy of all things game.'

Portfolio Pulse from Kevin Malone

November 10, 2023 | 5:49 pm

IDCBF

IDCBY

The U.S. financial services division of the Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack by LockBit 3.0, affecting U.S. Treasury trades. ICBC managed to clear Treasury and repo financing trades, but reports indicated some disruption in the settlement process for other market participants. The attack's impact on the broader market was considered limited, and ICBC's other systems, including its China operations, were not affected.

Portfolio Pulse from Vandana Singh

November 10, 2023 | 5:45 pm

BLK

BTCUSD

ETHUSD

BlackRock Inc (NYSE:BLK) has shown interest in launching an Ethereum ETF, which has positively impacted Ether's price, increasing it by 3.6%. The announcement is seen as a bullish sign for the digital assets market and aligns with themes of crypto accessibility and mainstream adoption. Bloomberg Intelligence analyst James Seyffart also indicated a high likelihood of a spot Bitcoin ETF approval soon.

Portfolio Pulse from Tanzeel Akhtar

November 10, 2023 | 5:21 pm

GAME

GameSquare Holdings Inc (NASDAQ:GAME) has agreed to sell its noncore radio business, Frankly Media LLC, to SoCast, Inc. for $4 million. The deal includes $3 million at closing and up to $1 million based on future revenues. The sale is part of GameSquare's strategy to focus on its core marketing, gaming, creative, and technology solutions, following the recent acquisition of Engine Gaming. The transaction is expected to close by the end of November 2023. GAME shares rose 6.5% to $1.64 following the announcement.

Portfolio Pulse from Lekha Gupta

November 10, 2023 | 4:26 pm

AMGN

Amgen (NASDAQ:AMGN) is evaluated against its biotech industry competitors, showing a lower P/E ratio, suggesting undervaluation, but higher P/B and P/S ratios, indicating potential overvaluation based on book value and sales. Amgen's ROE, EBITDA, gross profit, and revenue growth are strong compared to the industry, but a high debt-to-equity ratio presents financial risk. Key competitors include AbbVie, Vertex Pharmaceuticals, Gilead Sciences, Regeneron Pharmaceuticals, Biogen, BioNTech, Genmab, Biomarin Pharmaceutical, Incyte, Neurocrine Biosciences, United Therapeutics, Exelixis, and Grifols.

Portfolio Pulse from Benzinga Insights

November 10, 2023 | 4:00 pm

BTCUSD

CME

Analyst Cory Mitchell predicts an 88% increase in Bitcoin's value, potentially reaching over $69,000 by mid-2024. This forecast is based on historical uptrends and current market dynamics, despite recent industry challenges. The growth is partly attributed to the anticipation of regulated Bitcoin ETFs in the U.S. and increased institutional interest, as evidenced by Bitcoin futures trading volumes on the CME surpassing those of Binance. The upcoming Benzinga's Future of Digital Assets conference will discuss these market trends.

Portfolio Pulse from Murtuza Merchant

November 10, 2023 | 3:55 pm

BLK

Wall Street firms are increasingly focusing on tokenizing assets on the blockchain, with State Street Global Advisors expressing interest in tokenizing ETFs and BlackRock's CEO Larry Fink acknowledging the operational potential of blockchain technologies. Citigroup has initiated a pilot called 'Citi Token Services' for institutional clients. Analysts predict the asset tokenization market could reach $10 trillion by 2030, a significant increase from the current $300 billion.

Portfolio Pulse from Tanzeel Akhtar

November 10, 2023 | 3:37 pm