Streetbeat News

Assets

XOM

Exxon Mobil Corp's shares are trading higher due to rising crude oil prices following the U.S. sanctions on two shipping companies for violating the price cap on Russian oil and the Israel-Hamas conflict causing supply uncertainty. The West Texas Intermediate crude oil price surged by over 3.5%, surpassing the $85 per barrel mark. Exxon Mobil, as an energy company, benefits from rising oil prices and supply disruptions as it can sell its oil and gas products at higher prices.

Portfolio Pulse from Henry Khederian

October 13, 2023 | 2:19 pm

CVX

USO

XOM

US oil production reached a new all-time high of 13.13 million barrels per day in Q3 2021, surpassing the previous record set in 2020. The rise in domestic oil production reduces the likelihood of a 1970s-type stagflation, according to Comerica Bank's chief economist. However, this increase comes amid a drop in crude oil and gasoline prices. The United States Oil ETF (USO) is down about 5% in the last month, and major oil companies Exxon Mobil (XOM) and Chevron (CVX) have also seen their share prices drop.

Portfolio Pulse from Aaron Bry

October 13, 2023 | 2:14 pm

BTCUSD

Experts in the digital asset industry have expressed concerns over the potential decline of Bitcoin (CRYPTO: BTC) due to the current global economic and geopolitical challenges. The ongoing disruptions from conflict in Europe and the Middle East may force the Federal Reserve to maintain higher interest rates, negatively impacting Bitcoin and the broader digital asset space. However, Bitcoin's potential to serve as a hedge against instability is also highlighted. The approval of proposed Bitcoin ETFs could be a potential catalyst for the digital asset sector.

Portfolio Pulse from Murtuza Merchant

October 13, 2023 | 2:02 pm

LRCX

Lam Research (NASDAQ:LRCX) has outperformed the market over the past 15 years, producing an average annual return of 25.28%. If an investor had bought $100 of LRCX stock 15 years ago, it would be worth $3,109.23 today. The company currently has a market capitalization of $86.83 billion.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 2:00 pm

HLT

Hilton Worldwide Holdings (NYSE:HLT) has outperformed the market over the past 5 years by 6.33% on an annualized basis, producing an average annual return of 15.54%. If an investor had bought $1000 of HLT stock 5 years ago, it would be worth $2,105.08 today.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 2:00 pm

USDTUSD

Stablecoin issuer Tether (CRYPTO: USDT) has announced the appointment of Paolo Ardoino as its CEO, effective from December 2023. He will succeed Jean-Louis van der Velde, who will remain involved in an advisory capacity while maintaining his CEO position at crypto exchange Bitfinex. The leadership shift is seen as a strategic move in the crypto space.

Portfolio Pulse from Murtuza Merchant

October 13, 2023 | 1:56 pm

STKL

SunOpta Inc's shares are up by over 26% following the disclosure of Q3 FY23 preliminary results, asset sales, and CFO transition details. The company sold certain frozen fruit assets to Nature's Touch for $141 million, marking its exit from the frozen fruit business. The proceeds will be used to reduce debt and other liabilities. The company also announced the appointment of Greg Gaba as CFO, replacing Scott Huckins.

Portfolio Pulse from Lekha Gupta

October 13, 2023 | 1:50 pm

BLK

DRPRF

GOOG

JPM

MSFT

NFLX

SAVA

TSM

UNH

WFC

The UK's Competition and Markets Authority has approved Microsoft's $69B acquisition of Activision Blizzard. Google is testing generative AI functionalities for its search tool. Cassava Sciences faces controversy over scientific misconduct allegations. Ford is struggling with UAW negotiations. EHang shares are trading higher after obtaining a certificate for its EH216-S UAV system. OpenAI is valued at $90B and is close to selling shares. TSMC is seeking permanent US approval for chip supplies. Netflix plans to launch 'Netflix House' experiences. The Kroger-Albertsons deal faces potential legal challenges. Boeing and Spirit AeroSystems are inspecting 737 Max aircraft defects. Wells Fargo, JPMorgan, Citigroup, BlackRock, and UnitedHealth reported Q3 earnings. Porsche records a 10% surge in deliveries for the first three quarters.

Portfolio Pulse from Vandana Singh

October 13, 2023 | 1:48 pm

INDV

Addiction treatment company Indivior PLC (NASDAQ:INDV) has signed an exclusive licensing agreement with Alar Pharmaceuticals. Indivior will pay $10 million to secure exclusive global rights to develop, produce and commercialize Alar's portfolio of long-acting injectable formulations, including its lead candidate, ALA-1000. This is in addition to an initial $5 million option payment made by Indivior to Alar in Q1. Alar is entitled to potential milestone payments if various developmental, regulatory, and commercial goals are achieved.

Portfolio Pulse from Nina Zdinjak

October 13, 2023 | 1:35 pm

BTCUSD

ETHUSD

LDOUSD

RUNEUSD

TWTUSD

Bitcoin (BTC) edged higher but remained below the $27,000 level, while Ethereum (ETH) traded below the $1,600 mark. Loom Network (LOOM) was the top gainer over the prior 24 hours, while Mantle (MNT) was the biggest loser. The global crypto market cap fell to $1.05 trillion, recording a 24-hour decline of 0.1%.

Portfolio Pulse from Lisa Levin

October 13, 2023 | 1:33 pm