Streetbeat News

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SPY

XLC

XLY

A Federal Reserve study suggests that US households are rapidly depleting their pandemic savings, which could lead to an economic downturn. The liquid assets of the lower 80% of households have dipped below their March 2020 levels. The wealthiest 20% still maintain cash savings at roughly 8% above pre-pandemic levels, while the bottom 40% have seen an 8% decline. This decrease in spending power could slow down economic growth, particularly impacting sectors that rely heavily on discretionary spending, such as the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and the Communication Services Select Sector SPDR Fund (NYSE:XLC).

Portfolio Pulse from Piero Cingari

September 25, 2023 | 9:21 pm

AMZN

Blue Origin's CEO, Bob Smith, is set to step down later this year. The news may have implications for Amazon (AMZN), as Jeff Bezos, Amazon's founder, owns Blue Origin.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:36 pm

AVPT

Anchor IV Pte. Ltd. has increased its stake in AvePoint to 9%, according to a 13G filing.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:24 pm

MOFG

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has announced the sale of its Florida operations to DFCU Financial in an all-cash deal. The transaction, approved by the respective boards of directors, is expected to close in Q2 2024. MidWestOne will receive a deposit premium of 7.5%, or approximately $11.9 million, pre-tax, based on its deposits as of June 30, 2023. The sale includes the transfer of $158.8 million of deposits, $162.2 million in gross loans, and two branches.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:21 pm

PFSW

Beryl Capital Management LLC has increased its stake in PFSweb to 9.9%, according to a 13G filing with the SEC.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:20 pm

VJET

Voxeljet AG has announced a review of strategic alternatives, with no definitive timetable set for completion. The company has stated that there is no assurance that the review will result in any transaction or strategic change. Further public comment will only be made if a specific course of action is approved or further disclosure is required by law.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:11 pm

BTCUSD

MSTR

Jordan Belfort, known as The Wolf of Wall Street, has revised his previous stance on cryptocurrency, now believing that Bitcoin has lasting power. He maintains that the majority of cryptocurrencies are scams, but admits he was wrong about Bitcoin and Ethereum. Belfort also praised MicroStrategy Inc's co-founder and executive chairman Michael Saylor's understanding of Bitcoin.

Portfolio Pulse from Chris Katje

September 25, 2023 | 8:11 pm

ENV

Envestnet, Inc. (NYSE:ENV) has announced that Joshua B. Warren will be joining the company as Chief Financial Officer, succeeding Peter H. D'Arrigo. Warren, who previously served as Managing Director and Global Head of Business Strategy for iShares and Index Investments for BlackRock, will initially serve as a senior advisor before transitioning to CFO on November 15, 2023. D'Arrigo will serve as a senior advisor through March 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 8:08 pm

DE

A significant amount of unusual options activity has been observed for Deere (NYSE:DE), indicating a bullish stance by a large investor or institution. The overall sentiment among these big-money traders is split between 56% bullish and 43% bearish. The targeted price range for Deere over the last 3 months has been $370.0 to $440.0. Deere's current price is up 0.91% at $384.33. Analysts from Canaccord Genuity, HSBC, and Evercore ISI Group have recently downgraded their ratings for Deere.

Portfolio Pulse from Benzinga Insights

September 25, 2023 | 8:02 pm

VRTX

A significant bearish stance has been taken on Vertex Pharmaceuticals (NASDAQ:VRTX) by a large investor, as indicated by unusual options trades. The sentiment among these big-money traders is 27% bullish and 72% bearish. The whales have been targeting a price range from $340.0 to $370.0 for Vertex Pharmaceuticals over the last 3 months. Cantor Fitzgerald has downgraded its action to Overweight with a price target of $370.

Portfolio Pulse from Benzinga Insights

September 25, 2023 | 8:01 pm