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Major cryptocurrencies showed mixed performance on Tuesday amid fading excitement over the SEC's mandated review of Grayscale Investments’ Bitcoin ETF. Grayscale submitted a letter to the SEC requesting approval for its application to transform the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Meanwhile, the global crypto market capitalization stands at $1.04 trillion, a 0.90% decrease in the last day. Stocks opened the week on a downward trend as crude oil prices surged. An analyst predicts Bitcoin will surpass its previous highs this year.

Portfolio Pulse from Mehab Qureshi

September 06, 2023 | 2:41 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), secured a $1 billion loan from SpaceX, his own company, around the time he was acquiring social media company X (formerly known as Twitter). The loan, backed by Musk's SpaceX stocks, was approved and drawn down completely in October and promptly repaid in November. The exact reasoning behind this debt acquisition remains unclear. This borrowing occurred amidst significant investments by SpaceX in its Starship rocket program and the Starlink satellite-internet business.

Portfolio Pulse from Benzinga Neuro

September 06, 2023 | 2:34 am

GBTC

Grayscale Investments has communicated to the U.S. Securities and Exchange Commission (SEC) that there are no grounds to deny the transformation of its Grayscale Bitcoin Trust (OTC:GBTC) into an exchange-traded fund (ETF). The company highlighted a recent decision by the U.S. Court of Appeals, which overturned the SEC's prior disapproval of the trust's ETP conversion. Grayscale also pointed out the financial implications of the delay, stating that the trust's shares trading at a substantial discount could be rectified if the trust received the same treatment as Bitcoin futures ETPs.

Portfolio Pulse from Murtuza Merchant

September 05, 2023 | 11:19 pm

ROST

Ross Stores (NASDAQ:ROST) has outperformed the market over the past 20 years, producing an average annual return of 12.17%. If an investor had bought $1000 of ROST stock 20 years ago, it would be worth $9,936.97 today. The company currently has a market capitalization of $41.09 billion.

Portfolio Pulse from Benzinga Insights

September 05, 2023 | 9:31 pm

SFT

Shift Technologies has announced the closure of its Portland-based vehicle storage and sales facility. The company is also streamlining its corporate organization, according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 9:06 pm

FAST

Fastenal (NASDAQ:FAST) has outperformed the market over the past 20 years, producing an average annual return of 12.86%. If an investor had bought $100 of FAST stock 20 years ago, it would be worth $1,105.02 today. The company currently has a market capitalization of $32.04 billion.

Portfolio Pulse from Benzinga Insights

September 05, 2023 | 9:00 pm

PAHC

Phibro Animal Health's CFO, Damian Finio, has announced his resignation effective September 29, 2023. Richard G. Johnson has been named as the interim CFO.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 8:57 pm

UNP

Union Pacific has completed necessary repairs on the Calexico Subdivision in Southern California. However, temporary speed restrictions remain in place for safety reasons.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 8:31 pm

TGT

Unusual options activity has been observed for Target Corporation (NYSE:TGT), with a mix of bullish and bearish sentiments. The options trades, which are not typical, are split 50% bullish and 50% bearish. The trades include 2 puts amounting to $151,956 and 8 calls amounting to $313,038. The price range targeted by these trades over the last 3 months is from $100 to $150. Analysts have mixed ratings on Target, with price targets ranging from $134 to $193.

Portfolio Pulse from Benzinga Insights

September 05, 2023 | 8:30 pm

HES

Over the past 5 years, Hess (NYSE:HES) has outperformed the market by 11.04% on an annualized basis, producing an average annual return of 20.34%. If an investor had bought $100 of HES stock 5 years ago, it would be worth $252.00 today. Hess currently has a market capitalization of $48.46 billion.

Portfolio Pulse from Benzinga Insights

September 05, 2023 | 8:30 pm