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Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a drop following the release of the U.S. ADP private employment report. The report revealed an addition of 497,000 private-sector jobs in June, surpassing the consensus forecast of 220,000. This led to concerns about the state of the economy and the trajectory of interest rates, causing a decline in stocks. Analysts suggest that a rally in Bitcoin could follow if the SEC approves a spot-Bitcoin ETF in the US.

Portfolio Pulse from Mehab Qureshi

July 07, 2023 | 3:50 am

TSLA

New York's nearly $1 billion investment in Tesla's solar-panel factory has largely failed to deliver on its promises. The factory, leased to Tesla for $1 a year, was expected to produce enough solar-panel shingles to cover 1,000 roofs each week by 2020, but is averaging just 21 installations a week. Despite the shortcomings, the state has amended the terms of its subsidy 12 times to accommodate Tesla.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 1:46 am

SSNC

SS&C Technologies Holdings, Inc. (SSNC) has appointed Brian Schell as its new CFO, effective from August 7. Schell, previously the Executive Vice President, CFO, and Treasurer at Cboe Global Markets, will replace Patrick Pedonti, who is retiring after 24 years of service.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:01 pm

IEF

The yield on the 10-year U.S. Treasury note has surpassed the rate of inflation for the first time in over three years, signaling a significant market shift. This change in dynamics can impact the incentive to invest in risky assets like stocks or high-risk corporate bonds. The iShares 7-10 Year Treasury Bond ETF (NASDAQ:IEF) provides exposure to the portion of the Treasury yield curve containing 10-year maturities.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 8:57 pm

ADP

Automatic Data Processing Inc. (NASDAQ:ADP) has seen its shares increase by 2.99% over the past three months. The company's financial statement as of May 1, 2023, shows a long-term debt of $2.99 billion and no current debt. After adjusting for $1.83 billion in cash-equivalents, the net debt stands at $1.16 billion. The company's total assets amount to $59.88 billion, resulting in a debt-ratio of 0.05.

Portfolio Pulse from Benzinga Insights

July 06, 2023 | 8:45 pm

AAIC

AJX

EFC

Ellington Financial Inc. (EFC) has acquired two mortgage REITs, Arlington Asset Investment Corp. (AAIC) and Great Ajax Corp. (AJX), within two months. The acquisitions are seen as risky due to the poor performance of both AAIC and AJX in recent years. However, analysts have been bullish on EFC recently, with upgrades and maintained price targets from Keefe, Bruyette & Woods Inc. and JMP Securities.

Portfolio Pulse from Ethan Roberts

July 06, 2023 | 8:22 pm

ESEA

Euroseas Ltd. (NASDAQ:ESEA) has taken delivery of its M/V Terataki, a 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. The vessel, equipped with a Tier III engine and other sustainability features, was financed with a combination of own funds and a sustainability-linked loan from National Bank of Greece S.A. The vessel has commenced a 36 to 40 months charter with Asyad Lines. The company expects the charter to contribute over $42 million of EBITDA to the company.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 8:08 pm

MGRC

McGrath RentCorp has acquired the assets of Inland Leasing and Storage, a Colorado-based container rental company. The acquisition, funded by McGrath's revolving credit facility, adds approximately 600 assets to McGrath's portable storage operations in Colorado.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:02 pm

MDB

A significant amount of bearish options activity has been observed for MongoDB (NASDAQ:MDB). Of the 17 unusual trades detected, 64% were bearish and 35% bullish. The total amount for puts was $1,009,197 and for calls, $527,225. Whales have been targeting a price range from $270.0 to $520.0 for MongoDB over the last 3 months. The current price of MDB is down -2.47% at $399.45. Several financial institutions have recently updated their ratings and price targets for MongoDB.

Portfolio Pulse from Benzinga Insights

July 06, 2023 | 7:47 pm

BK

C

HSBC

MA

WFC

The New York Federal Reserve has reported successful results from a three-month experiment with major banks using centralized blockchain payments to address issues in the settlement process. The experiment used a regulated liability network (RLN) to create a theoretical payment infrastructure. Participating banks included Wells Fargo, BNY Mellon, Citi, HSBC, and Mastercard, with Swift also collaborating. The NY Fed has not yet established plans to expand or continue development of the RLN network.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 7:40 pm