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ADP

UUP

The U.S. job market continues to tighten with private employers adding 497,000 jobs in June, significantly beating expectations of 220,000, according to the ADP National Employment Report. However, weekly jobless claims rose slightly from 239,000 to 248,000. Following the release of this data, traders increased their forecasts for the Federal Reserve's impending rate hikes. The U.S. dollar rallied, erasing session losses, and Treasury yields spiked. Futures on the S&P 500 Index and the Nasdaq 100 Index dipped ahead of the Wall Street opening bell.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 12:54 pm

SPY

Federal Reserve official Lorie Logan has stated that the housing market may have reached its lowest point, and that the risk in the commercial real estate (CRE) sector is being monitored. She also mentioned that the rebuilding of the Treasury account is likely to come from overnight reverse repo operations, and that the outlook for the Fed's balance sheet should not affect the rate outlook. A rebound in the housing sector could potentially threaten progress.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:54 pm

BTBT

Bit Digital, Inc. announced a 5% increase in BTC production for June 2023, driven by a higher average active hash rate. The company's treasury holdings of BTC and ETH were valued at $14.8 million and $22.7 million respectively. Bit Digital also transferred 129 BTC to its strategic partner, Auros Global Limited, for yield optimization strategies. The company had cash and cash equivalents of $18.5 million.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:52 pm

EBIX

Ebix Inc. is progressing with its plan to complete an IPO of its EbixCash subsidiary in India. The company is also in advanced stages of a part-asset sale exercise, with potential proceeds sufficient to repay 100% of its bank debt. The asset sale is intended to be a liability-free transaction for the successful bidder. Ebix has received bids from a mix of strategic and financial bidders.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 12:44 pm

ARE

BXP

KRC

SLG

VNO

Commercial real estate transaction volumes are falling sharply in many parts of the world, including Germany, Sweden, Ireland, and the UK. This is raising concerns that the U.S. office market may soon experience the same. The drop is attributed to rising interest rates, which have increased borrowing costs and demand for yields among potential property investors. Investment bank Stifel warns that the industry may face a decade of limited earnings growth. German residential landlords, such as LEG Immobilien SE, TAG Immobilien AG, and Vonovia SE have been downgraded to a Sell. Five U.S. REITs that could be vulnerable to these changes are Boston Properties Inc., SL Green Realty Corp., Alexandria Real Estate Equities Inc., Vornado Realty Trust, and Kilroy Realty Corporation.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 12:39 pm

ALAR

Alarum Technologies Ltd has entered into a definitive agreement with TerraZone for the sale of its enterprise cybersecurity business. Alarum's consideration for this transaction is 7% of the fully diluted share capital of TerraZone. The company expects this move to enhance revenue and profitability of its comprehensive suite of solutions to its enterprise internet access customers.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:37 pm

SHIP

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has repurchased 362,161 common shares at an average price of $4.35 per share, representing a 11.2% discount from the closing price of July 5, 2023. The company also entered into a 12-month bareboat charter agreement with a third party in Japan for a Newcastlemax dry bulk vessel. Seanergy has advanced a down payment of $3.5 million and will pay an additional $3.5 million on delivery of the vessel, as well as a daily bareboat rate of $9,000 over the charter period. Seanergy has an option to purchase the vessel for $20.2 million after 12 months.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:32 pm

SPY

The US May Trade Balance has been reported as $69.00B, which is in line with the estimated figure.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 12:31 pm

MIGI

Mawson Infrastructure Group Inc. (NASDAQ:MIGI) has secured a new mining site in Bellefonte, Pennsylvania, which is already operational with approximately 2,600 miners. The site has 8 MW of immediately available power and can be expanded by an additional 16 MW. The company plans to use the site as a 100% self-mining facility and a testing facility for the latest generation ASIC designs and hardware.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:22 pm

SPY

VGK

Bulgaria is nearing a deal to sell Russian-made nuclear reactors and other equipment to Ukraine for at least $650M. The U.S. could potentially be involved in financing the deal.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 12:19 pm