Streetbeat News

Assets

BTCUSD

Financial expert Michele Schneider has a bullish outlook on Bitcoin (CRYPTO: BTC), targeting a price of around $38,000 to $39,000. She believes Bitcoin could become increasingly intriguing throughout the rest of 2023 and into 2024, especially as mainstream investors might feel more comfortable trading it now through an ETF. At the time of writing, BTC was trading at $30,846.

Portfolio Pulse from Mehab Qureshi

June 30, 2023 | 12:30 pm

BAC

EVR

GS

Bank of America Corp (BAC) has announced executive changes as part of a global investment bank revamp. Jin Su has been named as the region's head of global markets, while Patrick Law and Neelkanth Parekh have been appointed leaders for fixed-income, currencies, and commodities trading and sales. The news follows Goldman Sachs Group, Inc (GS) losing its investment banker Tammy Kiely to Evercore Inc (EVR).

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 12:13 pm

CYT

Cyteir Therapeutics (NASDAQ:CYT) has announced the discontinuation of its CYT-0851 development program and plans to dissolve the company and liquidate its assets. The decision was made after the clinical efficacy data for CYT-0851, a drug being evaluated for advanced ovarian cancer and other solid tumors, did not meet the company's criteria for further development. The company will continue to treat patients currently enrolled in the Phase 1 combination study prior to dissolution.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:08 pm

FXCOF

Foxconn Technology Co., Ltd. (OTC:FXCOF) has received approval from Vietnam to invest $246 million in two new projects in Quang Ninh, northern Vietnam. The projects, to be undertaken by Foxconn Singapore, will focus on manufacturing and assembling telecom and electric vehicle (EV) parts. Foxconn will spend $200 million on producing EV chargers and components, starting in January 2025, and $46 million to produce electronics and telecommunication components in October 2024. The company's total investments in Vietnam amount to about $3 billion.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 12:07 pm

BXRX

Baudax Bio, Inc. (NASDAQ:BXRX) has announced the acquisition of TeraImmune, a biotechnology company focused on Treg-based cell therapies for autoimmune diseases. The merger will add TeraImmune's TI-168 asset to Baudax's portfolio, a promising cell therapy candidate for Hemophilia A patients. Baudax Bio CEO Gerri Henwood will serve as CEO of the combined entity. No financial terms were disclosed.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:03 pm

BLCO

NVS

Novartis has announced its decision to divest its 'Front of Eye' ophthalmology assets as part of its focused strategy. The specific buyer or terms of the deal were not disclosed in the announcement.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:02 pm

TPET

Trio Petroleum Corp. (NYSE:TPET) has announced the commencement of a production test at the South Salinas Project HV-1 discovery well following successful drilling operations. The test is set to begin the week of July 10, 2023, and initial results are expected later that week or the following week. The company anticipates that oil production from the well will generate cash flow in Q3 2023, with additional cash flow expected from planned wells and acquisitions of equity interests in other producing assets. The full field development of the project has an estimated net cash flow of approximately $2 billion.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:01 pm

USO

According to a Reuters survey, OPEC's oil output in June fell by 50,000 barrels per day (BPD) compared to May, totaling 28.18 million BPD.

Portfolio Pulse from Charles Gross

June 30, 2023 | 11:56 am

SHIBUSD

Shiba Inu's burn rate spiked 1800% after the Shibarium testnet crossed 25 million total transactions. The number of wallet addresses involved in Shiba Inu transactions has reached over 17 million. Shibarium is an L2 blockchain platform that allows the development of Decentralized Applications (DApps). Shiba Inu was trading up 3% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

June 30, 2023 | 11:45 am

FXI

China will stop offering products pegged to the London Interbank Offered Rate (Libor) starting July 3, according to a Reuters report citing a foreign exchange trading platform.

Portfolio Pulse from Charles Gross

June 30, 2023 | 11:28 am