Streetbeat News

Assets

BTCUSD

ETHUSD

The cryptocurrency market saw a modest increase, with Bitcoin trading above $63,000 and Ethereum surpassing the $3,000 mark. Akash Network emerged as the top gainer, while Stacks experienced the largest loss. The global crypto market cap rose to $2.29 trillion, marking a 0.5% gain. Other notable gainers include Bitget Token, NEAR Protocol, Axelar, and Celestia, with respective gains in their values. Conversely, Stacks, Render, Neo, Conflux, and Ondo were among the top losers.

Portfolio Pulse from Avi Kapoor

April 17, 2024 | 1:55 pm

CISS

C3is (CISS) shares are trading higher as traders share a post by meme stock trader Zack Morris mentioning the stock. The company, operating in the oil and shipping sector, has a low float and short interest, with significant cash per share and total cash. It has been profitable with a high profit margin and a substantial increase in total assets. C3is announced an agreement to acquire a Handysize Bulk Carrier, adding to its fleet, with no bank debt and a strong cash position to fund further acquisitions.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:42 pm

AILE

iLearningEngines, Inc. (NASDAQ:AILE) announced additional funding through a Loan and Security Agreement with East West Bank, bringing total gross proceeds from its business combination with Arrowroot Acquisition Corp. to approximately $92.8 million. The new senior secured revolving credit facility, worth up to $40 million, will support iLearningEngines' growth plans following its successful public offering.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:24 pm

X

President Joe Biden plans to announce a 25% tariff on specific Chinese steel and aluminum imports during a visit to Pittsburgh, aiming to strengthen the domestic steel sector and counteract China's unfair trade practices. The tariffs, affecting $1.7 billion worth of imports, are part of broader efforts to protect American manufacturing jobs and address industrial concerns. The proposal also includes a review of China's shipbuilding practices and collaboration with Mexico to prevent indirect Chinese steel imports. Economist Ronnie Walker from Goldman Sachs warns that the tariffs could lead to higher consumer prices and have a modestly negative impact on GDP.

Portfolio Pulse from Piero Cingari

April 17, 2024 | 1:22 pm

COPX

FCX

TECK

JPMorgan analyst Bill Peterson compares Freeport-McMoRan Inc (FCX) and Teck Resources Ltd. (TECK), highlighting the copper market's dynamics. FCX and TECK are significant players in the Global X Copper Miners ETF (COPX), with their stocks up 16.45% and 11.50% YTD, respectively. Peterson forecasts demand improvement as the next growth phase for copper, favoring TECK for its growth potential and valuation, giving it an Overweight rating with a $50 price target. FCX receives a Neutral rating with a $52 target, noted for its stability but limited upside compared to TECK.

Portfolio Pulse from Surbhi Jain

April 17, 2024 | 1:18 pm

RGLD

Royal Gold, Inc. (RGLD) announced its 2024 guidance, expecting total sales of gold between 215,000–230,000 oz, silver 3.2M–3.8M oz, copper 14M–16M lb, and other metals generating $17M–$20M. The company anticipates DD&A to be $141M–$157M with an effective tax rate of 17%–22%. Key assumptions include normal-course lag in metal deliveries, deferral of silver deliveries from Pueblo Viejo, and impacts from various mining operations. Royal Gold also completed repayments totaling $125 million on its revolving credit facility, reducing the outstanding amount to $125 million.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:17 pm

FCCO

First Community Corporation's Assets Under Management (AUM) increased to $832.9M as of March 31, 2024, from $621.1M the previous year, indicating significant growth.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:06 pm

MCHI

Chinese exporters at the Canton Fair are facing challenges despite China's 5.3% economic growth in Q1, including a decline in exports and producer prices. Increased economic and political tensions with the U.S., global trade slowdowns, and manufacturing overcapacity are key issues. Some sectors, like high-tech, remain optimistic due to government support. Trade tensions could worsen with potential U.S. tariffs and blacklisting of Chinese companies. The iShares MSCI China ETF (MCHI) saw a 1.02% dip.

Portfolio Pulse from Benzinga Neuro

April 17, 2024 | 12:58 pm

BA

UAL

United Airlines Holdings Inc (NASDAQ:UAL) shares rose after reporting Q1 results surpassing estimates with $12.539 billion in revenue and a loss of 15 cents per share. Capacity increased by 9.1% year-over-year, with slight improvements in TRASM and CASM. United ended the quarter with $16.9 billion in liquidity and adjusted its fleet plan, converting Boeing Max 10 orders to Max 9 and intending to lease 35 Airbus A321neos. The company reaffirmed its full-year 2024 earnings outlook.

Portfolio Pulse from Adam Eckert

April 17, 2024 | 12:50 pm

BTCUSD

Popular Bitcoin trader Stockmoney Lizards predicts a mid-term correction for Bitcoin, citing a classic Wyckoff distribution pattern, triple top pattern, decreasing momentum, and a broken and retested neckline. The analysis also highlights macroeconomic factors like rising inflation and potential interest rate hikes by the Federal Reserve, contributing to a bearish outlook. Despite bullish signs, a correction is expected, with a potential target of low $50,000.

Portfolio Pulse from Khyathi Dalal

April 17, 2024 | 12:34 pm