Streetbeat News

Assets

UBER

Uber Technologies (NYSE:UBER) has seen a decrease in short interest, now at 2.7% of its float, down 6.25% from the last report, with 54.10 million shares sold short. It would take about 4.13 days to cover all short positions. This decline in short interest could indicate a more bullish sentiment towards UBER among traders. Compared to its peers, UBER has a significantly lower short interest percentage, with the peer group average at 12.93%.

Portfolio Pulse from Benzinga Insights

April 15, 2024 | 1:30 pm

OAIB

The U.S. and U.K. governments announced new sanctions against Russia, targeting the country's metal exports, including aluminum, copper, and nickel, to limit Russia's war revenue against Ukraine. These sanctions prohibit new imports of these metals into the U.S. and U.K. and their trading on the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME). This move is expected to impact global metal supply and prices, given Russia's significant contribution to global metal markets. The article suggests that investing in metals through ETFs like the AiLA Long-Short Base Metals Strategy ETF (OAIB) could be a strategic move for investors, highlighting OAIB's market-neutral strategy and its track record of a 12.65% annualized return from 2017-2023.

Portfolio Pulse from Johnny Rice

April 15, 2024 | 1:23 pm

IAI

SCHW

YALL

Charles Schwab Corporation (NYSE:SCHW) reported a decline in its first-quarter 2024 financial results, with adjusted net income down 17% Y/Y to $1.469 billion and adjusted EPS falling 20% Y/Y to $0.74, aligning with consensus. Revenue decreased by 7% to $4.74 billion, slightly above the consensus of $4.71 billion. Despite a decrease in deposits and net interest revenue, the company saw a 21% increase in asset management and administration fees and attracted $96 billion in core net new assets. Schwab's total client assets reached $9.12 trillion, and it added 1 million new brokerage accounts. The company's pre-tax profit margins expanded, and its capital position was bolstered. SCHW shares are down 1.80% in premarket trading. Exposure to SCHW can also be gained through IShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI) and Tidal ETF Trust God Bless America ETF (NYSE:YALL).

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 1:01 pm

IAT

KRE

MTB

M&T Bank Corporation (NYSE:MTB) shares rose after reporting Q1 FY24 results, with revenue of $2.260 billion slightly missing consensus and net income down to $531 million from $702 million Y/Y. The bank saw a decrease in net interest income and margin, an increase in provision for credit losses, and a higher efficiency ratio. Despite these challenges, M&T's CFO highlighted a solid start to 2024, with growth in certain loan sectors and a strong liquidity and capital position. Investors can also gain exposure to M&T Bank through IShares U.S. Regional Banks ETF (NYSE:IAT) and SPDR S&P Regional Banking ETF (NYSE:KRE).

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 12:35 pm

BTCUSD

Cryptocurrency analyst Willy Woo predicts Bitcoin (BTC) could reach between $71,000 and $75,000 due to short liquidations, driven by a bullish outlook despite current bearish sentiment. Woo cites the Cumulative Volume Delta indicating sell-off pressures have peaked, with the upcoming Bitcoin halving event as a key catalyst for potential market volatility. Woo remains optimistic for the long term, suggesting consolidation around the all-time high will strengthen Bitcoin's price base, affirming Bitcoin's status as a trillion-dollar asset class.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 12:31 pm

SOLUSD

Cryptocurrency exchange OKX has listed two Solana-based meme coins, Dogwifhat (WIF) and Cat in a Dog’s World (MEW), as they gain popularity. WIF, with a market cap of nearly $5 billion, ranks as the third-largest meme coin. MEW, a newer coin, has seen an 87% increase in value recently. Both coins are now tradable against Tether on OKX.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 12:18 pm

TPC

Tutor Perini, a leading civil, building, and specialty construction company, has announced its intention to offer $400 million of senior notes. This move is aimed at raising capital, possibly for future projects, refinancing existing debt, or general corporate purposes. The success of this offering could impact the company's financial flexibility and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:13 pm

SATL

Satellogic Inc. (NASDAQ:SATL) announced a $30M strategic investment from Tether Investments Limited through secured convertible notes issued by its subsidiary, Nettar Group, Inc. This investment, which provides Satellogic with additional operating liquidity and financial flexibility, is aimed at advancing the company's U.S. strategy, National Security market focus, and global Space Systems opportunities. The notes, bearing interest at SOFR plus 6.50%, are convertible into Class A ordinary shares at $1.20 each, subject to CFIUS approval, and are secured by the company's assets.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:10 pm

EQIX

Equinix, Inc. (NASDAQ:EQIX) and PGIM Real Estate have announced a $600 million joint venture to develop and operate the first xScale data center in the U.S., located in Silicon Valley. The facility, named SV12x, will offer over 28 MW of power capacity and is part of Equinix's global xScale data center portfolio, expected to exceed $8 billion and 725 MW across more than 35 facilities. PGIM Real Estate will hold an 80% equity interest, with Equinix holding the remaining 20%. This venture marks PGIM Real Estate's first investment through its global data center strategy.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:09 pm

EQNR

EQT

EQT Corporation has agreed to sell a 40% interest in its non-operate natural gas assets in Northeast, PA, to Equinor USA Onshore Properties and affiliates for $500M in cash and upstream assets. The assets EQT will receive include approximately 26,000 net acres in Monroe County, Ohio, and 10,000 net acres in Lycoming County, Pennsylvania, with expected net productions of ~135 MMcfe/d and ~15 MMcfe/d by 2025, respectively. Additionally, EQT will gain a 16.25% ownership in EQT-operated gathering systems in Lycoming County and a gas buy-back agreement with Equinor through Q1 2028.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:06 pm