Streetbeat News

Corporate Responsibility

GBTC

Grayscale Bitcoin Trust (OTC:GBTC) announced the resignation of chairman Barry E. Silbert and board member Mark Murphy, effective Jan. 1, 2024. New board appointments include CFO Mark Shifke as chairman, with Matthew Kummell and Edward McGee joining the board. The changes come as excitement builds for the potential approval of a Spot Bitcoin ETF, with the SEC's approval window open from Jan. 5 to Jan. 10, 2024. BlackRock Inc and Grayscale have met with the SEC to discuss their ETF applications, with a final amendment deadline set for Dec. 29.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 3:27 pm

INTC

Intel's stock price is on the rise after reports emerged that the company is set to receive a $3.2 billion grant from the Israeli government for the construction of a new $25 billion chip manufacturing plant.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 3:22 pm

INTC

Intel Corp (NASDAQ:INTC) stock is trading higher after reports that Israel will grant the company $3.2 billion to build a new $25 billion chip plant. The Israeli government's grant aims to support Intel's expansion, which is part of its strategy to strengthen the global supply chain. Intel has also pledged to spend 60 billion shekels ($16.6 billion) with Israeli suppliers over the next decade, and the new plant is expected to create thousands of jobs. Construction has begun, with the plant set to open in 2027 and operate until 2035. Intel shares rose 2.21% to $49.06.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 2:56 pm

AEP

PNM

American Electric Power Co Inc (AEP) and PNM Resources Inc (PNM) have agreed to sell approximately 50% of their stakes in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC for $230 million. The portfolio consists of 15 solar projects totaling 625 megawatts. AEP's portion of the sale is about $115 million, and it anticipates netting approximately $104 million after taxes and fees. The transaction is expected to close in February 2024 and is not anticipated to materially impact financial results. The sale aligns with AEP's strategy to focus on core regulated operations and de-risk the company. The proceeds will help strengthen AEP's balance sheet and support efforts to provide safe, reliable, and affordable electricity. The sale is pending regulatory approvals.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 2:23 pm

BAC

JPM

UBS

WFC

In 2023, major banks including UBS Group AG and Wells Fargo & Co have cut over 60,000 jobs due to declining revenues and industry pressures. UBS's acquisition of Credit Suisse contributed to 13,000 job cuts, while Wells Fargo reduced 12,000 positions. Other banks like Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, and JP Morgan Chase also cut a total of 30,000 staff. The trend reflects cost-cutting measures and a pessimistic outlook for banking jobs in 2024, with banks expected to maintain cautious hiring strategies.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 1:59 pm

GRCL

HOLI

NVDA

SSYS

TSLA

USDT-USD

Sam Altman's Worldcoin outperformed Bitcoin and Ethereum during Christmas as technical indicators turned bullish. Tether issued $1B USDT on Ethereum's network. Solana surpassed $100 with increased network activity, and Dogecoin's growing addresses could signal a rally. Over 90,000 Bitcoin wallets are now worth $1M+. The SEC is in talks with major players regarding a Bitcoin ETF. US markets saw pre-market movement in stocks like Gracell Biotechnologies, Stratasys, and Hollysys Automation Technologies. The FBI is concerned about China's AI misuse for espionage. In tech, Nvidia is poised to become the biggest chipmaker by revenue, and Tesla's stock rebounded post-Christmas. An AI startup backed by LVMH can verify the authenticity of Louis Vuitton bags.

Portfolio Pulse from Akanksha Bakshi

December 26, 2023 | 1:55 pm

SBUX

Major global coffee chains are targeting Singapore for expansion, viewing it as a strategic location for scaling operations. Brands like Luckin Coffee, Kenangan Coffee, Fore Coffee, Tim Hortons, and Louisa Coffee have opened new outlets in Singapore. Despite competition from established brands like Starbucks (NASDAQ:SBUX) and Dunkin' Donuts, these chains see Singapore as a key market for growth. Starbucks plans to enhance customer experience and double hourly income in the U.S. by FY25 to stay competitive.

Portfolio Pulse from Benzinga Neuro

December 26, 2023 | 1:44 pm

ZKIN

ZK International Group Co., Ltd. (NASDAQ:ZKIN) has resolved its Nasdaq bid price deficiency and is now in compliance with Nasdaq's minimum bid price requirement. The company's stock price remained above $1.00 for 10 consecutive business days, satisfying the Nasdaq Capital Market's Listing Rule 5550(a)(2). The Nasdaq Listing Qualifications Panel will continue listing ZKIN's securities, and the company has acknowledged the assistance of Donohoe Advisory Associates LLC in this matter.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 1:33 pm

SGBX

Safe & Green Holdings Corp. (SGBX) has secured a $600,000 advance against a $1.5 million IRS Employee Retention Tax Credit refund. The advance is non-dilutive and will support growth opportunities, including ramping up factories for an expected significant purchase order. The company may also secure an additional $700,000 advance against the ERTC.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 1:33 pm

CRGE

NTES

VSME

The article highlights three oversold tech and telecom stocks in the communication services sector with RSI values near or below 30, suggesting potential undervaluation. NetEase, Inc. (NTES) reported Q3 revenue growth but missed consensus and experienced a CFO resignation, leading to a 15% stock decline over five days. Charge Enterprises, Inc. (CRGE) reported downbeat quarterly sales but growth in infrastructure, resulting in a 42% stock decline over a month. VS MEDIA Holdings Limited (VSME) announced pricing of IPI at $5.00 per share, with a 44% stock decline over a month.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 1:04 pm