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Equity Actions

ETHUSD

On Wednesday, 5,358.63 Ether (ETH) worth $10,128,934 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -6.12%.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 6:00 pm

BGLC

BioNexus Gene Lab Corp. has announced the pricing of its public offering of 1,250,000 shares at $4.00 per share, totaling $5 million. The company has also granted the underwriter an option to purchase up to an additional 187,500 shares. The shares have been approved for listing on the NASDAQ Capital Market under the symbol 'BGLC' and are expected to commence trading on July 20, 2023. The offering is expected to close on July 24, 2023.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 5:29 pm

BNBUSD

USDTUSD

The recent Arkham (CRYPTO: ARKM) token airdrop saw approximately 59,700 addresses claim a total of around 27.9 million tokens. The top 2,000 addresses received a total of 10.4 million tokens, accounting for 37% of the total tokens distributed. Notable recipients of the airdrop included addresses associated with the ENS names thorhartvigsen.eth and onedayiwannaownapudgypenguin.eth. Most of the top recipients have sent most, if not all, of their tokens to an exchange, indicating a trend of selling the airdropped ARKM tokens.

Portfolio Pulse from Murtuza Merchant

July 20, 2023 | 5:21 pm

SPKX

UVXY

Convexity Daily 1x SPIKES Futures ETF (SPKX) was trading over 2% higher on Thursday, bouncing up from near the $9 level. The ETF tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities. The Federal Reserve’s next meeting is on July 25 and 26, when the central bank is expected to announce another 0.25% rate hike. Tesla and Netflix's bearish reactions to their Q2 earnings have drawn the S&P 500 lower and caused the VIX to rise about 1.9%. This could increase stock market volatility and send SPKX higher.

Portfolio Pulse from Melanie Schaffer

July 20, 2023 | 5:02 pm

CDNS

CVS

SPLK

Amy Raskin, during a live interview on CNBC, announced that she has increased her investments in CVS Health and Splunk, while reducing her stake in Cadence Design Systems.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 4:52 pm

KDP

Keurig Dr Pepper Inc (KDP) has entered into a strategic partnership with independent coffee roaster, La Colombe. KDP will invest $300 million in La Colombe for a 33% ownership stake. The partnership includes a long-term sales and distribution agreement for La Colombe's ready-to-drink coffee and a licensing, manufacturing, and distribution agreement for La Colombe branded K-Cup coffee pods. The investment will make KDP the second largest investor in La Colombe.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 4:33 pm

ABBV

A significant bearish stance has been taken on AbbVie (NYSE:ABBV) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is 30% bullish and 70% bearish. The whales have been targeting a price range from $115.0 to $165.0 for AbbVie over the last 3 months. HSBC and Morgan Stanley have downgraded their actions on AbbVie to Buy and Overweight respectively, with price targets of $167 and $182.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 4:32 pm

GTBIF

VRNOF

Teamsters Local 777 has reached tentative agreements with Zen Leaf dispensaries, a subsidiary of Verano (OTCQX:VRNOF), for wage increases ranging from 17% to 20% over the next three years, paid time off, employer-funded retirement contributions, and other benefits. The union has also been active with other cannabis companies, including Green Thumb Industries (OTCQX:GTBIF).

Portfolio Pulse from Vuk Zdinjak

July 20, 2023 | 4:15 pm

FTTUSD

GOOGL

PYPL

Venture firm Sequoia Capital has seen significant changes, including the departure of five investors and a split in its operations. Michael Moritz, a partner since 1986, is stepping away to focus on Sequoia Heritage, a wealth management business he co-founded. Moritz will continue to serve on the boards of various Sequoia companies, such as Stripe Inc., but will gradually step down. Sequoia suffered a $214 million loss, primarily from its global growth fund, despite profitable returns since its inception in 1972. The firm also announced a significant split with its operations in China and India in June.

Portfolio Pulse from Murtuza Merchant

July 20, 2023 | 4:14 pm

ELYM

Eliem Therapeutics Inc (NASDAQ:ELYM) shares are trading higher after the company completed a review of its business. The company has decided to halt further development of its Kv7 program and to conduct a comprehensive exploration of strategic alternatives. Eliem has engaged Leerink Partners to act as a strategic advisor. As of June 30, 2023, the company had approximately $102.6 million in cash, cash equivalents, and investments in marketable securities.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 4:08 pm