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BNBUSD

Binance founder Changpeng Zhao has been denied travel permission by a U.S. judge ahead of his February 2024 sentencing for banking law violations. Zhao and Binance pleaded guilty to charges and agreed to pay $4.35 billion in penalties. Zhao, who has resigned as CEO, was also fined $50 million. The case does not involve misappropriation of user funds or market manipulation by Binance.

Portfolio Pulse from Rounak Jain

December 30, 2023 | 4:24 am

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Following Charlie Munger's death, Daily Journal Corp. (DJCO) has warned shareholders of potentially lower future returns, acknowledging Munger's irreplaceable role in managing their $300M stock portfolio. Munger, also vice-chairman of Berkshire Hathaway (BRK), had led the publisher's investment strategy, focusing on a few companies like Bank of America (BAC), Wells Fargo (WFC), and BYD (BYDDY, BYDFF). The portfolio, which started with a $20.4M investment, grew significantly under Munger's guidance.

Portfolio Pulse from Rounak Jain

December 30, 2023 | 2:10 am

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The U.S. stock market ended the year on a high note, with major indices reaching record levels, driven by the AI revolution and a dovish pivot by the Federal Reserve. The Nasdaq 100 had its best year since 1999, while the SPY ETF is close to hitting $500 billion in assets. AI interest has surpassed Bitcoin, and The New York Times is suing OpenAI and Microsoft over copyright issues. Ed Yardeni predicts a bullish S&P 500 for 2024, and Apple is shifting focus to wearables. Elon Musk has shown support for a $25K Tesla compact car.

Portfolio Pulse from Piero Cingari

December 29, 2023 | 9:01 pm

TSLA

Investor interest in SpaceX has surged, but the company remains privately held, with shares not available on public exchanges. Elon Musk, CEO of Tesla (NASDAQ:TSLA), is believed to own a majority stake in SpaceX. While private share sales are possible through platforms like Rainmaker Securities, these are typically restricted to accredited investors. Rumors of a SpaceX Starlink IPO were quashed by Musk, who stated it would only occur after certain financial targets are met. Meanwhile, scams promising SpaceX shares are proliferating, similar to the cryptocurrency scams in 2018. Investors are advised to be cautious and patient for a potential future Starlink IPO.

Portfolio Pulse from Neil Dennis

December 29, 2023 | 8:01 pm

MSFT

The New York Times has filed a lawsuit against OpenAI and Microsoft, alleging copyright infringement by ChatGPT for using its content without permission. The lawsuit claims this has led to direct competition and financial losses for the Times. Microsoft's stock (NASDAQ:MSFT) has surged 54% this year but saw a slight decline of 1.31% in December. The stock closed at $374.07 on December 27, down by 0.22% after the bell.

Portfolio Pulse from Zaheer Anwari

December 29, 2023 | 7:12 pm

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A motion has been filed with the U.S. Bankruptcy Court in Delaware to establish a standard method for valuing claims in the FTX bankruptcy case, using a 'Digital Assets Conversion Table' to convert digital assets to dollar values as of Nov. 11, 2022. This is intended to facilitate the Chapter 11 process and avoid delays in the bankruptcy administration. The court has set a deadline for objections and scheduled a hearing on the matter.

Portfolio Pulse from Murtuza Merchant

December 29, 2023 | 6:21 pm

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Benzinga's Stock Whisper Index highlights five stocks that are gaining attention: TeraWulf (WULF), Coherus BioSciences (CHRS), Cytokinetics (CYTK), Sidus Space (SIDU), and NeoGenomics (NEO). TeraWulf announced a significant expansion in Bitcoin mining capacity and plans for AI computing. Coherus received FDA approval for its Udenyca Onbody device. Cytokinetics' aficamten showed positive Phase 3 trial results, leading to raised price targets by analysts. Sidus Space shared progress on its LizzieSat project and plans for more launches. NeoGenomics faces a legal setback with a court ruling in favor of Natera (NTRA), prohibiting the sale of certain diagnostic kits.

Portfolio Pulse from Chris Katje

December 29, 2023 | 4:04 pm

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David Wallerstein, Tencent Holdings Ltd.'s Chief Exploration Officer, is stepping down to become a senior adviser, focusing on climate and human health. This change comes amid China's regulatory crackdown on tech and gaming, which has caused significant market value losses for companies like Tencent. The company's shares dropped over 6% since the announcement of new gaming regulations on Dec. 21, indicating a challenging period ahead for the sector.

Portfolio Pulse from Franca Quarneti

December 29, 2023 | 3:51 pm

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Global Mofy Metaverse Limited (GMM) shares plummeted by 37.2% after announcing a $10 million follow-on offering. Other stocks also experienced declines, including Canaan Inc., Bitdeer Technologies Group, TeraWulf Inc., Applied Optoelectronics, Inc., and several others. Notably, Hut 8 Corp. received court approval to proceed with mining operations amid Celsius Network's bankruptcy, and Coinbase Global's director sold over 100k shares. Lyft shares dropped after a Nomura downgrade and insider selling by the CAO.

Portfolio Pulse from Avi Kapoor

December 29, 2023 | 3:45 pm

BABA

Alibaba Group Holding Limited (BABA) was fined 1 billion yuan by the High People's Court of Beijing for monopolistic practices, following a lawsuit won by JD.com Inc (JD). The court ruled that Alibaba abused its market dominance with the 'choosing one from two' practice, which harmed JD.com. This is a significant legal development in China's anti-monopoly efforts and follows a previous $2.75 billion fine against Alibaba in 2021 for similar practices. Alibaba has not commented on the ruling. BABA shares saw a slight increase of 0.09% to $77.31.

Portfolio Pulse from Anusuya Lahiri

December 29, 2023 | 2:48 pm