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Rivian Automotive Inc (RIVN) introduced its new R2 SUV and previewed the R3 crossover, expanding its EV lineup to compete more directly with Tesla Inc (TSLA). The R2 SUV, priced around $45,000, targets Tesla's Model Y market, while the upcoming R3 aims to offer an affordable option, potentially competing with Tesla's Model 3. Despite these developments, Rivian has yet to introduce a vehicle to compete with Tesla's unique Cybertruck. Tesla CEO Elon Musk has expressed skepticism about Rivian's future, despite acknowledging the potential in their product design.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 6:06 am

TSLA

Tesla, led by Elon Musk, has gained over $230 million in unrealized profit from its Bitcoin investment since the introduction of Bitcoin spot ETFs on Jan. 11. The company's Bitcoin assets are now valued at $760 million, reflecting a significant gain attributed to the surge in Bitcoin's price, which reached $69,000 recently. This increase is partly due to the buying trend sparked by the new U.S.-based spot Bitcoin ETFs. Despite selling off parts of its Bitcoin stake in the past, Tesla's current holdings remain highly profitable.

Portfolio Pulse from Mehab Qureshi

March 08, 2024 | 5:37 am

RIVN

Rivian Automotive has announced halting the construction of its $5 billion Georgia plant to cut costs, opting to launch its new R2 SUV from its Illinois facility instead. This move is expected to save the company $2.25 billion, enabling an earlier launch of the R2 vehicle. Despite the halt, the Georgia plant remains crucial for future R2 and R3 CUV production. Rivian aims to start R2 production in the first half of 2026, with plans to increase the Normal factory's capacity to 215,000 units annually. The company reported a Q4 2023 revenue of $1.3 billion and a net loss of $1.52 billion but maintains sufficient liquidity to fund operations until R2 production begins.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 4:56 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies surged, with Bitcoin eyeing all-time highs after a 50% surge post-Bitcoin spot ETFs approval. Ethereum, Dogecoin, and others also saw gains. The global cryptocurrency market cap reached $2.52 trillion. Analysts predict potential for altcoins and caution about Bitcoin's volatility. Stocks rallied, with the S&P 500 and Nasdaq hitting record highs, influenced by optimism about inflation and tech advancements.

Portfolio Pulse from Mehab Qureshi

March 08, 2024 | 3:21 am

TSLA

Tesla Inc (NASDAQ:TSLA) faced a lawsuit from buyers claiming the company misrepresented vehicle range. A federal court recommended individual arbitrations instead of a class action. The plaintiffs alleged Tesla overstated the travel distance of its cars on a single charge and misrepresented the driving range on dashboards. Judge Yvonne Gonzalez Rogers did not dismiss the lawsuits but mentioned the possibility of an injunction against Tesla under certain conditions. Tesla had earlier revised its range estimates for some models following new government testing regulations.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 2:59 am

BTCUSD

Raoul Pal, CEO of Real Vision Group, issued a cautionary message to crypto enthusiasts amid rising Bitcoin prices, warning against overconfidence in the volatile market. He highlighted the unpredictable nature of the crypto market, referencing the recent surge of Bitcoin to $67,000 and its all-time high of $69,170.63. Pal's advice emphasizes the importance of humility and caution in trading practices to avoid significant losses.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 1:27 am

CMCSA

DIS

FOX

FOXA

NXST

WBD

Donald Trump has expressed readiness to debate Joe Biden 'anytime, anywhere, anyplace' for the 2024 presidential election, potentially boosting viewership for media companies. Trump's participation in past debates significantly increased viewership, with networks like Fox News, ABC (Walt Disney Co), and others benefiting from high ratings and advertising revenue. The article highlights the impact of Trump's debate participation on viewership figures for various networks during the 2020 election cycle and suggests that media companies could see a similar benefit if debates between Trump and Biden occur in 2024.

Portfolio Pulse from Chris Katje

March 08, 2024 | 12:17 am

SHIBUSD

'Dogecoin killer' Shiba Inu (CRYPTO: SHIB) is experiencing a 7.7% dip but shows signs of a potential rebound with over 400 million transactions and the launch of Shiba Names. Shibarium's growth outpaces other Layer-2 networks, and the ecosystem's activity is highlighted by a high transaction success rate and increasing new accounts. Despite the dip, SHIB's trading volume remains high, indicating strong interest from traders. The community is optimistic about further developments and a potential rally.

Portfolio Pulse from Khyathi Dalal

March 07, 2024 | 11:55 pm

CTKB

Cytek Biosciences has inaugurated a new 50,000-square-foot facility in Wuxi, China, marking a significant expansion of its operational capabilities.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:32 pm

CLF

Cleveland-Cliffs announced an immediate price increase for its hot rolled, cold rolled, and coated steel products. The new minimum base price for hot rolled steel is set at $840 per net ton, effective with all new orders.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 10:25 pm