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The S&P 500 Index reached a new all-time high, driven by tech stocks' performance, lower inflation, and hopes for Fed rate cuts. SPDR S&P 500 ETF (SPY), iShares Core S&P 500 ETF (IVV), and Vanguard S&P 500 ETF (VOO) also hit record highs. The 'Magnificent Seven' tech companies, including AAPL, MSFT, GOOG, GOOGL, AMZN, META, NVDA, and TSLA, have seen a combined surge of 110%. The market anticipates up to six rate cuts by December 2023.

Portfolio Pulse from Piero Cingari

January 19, 2024 | 7:12 pm

PYPL

PayPal Holdings, Inc. (NASDAQ:PYPL) shares are experiencing an uptick and gaining attention on social media. The company is set to host a keynote event, PayPal First Look, on January 25 to unveil new innovations for PayPal and Venmo. CEO Alex Chriss teased on CNBC's 'Squawk Box' that the event will 'shock the world.' PayPal's stock is currently trading above its 50-day moving average and has seen a 6.5% increase over the past five days. The company has reported an average annual revenue growth of 14.49% over the past 5 years and has a forward P/E ratio of 11.19, which is below the industry average.

Portfolio Pulse from Erica Kollmann

January 19, 2024 | 6:38 pm

SPHR

CBS Sports plans to use the Las Vegas Sphere's high-resolution LED screen for its Super Bowl LVIII broadcast coverage. The Sphere, an entertainment venue with a massive LED display, opened last September near the Las Vegas Strip. CBS's coverage will include the Super Bowl-designed Sphere, which was featured in a promotional video at the 'Beyond the Big Game' exhibition in New York City. The Sphere can display designs for various events and was notably used during U2's concert and the Formula 1 Las Vegas Grand Prix. CBS expects over 100 million viewers for the Super Bowl on February 11.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:33 pm

AMGN

MRK

The FDA has issued its strictest warning for Amgen Inc's osteoporosis drug Prolia, highlighting the risk of severe low calcium levels in patients with advanced chronic kidney disease. Prolia, a significant revenue generator with $986 million in Q3 sales, now faces market challenges as it approaches US patent expiration in February next year. The warning follows a review of 25 cases from 2010 to 2021. Competing drugs from Merck & Co and Amgen's own portfolio also carry safety warnings for patients with kidney disease.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 6:29 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) showcased its 2024 Xbox Developer Direct, revealing key game announcements including the release date for Hellblade 2 and a first look at Indiana Jones and the Great Circle. Unlike last year, there were no surprise game launches during the event. Other highlights included a preview of Obsidian Entertainment's Avowed, Square Enix's Visions of Mana, and Oxide Games' Ara: History Untold. These games are set to release in 2024, with Hellblade 2 launching on May 21, 2024.

Portfolio Pulse from Franca Quarneti

January 19, 2024 | 6:24 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares have dropped over 35% in the past five days. Despite this, Bollinger Motors, part of Mullen, has received orders for 40 B4, Class 4 EV trucks, valued at approximately $6 million. The Bollinger B4 is an all-electric commercial truck expected to begin production in mid-2024 and may be eligible for federal incentives. Mullen delivered 35 vehicles in fiscal 2023 with a positive gross margin and invoiced $9.2 million to Randy Marion Automotive Group. MULN shares are currently down 11.6% to $7.94.

Portfolio Pulse from Nabaparna Bhattacharya

January 19, 2024 | 6:14 pm

ETHUSD

On Thursday, 7,311.65 Ether (ETH) valued at $18M was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -7.97% for Ether, indicating a move towards a deflationary currency as the burn rate may exceed new Ether issuance after the Ethereum 2.0 upgrade.

Portfolio Pulse from Benzinga Insights

January 19, 2024 | 6:00 pm

COUR

DUOL

Goldman Sachs analyst Eric Sheridan downgraded shares of Duolingo Inc (DUOL) and Coursera Inc (COUR), citing risks from generative AI disruption in the EdTech sector. Sheridan sees traditional EdTech offerings being challenged by free, centralized content access. Duolingo's rating was lowered from Neutral to Sell with a price target of $160, and Coursera was downgraded from Neutral to Sell with a price target reduced from $18 to $14. Adjusted EBITDA margin and revenue estimates for both companies were also reduced. Shares of DUOL and COUR fell by 4.491% and 11.3%, respectively.

Portfolio Pulse from Lekha Gupta

January 19, 2024 | 5:54 pm

AZN

AstraZeneca Plc (NASDAQ:AZN) announced positive results from the EMERALD-1 Phase 3 trial of Imfinzi in combination with TACE and bevacizumab for unresectable hepatocellular carcinoma (HCC). The trial showed a significant improvement in progression-free survival (PFS) compared to TACE alone. The data will be presented at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium. The safety profile was consistent with the known profiles of the medicines. AZN shares saw a slight increase of 0.06% to $66.56.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 5:41 pm

GBTC

JPM

JPMorgan Chase & Co. analysts predict further outflows from Grayscale Bitcoin Trust (GBTC) due to high fees and competition from new spot Bitcoin ETFs. GBTC has already seen $1.5 billion in outflows and may face additional withdrawals of $1.5 billion. The bank's report suggests that GBTC's 1.5% management fee is too high compared to its peers, some of which offer zero fees. Other spot Bitcoin ETFs have seen $3 billion in inflows, indicating a shift from GBTC and futures-based ETFs.

Portfolio Pulse from Murtuza Merchant

January 19, 2024 | 5:18 pm