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Bitcoin-based NFTs, known as Ordinals, reached a record $881M in sales in December 2023, a 130% increase from November. The Ordinals protocol allows unique data inscriptions on Bitcoin's blockchain, contributing to the market growth. The number of active buyers and sellers also hit record highs. Solana flipped Ethereum in monthly NFT sales for the first time, with $366M in sales compared to Ethereum's $353M. The performance of Bitcoin NFTs and the broader NFT market's resurgence could indicate a significant shift in the digital asset space.

Portfolio Pulse from Murtuza Merchant

January 02, 2024 | 7:10 pm

SNOW

Oppenheimer analyst Ittai Kidron maintains an Outperform rating on Snowflake Inc (SNOW) with a price target of $240, citing multiple tailwinds for 2024. These include an improving macro environment, less cloud optimization, Federal vertical market presence, new products, and AI/ML adoption. Despite a 46% increase in shares in 2023, Kidron believes the current price doesn't fully capture the upside. SNOW trades at a premium compared to peers, justified by high growth and FCF margin. Q4 revenue and EPS are projected at $757.4 million and $0.14, respectively. SNOW shares recently dropped by 5.07% to $188.91.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 7:09 pm

BYDDY

TSLA

XIACY

XPEV

BYD Company Limited surpassed Tesla in battery-only EV sales for the first time, ending 2023 with over 3 million new EVs produced. Tesla, while still leading in battery-only production, delivered 1.8 million EVs in 2023. Xiaomi Corporation announced its entry into the EV market, challenging Tesla and Porsche. Li Auto Inc reported a record high in deliveries and a 182% YoY growth, with plans to launch a battery-powered vehicle. XPeng Inc reported a 17% YoY rise in deliveries and record figures for December and Q4. BYD's in-house battery production has allowed it to cut prices and boost sales, despite falling short of CLSA's expectations.

Portfolio Pulse from Upwallstreet

January 02, 2024 | 6:56 pm

LBPH

UCBJF

UCBJY

Longboard Pharmaceuticals Inc (NASDAQ:LBPH) released positive topline data from the PACIFIC Phase 1b/2a study for its anti-seizure candidate bexicaserin, showing a median 53% reduction in seizures. Cantor Fitzgerald raised LBPH's price target from $35 to $55 and maintained an overweight rating, citing the drug's potential to achieve over $1 billion in peak sales. LBPH shares surged 222.60% to $19.45 following the news.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 6:55 pm

DATS

DatChat has been granted a U.S. patent (No. 11861030) for its technology platform that enables secure group-based access to digital assets. This patent could potentially enhance the company's intellectual property portfolio and provide a competitive edge in the market for secure communication and digital asset management solutions.

Portfolio Pulse from Charles Gross

January 02, 2024 | 6:51 pm

AMAT

ASML

Applied Materials, Inc. (NASDAQ:AMAT) shares fell by 3.6% amid a broader decline in semiconductor and chip stocks, influenced by rising Treasury yields and a regulatory block by the Netherlands on lithography system exports to China. This block affects ASML Holding and aligns with US export measures, potentially impacting the production of advanced microprocessors.

Portfolio Pulse from Henry Khederian

January 02, 2024 | 6:38 pm

GDRX

LBPH

MRNA

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RIVN

VYGR

Longboard Pharmaceuticals, Inc. (LBPH) shares soared by approximately 200% after announcing positive topline data from their PACIFIC Phase 1b/2a study of bexicaserin (LP352) for seizures associated with Developmental and Epileptic Encephalopathies (DEEs). Other stocks experienced significant movement in Tuesday's mid-day session, with various companies seeing substantial gains or losses.

Portfolio Pulse from Avi Kapoor

January 02, 2024 | 6:35 pm

AAPL

DIA

IBB

MRNA

NVDA

QQQ

RIVN

SMH

SOXX

SPY

TSLA

XLK

XLV

Wall Street began 2024 with declines in major indices, particularly the S&P 500 and Nasdaq 100, dragged down by the tech sector. Tesla (TSLA) remained flat, while Apple (AAPL) and NVIDIA (NVDA), along with semiconductor ETFs like SOXX, saw significant drops. The decline in tech stocks was partly due to a White House request to limit chip exports to China. The dollar and Treasury yields surged, while commodities had a mixed day. Bitcoin (BTC) rose, anticipating a Bitcoin ETF approval. Sector ETFs like SPY, DIA, and QQQ moved in line with their respective indices, while XLV outperformed and XLK lagged. Biotech stocks and ETFs like IBB performed well, whereas semiconductor ETFs like SMH declined. Moderna (MRNA) surged after an Oppenheimer upgrade, while Rivian (RIVN) and cruise lines like NCLH and RCL saw stock price declines.

Portfolio Pulse from Piero Cingari

January 02, 2024 | 6:29 pm

DIS

NFLX

PARA

Streaming companies such as Walt Disney Co (DIS), Paramount Global (PARA), Hulu, and Netflix, Inc (NFLX) are experiencing higher customer churn rates due to increased subscription costs and economic pressures. The customer defection rate for premium streaming services rose to 6.3% in November from 5.1% a year earlier. In response, these companies are adopting strategies like introducing ad-supported tiers, bundling deals, and offering discounts to retain customers. Despite cancellations, many customers tend to resubscribe within a few months, with ad-supported plans seeing a notable increase in uptake.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 6:23 pm

Li Auto Inc. (NASDAQ:LI) shares are down after the company announced a delay in the launch and delivery of its Li MEGA vehicle. Originally slated for a December 2023 launch with deliveries in late February 2024, the new timeline sets the launch for March 1, 2024, with deliveries in early March. Despite this, Li Auto reported a 137.1% year-over-year increase in vehicle deliveries for December 2023, achieving its target of 50,000 vehicles for the month. The fourth-quarter deliveries were up 184.6% year over year, and total 2023 deliveries increased by 182.2% to 376,030 vehicles. Li Auto now has over 600,000 cumulative deliveries, the highest among Chinese emerging new energy automakers. The company also expanded its retail and service network. However, shares dropped by 7.72% to $34.54.

Portfolio Pulse from Nabaparna Bhattacharya

January 02, 2024 | 6:03 pm