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BITO

GBTC

The cryptocurrency ETP market is valued at $50.3 billion, with Bitcoin ETPs at $35.4 billion, led by Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategies (BITO). Ethereum ETPs are valued at $8.8 billion, with Grayscale Ethereum Trust as a major asset. Altcoins like Solana and Avalanche also have dedicated ETPs. The potential approval of a Spot Bitcoin ETF in January 2024 is expected to significantly impact the market and attract new investors, with Bitwise predicting it could be the most successful ETF launch ever. Coinshares reported $103 million in digital asset inflows, with Bitcoin accounting for $87 million.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 7:25 pm

ARM

Rosenblatt analyst Hans Mosesmann maintained a Buy rating on ARM Holdings Plc (NASDAQ:ARM) and increased the price target from $85 to $110, citing growth potential from generative AI design and licensing momentum. The analyst's optimism is based on recent findings from an Asia trip and SoC IP checks, expecting ARM to benefit from improved licensing and royalty dynamics. Key drivers for ARM's growth include the v9 architecture shift, AI advancements, CPU share gains in PCs and servers, and the new ARM CSS program. The analyst suggests a mid-40s P/E multiple on FY26 EPS of ~$2.50, leading to the revised price target. ARM shares were trading up by 0.82% at $72.89.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 7:09 pm

BMY

KRTX

LLY

Bristol-Myers Squibb Company (BMY) has agreed to acquire Karuna Therapeutics, Inc. (KRTX) for $330 per share, totaling $14.0 billion. H.C. Wainwright analyst Raghuram Selvaraju downgraded KRTX to Neutral from Buy, raising the price target to $330 from $300. The acquisition is expected to close in the first half of 2024, ahead of the U.S. approval decision for KarXT, Karuna's lead candidate. Eli Lilly And Company (LLY) will receive milestone payments and royalties from KarXT sales due to its involvement in the development of one of the drug's components. KRTX shares are trading slightly lower following the news.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 7:02 pm

MPWR

NVDA

TSLA

Rosenblatt Securities analyst Hans Mosesmann reiterated a Buy rating on Monolithic Power Systems, Inc. (MPWR), raising the price target to $750 from $550 due to a strong AI roadmap and partnership with NVIDIA Corporation (NVDA). The company is expected to benefit from the power analog AI sector, sophisticated power analog and liquid cooling techniques, and its relationship with NVIDIA and other AI accelerator chip players. Additionally, Monolithic Power is likely to see dollar content expansion in automotive platforms, chasing Tesla, Inc. (TSLA) EV/autonomous driving innovation. Revenue and EPS projections for FY23, FY24, and FY25 were provided, with a price target based on a high-30's P/E multiple and a 20%+ sales CAGR.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 6:59 pm

VFS

VinFast Auto's stock price is on the rise following the announcement that the company will unveil its latest electric vehicle concept and the mini eSUV VF 3 at the upcoming CES 2024 event.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:57 pm

NIO

NIO shares are experiencing an uptick following the unveiling of its new smart electric vehicle (EV) model over the weekend.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:44 pm

AMZN

Jeff Bezos, founder of Amazon.com Inc. (NASDAQ:AMZN), was Time Magazine's Person of the Year in 1999. Since then, Amazon's stock has increased by 3,683%, turning a $1,000 investment into $37,823.11. Amazon expanded from books to various products and launched AWS, now the largest cloud services provider. Amazon is investing in AI with a $4 billion commitment to Anthropic. Analysts at Wedbush predict significant future revenue for AWS and Amazon's advertising.

Portfolio Pulse from Rounak Jain

December 26, 2023 | 6:00 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) stock has risen over 45% in the past month. The CFO, Claire McDonough, spoke at the Barclays 2023 Global Automotive & Mobility Tech Conference about a new, cost-effective battery pack for future R1 EVs, projecting gross margin positivity in 2024. Rivian also secured a deal with AT&T for the purchase of commercial vans and R1 electric vehicles, aiming to enhance safety, reduce costs, and lower carbon emissions. A recent drone video indicated a ramp-up in production, with many electric vans being prepared for delivery. Rivian's stock is trading above its 50-day moving average.

Portfolio Pulse from Erica Kollmann

December 26, 2023 | 5:52 pm

AAPL

AMZN

META

MSFT

SONY

App Store data indicates Meta Platforms Inc's Meta Quest app topped the 'Top Free Apps' on Christmas, suggesting high activations of Quest 3 headsets. Apple Inc is expected to launch Vision Pro in early 2024 with an estimated shipment of 500,000 units. Microsoft Corp's Xbox app and Sony Group Corp's PlayStation app also ranked high, indicating strong gaming interest. Amazon.com Inc's Alexa app ranked second, aligning with Amazon's report of record-breaking holiday sales. Meta and Amazon stocks saw slight increases.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 5:29 pm

ADEX

AZN

GRCL

IINN

MIST

ONCT

SSYS

U.S. stocks traded higher with the Dow Jones gaining over 100 points. Energy shares led the gains, while health care shares fell slightly. The S&P CoreLogic Case-Shiller 20-city home price index reported a 4.9% increase year-over-year in October. Gracell Biotechnologies surged 59% after AstraZeneca agreed to acquire it. Inspira Technologies rose 93% on positive blood sensor results. Stratasys gained 11% after a buyout proposal from Nano Dimension. Adit EdTech announced plans to de-list from NYSE American, causing its shares to drop 18%. Milestone Pharmaceuticals fell 34% after an FDA refusal to file letter. Oncternal Therapeutics dropped 12% after updating its Phase 1/2 study status.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 5:20 pm