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COIN

PYPL

Paxos, a regulated stablecoin issuer, has received regulatory approval to expand its offerings to the Solana blockchain, with plans to launch on January 17, 2024. Paxos, which currently issues USDP stablecoin exclusively on Ethereum due to DFS restrictions, aims to grow despite challenges, such as the recent directive from DFS to stop issuing Binance's stablecoin, BUSD. Paxos is known for its partnerships with companies like MercadoLibre, Paypal, and Mastercard, emphasizing customer protection.

Portfolio Pulse from Murtuza Merchant

December 22, 2023 | 6:58 pm

AMKBY

USO

Disruptions in the Red Sea due to attacks by Yemeni Houthi rebels are causing freight rate spikes and potential inflationary pressures. The Red Sea/Suez Canal corridor, accounting for 12% of global trade, is being avoided by freight companies, leading to longer shipping routes and higher costs. Maersk (OTCPK: AMKBY) has imposed a surcharge, and oil prices have risen, with BP (NYSE:BP) suspending oil shipments through the region. The United States Oil Fund (NYSE:USO) ETF tracking light-sweet crude oil prices has seen an increase. Delays and higher freight rates may affect product availability and prices, with Europe likely to feel the impact more than the U.S.

Portfolio Pulse from Neil Dennis

December 22, 2023 | 6:41 pm

SNTI

Senti Biosciences' stock is trading higher following the FDA's clearance of its IND application for SENTI-202, aimed at treating relapsed or refractory hematologic malignancies, including acute myeloid leukemia.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 6:32 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped approximately 23% after a 1-for-100 reverse stock split aimed at maintaining Nasdaq listing compliance. The company also announced the production of the 100th Mullen THREE electric truck, with a total of 125 completed as of December 22, 2023. Mullen delivered 38 Class 3 Vehicles to Randy Marion Automotive Group, aligning with existing purchase orders. Speculation arises about a potential capital raise in 2024.

Portfolio Pulse from Nabaparna Bhattacharya

December 22, 2023 | 6:08 pm

ANSS

BMY

GLD

IWM

KRTX

MRNA

NKE

UUP

The S&P 500 and Nasdaq 100 are aiming for their eighth consecutive week of gains, buoyed by a larger-than-expected drop in the Fed's preferred inflation gauge, the PCE price index. The iShares Russell 2000 ETF (IWM) outperformed large-cap indices, while the Invesco DB USD Index Bullish Fund ETF (UUP) and SPDR Gold Trust (GLD) remained steady. ANSYS, Inc. (ANSS) saw a surge in stock price due to potential sale news, while NIKE Inc. (NKE) shares fell after missing revenue estimates. Brystol Myers Squib (BMY) rose after announcing the acquisition of Karuna Therapeutics (KRTX), and Moderna Inc. (MRNA) continued its upward trend.

Portfolio Pulse from Piero Cingari

December 22, 2023 | 6:04 pm

BLK

BTCUSD

GBTC

BlackRock (NYSE:BLK) has filed with the SEC to launch a Bitcoin (CRYPTO: BTC) spot ETF, following a precedent of security-focused refilings by other firms. Grayscale Bitcoin Trust (GBTC) is also pushing for ETF conversion, with a court siding with them against the SEC. BlackRock's interest in Bitcoin ETFs is driven by the potential for democratizing investing, portfolio diversification, and revenue streams. The success of such ETFs could significantly impact Bitcoin's market cap and legitimize digital assets, as evidenced by a false tweet that temporarily spiked Bitcoin's price.

Portfolio Pulse from Robert Janeiro

December 22, 2023 | 6:03 pm

PLUG

Plug Power (NASDAQ:PLUG) has been analyzed by 22 analysts, showing diverse opinions with 5 bullish, 3 somewhat bullish, 12 indifferent, 2 somewhat bearish, and 0 bearish ratings. The average 12-month price target is now $7.96, down from $14.29, with a high estimate of $27.00 and a low of $2.30. Multiple analysts have lowered their price targets and ratings, reflecting changing market dynamics and company performance. Plug Power focuses on building a green hydrogen ecosystem and has shown a revenue growth rate of 5.35% as of September 30, 2023, but faces challenges with a net margin of -142.66% and below-average ROE and ROA.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 6:00 pm

ETHUSD

On Thursday, 8,781.29 Ether (ETH) valued at approximately $20.45 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -10.44% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 6:00 pm

CAN

EBON

HOOK

MARA

WBD

Benzinga's Stock Whisper Index highlights five stocks: Marathon Digital Holdings (MARA), HOOKIPA Pharma (HOOK), Ebang International Holdings (EBON), Canaan Inc (CAN), and Warner Bros. Discovery (WBD). MARA has surged due to Bitcoin's rise and an analyst's price target increase. HOOK rose after Gilead Sciences (GILD) bought shares, with potential for more purchases. EBON and CAN, both related to Bitcoin mining, saw significant gains. WBD's stock declined amid rumors of a potential merger with Paramount Global (PARA, PARAA).

Portfolio Pulse from Chris Katje

December 22, 2023 | 5:53 pm

Micron Technology, Inc (NASDAQ: MU) stock is trading higher on Friday despite the U.S. announcing a survey for January 2024 to scrutinize the U.S. semiconductor supply chain. China remains a critical market for Micron, with the Chinese commerce minister inviting the company to expand its presence. Micron reported Q1 revenue of $4.73 billion, surpassing estimates, and provided strong Q2 guidance, citing the generative AI boom as a key driver. Analysts have raised price targets, and UBS analyst Timothy Arcuri has highlighted Micron as a top pick. The stock has risen 72% year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 22, 2023 | 5:53 pm