Streetbeat News

Regulatory

TSLA

Tesla Inc. (NASDAQ:TSLA) will halt production at its Berlin plant from Jan. 29 to Feb. 11, 2024, due to supply chain issues caused by attacks on the Red Sea shipping route. The proposed India-Middle East-Europe Economic Corridor (IMEC) could provide an alternative shipping route, potentially benefiting Tesla's long-term strategy. The corridor would connect India's western coast to Israel and Europe, offering a reliable shipping route for Tesla's batteries from China. Additionally, the discovery of lithium reserves in India could influence EV manufacturing and Tesla's interest in setting up a manufacturing plant in India.

Portfolio Pulse from Shankar Iyer

January 30, 2024 | 6:30 pm

ETHUSD

A total of 2,972.38 Ether (ETH) worth approximately $7 million was burned on Monday, 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% per year, 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 -0.84% yesterday.

Portfolio Pulse from Benzinga Insights

January 30, 2024 | 6:00 pm

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NVDA

USO

The IMF's latest report suggests a positive economic outlook for 2024, with a forecasted global growth of 3.1%. The report highlights the role of AI, particularly the impact of Nvidia Corp, a leader in AI chip production. The Global X Robotics & Artificial Intelligence ETF (BOTZ) offers exposure to Nvidia and other AI companies. Additionally, geopolitical tensions and inflation are noted as potential risks, with the United States Oil Fund ETF (USO) seeing an 8% gain since the year's start. The U.S. economy is expected to grow by 2.1% in 2024, with fiscal tightening and debt management posing challenges.

Portfolio Pulse from Neil Dennis

January 30, 2024 | 5:51 pm

VNDA

A court has ordered the FDA to resolve Vanda Pharmaceuticals' request for a hearing on its jet lag drug by March 5, 2024. The case underscores flaws in the FDA's drug-approval process and highlights the agency's failure to make timely decisions, which hampers medical innovation and delays patient access to new treatments.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 5:38 pm

EIS

SPY

White House spokesperson John Kirby has indicated that progress is being made in talks to secure the release of hostages. No specific details or outcomes of the negotiations were provided, and no companies or ETFs were directly involved in the context of the hostage talks.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 5:14 pm

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TSLA

UPS

USO

Microsoft's (MSFT) earnings report is considered the most important this season, with a focus on AI monetization and cloud revenue growth. Whisper numbers are higher than consensus, indicating potential for a significant stock move. UPS (UPS) reported earnings below whisper numbers, suggesting economic weakness, impacting the broader market. Treasury borrowing plans are lower than expected, raising questions about political motives. Layoffs at UPS and IBM's work-from-home policy are noted. Early trades show positive money flows for MSFT, NVDA, and TSLA, neutral for GOOG and META, negative for AAPL and AMZN, and mixed for SPY and QQQ. Gold (GLD) and oil (USO) are seeing buying from the momo crowd, while smart money is inactive. Bitcoin (BTC) is moving higher with speculative stocks.

Portfolio Pulse from The Arora Report

January 30, 2024 | 4:18 pm

BLOK

GRDI

MARA

RIOT

Bitcoin mining company GRIID Infrastructure (NASDAQ:GRDI) saw its stock drop 54% in two days after listing on Nasdaq through a merger with SPAC Adit EdTech. The company, which operates in New York and Tennessee, aims to grow its capacity and hash rate. GRIID utilizes 67% carbon-free power and reported $2.6 million in Q3 2023 revenue. The market context includes a $525 million credit facility from Blockchain.com and an upcoming Bitcoin halving event. Other mining stocks like Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) also experienced declines this year. Analysts from Compass Point Research and Amplify Transformational Data Sharing ETF (NYSE:BLOK) commented on the sector's challenges and potential.

Portfolio Pulse from Murtuza Merchant

January 30, 2024 | 4:10 pm

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VRNOF

Florida's legal cannabis market is estimated to reach $2.6B in sales in 2023. The state has a robust medical cannabis market with 871,459 registered patients. The top ten competitors in Florida account for 85% of dispensaries, with Surterra, AYR, Trulieve, Verano, and Curaleaf having significant shares. Green Thumb, Cannabist, Cresco, TerrAscend, and Ascend have little or no presence. Store growth outpaces patient growth, suggesting potential overexpansion. The market anticipates adult recreational use, which could double revenues, but faces legal challenges. The Viridian Cannabis Deal Tracker monitors industry trends and transactions.

Portfolio Pulse from Viridian Capital Advisors

January 30, 2024 | 3:56 pm

EIS

USO

A senior Hamas leader has announced a multi-stage plan for releases, with the second stage involving the release of all male and female recruits, and the third stage focusing on the release of bodies. The news does not provide specific details on how this plan will be implemented or its broader implications.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 3:24 pm

EIS

USO

A senior Hamas leader has indicated that a proposed ceasefire includes a three-stage process, with the first stage involving the release of civilians such as women, children, adults, and patients.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 3:23 pm