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Bloomberg Intelligence ETF analyst James Seyffart predicts a 60% chance of spot Ethereum ETFs being approved in 2024, following the significant approval of spot Bitcoin ETFs in the United States. Seyffart highlights the efficiency and investment benefits of spot ETFs over futures ETFs and expresses cautious optimism for Ethereum ETFs, despite less confidence compared to Bitcoin ETF approvals. He also mentions political influences on the SEC's decision-making process.

Portfolio Pulse from Murtuza Merchant

February 02, 2024 | 6:07 pm

ETHUSD

On Thursday, 4,642.37 Ether (ETH) worth approximately $10.66 million was burned, permanently removing it from circulation. This action is part of the Ethereum blockchain's EIP-1159 upgrade, which introduced a variable base fee for transactions that is burned. The Ethereum network is currently issuing new Ether at a 4% annual rate, expected to decrease with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -3.54% yesterday.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 6:00 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has experienced a technical indicator known as a Death Cross, where its 50-day moving average crossed below its 200-day moving average, signaling potential downward trends. This comes amid various challenges, including regulatory scrutiny, recalls, and concerns over Elon Musk's compensation. Despite a strong performance in 2023, Tesla's stock is down 24% YTD in 2024. Analysts have a neutral consensus on Tesla, with a price target of $207.80, reflecting the market's shifting sentiment and uncertainties.

Portfolio Pulse from Surbhi Jain

February 02, 2024 | 5:44 pm

GSK

NVAX

Novavax Inc announced that its R21/Matrix-M malaria vaccine, developed with the University of Oxford and Serum Institute of India, received WHO prequalification based on Phase 3 trial results published in The Lancet. The vaccine showed a 75% reduction in symptomatic malaria cases in seasonal transmission areas and 68% efficacy in perennial regions among children aged 5-36 months. Priced at approximately $3 per dose, it's considered more affordable and accessible than GSK Plc's vaccine, with 25 million doses already produced for the current year.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 5:41 pm

LLY

Eli Lilly (NYSE:LLY) is preparing to announce its Q4 2023 financial results on February 6, with analysts expecting earnings of $2.19 per share and sales of $8.932 billion. Despite recent FDA scrutiny over manufacturing issues at its New Jersey plant, the company maintains a positive outlook with plans to expand its weight-loss drug Mounjaro. Cantor Fitzgerald reaffirmed an Overweight rating with a $630 price target. Shares rose 1.32% to $669.14.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 5:29 pm

QQQ

SPY

TLT

January's jobs report showcased a robust addition of 353,000 non-farm payrolls, significantly surpassing expectations and indicating a strong U.S. labor market. Wage growth also exceeded forecasts, raising concerns over inflation and impacting Federal Reserve policy decisions. The report led to a decrease in the likelihood of near-term Fed rate cuts, affecting Treasury yields and stock market expectations. The iShares 20+ Year Treasury Bond ETF (TLT) saw a decline, while the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) experienced modest upticks.

Portfolio Pulse from Piero Cingari

February 02, 2024 | 4:40 pm

EW

Edwards Lifesciences' shares surged following the FDA approval of its EVOQUE valve replacement system for tricuspid valve treatment. Additionally, Wells Fargo upgraded Edwards Lifesciences' stock from Equal-Weight to Overweight and set a $94 price target.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 4:24 pm

FFNTF

FLGC

MMNFF

OGI

SBIG

January saw significant executive and board changes in the cannabis industry. Flora Growth Corp.'s CEO, Clifford Starke, was elected chairman of the U.S. Hemp Roundtable. 4Front Ventures and The Cannabist Company Holdings announced new CEOs. Organigram Holdings and other companies made board appointments, while MedMen Enterprises and BZAM Ltd. saw departures. Trulieve Cannabis appointed a new COO, and other companies expanded their executive teams.

Portfolio Pulse from Jelena Martinovic

February 02, 2024 | 4:01 pm

NGL

Tennessee Representative Mark Green reported selling NGL Energy Partners (NYSE:NGL) stock valued between $100,001 - $250,000 on February 1, 2024. NGL Energy Partners shares are slightly down at $5.83. Congressional transactions, such as this, are monitored under the STOCK Act to prevent insider trading and require timely public disclosure.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 3:05 pm

SNCR

The former CFO of Synchronoss Technologies, Karen Rosenberger, and financial controller Joanna Lanni were found liable for fraud by a New York District Court, involving false financial statements and accounting misconduct. Additionally, Comer Capital Group and its managing partner were charged with breaching fiduciary duty in a $6M bond offering for the Harvey Public Library District, leading to excessive interest payments. FinCEN issued alerts regarding the misuse of non-profits for financing violence in the West Bank and identified Al-Huda Bank as a primary money laundering concern linked to Iranian militias.

Portfolio Pulse from Neil Dennis

February 02, 2024 | 3:03 pm