Streetbeat News

Regulatory

ETHUSD

On Wednesday, 11,681.83 Ether (ETH) valued at $26.1 million was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -15.21% for Ether, indicating a move towards a deflationary currency, especially with the upcoming Ethereum 2.0 upgrade that is expected to further reduce the issuance rate.

Portfolio Pulse from Benzinga Insights

December 21, 2023 | 6:00 pm

ADI

TXN

Texas Instruments (NASDAQ:TXN) and Analog Devices (NASDAQ:ADI) are implicated in a Bloomberg report for allegedly having their semiconductor chips reach Russian military-linked entities in 2023, despite U.S. export restrictions. The chips were shipped via Hong Kong, with over 17,000 Texas Instruments chips valued at $25 million delivered to Russian businesses, including some under U.S. sanctions. Both companies assert they ceased business with Russia in 2022 and oppose the use of their products in Russian military equipment. On the last check Friday, ADI shares rose by 2.09% to $196.22, and TXN shares increased by 1.35% to $167.38.

Portfolio Pulse from Nabaparna Bhattacharya

December 21, 2023 | 5:45 pm

BORUF

JPM

JVTSF

MANU

SSLZF

The Court of Justice of the European Union ruled that FIFA and UEFA's regulations requiring prior approval for interclub competitions like the Super League violate EU law. This could reshape European football's economic landscape, as these organizations have been found to abuse their dominant positions. JPMorgan Chase & Co. (JPM) had committed €3.25 billion to launch the Super League, with additional bonuses for clubs. Shares of Juventus (JVTSF) and S.S. Lazio (SSLZF) rose following the ruling, while Manchester United (MANU) saw a modest increase, and Borussia Dortmund (BORUF) shares closed slightly lower.

Portfolio Pulse from Piero Cingari

December 21, 2023 | 5:39 pm

COIN

Coinbase Global, Inc (NASDAQ:COIN) stock is trading higher after receiving registration from France's AMF as a virtual asset service provider (VASP). This allows Coinbase to offer a range of digital currency services in France, aligning with the EU's upcoming Markets in Crypto Assets (MiCA) regulation. The expansion is seen as strategic amid a tougher U.S. regulatory environment, with the SEC targeting crypto companies. France's tech-forward stance under the 'France 2030' plan and growing crypto adoption make it an attractive market for Coinbase.

Portfolio Pulse from Anusuya Lahiri

December 21, 2023 | 5:23 pm

RDGL

The FDA has granted Breakthrough Device Designation to Vivos Inc.'s RadioGel for treating solid metastatic tumors, particularly in lymph nodes associated with papillary thyroid cancer. RadioGel is an injectable brachytherapy device using yttrium-90 for localized radiation treatment. Vivos Inc. plans to expedite its IDE submission for human clinical trials in collaboration with the Mayo Clinic.

Portfolio Pulse from Javier Hasse

December 21, 2023 | 4:58 pm

GKOS

Glaukos Corp (NYSE:GKOS) shares rose after its iDose TR glaucoma treatment received FDA approval. JPMorgan analyst Allen Gong upgraded Glaukos to Overweight and increased the price target from $66 to $91, citing iDose as a key growth driver. Gong anticipates higher selling prices for iDose, benefits from the adoption of Infinite, and potential gains from iStent due to unfavorable LCDs for competitors. He expects a 'beat-and-raise' story in 2024, with positive estimate revisions for 2025 and beyond.

Portfolio Pulse from Priya Nigam

December 21, 2023 | 4:48 pm

AAPL

China is promoting the use of domestic devices over foreign ones, including Apple iPhones. Despite this, Apple Inc's stock (AAPL) remains strong, trading just 2.40% below its all-time high and having increased by 49% over the past year. The stock faces a psychological resistance at the $200 level, which it has struggled to maintain. The next critical support is at the daily 20 simple moving average of $293. After market close on December 20, AAPL closed at $194.83, down 1.05%.

Portfolio Pulse from Zaheer Anwari

December 21, 2023 | 4:47 pm

AYRO

Ayro, Inc. has filed a U.S. patent application (#20230406117) for systems and methods related to vehicle environmental impact cancellation. The patent application suggests that Ayro is focusing on innovative solutions to reduce the environmental footprint of vehicles, which could enhance the company's intellectual property portfolio and potentially lead to new product developments.

Portfolio Pulse from Charles Gross

December 21, 2023 | 4:22 pm

AAPL

GOOGL

META

MSFT

NVDA

QQQ

SPY

TSLA

The Market Clubhouse Morning Memo provides daily trade strategies for SPY, QQQ, AAPL, MSFT, TSLA, NVDA, GOOGL, and META, based on a proprietary formula considering price, volume, and options flow. The memo outlines potential support and resistance levels for these assets and suggests monitoring for breakouts or reversals. The trading session's outcome may be influenced by the release of unemployment data, GDP statistics, and PCE inflation data. The memo is part of a service offered by Market Clubhouse, which includes a live daily market analysis and mentorship from a professional trader known as RIPS.

Portfolio Pulse from RIPS

December 21, 2023 | 4:18 pm

BB

PAYX

WBD

ZJYL

Paychex, Inc. reported Q2 FY24 sales of $1.26 billion, missing estimates by $0.01 billion, but beat EPS estimates by $0.01. The stock fell 5.4%. Other stocks also declined: ZJYL after a Nasdaq compliance notice, BB following Q3 results, and others due to various reasons. WBD's CEOs discussed a potential merger.

Portfolio Pulse from Avi Kapoor

December 21, 2023 | 4:02 pm