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BTCUSD

ETHUSD

Institutional investors have shown a preference for Bitcoin (BTC) and Ethereum (ETH) over altcoins, with Bitcoin holdings increasing significantly in the first three quarters of 2023. In September, 50% of institutional investors' portfolios were in Bitcoin, influenced by positive market sentiment and potential regulatory approvals. Ether saw a decline in interest post-Shapella update, but institutional holdings surged in September. Retail traders hold more stablecoins, while institutions strategically move stablecoin reserves into BTC and ETH. Interest in altcoins has waned among all traders, with holdings dropping below December levels.

Portfolio Pulse from Murtuza Merchant

December 04, 2023 | 5:17 pm

RSHO

President Joe Biden has proposed new regulations to boost U.S. production of electric vehicle (EV) batteries and components, potentially reshaping the auto supply chain. The Tema ETF Trust Tema American Reshoring ETF (NYSE:RSHO) surged 2.34% on Friday in response to these proposals. The regulations could incentivize U.S.-based EV automakers to source materials domestically, benefiting from federal tax credits. This comes as Chinese EV manufacturers face challenges in the U.S. market due to existing tariffs. RSHO, which invests in companies likely to benefit from reshoring, has outperformed the S&P 500 since its inception. The ETF is currently in an uptrend but is showing signs of being overbought.

Portfolio Pulse from Melanie Schaffer

December 04, 2023 | 5:08 pm

GM

California officials have indicated that GM's autonomous vehicle unit, Cruise, could face penalties due to an accident that occurred on October 2. The nature of the fines and the specific details of the incident have not been disclosed, but this development could have implications for GM's autonomous driving endeavors.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:59 pm

CVM

CEL-SCI Corporation (AMEX:CVM) stock is trading higher after the announcement that the British National Institute for Health and Care Excellence (NICE) has selected its drug Multikine to be evaluated as a potential new standard of care for squamous cell carcinoma of the head and neck (SCCHN) in the U.K. The selection is based on phase III clinical trial results indicating a significant 5-year survival benefit. CEL-SCI's CEO Geert Kersten expressed encouragement over this development. CVM shares have surged 41% to $2.92.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 4:45 pm

IMAQ

International Media Acquisition Corp. (IMAQ) received a notice from Nasdaq for not complying with Listing Rule 5250(c)(1) due to the delayed filing of its Q3 2023 Form 10-Q. The company has 60 days to file the report or submit a compliance plan, with a possible extension of up to 180 days. IMAQ is working to file the report promptly to regain compliance. The notice does not immediately affect IMAQ's Nasdaq listing or trading.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:23 pm

PFE

Health Canada has approved Pfizer Canada's LITFULO (ritlecitinib) for the treatment of severe alopecia areata in adults and adolescents over 12 years of age. This marks the first approved treatment for this autoimmune disease in Canada, which affects approximately 2% of the global population and can lead to significant hair loss. Pfizer Canada is working on making LITFULO available in Canada as soon as possible.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:05 pm

UDN

UUP

The dollar index (DXY) rose 0.3% to 103.57, while equity markets paused their rally. Investors question if dovish U.S. interest rate expectations are overstretched. The Invesco DB US Dollar Index Bullish Fund (UUP) increased by 0.5%, and the Invesco DB US Dollar Index Bearish Fund (UDN) decreased by 0.3%. Fed Chair Powell's cautious remarks suggest a slower pace of rate cuts, potentially disappointing markets betting on early rate reductions.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 3:57 pm

META

The Media Association (AMI) representing 83 Spanish media has filed a lawsuit against Meta Platforms, Inc. (formerly known as Facebook, Inc.) for systematic and massive breaches of European data protection regulations from May 25, 2018, to July 31, 2023. AMI claims over €550 million in damages, alleging that Meta's income from segmented advertising was obtained illegitimately by using personal data without user consent. The lawsuit could extend if Meta persists in its breaches, as indicated by the European Data Protection Committee's requirement on October 27, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 3:32 pm

VRNOF

Alabama's Medical Cannabis Commission granted 20 licenses for medical marijuana production and distribution, marking the third attempt to establish the industry after legal challenges. The November settlement resolved issues from previous attempts, leading to a new licensing process. Verano Holdings Corp. (OTCQX:VRNOF) was involved in the legal actions against the AMCC. Licenses were awarded for cultivators, processors, dispensaries, secure transporters, and testing labs. Integrated facility license applications are due this week, with awards expected on December 12.

Portfolio Pulse from Jelena Martinovic

December 04, 2023 | 3:11 pm

BITF

CLSK

Shares of Bitcoin miners CleanSpark Inc (CLSK) and Bitfarms Ltd (BITF) are trading higher due to a rise in Bitcoin's price over the weekend, crossing the $40,000 level. The crypto rally is driven by optimism for a potential spot ETF and expectations of a Federal Reserve rate cut in 2024. Fed Chairman Jerome Powell hinted at a potential slowdown in rate hikes, further fueling the rally. CleanSpark shares rose 22.2% to $9.36, and Bitfarms shares increased 16.3% to $1.94.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 2:52 pm