Streetbeat News

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AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SPY

TSLA

USO

The stock market has rallied since early November, with the Invesco QQQ Trust Series 1 (QQQ) consolidating at the resistance zone's lower band. The Fed faces a challenge in tightening financial conditions without derailing the market, as the market may interpret their actions to fuel further gains. CPI and PPI data releases are anticipated, but the market's focus is on the upcoming FOMC meeting and Powell's press conference. Market mechanics, AI frenzy, and expectations of rate cuts in 2024 are driving the market higher. Deflation in China may help lower U.S. inflation, while Japan's yen fell after rate hike comments were walked back. Early trade money flows show positive trends for NVIDIA (NVDA) and Tesla (TSLA), but negative for Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META), and Microsoft (MSFT). The SPDR S&P 500 ETF Trust (SPY) and QQQ show mixed flows. Gold and oil trading are active, with the SPDR Gold Trust (GLD) and United States Oil ETF (USO) being the most popular ETFs. Bitcoin (BTC) dropped as whales sold at $45,000 instead of pushing for a run to $50,000.

Portfolio Pulse from The Arora Report

December 11, 2023 | 5:21 pm

AMZN

TGT

WMT

Walmart is adopting a strategy similar to Target's by using its 4,700 U.S. stores to fulfill e-commerce orders, aiming to compete more effectively with Amazon's online dominance. Walmart CFO John David Rainey emphasized the advantage of their physical footprint for last-mile delivery. Target's 'stores-as-hubs' model, which fulfills 95% of digital orders from store inventories, has been successful, and Walmart is now reallocating store space for digital order sorting and shipping. Walmart's approach could enhance delivery speed, a key factor in e-commerce competition, especially during the holiday season where Amazon leads in online gift shopping.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:08 pm

ATRA

Atara Biotherapeutics, Inc. (NASDAQ:ATRA) announced preclinical data on ATA3431, a next-generation allogeneic CD20/CD19-targeted CAR T-cell therapy, at the 65th ASH Annual Meeting. The data showed superior anti-tumor activity, survival, and functional persistence compared to autologous CAR-T benchmarks, with no observed treatment-related toxicities or alloreactivity. These findings support the advancement of ATA3431 into IND-enabling studies, with an IND submission planned for 2025. ATA3431 is built on Atara's EBV T-cell platform and does not require TCR or HLA gene editing. The preclinical results suggest potential for overcoming antigen escape, a major cause of treatment resistance or relapse in current CD19-targeted CAR-T treatments.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:01 pm

OXY

Occidental Petroleum's CEO announced that shareholders are expected to benefit from a 25% or higher free cash flow accretion due to CrownRock. The company also anticipates its Permian production to reach 750,000 barrels of oil and gas per day in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 4:11 pm

SPY

The New York Fed reported a decrease in consumer expectations for gasoline prices and rent over the next year. Expected gasoline prices dropped to 4.5% in November from 5% in October, while expected rent decreased to 8% from 9.1%, marking the lowest expectation for rent since January 2021.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 4:03 pm

SPY

The New York Fed's survey for November indicates that the 5-year ahead expected inflation rate remains unchanged at 2.7%. Respondents have mixed views on the labor market and anticipate moderating earnings growth.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 4:02 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) has partnered with Italian cryptocurrency wallet company Conio, owned by Poste Italiane and Banca Generali, to enhance liquidity and trading capabilities for a broad range of cryptocurrencies. Conio, with over 400,000 customers, will use Coinbase Prime to support up to 50 tokens by the end of 2023 and plans to expand its custody technology to Ethereum, Polygon, and Avalanche. The partnership aims to meet the growing demand for digital assets among Italian banks and financial institutions.

Portfolio Pulse from Khyathi Dalal

December 11, 2023 | 3:14 pm

LLAP

LMT

Terran Orbital Corp (NYSE:LLAP), a small satellite manufacturer, is exploring strategic alternatives, including a sale, amid financial challenges and a potential delisting due to its stock price falling below $1. The company, valued at ~$180 million, down from $1 billion, has Lockheed Martin (NYSE:LMT) as a major stakeholder with a 33% share. Despite increased revenue in Q3 2023, Terran Orbital reported a net loss and reduced its full-year forecast. The company faces competition in a market boosted by Space Force initiatives.

Portfolio Pulse from Akanksha Bakshi

December 11, 2023 | 3:12 pm

ADAUSD

Cardano's (CRYPTO: ADA) price has dropped by 9.49% in the last 24 hours, reaching $0.54, despite a 36.0% increase over the past week from $0.40. The trading volume surged by 124.0%, and the circulating supply rose by 0.23% to 35.00 billion, which is 77.79% of the max supply. Cardano's market cap is currently ranked #9 at $18.98 billion.

Portfolio Pulse from Benzinga Insights

December 11, 2023 | 3:00 pm

MDT

Cosmo Pharmaceuticals' subsidiary, Cosmo Intelligent Medical Devices, has expanded its partnership with Medtronic (NYSE:MDT) to advance AI-driven endoscopic care. The collaboration builds on the success of the GI Genius module, an AI-powered polyp detection system, and introduces the AI Access platform for hosting multiple AI applications. Medtronic will pay Cosmo $100 million upfront, royalties on net sales, and up to $100 million in milestone payments by the end of 2024. Cosmo remains the exclusive manufacturer, while Medtronic gets exclusive global commercial rights.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:58 pm