Streetbeat News

Stock Prices

TSLA

Tesla has resumed its price-cutting strategy in China, prompting domestic EV maker Li Auto to reduce prices on its entire lineup, excluding the new Li L6, by up to $4,000. This move by Li Auto, which includes refunds to recent customers, follows Tesla's price reductions on its China-made and imported models. The price war initiated by Tesla's cuts has led to a decrease in Li Auto's stock price by over 9% in both Hong Kong and U.S. markets, reflecting the competitive pressure and potential margin squeeze on EV manufacturers.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 7:25 am

MFI

mF International has priced its IPO at $4.5 per share, offering 1,666,667 ordinary shares. These shares are approved for listing on the Nasdaq Capital Market and will start trading on April 22, 2024, under the ticker symbol 'MFI'.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:15 am

CSLR

Complete Solaria, under short attack, receives backing from its Chairman T.J. Rodgers and retail investors. Rodgers converted $5 million of his CSLR debt to equity, showing his confidence in the company.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:13 am

ACI

NFLX

NUE

PARA

ZION

Investor sentiment declined further, with the S&P 500 falling for a sixth consecutive day, marking its worst weekly performance since March 2023. The Dow Jones, however, saw a slight increase. Netflix shares dropped over 9% following Q1 results, while Paramount Global shares surged 13% amid acquisition talks. The Fear & Greed Index remained in the 'Fear' zone. Upcoming earnings from Zions Bancorporation, Nucor Corporation, and Albertsons Companies are anticipated.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 7:00 am

TSLA

Tesla Inc (NASDAQ:TSLA) is ending its current referral program by the end of April, with plans to introduce a new program in a few months, as announced by CEO Elon Musk. The existing referral credits will remain valid, but no new credits will be earned until the launch of the new program. This change comes alongside recent price cuts on Tesla's Model S, X, and Y vehicles in the U.S. by up to 4.5% and the removal of inventory discounts to streamline sales.

Portfolio Pulse from Anan Ashraf

April 22, 2024 | 6:37 am

BAR

GLD

UGL

Billionaire investor Ray Dalio advocates for gold as a hedge against inflation and a potential debt crisis, citing global debt concerns. He highlights the depreciative risk of currencies due to excessive debt levels in major economies. Amidst this backdrop, gold ETFs like ProShares Ultra Gold (UGL), GraniteShares Gold Trust (BAR), and SPDR Gold Trust (GLD) have shown significant returns, with UGL leading at a 29.17% year-to-date return. Dalio's stance on gold aligns with his broader economic warnings, including a potential 'lost decade' for China if debt issues are not addressed.

Portfolio Pulse from kaustubh@benzinga.com

April 22, 2024 | 6:28 am

ACI

BCBP

NUE

SMAR

ZION

U.S. stock futures are trading higher, with focus on Albertsons Companies, Inc., Smartsheet Inc., Nucor Corporation, BCB Bancorp, Inc., and Zions Bancorporation due to earnings reports and a share repurchase program. Albertsons is expected to report earnings of 52 cents per share, Smartsheet announced a $150 million share repurchase, Nucor's earnings are anticipated at $3.65 per share, BCB Bancorp reported lower-than-expected earnings, and Zions Bancorporation's earnings are expected at 98 cents per share.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 6:25 am

BITDIGITAL

CORE

HIVE

HUT

TERAWULF

Bitcoin miners are adopting artificial intelligence (AI) to counter the revenue dip expected from the recent halving event, which reduced the reward for mining new blocks. Companies like Core Scientific are investing in AI and new mining rigs to create alternative revenue streams. The industry anticipates a shift towards AI in locations with secure energy sources, with companies such as BitDigital, Hive, Hut 8, Terawulf, and Core Scientific leading the way. The halving has also led to a decrease in Bitcoin transaction fees to a five-year low, despite reducing miners' revenue by 50%.

Portfolio Pulse from Benzinga Neuro

April 22, 2024 | 4:50 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), addressed the debate over Tesla's pricing strategy on X, emphasizing that Tesla's vehicle prices change frequently to match production with demand. He criticized the reliance on MSRP as the real price, highlighting that price adjustments are common in the auto industry. This comes as Tesla made significant price cuts in China and the U.S. for its electric vehicles and Full Self-Driving (FSD) feature, responding to market competition and preparing for the FSD launch in China. Tesla is also approaching its Q1 earnings report amidst recent layoffs affecting stock performance.

Portfolio Pulse from Benzinga Neuro

April 22, 2024 | 2:06 am

BTCUSD

Ali Martinez, a renowned crypto analyst, highlighted a potential 67% gain in Bitcoin as its Market Value to Realized Value (MVRV) ratio falls below its 90-day average, signaling a prime buying opportunity. This trend, observed since November 2022, aligns with the recent drop in Bitcoin transaction fees and the market's response to the latest Bitcoin halving event. Bitcoin's price stands at $64,916, with a slight decrease over the past 24 hours but a significant increase since the year's start.

Portfolio Pulse from Benzinga Neuro

April 22, 2024 | 1:21 am