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Stock Prices

TSLA

Tesla, led by Elon Musk, has gained over $230 million in unrealized profit from its Bitcoin investment since the introduction of Bitcoin spot ETFs on Jan. 11. The company's Bitcoin assets are now valued at $760 million, reflecting a significant gain attributed to the surge in Bitcoin's price, which reached $69,000 recently. This increase is partly due to the buying trend sparked by the new U.S.-based spot Bitcoin ETFs. Despite selling off parts of its Bitcoin stake in the past, Tesla's current holdings remain highly profitable.

Portfolio Pulse from Mehab Qureshi

March 08, 2024 | 5:37 am

AAPL

GOOG

LLY

NVO

TSLA

Retail traders are shifting their investments from major tech stocks, including Tesla, Apple, and Google, to pharmaceutical companies like Eli Lilly and Novo Nordisk, as per a JPMorgan report. This trend reflects a broader market shift, with $1.4 billion in tech stocks sold off in the past week. Despite the AI frenzy, there's a growing interest in pharma stocks, indicating a potential end to the dominance of the 'Magnificent Seven' tech giants.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 5:22 am

RIVN

Rivian Automotive has announced halting the construction of its $5 billion Georgia plant to cut costs, opting to launch its new R2 SUV from its Illinois facility instead. This move is expected to save the company $2.25 billion, enabling an earlier launch of the R2 vehicle. Despite the halt, the Georgia plant remains crucial for future R2 and R3 CUV production. Rivian aims to start R2 production in the first half of 2026, with plans to increase the Normal factory's capacity to 215,000 units annually. The company reported a Q4 2023 revenue of $1.3 billion and a net loss of $1.52 billion but maintains sufficient liquidity to fund operations until R2 production begins.

Portfolio Pulse from Anan Ashraf

March 08, 2024 | 4:56 am

AAPL

AMZN

GOOGL

META

MSFT

NVDA

TSLA

Goldman Sachs predicts S&P 500 companies will increase their share buybacks to $925 billion in 2024, a 13% YoY increase, and exceed $1 trillion in 2025. This surge is driven by the 'Magnificent Seven' tech giants: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which contributed to 26% of S&P 500 buybacks in 2023. Despite a 14% decline in buybacks in 2023 due to various economic factors, expectations of strong earnings from these tech firms are anticipated to boost share repurchases.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 4:43 am

AVGO

COST

MDB

MRVL

TSLA

The S&P 500 and Nasdaq 100 indices rose, driven by Fed Chair Jerome Powell's hints at potential interest rate cuts. Broadcom, Marvell Technology, Costco, MongoDB, and Tesla were key stocks on investors' radars, with Broadcom and Marvell beating earnings estimates, Costco missing revenue expectations, MongoDB exceeding earnings and sales forecasts, and Tesla facing a significant weekly loss and operational challenges in Germany.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 4:22 am

TSLA

Tesla Inc (NASDAQ:TSLA) has experienced a significant market value decline of $234 billion in 2024, dropping its market cap to just over $550 billion, a 29% decrease in less than 10 weeks. This loss exceeds the market caps of McDonald's, Disney, and Nike combined. Despite a five-fold increase since 2020, Tesla's stock has fallen about 60% from its peak in November 2021. Factors contributing to this decline include reduced demand for electric vehicles, competition in China, and the impact of Federal Reserve's interest rate hikes. Challenges such as a suspected arson at its Giga Berlin factory and significant price reductions in China have further impacted Tesla's performance.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 4:15 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies surged, with Bitcoin eyeing all-time highs after a 50% surge post-Bitcoin spot ETFs approval. Ethereum, Dogecoin, and others also saw gains. The global cryptocurrency market cap reached $2.52 trillion. Analysts predict potential for altcoins and caution about Bitcoin's volatility. Stocks rallied, with the S&P 500 and Nasdaq hitting record highs, influenced by optimism about inflation and tech advancements.

Portfolio Pulse from Mehab Qureshi

March 08, 2024 | 3:21 am

AMD

NVDA

Jim Cramer used a 'chip' analogy to highlight the growing wealth gap, contrasting investments in microchips like Nvidia's with the struggles of average consumers affording basic necessities. He noted the high returns on microchip investments, particularly for AI products, and the impact of the Federal Reserve's policies on tech stock prices. Advanced Micro Devices (AMD) faces export challenges, but Nvidia (NVDA) continues to excel, with caution advised for stocks like Super Micro Computer.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 1:36 am

BTCUSD

Raoul Pal, CEO of Real Vision Group, issued a cautionary message to crypto enthusiasts amid rising Bitcoin prices, warning against overconfidence in the volatile market. He highlighted the unpredictable nature of the crypto market, referencing the recent surge of Bitcoin to $67,000 and its all-time high of $69,170.63. Pal's advice emphasizes the importance of humility and caution in trading practices to avoid significant losses.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 1:27 am

GOEV

Trading for GOEV was halted at 7:50:00 p.m. ET due to pending news. The halt is a temporary measure until the news affecting the company is released.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 12:50 am