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Bitcoin and Ethereum edged lower but remained above key levels of $26,000 and $1,600 respectively. XDC Network was the top gainer over the past 24 hours, while Pepe was the biggest loser. The global crypto market cap fell to $1.05 trillion, a 24-hour decline of 0.4%.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:34 pm

TIGR

UP Fintech Holding Ltd (NASDAQ:TIGR) reported Q2 revenue growth of 23.5% Y/Y to $66.1 million, beating the consensus of $44.65 million. Despite a decrease in commissions due to lower trading volume, the company saw increases in financing service fees and interest income. The total account balance rose 16.2% Y/Y to $17.3 billion and the total number of customers with deposits increased by 15.0% Y/Y. The company also beat the consensus for non-GAAP net income per ADS.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 1:33 pm

AMGN

AZN

BMS

JNJ

LLY

MRK

NVO

NVS

The Centers for Medicare and Medicaid Services (CMS) has announced the first ten drugs subject to price negotiations under President Joe Biden's Inflation Reduction Act. The drugs, which accounted for $50.5 billion in total Part D gross covered prescription drug costs, are produced by Bristol Myers Squibb, Eli Lilly, Johnson & Johnson, Merck & Co, AstraZeneca, Novartis, Amgen, and Novo Nordisk. The negotiated prices will take effect on January 1, 2026. AstraZeneca has legally challenged the Inflation Reduction Act.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 1:30 pm

AXLA

Axcella Health Inc's shares are soaring after the company was granted a patent for long COVID fatigue treatment. The U.S. Patent and Trademark Office granted Axcella a patent covering methods of use of AXA1125 for treating long COVID, particularly fatigue. The patent was issued Tuesday and has an expected expiration in 2042.

Portfolio Pulse from Adam Eckert

August 29, 2023 | 1:24 pm

DBVT

RWLK

STXS

VNRX

Insiders at four penny stocks, ReWalk Robotics Ltd. (RWLK), VolitionRx Limited (VNRX), DBV Technologies S.A. (DBVT), and Stereotaxis, Inc. (STXS), have recently made significant purchases. This could indicate their confidence in the companies' prospects. RWLK recently closed an acquisition of AlterG, Inc. VNRX reported cash and cash equivalents of around $19.7 million as of June 30, 2023. DBVT closed the second quarter with a cash balance of $174 million. STXS reported a 28% revenue growth in the second quarter.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:22 pm

AMZN

GOOG

MSFT

NVDA

Google Cloud, a unit of Alphabet Inc, plans to expand its artificial intelligence (AI) technology enterprise offering, intensifying competition with Microsoft and OpenAI. The company will collaborate with Nvidia to make Nvidia's newest AI chips, the H100, available to Google Cloud customers. Google also plans to commercialize its large PaLM 2 model, which powers its generative AI features, and a suite of AI-powered tools for corporate Gmail accounts. The company's shares traded higher by 0.42% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:21 pm

AAPL

AMD

AMZN

GOOG

GOOGL

INTC

META

MSFT

NVDA

Intel Corp is planning to launch a next-generation data center chip, 'Sierra Forest', in 2024. The chip is expected to provide over double the computational capability for each unit of power consumed, aligning with global efforts to reduce energy consumption. The chip is anticipated to present a 240% enhancement in performance per watt compared to its current data center counterpart. Intel aims to tap into the surging chip demand triggered by the AI frenzy involving tech giants such as Apple, Alphabet, Meta Platforms, Amazon, and Microsoft.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:17 pm

BBY

Best Buy Co Inc (NYSE:BBY) reported Q2 FY24 sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. However, domestic and international revenues decreased by 7.1% and 8.8% Y/Y respectively. The company's gross profit fell to $2.2 billion from $2.3 billion a year ago. The company returned $79 million to shareholders through share repurchases and authorized a dividend of $0.92 per share. For FY24, the company revised its revenue guidance to $43.80 billion-$44.50 billion and tightened the adjusted EPS outlook to $6.00-$6.40.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 1:17 pm

BGNE

FTCH

FWRD

IMGN

KYMR

ORCL

ROK

Several analyst forecasts were released on Tuesday, with changes in price targets and ratings for multiple companies. Notable changes include Stifel's downgrade of Hersha Hospitality Trust (HT) from Buy to Hold, Citigroup's upgrade of Verizon Communications (VZ) from Neutral to Buy, and UBS's upgrade of Oracle Corporation (ORCL) from Neutral to Buy. Other companies mentioned include Forward Air Corporation (FWRD), Celanese Corporation (CE), Rockwell Automation (ROK), Farfetch Limited (FTCH), ImmunoGen (IMGN), BeiGene (BGNE), and Kymera Therapeutics (KYMR).

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:15 pm

BABA

PDD

PDD Holdings Inc reported a 66% YoY revenue growth in Q2 FY23, beating consensus estimates. The company's non-GAAP earnings per ADS also surpassed expectations. Revenues from online marketing services and transaction services saw significant increases. The company held $24.8 billion in cash and equivalents and generated $3.23 billion in operating cash flow.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:13 pm