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BYDDY

TSLA

VWAGY

In Q2, global sales of battery electric vehicles (BEVs) surpassed 2.15 million units, a 39.3% YoY increase. Tesla and Warren Buffett-backed BYD led the market with shares of 21.7% and 16.2% respectively. GAC Aion secured the third spot with a 6% market share. When combined, Volkswagen and Audi outweigh GAC Aion in terms of market share. Other key players include General Motors, SAIC Motors, Wuling, Hyundai, BMW, Mercedes-Benz, and Kia. The quarter also saw the sale of 876,000 plug-in hybrids, with BYD leading with a 36.5% market share.

Portfolio Pulse from Anan Ashraf

August 18, 2023 | 6:24 am

BTCUSD

DOGEUSD

SOLUSD

Solana (SOL) has surpassed Dogecoin (DOGE) in terms of market capitalization amid growing fear in the crypto market. Both cryptocurrencies have experienced a decline in value, with SOL down by 7.47% and DOGE by 10%. This development comes as Bitcoin (BTC) plunged below the $26,000 mark for the first time in two months, largely due to China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings by $373 million.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 5:03 am

BTCUSD

DOGEUSD

Bitcoin's value dropped by 8% due to three potential reasons: SpaceX reportedly selling its Bitcoin holdings, the release of minutes from the Federal Reserve's last meeting suggesting future interest rate increases, and China Evergrande filing for bankruptcy protection. The market turbulence resulted in significant losses for traders, with approximately $823 million worth of long positions being liquidated.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 4:57 am

TSLA

VWAGY

XPEV

Morgan Stanley analyst Adam Jonas has maintained an 'equal-weight' rating on Tesla with a price target of $250, following the company's recent price cuts in China. Jonas believes China will shift from being an auto importer to exporter due to supply-demand dynamics. He also noted that legacy automakers are collaborating with Chinese players, such as Volkswagen's collaboration with XPeng, but does not expect these partnerships to significantly impact the market. Tesla's shares closed down 2.8% at $219.22 on Thursday.

Portfolio Pulse from Anan Ashraf

August 18, 2023 | 4:47 am

PANW

Palo Alto Networks, Inc. (NASDAQ:PANW) shares traded lower on Thursday after Wedbush analyst Daniel Ives reiterated the company's rating and maintained its $290 price target. Ives highlighted the company's decision to hold an earnings conference call on a Friday, which has caused uneasiness among investors. He also expressed concern about the company's Q4 revenues and billings potentially missing Street expectations, which could impact full-year 2024 Billings and FCF guide.

Portfolio Pulse from Ryan Gustafson

August 18, 2023 | 4:41 am

BUD

Bud Light, a beer brand of Anheuser-Busch InBev (NYSE:BUD), is regaining popularity among American consumers, according to a Deutsche Bank survey. The brand faced a conservative backlash due to its partnership with transgender influencer Dylan Mulvaney, which led to a drop in sales and the brand losing its top spot as the best-selling beer in the US. However, Deutsche Bank believes the improvement in sentiment towards Bud Light is a trend and not just volatility. The bank reiterated a 'buy' target for Anheuser-Busch stock and expects it to rise 27% to around $71 a share.

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 4:28 am

GOOGL

HMC

TSLA

Honda-owned Acura has reintroduced the ZDX as a Google-empowered premium EV with a 325-mile range, priced at $60,000. The ZDX, a product of a three-year partnership with General Motors, is Acura’s second EV and is slated for delivery next year. The vehicle is seen as a formidable contender among top electric vehicles, posing a significant rivalry for Tesla.

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 3:52 am

TTM

Tata Motors Limited (NYSE:TTM) owned Jaguar has confirmed plans to retire the I-Pace, once touted as a 'Tesla Killer,' by 2025. The official withdrawal dates for the I-Pace and other Jaguar models are still uncertain as the company anticipates the launch of its new model lineup. Jaguar is set to reveal its first new-era car in late 2024 and launch it in 2025. The I-Pace is currently primarily sold in the UK and mainland Europe to help the company comply with emissions targets.

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 3:21 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin have experienced significant declines, leading to $1 billion in liquidations over the past 24 hours. The global market capitalization for the cryptocurrency market fell 6.03% to $1.07 trillion. The decline was triggered by concerns over interest rates, weakening foreign currencies, unease in the Chinese economy, and soaring bond yields. Analysts predict further bearish momentum for Bitcoin, potentially targeting the $27,200 level.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 2:37 am

ADPT

EXAS

PATH

RXRX

SDGR

SHOP

Ark Invest, led by Cathie Wood, continues to sell shares of Shopify Inc (NASDAQ:SHOP) across various ETFs, including ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF), despite Shopify's 31% YoY increase in revenue. Ark Invest also made significant purchases of shares in UiPath Inc (NYSE:PATH), Adaptive Biotechnologies (NASDAQ:ADPT), and Recursion Pharmaceuticals (NASDAQ:RXRX), while selling shares of Exact Sciences Corp (NASDAQ:EXAS) and Schrodinger Inc (NASDAQ:SDGR).

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 2:04 am