Streetbeat News

Stock Prices

MLTX

SMPL

WBA

Insiders at MoonLake Immunotherapeutics, The Simply Good Foods Company, and Walgreens Boots Alliance have recently made notable purchases of their companies' stocks. MoonLake's 10% owner Bihua Chen acquired 800,000 shares, costing around $40 million. Simply Good Foods' President and COO Geoff E Tanner bought 6,850 shares, costing around $250,758. Walgreens Boots Alliance's EVP, Pres. U.S. Healthcare John Driscoll purchased 5,172 shares, costing around $146,984.

Portfolio Pulse from Lisa Levin

July 06, 2023 | 12:58 pm

ADP

UUP

The U.S. job market continues to tighten with private employers adding 497,000 jobs in June, significantly beating expectations of 220,000, according to the ADP National Employment Report. However, weekly jobless claims rose slightly from 239,000 to 248,000. Following the release of this data, traders increased their forecasts for the Federal Reserve's impending rate hikes. The U.S. dollar rallied, erasing session losses, and Treasury yields spiked. Futures on the S&P 500 Index and the Nasdaq 100 Index dipped ahead of the Wall Street opening bell.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 12:54 pm

CYTO

Altamira Therapeutics Ltd (NASDAQ:CYTO) shares dropped by 19.23% after the company announced a $5 million public offering. The offering of 11,111,112 common shares is priced at 45 cents per share. The proceeds will be used for research and development, working capital, and general corporate purposes, including potential debt repayment.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 12:53 pm

ALLR

Allarity Therapeutics Inc (NASDAQ:ALLR) announced the pricing of a public offering of 2.44 million shares and common warrants at a combined price of $4.50 per share, expecting to raise approximately $11 million. The proceeds will be used to pay account payables, accrued liabilities, payments under certain license agreements, an outstanding promissory note, conduct clinical trials, and for working capital. The offering is expected to close on July 10. Following the announcement, Allarity shares were down 52% at $3.96.

Portfolio Pulse from Adam Eckert

July 06, 2023 | 12:52 pm

BABA

BIDU

BILI

FXI

MCHI

Alibaba and other Chinese stocks are trading lower due to signs of a slowdown in mainland China. A selloff in Chinese banks deepened after Goldman Sachs downgraded top Chinese lenders. The Yuan weakened to a seven-month low. Chinese stocks, including Alibaba, Baidu, JD.Com, and Bilibili were down between 1%-3%. Chinese ETFs, including IShares MSCI China ETF and IShares China Large-Cap ETF, were trading lower by 2%.

Portfolio Pulse from Anusuya Lahiri

July 06, 2023 | 12:51 pm

META

Meta Platforms Inc's shares are trading higher following the launch of its new social media platform, Threads, and a raised price target by KeyBanc. Threads, which is designed to compete with Twitter, connects to users' Instagram accounts and functions similarly to Twitter. The launch comes after recent criticism of Twitter's content limits and other changes under Elon Musk's leadership. KeyBanc analyst Justin Patterson maintained an Overweight rating for Meta and raised the price target from $280 to $335.

Portfolio Pulse from Adam Eckert

July 06, 2023 | 12:51 pm

MULN

Mullen Automotive Inc (NASDAQ:MULN) shares are trading higher after the company announced the retention of a law group to investigate possible naked short selling and a buyback of up to $25 million worth of its common stock. The company believes it may have been the target of a market manipulation scheme involving illegal naked short selling.

Portfolio Pulse from Adam Eckert

July 06, 2023 | 12:50 pm

ETRN

SWN

VTOL

WMB

The article lists five energy stocks that are considered overbought and may crash in July. These include Bristow Group Inc. (VTOL), Southwestern Energy Company (SWN), The Williams Companies, Inc. (WMB), Newpark Resources, Inc. (NR), and Equitrans Midstream Corporation (ETRN). The Relative Strength Index (RSI) of these stocks is above 70, indicating they are overbought.

Portfolio Pulse from Lisa Levin

July 06, 2023 | 12:50 pm

BLK

BlackRock Inc (NYSE:BLK) has signed a memorandum of understanding with Quintet Private Bank, controlled by Qatar's ruling Al Thani family, to provide investment tools, products, and solutions. The final agreement is expected in Q3 this year. BlackRock shares are trading lower by 1.56% at $682.00 premarket.

Portfolio Pulse from Lekha Gupta

July 06, 2023 | 12:41 pm

ARE

BXP

KRC

SLG

VNO

Commercial real estate transaction volumes are falling sharply in many parts of the world, including Germany, Sweden, Ireland, and the UK. This is raising concerns that the U.S. office market may soon experience the same. The drop is attributed to rising interest rates, which have increased borrowing costs and demand for yields among potential property investors. Investment bank Stifel warns that the industry may face a decade of limited earnings growth. German residential landlords, such as LEG Immobilien SE, TAG Immobilien AG, and Vonovia SE have been downgraded to a Sell. Five U.S. REITs that could be vulnerable to these changes are Boston Properties Inc., SL Green Realty Corp., Alexandria Real Estate Equities Inc., Vornado Realty Trust, and Kilroy Realty Corporation.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 12:39 pm