Streetbeat News

Stock Prices

BSY

ELV

GPC

PGR

UAL

UNH

Last week saw significant gains for seven large-cap stocks, with United Airlines leading at a 21.79% surge after surpassing Q1 earnings expectations. UnitedHealth, Genuine Parts, Bentley Systems, Elevance Health, Progressive Corp, and Morgan Stanley also reported strong performances due to various positive financial results and strategic moves.

Portfolio Pulse from Lekha Gupta

April 21, 2024 | 10:14 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) implemented global price cuts for its electric vehicles, prompting criticism from Future Fund's co-founder, Gary Black, who regrets not selling the firm's entire Tesla position. Black criticized the price cuts' effectiveness, Tesla's strategy, and the unrealistic expectations of Tesla bulls. He adjusted his Tesla earnings estimate and price target downwards due to the price cuts, estimating a significant annual revenue and earnings per share impact. Tesla's stock price fell to its lowest level since late-January 2023.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 10:10 pm

GOOGL

META

MSFT

QQQ

SPY

TSLA

The upcoming week's earnings reports from major companies like Tesla, Meta Platforms, Microsoft, and Alphabet are highly anticipated as they could influence the market's direction. FactSet's report indicates that S&P 500 companies' earnings surprises are at or above their 10-year averages, despite a slight decline in the combined earnings per share growth rate. The focus shifts to tech companies, with 158 S&P 500 companies, including 11 Dow 30 components, expected to release their earnings. Tesla is expected to report a downbeat quarter, while Microsoft, Alphabet, and Meta are anticipated to report strong results. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) have seen declines from their all-time highs.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 9:45 pm

BTCUSD

ETHUSD

Bitcoin (BTC) transaction fees have hit a five-year low, as reported by CryptoQuant analyst Julio Moreno. This decrease follows a period of increased fees after the Bitcoin halving event and the introduction of the Runes token standard, which initially drove up transaction costs. Despite the high activity associated with Runes, including a transaction that incurred over $500,000 in fees, the average daily transaction fee on the Bitcoin network has significantly dropped. This reduction in fees is notable, especially in the context of the halving, which decreased block rewards for miners. Unlike Ethereum (ETH), which has implemented upgrades like the Dencun upgrade to lower transaction fees, Bitcoin has no immediate plans for similar changes.

Portfolio Pulse from Bibhu Pattnaik

April 21, 2024 | 8:53 pm

KMCM

LOAR

MFI

MRX

RAN

RBRK

YYGH

The upcoming week will see several companies launching their initial public offerings (IPOs), including Loar Holdings Inc (LOAR), Key Mining Corp (KMCM), RUBRIK, INC (RBRK), Marex Group plc (MRX), RanMarine Technology B.V. (RAN), YY Group Holding Limited (YYGH), and mF INTERNATIONAL LIMITED (MFI). These companies are set to trade publicly with specified price bands and shares offered, all having a 180-day insider lock-up period.

Portfolio Pulse from Benzinga Insights

April 21, 2024 | 6:07 pm

AAPL

Bloomberg's Mark Gurman suggests Apple Inc. (AAPL) should lower iPhone prices to address slowing sales and challenges in China, including a ban on foreign brands and consumer preference for local technology. After a 13% drop in China sales, Apple faces pressure to attract new users and encourage upgrades. Gurman proposes a cheaper iPhone model to penetrate emerging markets, despite concerns about diluting Apple's premium brand. Apple plans to upgrade the iPhone SE in 2025 with a potential price above $400, but Gurman recommends a $250 price point for significant impact.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 4:36 pm

AAPL

AMZN

GOOG

META

MSFT

SONY

SPOT

Last week in consumer tech saw Alphabet's Google employees protest a cloud contract, SpaceX's Elon Musk accepting a challenge from Roscosmos, and a Texas judge halting an investigation into Media Matters. Sony is releasing a new PS5 version, a Star Wars-Fortnite crossover is announced, and Nintendo showcased indie games. EA plans a Black Panther game, and Apple faces a decline in iPhone shipments but explores manufacturing in Indonesia. Huawei launches new smartphones, Meta's Llama 3 AI model excels in tests, and Spotify's AI DJ personalizes music streaming. Amazon's Twitch to launch a TikTok-style feed, and Microsoft's investment in OpenAI won't face EU investigation.

Portfolio Pulse from Lekha Gupta

April 21, 2024 | 3:01 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) disclosed financial transactions totaling $9.1 million between Elon Musk's companies, including payments to SpaceX, X (formerly Twitter), and The Boring Company, raising concerns about corporate governance. The disclosures, part of Tesla's annual shareholder meeting preparations, reveal a complex web of transactions. Amid these revelations and a 40% year-to-date drop in Tesla's stock price, investor confidence is challenged as Tesla seeks support for a $45 billion stock option package for Musk.

Portfolio Pulse from Bibhu Pattnaik

April 21, 2024 | 2:47 pm

BTCUSD

DOGEUSD

SHIBUSD

SOLUSD

The cryptocurrency market experienced significant events this week, including Bitcoin's fourth halving, a shift in Raoul Pal's crypto portfolio favoring Solana over Ethereum, a notable increase in Shiba Inu's token burn rate, and a lack of response to Elon Musk's Dogecoin tweet. Despite these developments, Bitcoin's price saw a slight increase, and predictions suggest a potential rebound.

Portfolio Pulse from Navdeep Yadav

April 21, 2024 | 1:02 pm

ARKB

ARKW

TSLA

Cathie Wood's Ark Invest executed a pair trade in cryptocurrency ETFs, buying ProShares Ether Strategy ETF (EETH) and selling ProShares Bitcoin Strategy ETF (BITO), while also increasing its holdings in its own ARK 21Shares Bitcoin ETF (ARKB) ahead of the Bitcoin halving event. Additionally, Ark paused its buying of Tesla (TSLA) shares, amidst expectations of a disappointing first-quarter earnings report.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 12:44 pm