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The global cryptocurrency market has grown significantly in 2023, with 42 countries advancing crypto regulations, including Europe's MiCA legislation. Goldman Sachs highlighted the increasing institutionalization of the crypto market, with CME leading in Bitcoin futures by open interest. The SEC was active in regulating the crypto industry, despite losing a case against Ripple over XRP. The crypto market looks forward to the 2024 Bitcoin halving event and potential SEC approval of spot Bitcoin ETFs. Bitcoin and Ethereum surged by 18% and 12%, respectively, while other cryptocurrencies like Avalanche, Cardano, and Polkadot also saw significant gains. DeFiLlama data shows a notable increase in the total value locked on various blockchain platforms.

Portfolio Pulse from Khyathi Dalal

December 22, 2023 | 1:25 pm

NKE

RKLB

RMCO

Royalty Management Holding Corporation (RMCO) and American Resources Corporation's investment in Advanced Magnetic Labs, Inc. has led to the commercial manufacturing of permanent magnets, causing RMCO shares to surge by 201%. Rocket Lab (RKLB) shares jumped 24% after announcing a $515 million contract with a U.S. government customer to design, manufacture, deliver, and operate 18 space vehicles. Nike (NKE) shares fell by 12% following mixed Q2 financial results and the announcement of a plan to identify up to $2 billion in cost savings.

Portfolio Pulse from ryanfaloona@benzinga.com

December 22, 2023 | 1:23 pm

SIG

Wells Fargo analyst Ike Boruchow has maintained an Overweight rating on Signet Jewelers (NYSE:SIG) and increased the price target from $110 to $120.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:20 pm

ROST

Wells Fargo analyst Ike Boruchow has maintained an Overweight rating on Ross Stores (NASDAQ:ROST) and increased the price target from $140 to $150.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:19 pm

Wells Fargo analyst Ike Boruchow has maintained an Equal-Weight rating on Ralph Lauren (NYSE:RL) and increased the price target from $120 to $140.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:18 pm

LEVI

Wells Fargo analyst Ike Boruchow has maintained an Overweight rating on Levi Strauss (NYSE:LEVI) and increased the price target from $15 to $19.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:13 pm

GELYY

STLA

Geely Automobile Holding Ltd's EV exports face potential delays and cost increases due to hostilities in the Red Sea, prompting shippers to reroute around the Cape of Good Hope instead of the Suez Canal. This could lead to quintupled shipping costs and a vessel shortage. China's vehicle exports to Europe have surged, causing EU regulatory concerns. Stellantis N.V. is monitoring the situation to adapt its strategy.

Portfolio Pulse from Shivani Kumaresan

December 22, 2023 | 1:09 pm

GAN

GAN Ltd. (NASDAQ: GAN) announced board changes with Seamus McGill stepping down as Chairman but remaining as interim CEO. David Goldberg will become the new Chairman, and David D. Ross joins the board, bringing extensive gaming and hospitality experience. Michael Smurfit will leave the board at year's end. The changes come as GAN works towards a transaction close with Sega Sammy Creation Inc.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:08 pm

BIG

CANG

CONN

NKE

TAL

In Friday's pre-market session, several consumer discretionary stocks showed notable movements. Big Lots (BIG) and Cango (CANG) were among the gainers, with stocks rising 7.2% and 6.0%, respectively. Golden Heaven Group Holdings (GDHG), J.Jill (JILL), Conn's (CONN), and Color Star Tech (ADD) also saw their stocks rise. On the losing side, TAL Education (TAL) and Nike (NKE) experienced significant drops of 12.4% and 12.01%, respectively. Gaotu Techedu (GOTU), Forza X1 (FRZA), Genius Group (GNS), and Foot Locker (FL) also saw their stock prices decline. Notably, Conn's reported Q3 earnings 4 days ago, and Nike released Q2 earnings the previous day.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 1:07 pm

ABTS

ASST

BILI

CAUD

HUYA

KORE

LGF

NTES

SURG

TGL

TME

In Friday's pre-market session, several communication services stocks experienced significant movements. Gainers included Asset Entities, Collective Audience, Abits Group, Surgepays, and Lions Gate Enter, with increases ranging from 6.88% to 28.5%. Conversely, NetEase, Kore Group Holdings, HUYA, Bilibili, Treasure Global, and Tencent Music Enter Gr faced declines between 6.33% and 21.2%. Market capitalizations were also highlighted for each company.

Portfolio Pulse from Benzinga Insights

December 22, 2023 | 1:07 pm