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Investors are showing increased optimism for profit outlook in 2024, leading to higher equity allocations in portfolios. Bank of America's survey indicates the most positive profit outlook since February 2022, with equity allocation at its highest since then. The SPDR S&P 500 ETF (SPY) has gained 24% in 2023. Investors are cautious about overcrowded equity trades, especially in big tech stocks like Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA), with NVDA being the best-performing S&P 500 stock this year. Expectations of Fed rate cuts are seen as favorable for technology stocks and bonds, with the PIMCO Active Bond ETF (BOND) up 7.2% recently.

Portfolio Pulse from Neil Dennis

December 19, 2023 | 4:51 pm

NIO

Nio Inc - ADR (NYSE:NIO) shares rose by 5.9% to $8.84 on Tuesday, potentially due to overall market strength and positive momentum from the announcement of a $2.2 billion strategic equity investment from Abu Dhabi-based investment group CYVN. This investment will give CYVN approximately 20.1% ownership in NIO and includes director nominations and strategic collaborations. The funds are expected to support NIO's technology, brand, and international expansion, with both parties optimistic about long-term growth.

Portfolio Pulse from Henry Khederian

December 19, 2023 | 4:50 pm

MULN

Mullen Automotive Inc. (NASDAQ:MULN) announced a 1-for-100 reverse stock split effective December 21, 2023, to comply with Nasdaq's $1.00 minimum bid price requirement. The split will adjust outstanding equity awards, warrants, convertible notes, and preferred stock conversion prices. No fractional shares will be issued; they will be rounded up to the nearest whole share. The split aims to maintain Nasdaq listing but does not guarantee meeting the minimum bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:49 pm

AIG

American International Group Inc (NYSE:AIG) has seen its shares rise by nearly 20% over the past six months, attributed to its effective strategy in managing reserves during hyperinflationary conditions. BMO Capital Markets analyst Michael Zaremski upgraded AIG's rating from Market Perform to Outperform and increased the price target from $72 to $83. Zaremski highlights AIG's lower insurance policy limits, higher reliance on reinsurance, and a better loss ratio margin trend compared to peers as key factors. The company's expense ratio improvement is also seen as a driver for sustainable double-digit RoE, especially after fully separating from Corebridge. AIG's stock was up 6.9% to $67.31 at the time of publication.

Portfolio Pulse from Priya Nigam

December 19, 2023 | 4:49 pm

HIVE

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has announced a $25 million bought deal private placement of 5 million special warrants at $5 each to support its Bitcoin production and expand its green mining operations by 100MW. The deal is led by Stifel Canada and Canaccord Genuity, with an option for the underwriters to purchase an additional 15% of the special warrants. The offering is contingent on regulatory and corporate approvals.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:44 pm

OGI

Organigram Holdings Inc. (NASDAQ:OGI) reported an 11% year-over-year increase in Q4 net revenue to CA$161.6 million and a 71% increase in adjusted EBITDA. Despite these gains, the company experienced a significant net loss increase to CA$248.6 million due to impairments. CEO Beena Goldenberg is optimistic about future growth, citing innovation and a financial commitment from BAT for international expansion. Organigram's stock traded higher by 1.42% in pre-market on the news.

Portfolio Pulse from Jelena Martinovic

December 19, 2023 | 4:41 pm

CVNA

Carvana Co. (NYSE:CVNA) stock is experiencing a significant increase, trading higher with over 50% gains in the past five days. The stock reached a new 52-week high of $61.61 on Tuesday, with trading volume surpassing the 100-day average. Recent company milestones include partnerships with sports clubs and expansion of services in Ohio. Carvana's stock is also trading above its 50-day moving average, and a high percentage of its shares are being sold short.

Portfolio Pulse from Erica Kollmann

December 19, 2023 | 4:40 pm

ACLS

Arcellx, Inc. (ACLS) stock price has risen following Scotiabank's initiation of coverage with a Sector Outperform rating and a $66 price target.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 4:38 pm

BP

BP Plc (NYSE:BP) is considering internal candidates for its next CEO after Bernard Looney's resignation. The board is focusing on interim CEO Murray Auchincloss and two senior female executives, Carol Howle and Emma Delaney. An internal appointment would support BP's current strategy, emphasizing a transition to renewables and reduced oil and gas output. An announcement is expected in the first quarter of the next year. BP shares are up by 0.65% at $35.35.

Portfolio Pulse from Shivani Kumaresan

December 19, 2023 | 4:37 pm

BNB

TUSD

Binance Launchpad has introduced NFPrompt (NFP), an AI-driven User Generated Content platform for Web3 creators, as its 41st project. Users can stake BNB, FDUSD, and TUSD to farm NFP tokens from Dec. 20 to Dec. 26, 2023. Binance will list NFP on Dec. 27, 2023, with multiple trading pairs. The Launchpool's Fair Mode is designed to reduce inflation pressure by limiting allocations. The total NFP supply is 1 billion, with 11% allocated for Launchpool rewards and an initial circulating supply of 25%.

Portfolio Pulse from Murtuza Merchant

December 19, 2023 | 4:35 pm