Streetbeat News

Corporate Responsibility

ADSK

Mizuho analyst Matthew Broome downgraded Autodesk's price target from $220 to $200 while maintaining a Neutral rating, citing concerns over Autodesk's new transaction model that requires indirect customers to transact directly with the company. This change, which began in Australia and will roll out globally, could strain relationships with resellers. Despite solid Q3 results, Autodesk's FY25 revenue guidance of 9%+ growth is below expectations and its long-term target, reflecting a challenging operating environment. Autodesk's stock dropped 5.59% to $205.51.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 6:34 pm

TSLA

U.S. lawmakers have requested the SEC to investigate Elon Musk and Neuralink for potential securities fraud related to misleading statements about the safety of Neuralink's brain implant technology. Veterinary records indicate that animals suffered severe health effects from the implants, contradicting Musk's previous claims. The controversy arises as Neuralink prepares for human trials, and any negative news about Musk tends to affect Tesla Inc's stock price, which was down 3.81% at the time of reporting.

Portfolio Pulse from Surbhi Jain

November 22, 2023 | 5:38 pm

TCNNF

Laura Bruneau is suing Trulieve Cannabis Corp. (OTCQX:TCNNF) for wrongful death and negligence after her daughter, Lorna McMurrey, died from occupational asthma caused by cannabis dust at a Trulieve facility. This is the first such case in U.S. cannabis history. The lawsuit alleges negligence in the HVAC system design and lack of safety policies. The CDC confirmed the presence of cannabis dust and inadequate dust collection systems. McMurrey's family seeks accountability and unspecified damages, while Massachusetts DPH is developing safety guidance for cannabis workers.

Portfolio Pulse from Nina Zdinjak

November 22, 2023 | 5:35 pm

BABA

Susquehanna analyst Shyam Patil has maintained a Positive view on Alibaba Group Holding Limited (NYSE:BABA) but reduced the price target from $160 to $150, citing signs of stabilization in Chinese consumption trends. Alibaba's restructuring plan has been adjusted, with the Cloud unit no longer set to spin-off. Despite near-term uncertainties, Patil is optimistic about Alibaba's market position and growth potential. BABA's stock saw a slight decrease of 0.20% to $78.78.

Portfolio Pulse from Anusuya Lahiri

November 22, 2023 | 5:12 pm

SPCE

Virgin Galactic Holdings Inc (NYSE:SPCE) shares fell in premarket trading as Morgan Stanley analyst Kristine Liwag downgraded the stock from Equal-Weight to Underweight and cut the price target from $4.00 to $1.75. The downgrade follows the company's decision to pause revenue-generating space flights to conserve cash and focus on developing its Delta-class fleet. Liwag notes that Virgin Galactic has successfully completed five missions since late June 2023 but anticipates a 'catalyst-light period' with limited flights planned for the first half of 2024 and a halt in revenue flights until around 2026.

Portfolio Pulse from Priya Nigam

November 22, 2023 | 4:19 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) is reportedly negotiating management changes with OpenAI, including board expansion and higher qualifications for board members. Microsoft aims to avoid being surprised by OpenAI's strategic decisions and seeks to enhance its control and oversight. The company already has approval rights for mergers, as seen when OpenAI considered merging with Anthropic. Microsoft is looking to increase protections and notification rights for various scenarios. MSFT shares rose 1.39% to $378.24.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 4:15 pm

BNBUSD

BTCUSD

Changpeng Zhao, founder of Binance, stepped down as CEO following a $4.3 billion settlement with the U.S. government. Despite this, Zhao's net worth is $23 billion, having increased by $10.5 billion in 2023. His wealth is tied to his stakes in Binance and Binance.US, as well as investments in Bitcoin and Binance Coin. The settlement and resignation could impact Binance's future and Zhao's wealth, which peaked at $96.9 billion in January 2022 but fell significantly during the year.

Portfolio Pulse from Chris Katje

November 22, 2023 | 4:07 pm

DE

During a conference call, an executive from Deere & Company expressed confidence that none of the company's segments are expected to go negative throughout 2024.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:47 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares have declined by nearly 8% over the past five days. The company announced organizational changes with CEO RJ Scaringe taking over product development, and the introduction of a leasing program for select R1T configurations. Rivian has a high short interest with over 19% of RIVN shares sold short. The stock is trading below its 50-day moving average and near its 52-week low.

Portfolio Pulse from Erica Kollmann

November 22, 2023 | 3:29 pm

OPTX

Syntec Optics has announced the launch of a new 3x magnifier for defense weapon sights, aligning with the Made in America reshoring initiatives and FAR Buy American Act requirements. The company aims to provide lightweight, high-performance optics that reduce weight for soldiers. The use of polymer technology and integrated manufacturing positions Syntec as a domestic alternative to foreign-made magnifiers.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 3:23 pm