Streetbeat News

Earnings

MRVL

Marvell Technology (NASDAQ:MRVL) received positive analyst ratings post Q3 financial results, with a strong focus on its AI capabilities in data centers. Six analysts maintained or adjusted their ratings, with price targets ranging from $60 to $75. The consensus is that Marvell's AI data center revenue could exceed $800M in 2024. Despite some segments underperforming, the AI and data center segments are expected to drive growth, with the company well-positioned to benefit from the tech sector's rapid AI adoption. Marvell shares are down 5% but have risen 55% YTD in 2023.

Portfolio Pulse from Chris Katje

December 01, 2023 | 4:59 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TLT

TSLA

USO

The stock market experienced its second-best November since the 1980s, largely due to rising bond prices as indicated by the iShares 20 Plus Year Treasury Bond ETF (TLT), and amplified by market mechanics. Investors are advised to watch for a potential break above the lower resistance zone in bonds, which could trigger another stock market rally. Jerome Powell's speech in Atlanta is anticipated, with the market looking for indications on interest rate cuts. If Powell supports the market's rate cut projections, a significant rally is expected; if he contradicts them, a pullback is likely. Early trade money flows are negative for major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying stocks and gold, while smart money activity is undisclosed. Oil trading is volatile due to OPEC+ uncertainties, and Bitcoin is showing a positive bias, potentially aiming to break above $40,000.

Portfolio Pulse from The Arora Report

December 01, 2023 | 4:37 pm

CLSK

CleanSpark, Inc. (NASDAQ:CLSK) shares have surged over 75% in the past month, with a significant 19.6% increase on heavy trading volume following their latest Bitcoin mining update. The company reported mining 666 Bitcoin in November and a total of 6,671 Bitcoin in 2023. They sold 402 Bitcoin in November and currently hold 2.575 Bitcoin. CEO Zach Bradford highlighted improved efficiency and increased production from fees, hinting at potential revenue growth from Bitcoin's expanding use cases.

Portfolio Pulse from Erica Kollmann

December 01, 2023 | 4:34 pm

Verizon Communications Inc. (NYSE:VZ) closed at $37.50 with a market cap of $157.65 billion after a favorable trading session on Nov. 28. The stock's 52-week range is $30.135 to $44.73, and it has a dividend yield of 7.24%. Verizon paid $8.2 billion in dividends from January to September, slightly higher than the previous year. Mairs & Power and institutional investors like Julius Baer & Co., Moneta Group, Norges Bank, Morgan Stanley (NYSE:MS), and Arrowstreet Capital have increased their holdings in Verizon. To earn $500 per month from Verizon's dividends, an investment of approximately $82,873 is needed, equating to 2,210 shares at $37.50 each.

Portfolio Pulse from Shankar Iyer

December 01, 2023 | 4:33 pm

HMC

American Honda reported a 33% increase in sales for November, with a total of 106,035 units sold.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 4:32 pm

FIS

Fidelity National Information Services Inc. (NYSE:FIS) stock is trading at $57.56, up about 19% in the last month but still near the lower end of its 52-week range. The company has a dividend yield of 3.77%, with $926 million in dividends paid from January to September, an 8% increase from the previous year. To earn $500 per month from dividends, an investment of approximately $159,151 is required, equating to 2,765 shares. Dividend yield calculations should consider potential changes in stock prices and company dividend policies.

Portfolio Pulse from Shankar Iyer

December 01, 2023 | 4:27 pm

MSFT

NOW

PATH

UiPath Inc (NYSE:PATH) shares surged in premarket trading following its Q3 earnings report, with analysts from BMO, RBC, Mizuho, Needham, Oppenheimer, and KeyBanc providing insights. BMO and RBC raised their price targets to $24, Mizuho to $22, and Needham to $25, citing strong ARR growth, enterprise deals, and improving profitability. Concerns remain about growth potential, customer churn, and competition from companies like Microsoft (NASDAQ:MSFT) and ServiceNow (NYSE:NOW). PATH shares rose 24.77% to $24.68.

Portfolio Pulse from Priya Nigam

December 01, 2023 | 4:17 pm

IWM

QQQ

TLT

The U.S. manufacturing sector recorded its thirteenth consecutive month of contraction in November, with the ISM Manufacturing PMI remaining at 46.7, below forecasts of 47.6. Key indexes such as New Orders, Production, and Employment all indicated contraction, while the Prices Index showed a significant increase. S&P Global's U.S. Manufacturing PMI also contracted to 49.4. Treasury yields fell, and the iShares 20+ Year Treasury Bond ETF (TLT) rose slightly, while tech stocks dropped, as seen with the Invesco QQQ Trust (QQQ). Small caps tracked by the iShares Russell 2000 ETF (IWM) increased.

Portfolio Pulse from Piero Cingari

December 01, 2023 | 4:16 pm

TFC

Truist Finl Inc. (NYSE:TFC) shares increased by 1.77% and are trading at $32.71, with a 4.87% rise over the past month but a 23.20% fall over the past year. The stock's P/E ratio is lower than the Banks industry average, suggesting it might be undervalued or have weaker growth prospects.

Portfolio Pulse from Benzinga Insights

December 01, 2023 | 4:15 pm

FIVE

Five Below's stock is trading higher following the announcement of Q3 financial results that exceeded expectations. The company also provided future guidance and revealed a new share repurchase program valued at up to $100 million.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 4:14 pm