Streetbeat News

Equity Actions

CVX

IWM

SPYX

USO

XLE

XOM

Despite geopolitical tensions, crude oil prices have seen a decline over the year, with Brent down 9.7% and Nymex WTI down 10.4%. The United States Oil Fund (USO) followed a similar pattern. Oil majors like ExxonMobil (XOM), Chevron (CVX), and BP (BP) have seen their shares fall but are still investing heavily in oil, indicating a belief in its long-term value. The Energy Select Sector SPDR Fund (XLE) also declined. In contrast, the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) outperformed the SPDR S&P 500 (SPY), and the iShares Russell 2000 ETF (IWM) saw a significant gain.

Portfolio Pulse from Neil Dennis

December 29, 2023 | 2:19 pm

Versus Systems Inc. has resumed trading after implementing a 1-for-16 reverse stock split. This corporate action is often used by companies to boost their share price to meet exchange listing requirements or to attract new investors by reducing the number of shares outstanding, which can increase the earnings per share (EPS) metric.

Portfolio Pulse from Charles Gross

December 29, 2023 | 2:04 pm

CGA

CING

FLJ

FLYX

KTRA

SNES

TTNP

Titan Pharmaceuticals, Inc. (NASDAQ:TTNP) shares increased by 15.2% in pre-market trading after announcing a 1-for-20 reverse stock split. Other stocks also showed significant movement in pre-market trading, with notable gainers including China Green Agriculture, Inc. (NYSE:CGA), FLJ Group Limited (NASDAQ:FLJ), and Kintara Therapeutics, Inc. (NASDAQ:KTRA). Conversely, several stocks experienced declines, such as flyExclusive Inc (NYSE:FLYX), Cingulate Inc. (NASDAQ:CING), and SenesTech, Inc. (NASDAQ:SNES).

Portfolio Pulse from Avi Kapoor

December 29, 2023 | 1:51 pm

ALNY

ARWR

IBB

LEGN

PIPR

SPY

Piper Sandler Cos has selected Arrowhead Pharmaceuticals, Legend Biotech, and Alnylam Pharmaceuticals as top biotech picks for 2024, predicting a sector comeback. Arrowhead's gene therapies, Legend's Carvykti for bone marrow cancer, and Alnylam's focus on neurological disorders are key highlights. Despite recent share price declines, Piper Sandler forecasts significant share price increases for these companies over the next 12 months. The biotech sector's performance, as tracked by the iShares Biotechnology ETF, has lagged behind the broader market, represented by the SPDR S&P 500 ETF.

Portfolio Pulse from Surbhi Jain

December 29, 2023 | 1:34 pm

TENX

Tenax Therapeutics has announced a reverse stock split at a ratio of 1-for-80. This corporate action is typically used by companies to boost their share price to meet exchange listing requirements or to attract new investors by making the stock price appear more valuable. The reverse split will reduce the number of shares outstanding, increasing the price per share proportionally. Investors holding the stock will see their share count decrease, but the value of their holdings should theoretically remain the same, barring market reactions.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 1:32 pm

TENX

Tenax Therapeutics has announced a reverse stock split at a ratio of 1-for-80, effective at 5:00 PM Eastern Time on January 2, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 1:31 pm

ETN

Eaton Corp Inc. (NYSE:ETN) stock is currently trading at $240.00, down 0.31% in the current session. Despite this, the stock has risen 4.14% over the past month and 52.14% over the past year. The company's P/E ratio of 32.23 is higher than the Electrical Equipment industry average of 28.17, suggesting that the stock might be overvalued or expected to perform better in the future. Investors are advised to consider the P/E ratio alongside other financial metrics and qualitative analysis for a comprehensive investment decision.

Portfolio Pulse from Benzinga Insights

December 29, 2023 | 1:30 pm

NOAH

Noah Holdings Limited (NYSE:NOAH) has announced the separation of the roles of CEO and Chairperson for improved corporate governance. Zhe Yin, co-founder and director, has been appointed as CEO effective December 29, 2023, succeeding Jingbo Wang, who remains as Chairwoman of the Board. The company's shares closed higher by 1.44% at $13.37 on Thursday.

Portfolio Pulse from Shivani Kumaresan

December 29, 2023 | 1:27 pm

AAPL

Apple Inc. (AAPL) is aiming to make its Mac lineup a gaming powerhouse by leveraging its Apple silicon chips, such as the M1, M2, and M3, to enhance gaming performance. The company is providing developers with tools and optimizations to bring more games to the Mac, with the goal of competing in the AAA gaming market. Apple's strategy includes creating a unified hardware platform to simplify game development across its devices, potentially making the Mac a more attractive platform for gamers and developers.

Portfolio Pulse from Sudhanshu Singh

December 29, 2023 | 1:24 pm

FBIO

Fortress Biotech has announced a registered direct offering of 3,303,305 shares at a price of $3.33 per share. The offering also includes an accompanying warrant for investors.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 1:23 pm