Streetbeat News

Equity Actions

ELAN

Elanco Animal Health Incorporated (NYSE:ELAN) has announced Lawrence E. Kurzius as its next Chairman of the Board, effective after the 2024 Annual Meeting of Shareholders. Kurzius, a board member since 2018, will succeed R. David Hoover. Elanco plans to propose amendments to its corporate governance at the 2024 Annual Meeting, including declassifying the Board and enhancing shareholder rights. Michael Harrington and Kirk McDonald will assume new committee chair roles post-meeting. Kurzius brings extensive experience from his tenure at McCormick & Company and other companies.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:41 pm

NIO

NIO Inc. (NYSE:NIO) shares are down in premarket trading despite the company reporting a 13.9% year-over-year increase in vehicle deliveries for December 2023. The company also launched the ET9, a smart electric executive flagship, and expects to start deliveries in Q1 2025. NIO recently secured a $2.2 billion investment from CYVN Holdings, giving CYVN a 20.1% ownership stake. The investment is aimed at enhancing NIO's balance sheet to improve brand positioning, sales, service capabilities, and investment in core technologies.

Portfolio Pulse from Nabaparna Bhattacharya

January 02, 2024 | 1:21 pm

BYDDF

LI

NIO

TSLA

XPEV

A KPMG and Global Semiconductor Alliance survey indicates 'automotive' as the top revenue driver for the semiconductor industry in 2024, with EVs expected to lead. The S&P Global Mobility forecasts a rise in BEV sales for 2024. Tesla (TSLA) showed a 130% return in 2023, while Chinese EV companies like Li Auto (LI), XPeng (XPEV), and BYD (BYDDF, BYDDY) had varied returns. NIO (NIO) saw a 6% loss. BYD offers the best value with a 0.9 EV/Sales (FWD) ratio, while Tesla appears overvalued with 7.96 EV/Sales (FWD). Li Auto trades at a favorable 1.58 EV/Sales (FWD) ratio. Investors should consider these valuations in the growing EV market.

Portfolio Pulse from Surbhi Jain

January 02, 2024 | 1:20 pm

CPNG

Coupang (NYSE:CPNG) has seen a 13.04% decrease in short interest since its last report, with 15.41 million shares sold short, representing 1.4% of its float. The average time to cover these short positions is 1.26 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. Coupang's short interest is below its peer group average of 10.94%.

Portfolio Pulse from Benzinga Insights

January 02, 2024 | 1:15 pm

LULU

Lululemon Athletica (NYSE:LULU) has seen a decrease in short interest, with the short percent of float dropping 6.84% since the last report. The company has 4.46 million shares sold short, representing 4.36% of available shares. The average time to cover these short positions is 1.65 days. Short interest is a market sentiment indicator, and a decrease suggests investors may be more bullish on LULU. Compared to its peers, LULU has a lower short interest percentage of float, with the peer group average at 7.98%.

Portfolio Pulse from Benzinga Insights

January 02, 2024 | 1:15 pm

ISRG

Intuitive Surgical's (NYSE:ISRG) short interest has decreased by 11.0% since the last report, with 3.11 million shares sold short, representing 0.89% of available shares. The short interest is below the peer group average of 3.57%. While a decline in short interest can indicate a more bullish sentiment, it does not necessarily predict a near-term price rise.

Portfolio Pulse from Benzinga Insights

January 02, 2024 | 1:15 pm

ALIM

Alimera Sciences, Inc. (NASDAQ:ALIM), a global pharmaceutical company, has appointed Elliot Maltz as the new Chief Financial Officer (CFO) effective immediately. The company focuses on retinal health and vision maintenance. Additionally, Alimera reported an inducement grant under Nasdaq Listing Rule.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:06 pm

DISH

SATS

Echostar Corporation has announced an offering of 49,324,850 shares of Class A Common Stock, which may be issued upon the conversion of certain convertible notes by its subsidiary, Dish Network, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:06 pm

JSPR

Jasper Therapeutics has announced a 1-for-10 reverse stock split of its common stock, which will take effect at 12:01 a.m. ET on January 4, 2024. This action is typically taken by companies aiming to boost their stock price by reducing the number of shares outstanding, which can also help them meet minimum price requirements for stock exchanges.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:02 pm

AKTX

Akari Therapeutics has completed a private placement with current investors, raising approximately $2 million in gross proceeds. This capital infusion is expected to support the company's ongoing operations and development projects.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:01 pm