Streetbeat News

Equity Actions

XOM

Exxon Mobil Corp. has revised its compensation policy to include cash bonuses for traders who take risks to increase company profits. This change is part of Exxon's plan to expand its trading operations. The new bonus structure, which was shared internally, will start paying out in December 2024. System traders involved in buying and selling physical commodities for the company's operations will not receive these bonuses.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:43 pm

CURLF

TSNDF

Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) will begin trading its subordinate voting shares on the Toronto Stock Exchange (TSX) under the ticker symbol 'CURA' starting December 14. The company will mark the occasion by ringing the opening bell at TSX. The listing on TSX is expected to provide Curaleaf with greater access to global financial institutions and increase stock liquidity. Curaleaf's shares will be delisted from the Canadian Securities Exchange (CSE) after market close on December 13. The move follows TerrAscend Corp. (TSX:TSND) (OTCQX:TSNDF), another multi-state operator, which secured a TSX listing earlier in 2023.

Portfolio Pulse from Jelena Martinovic

December 13, 2023 | 3:42 pm

WELL

Welltower Inc. (NYSE:WELL) stock price dropped by 0.26% to $88.37 in the current market session, despite a 3.29% increase over the past month and a 32.78% rise over the past year. The article discusses the P/E ratio of Welltower in comparison to its industry peers, noting that Welltower's P/E is lower than the Health Care REITs industry average of 275.71. This could indicate that Welltower's stock is undervalued or that investors have lower growth expectations for the company. The P/E ratio, while useful, should not be the sole metric for investment decisions and should be used alongside other financial metrics and qualitative analysis.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:30 pm

TWLO

Twilio Inc. has engaged Qatalyst Partners to advise on defense strategies against activist investors Legion Partners and Anson Funds, who are pushing for the sale of the company or its data and applications business unit, which includes Segment. Despite a 45% gain this year, Twilio's stock is still 84% below its peak from early 2021, and revenue growth has slowed significantly. The company recently announced layoffs, including a 5% reduction in its data and applications unit. Qatalyst, known for M&A advisory, is not indicating a sale of Twilio at this time.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:19 pm

WEC

WEC Energy Group (NYSE:WEC) has seen a 13.69% decrease in short interest since the last report, with 5.06 million shares sold short, representing 2.08% of available shares. The average time to cover these short positions is 2.53 days. A decrease in short interest can indicate a more bullish market sentiment towards the stock. WEC has a lower short interest compared to its peer group average of 2.96%.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:15 pm

SPLK

Splunk (NYSE:SPLK) has seen a 3.61% rise in short interest since the last report, with 3.39 million shares sold short, representing 2.01% of available shares. The short interest is below the peer group average of 3.00%. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. It takes traders approximately 1.34 days to cover short positions based on current trading volume.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:15 pm

AXP

American Express Inc. (NYSE:AXP) stock is currently at $170.31, down 0.43% in the current session, but up 6.82% over the past month and 13.37% over the past year. The company's P/E ratio of 16.03 is lower than the Consumer Finance industry average of 45.68, suggesting it might be undervalued or may have weaker growth prospects compared to its peers.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:01 pm

PACB

Pacific Biosciences (NASDAQ:PACB) has received mixed analyst ratings in the last quarter, with 2 bullish, 2 somewhat bullish, and 5 indifferent ratings. The average 12-month price target from 9 analysts is $10.78, which is an 18.89% decrease from the previous target of $13.29. Analysts consider company financials, conference calls, and insider communications to provide these ratings, which are updated quarterly or after major company events.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 3:00 pm

ABM

ABM Industries Inc (NYSE:ABM) shares surged after reporting Q4 FY23 earnings that exceeded expectations with sales growth of 4.1% Y/Y to $2.09 billion, surpassing analyst estimates. Adjusted EPS was $1.01, beating the $0.92 consensus. Operating income increased by 34.5%, and adjusted EBITDA grew by 10%. The company also announced a $150 million expansion of its share repurchase program and a 2.3% increase in its quarterly cash dividend. ABM provided FY24 guidance with an adjusted EPS range of $3.20-$3.40 and an adjusted EBITDA margin of 6.2%-6.5%. Shares rose 13.3% to $50.26.

Portfolio Pulse from Shivani Kumaresan

December 13, 2023 | 2:44 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) announced a share consolidation of 1 new share for every 10 old shares to comply with NASDAQ's listing requirements. This follows a non-compliance notice received for a sub-$1 share price. The consolidation is pending TSX approval and is expected to be effective on Dec. 15, with trading on TSX and NASDAQ starting Dec. 20. The company's stock dropped 10.2321% to $0.615 in pre-market trading.

Portfolio Pulse from Jelena Martinovic

December 13, 2023 | 2:39 pm