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IMGN

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The Nasdaq fell over 100 points while the Dow Jones gained around 300 points. Cracker Barrel's shares slid after reporting a decrease in Q1 revenues and adjusted EPS, missing consensus estimates. Soligenix, REX American Resources, and ImmunoGen saw significant share price increases, with ImmunoGen being acquired by AbbVie. Lizhi Inc., POET Technologies, and Pure Storage experienced notable declines in share prices following their respective earnings reports and public offering news. The health care sector rose, while communication services fell. Oil and gold prices dropped, while silver and copper rose. European shares closed mostly higher, and Asian markets ended on a positive note. U.S. economic data showed mixed results with a slight increase in personal spending and income, a rise in jobless claims, and a drop in pending home sales.

Portfolio Pulse from Lisa Levin

November 30, 2023 | 7:12 pm

UBER

Uber Technologies could be announced as a new addition to the S&P 500 index during the quarterly index rebalancing, which may occur as soon as Friday, according to Barron's.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 7:03 pm

MRK

Merck & Co Inc. (NYSE:MRK) saw a slight increase of 0.07% to $101.20 in the current market session, despite a decrease over the past month and year. The stock's P/E ratio of 56.18 is higher than the Pharmaceuticals industry average of 35.89, which could suggest that Merck is expected to perform better or may be overvalued.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 6:15 pm

SPY

XLB

XLC

XLE

XLF

XLI

XLK

XLP

XLRE

XLU

XLV

XLY

JPMorgan analysts project an 8% drop in the S&P 500 for 2024, forecasting the SPDR S&P 500 ETF Trust (SPY) to trade at pre-summer highs or October 2023 lows. The bearish outlook is based on high valuations, an aging business cycle, restrictive monetary policy, and geopolitical risks. The bank warns of a potential 30% fall in EPS during the next economic slowdown and advises sectoral shifts, recommending overweight positions in energy, consumer staples, healthcare, and utilities, while suggesting neutral or underweight positions for other sectors.

Portfolio Pulse from Piero Cingari

November 30, 2023 | 5:44 pm

AAOI

Applied Optoelectronics Inc (NASDAQ:AAOI) stock dropped 7.6% after announcing a proposed private offering of $80 million in convertible senior notes due 2026. The proceeds will be used to repurchase existing 5.00% Convertible Senior Notes due 2024. The offering and subsequent repurchases may affect AAOI's stock price and the initial conversion price of the new notes.

Portfolio Pulse from Henry Khederian

November 30, 2023 | 5:44 pm

XENE

Xenon Pharmaceuticals has announced the pricing of its upsized public offering of 8,461,542 common shares at $32.50 per share, raising $300 million. Shares are trading higher following the news.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 5:25 pm

DIS

Nelson Peltz and Trian Fund Management are seeking to obtain more than two seats on Disney's board, hinting at a possible proxy fight. Disney is aiming for $7.5 billion in cost savings and views the move as potentially motivated by a personal vendetta from Ike Perlmutter, a former executive. Despite restructuring efforts and cost-saving targets, Disney declined Trian's offer for board inclusion. Disney's stock (DIS) saw a slight increase of 0.06% to $92.56.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 5:25 pm

DUK

Wells Fargo has upgraded its rating of Duke Energy (NYSE:DUK) to Overweight and increased the price target from $94.00 to $103.00. Duke Energy's shares are currently trading up 0.9% at $91.53. The new price target suggests a potential upside of 12.53% from the current share price. Duke Energy is a major U.S. utility serving millions of customers and is planning to sell its commercial renewable energy portfolio in mid-2023.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 5:00 pm

AMGN

Amgen (NYSE:AMGN) has seen a 5.83% increase in short interest since its last report, with 6.77 million shares sold short, representing 1.27% of its float. It would take about 2.97 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, Amgen has less short interest compared to its peer group average of 4.38%. The rise in short interest doesn't necessarily predict a stock price fall.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 5:00 pm

SNY

Sanofi (NYSE:SNY) has seen a 25% decrease in short interest since its last report, with 3.73 million shares sold short, representing 0.15% of available shares. The short interest now takes 1.55 days to cover. This decline in short interest may indicate a more bullish sentiment towards SNY compared to its peers, which have an average short interest of 3.51% of float.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 5:00 pm