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Equity Actions

LUX

At Benzinga's ETFS Unlocked Event, the CIO of Tema discussed the luxury goods industry, emphasizing its focus on craftsmanship, quality, and heritage. These factors allow luxury companies to charge premium prices and achieve high profitability. The CIO also noted that the supply of luxury goods is limited, which supports their exclusivity and pricing power.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:34 pm

ZVSA

ZyVersa Therapeutics, Inc. (NASDAQ:ZVSA) has announced a 1-for-35 reverse stock split and an increase in authorized shares from 110M to 250M, effective December 4, 2023. This move aims to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. Adjustments will be made to equity awards, convertible securities, and warrants. No fractional shares will be issued, and stockholders need not take action as adjustments will be automatic.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:31 pm

GS

Options trading analysis for Goldman Sachs Group (NYSE:GS) shows a bullish sentiment with 58% of traders leaning bullish and 42% bearish. Unusual trading activity includes 17 trades, with 14 calls valued at $653,273 and 3 puts at $93,235. The focus is on a price range of $300 to $380 over the last three months. The largest options spotted were all calls, with varying sentiments and expiration dates. Goldman Sachs, a global investment banking and asset management firm, saw its stock price increase by 1.04% to $343.79. An analyst from Oppenheimer maintains an Outperform rating with a target price of $468.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 4:31 pm

HRTS

During Benzinga's ETFS Unlocked Event, the CIO of Tema discussed the Cardiovascular and Metabolic ETF, highlighting significant innovation in the sector that presents new investment opportunities. Additionally, the current downcycle in biotech was noted as creating attractive valuation opportunities for investors.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:31 pm

DIS

The Walt Disney Company (NYSE:DIS) responded to Nelson Peltz's statement regarding its Board of Directors. Disney highlighted its restructuring efforts, cost savings of $7.5 billion, and strategic focus on streaming profitability, ESPN's digital platform, film studio economics, and growth in Experiences. Disney expects free cash flow to near pre-COVID levels by fiscal 2024. The company also announced the appointment of new board members and the non-reelection of Francis A. deSouza. Peltz, with Isaac Perlmutter's backing, plans to present his case to shareholders. Disney will recommend its director nominees in an upcoming proxy statement.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:26 pm

ASO

Academy Sports And Outdoors, Inc. (NASDAQ:ASO) reported lower-than-expected Q3 FY23 results with a 6.4% sales decline to $1.398 billion, missing estimates of $1.440 billion. Adjusted EPS was $1.38, below the consensus of $1.59. Comparable sales fell 8%, and gross margin contracted to 34.5%. Operating income dropped 23.8% to $136.73 million. The company opened 14 stores in 2023 and declared a $0.09 per share dividend. A new $600 million share repurchase program was approved. FY23 sales outlook was lowered to $6.110 billion-$6.170 billion, with adjusted EPS guidance narrowed to $7.05-$7.20. ASO shares fell 1.05% to $50.01.

Portfolio Pulse from Nabaparna Bhattacharya

November 30, 2023 | 4:24 pm

DIS

Walt Disney has disclosed that Isaac Perlmutter, who was terminated from his employment with the company earlier this year, owns 78% of the shares that activist investor Nelson Peltz claims to have beneficial ownership of.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:21 pm

MSTR

MicroStrategy Incorporated (NASDAQ:MSTR) has purchased an additional 16,130 bitcoins for approximately $593.3 million, at an average price of $36,785 per bitcoin. As of November 29, 2023, the company holds a total of 174,530 bitcoins acquired for around $5.28 billion, at an average price of $30,252 per bitcoin. The company's stock is trading lower by 3% at $491.11, despite being up over 18% in the past month. MicroStrategy has also filed with the SEC to potentially offer and sell up to $750 million of class A common stock. The stock has a high short interest with 27.72% of available shares being sold short.

Portfolio Pulse from Erica Kollmann

November 30, 2023 | 4:14 pm

DFS

Discover Financial Services (NYSE:DFS) stock is trading higher after the company announced plans to explore the sale of its Discover Student Loans portfolio. The board has authorized the exploration of strategic alternatives for the student loans business, including the sale of the portfolio and the transfer of loan servicing to a third party. Discover will cease accepting new student loan applications on February 1, 2024. Interim CEO John Owen stated that this move aligns with the company's focus on core banking products and growth opportunities to enhance shareholder value. No deadline has been set for the completion of this process.

Portfolio Pulse from Adam Eckert

November 30, 2023 | 4:02 pm

CTAS

The article provides an industry comparison of Cintas (NASDAQ:CTAS) against its competitors in the Commercial Services & Supplies sector. It highlights Cintas' financial metrics such as P/E, P/B, P/S ratios, ROE, EBITDA, gross profit, revenue growth, and debt-to-equity ratio. Cintas shows a premium valuation with higher P/E, P/B, and P/S ratios compared to the industry average. Despite a lower ROE, the company has strong EBITDA and gross profit, but its revenue growth lags behind the industry average. The company's lower debt-to-equity ratio suggests a stronger financial position with less reliance on debt.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 4:00 pm