Streetbeat News

Equity Actions

AMD

Advanced Micro Devices (NYSE:AMD) has seen a 30.1% increase in short interest since its last report, with 40.90 million shares sold short, representing 2.55% of its float. It would take about 1.0 trading day to cover all short positions. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. AMD's short interest is below its peer group average of 3.67%.

Portfolio Pulse from Benzinga Insights

November 29, 2023 | 1:30 pm

PSX

Phillips 66 (PSX) stock price has risen following reports that Elliott Management has acquired a $1 billion stake in the company and intends to pursue seats on the board.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:22 pm

PCSA

Processa Pharmaceuticals, Inc. (PCSA) CEO George Ng issued a shareholder letter detailing the company's pivot to oncology drug development, focusing on Next Generation Chemotherapy (NGC) agents to improve safety and efficacy for cancer patients. The letter outlines the current pipeline, including NGC-Capecitabine (PCS6422), NGC-Gemcitabine (PCS3117), and NGC-Irinotecan (PCS11T), all targeting various cancers. Processa aims to address chemotherapy's limitations and expand its market, leveraging a strong team and regulatory science approach. The company has a stable financial position with $6.9 million in cash as of September 30, 2023, and plans to out-license non-NGC assets to supplement funding. Upcoming milestones include completing Phase 1b study enrollment for NGC-Cap by early 2024 and meeting with the FDA to discuss Phase 2 study designs.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:18 pm

VMI

Valmont Industries has initiated a $120M accelerated share repurchase (ASR) with Citibank, N.A., receiving an initial delivery of about 0.4M shares on November 29, 2023. The final share count will depend on the volume-weighted average price, with the ASR concluding by Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:18 pm

NEGG

ROVR

SGC

TAL

TXRH

Five consumer discretionary stocks are considered overbought based on their RSI values, which may signal a potential short-term decline. Newegg Commerce (NEGG) authorized a share repurchase program, Superior Group of Companies (SGC) reported strong Q3 earnings, TAL Education Group (TAL) exceeded quarterly expectations, Texas Roadhouse (TXRH) had weaker Q3 earnings but solid sales growth, and Rover Group (ROVR) posted strong Q3 results and raised FY23 guidance.

Portfolio Pulse from Lisa Levin

November 29, 2023 | 1:16 pm

PSX

Elliott Management has acquired a $1 billion stake in Phillips 66 and intends to push for changes by seeking two seats on the company's board, according to sources. This move by the activist hedge fund could lead to strategic shifts or operational improvements at Phillips 66.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:13 pm

JFBR

Jeffs' Brands' Board of Directors has announced that they will explore and evaluate potential strategic transactions. These may include further investments in innovative companies, acquisitions, or forming strategic partnerships.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:08 pm

ENG

ENGlobal Corporation has announced a 1-for-8 reverse stock split, which will be effective on November 30. This corporate action is typically undertaken by companies aiming to boost their stock price by reducing the number of shares outstanding, which can also lead to a higher price per share.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:06 pm

LQR

LQR House Inc. (NASDAQ:LQR) has been actively repurchasing shares as part of its Share Buyback Program. The company bought back shares on three separate occasions at record-low prices, adhering to Rule 10b-18 guidelines. On November 21, 237,700 shares were acquired at $0.04813 each, on November 27, 2,000,000 shares at $0.030979 each, and on November 28, 813,022 shares at $0.0279 each, demonstrating the company's commitment to the program.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 12:35 pm

GBTC

MSTR

Andrew Tate compared Michael Saylor's responsible business practices at MicroStrategy with Sam Bankman-Fried's fraudulent activities at FTX. Tate highlighted Saylor's net-benefit approach to business, contrasting it with Bankman-Fried's 0-benefit strategy, which led to his conviction on fraud charges. Tate also discussed the potential SEC approval of a Bitcoin ETF, mentioning several contenders for the ETF including Grayscale, Ark/21 Shares, Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, Invesco Galaxy, and Fidelity Wise Origin.

Portfolio Pulse from Mehab Qureshi

November 29, 2023 | 12:04 pm