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Equity Actions

ERII

Energy Recovery, Inc. (NASDAQ:ERII) shares dropped after the company announced a leadership transition. David Moon has been appointed interim CEO and Bob Mao will remain a board member. Pamela Tondreau, current Lead Independent Director, has been elected as the new Chairperson of the Board. The company is searching for a permanent President and CEO.

Portfolio Pulse from Ryan Gustafson

October 25, 2023 | 7:12 pm

TSEM

Benchmark analyst Cody Acree initiated coverage on Tower Semiconductor Ltd. (NASDAQ:TSEM) with a Buy Rating and a $36 price target. The analyst believes that Tower Semiconductor is an undervalued, high-growth, high-cash-flow, and lesser-known specialty semiconductor outsourced manufacturing company. The company is strategically positioned to participate in and become the leader in designing and manufacturing many of the economy's newest technologies. The analyst expects the company to return to annual growth of about 8% in 2024.

Portfolio Pulse from Nabaparna Bhattacharya

October 25, 2023 | 7:07 pm

ALB

LTHM

Piper Sandler analyst Charles Neivert downgraded Albemarle Corp (ALB) and Livent Corp (LTHM) to Neutral from Overweight, citing challenges in EV manufacturing and demand that may degrade lithium's supply-demand dynamics. The analyst also lowered ALB's price target to $155 from $255 and LTHM's to $19 from $33. He expects lithium prices to remain under pressure and weigh on earnings growth.

Portfolio Pulse from Lekha Gupta

October 25, 2023 | 6:29 pm

General Electric Co (NYSE:GE) reported Q3 FY23 revenues of $17.3 billion, a 20% YoY increase, and adjusted EPS of $0.82, beating the consensus of $0.56. The company plans to spin off GE Vernova and launch GE Aerospace in Q2 2024. GE also revised its FY23 adjusted EPS forecast to $2.55-$2.65 from $2.10-$2.30. Despite the positive earnings, GE shares fell 1.4% to $112.03. Barclays and RBC Capital increased their price targets on GE following the earnings announcement.

Portfolio Pulse from Lisa Levin

October 25, 2023 | 6:23 pm

AGR

Copenhagen Infrastructure Partners (CIP) and Avangrid, Inc. (NYSE:AGR) have announced a $1.2 billion tax equity package for the Vineyard Wind 1 project, marking the largest single asset tax equity financing and the first for a commercial scale offshore wind project. The investment was made by J.P. Morgan Chase, Bank of America, and Wells Fargo.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 6:04 pm

SHEL

Shell PLC (NYSE:SHEL) is planning to cut around 15% of the workforce in its low-carbon solutions division and reduce its exposure to the hydrogen business. The move is part of a strategy to focus on higher-margin projects, steady oil output, and grow natural gas production. The company plans to cut 200 jobs in 2024 and is currently reviewing 130 positions. The shares of Shell are trading higher by 0.25% at $66.83.

Portfolio Pulse from Lekha Gupta

October 25, 2023 | 6:03 pm

A significant bullish position has been taken on Home Depot (NYSE:HD), as observed in the options history. The sentiment among these big-money traders is split between 64% bullish and 35% bearish. Whales have been targeting a price range from $240.0 to $300.0 for Home Depot over the last 3 months. The price of HD is currently down -0.98% at $280.54. Truist Securities and Telsey Advisory Group have maintained their Buy and Market Perform ratings on Home Depot, respectively, with price targets of $341 and $330.

Portfolio Pulse from Benzinga Insights

October 25, 2023 | 5:46 pm

AAPL

ADI

AMD

CRWD

IBM

MSFT

NVDA

PLTR

RIOT

TXN

Benzinga's options activity scanner has identified significant options activity in the Information Technology sector. Notable trades include bullish call options for PLTR, MSFT, AMD, and CRWD, and bearish put options for NVDA, IBM, and TXN. AAPL and ADI have seen bearish call options, while RIOT has seen a bearish call option trade.

Portfolio Pulse from Benzinga Insights

October 25, 2023 | 5:35 pm

XXII

22nd Century Group, Inc. (NASDAQ:XXII) has reduced its outstanding principal of its senior secured credit facility from $22.1 million to $14 million. The reduction is expected to result in annual cash interest savings of approximately $500,000. After the debt reduction, the company announced a public offering with $5.25 million in gross proceeds.

Portfolio Pulse from Jelena Martinovic

October 25, 2023 | 5:21 pm

MSFT

Analyst Ming-Chi Kuo has analyzed the impact of Microsoft's financial report on AI supply chain stocks. He notes that Microsoft's Azure revenue increased by 29% YoY, beating market expectations. However, Microsoft's Capex growth has slowed significantly, suggesting a shift in AI investment focus from building AI computing power to application and business development. This shift may initially be evidenced by the slowdown in capex growth and better-than-expected profits. While this may not benefit AI supply chain stocks in the short term, it could be favorable for long-term AI server shipment growth and investment confidence.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 5:18 pm