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Visa Inc. and Mastercard Incorporated are investing billions into African companies to capitalize on the rapid growth of e-commerce in the continent. The investments are focused on mobile money services, which are popular due to the scarcity of conventional banking infrastructures in Africa. The U.S. Commerce Department expects 435 million Africans to make online purchases by the end of the year, nearly double the pre-pandemic level. Mastercard has acquired a minority stake in MTN Group Ltd's fintech business and invested $100 million into Airtel Africa's mobile-money sphere. Visa has pledged to invest $1 billion into Africa over the next five years.

Portfolio Pulse from Nabaparna Bhattacharya

October 22, 2023 | 12:40 am

ABNB

CART

KVYO

PINS

SNOW

The IPO market has been volatile since 2021, with many companies seeing their valuations dive by 63% after debuting on the U.S. stock market. This has caused concern among venture capitalists and resulted in many startups delaying their IPO plans. Companies like Airbnb (ABNB), Pinterest (PINS), and Snowflake (SNOW) have yet to reclaim their initial valuations. The underwhelming market performance of Instacart (CART) and Klaviyo (KVYO) has further dampened enthusiasm for tech listings.

Portfolio Pulse from Nabaparna Bhattacharya

October 21, 2023 | 4:47 pm

XPEV

XPeng Aeroht, affiliated with Chinese EV manufacturer Xpeng Inc (NYSE:XPEV), has successfully tested a multi-parachute rescue system for its X2 flying car. The system activates at a height of about 50 meters above ground, enabling the vehicle to land safely at a low speed with no damage. XPeng Chairman He Xiaopeng has announced plans for mass production and customer deliveries of the X2 flying car by 2024.

Portfolio Pulse from Anan Ashraf

October 21, 2023 | 8:33 am

VRTX

Vertex Pharmaceuticals Inc.'s stock price is currently at $361.86, marking a 0.81% decrease in the current market session. However, the stock has seen a 3.53% increase over the past month and a 16.54% increase over the past year. The company's P/E ratio of 28.19 is lower than the Biotechnology industry average of 37.07, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

October 20, 2023 | 8:45 pm

SLNO

Soleno Therapeutics Inc has filed a prospectus related to the resale of up to 3 million shares of common stock by selling stockholders, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:36 pm

GBNH

Greenbrook TMS Inc. (GBNH) has appointed Peter Willett as its Interim Chief Financial Officer. Willett will assume responsibilities from Erns Loubser, who is pursuing new opportunities.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:34 pm

THFF

First Financial Corporation (NASDAQ:THFF) announced a leadership transition. Norman D. Lowery, currently Senior Vice President and COO, will succeed his father, Norman L. Lowery, as President and CEO on January 1, 2024. The current Chairman, President and CEO, Norman L. Lowery, will serve as Executive Chairman of the Board through December 31, 2024, and then transition to non-executive Chairman.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:33 pm

SHW

Sherwin-Williams Inc. (NYSE:SHW) shares are currently trading at $237.70, after a 0.50% decrease. Despite a 6.66% fall over the past month, the stock has increased by 11.84% over the past year. The company's price-to-earnings ratio is lower than the aggregate P/E of the Chemicals industry, which could indicate that the stock is undervalued or that shareholders do not expect it to perform better in the future.

Portfolio Pulse from Benzinga Insights

October 20, 2023 | 8:30 pm

JHAA

Nuveen Corporate Income 2023 Target Term Fund has announced its liquidation details, planning to terminate its existence and liquidate on or about December 1, 2023. The fund's common shares will continue trading on the NYSE until November 24, 2023, and will be suspended from trading before the market opens on November 27, 2023. The fund will not declare its regular monthly distribution in November 2023 and expects all accumulated earnings to be included in the final liquidating distribution. Due to market conditions, the fund does not anticipate returning the Original NAV at its termination.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:19 pm

PRST

Presto Automation Inc has filed for a mixed shelf offering of up to $75 million, according to a SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:15 pm