Streetbeat News

Equity Actions

CCL

Carnival Corp (NYSE:CCL) shares are trading lower by 5.9% despite no company-specific news. The stock is down due to weakness in major indexes, rising Treasury yields, weakness in Morgan Stanley following its Q3 earnings, and softer-than-expected housing start data. The Israel-Hamas conflict has also caused travel uncertainty and U.S. airlines suspending flights to Israel, impacting the travel industry, including cruise stocks.

Portfolio Pulse from Henry Khederian

October 18, 2023 | 7:40 pm

CHPT

ChargePoint Holdings Inc's (NYSE:CHPT) shares hit a new all-time low, falling by 11% to $3.24, despite no company-specific news. The stock's decline may be due to broader weakness in the EV sector and a rise in Treasury yields. The company's stock has seen a 40% decline in the past month, largely due to commitments from institutional investors for their $300 million convertible notes. The company also plans to modify the terms of their notes with the lead investor, which could be seen as a sign of financial stress.

Portfolio Pulse from Henry Khederian

October 18, 2023 | 7:26 pm

CRLBF

FFNTF

GTBIF

MRMD

Pablo Zuanic, managing partner and senior analyst at Zuanic & Associates, has analyzed the capital expenditure (capex) strategies of 20 prominent cannabis Multi-State Operators (MSOs). Amid high interest rates and regulatory uncertainties, most companies are prioritizing cost reduction and cash flow management. However, Zuanic suggests that some MSOs with the resources should increase capex for profitable growth. Green Thumb (OTC:GTBIF) leads the way with a capex-to-sales ratio of 26% in 1H23, well above the group average of 6%. Other high capex players include MariMed (OTC:MRMD), 4Front (OTC:FFNTF), and Cresco (OTC:CRLBF).

Portfolio Pulse from Nicolás Jose Rodriguez

October 18, 2023 | 7:16 pm

ARDX

BAER

ICU

NUZE

NVVE

SPR

US stocks traded lower with the S&P 500 falling more than 1% on Wednesday. Energy shares climbed by 0.9% while materials shares fell by 2.1%. Crude oil inventories in the US declined by 4.491 million barrels. Spirit AeroSystems shares shot up 24% after an agreement with Boeing. Ardelyx shares rose 13% after FDA approval of XPHOZAH. SeaStar Medical shares gained 54% after FDA granted Breakthrough Device Designation for hepatorenal syndrome. Nuvve Holding shares dropped 42% after pricing of $1 million underwritten public offering. NuZee shares were down 44% after pricing its $1.275 million underwritten public offering. Bridger Aerospace shares fell 29% after announcing a $70 million proposed public follow-on offering.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 7:02 pm

GOOGL

A significant bearish stance on Alphabet (NASDAQ:GOOGL) has been observed through unusual options activity. The sentiment among these big-money traders is split between 42% bullish and 57% bearish. The whales have been targeting a price range from $100.0 to $260.0 for Alphabet over the last 3 months. The price of GOOGL is currently down -0.8% at $138.6. Keybanc, Wells Fargo, Piper Sandler, and B of A Securities have maintained their ratings on Alphabet.

Portfolio Pulse from Benzinga Insights

October 18, 2023 | 6:46 pm

PSX

A significant bullish stance has been taken on Phillips 66 (NYSE:PSX) as indicated by unusual options activity. The overall sentiment of these big-money traders is split between 57% bullish and 42% bearish. The whales have been targeting a price range from $105.0 to $140.0 for Phillips 66 over the last 3 months. The price of PSX is up 2.34% at $116.58. Mizuho, Piper Sandler, and Raymond James have maintained their ratings on Phillips 66 with price targets of $116, $134, and $128/$133 respectively.

Portfolio Pulse from Benzinga Insights

October 18, 2023 | 6:31 pm

SPY

USO

The U.S. plans to provide some oil-related sanctions relief for Venezuela in response to Tuesday's election deal between the Venezuelan government and opposition, according to a senior State Department official.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:05 pm

FDX

A significant bullish stance on FedEx (NYSE:FDX) has been observed in recent unusual options activity. The overall sentiment of these big-money traders is split between 54% bullish and 45% bearish. The whales have been targeting a price range from $230.0 to $290.0 for FedEx over the last 3 months. The price of FDX is currently down -1.8% at $243.57. Analysts from Wells Fargo, HSBC, Deutsche Bank, Jefferies, and Loop Capital have maintained their ratings on FedEx with price targets ranging from $265 to $330.

Portfolio Pulse from Benzinga Insights

October 18, 2023 | 6:01 pm

FYBR

Benchmark analyst Matthew Harrigan has reiterated a Buy rating for Frontier Communications Parent, Inc (NASDAQ:FYBR) with a $35 price target. This follows Jana Partners' accumulation of a new position in the company and suggestion for Frontier to sell itself. Harrigan believes this highlights FYBR's chronic undervaluation. He also mentioned the potential for further copper conversions with government subsidy benefits that could provide up to $15 potential upside not included in the price target. However, he admits this is unlikely to be realized until later in the decade. Frontier is the largest pure-play fiber provider in the U.S. and is expected to generate over $3.0 billion in 2023 fiber top line, increasing 12%+ annually to more than $5.4 billion in 2028.

Portfolio Pulse from Anusuya Lahiri

October 18, 2023 | 5:50 pm

CBOE

VRNOF

Verano Holdings Corp. has started trading its Class A subordinate voting shares on Canada's Neo Exchange Inc., which operates as Cboe Global Markets, Inc. The shares will trade under the symbol 'VRNO' in Canada and 'VRNOF' in the U.S. The move is seen as strategic, positioning Verano for growth and expansion in the rapidly changing cannabis industry. Verano's shares traded 1.9396% lower at $4.55 per share on Wednesday afternoon.

Portfolio Pulse from Jelena Martinovic

October 18, 2023 | 5:49 pm