Streetbeat News

Equity Actions

SFT

Maruthi J. D. Venkata has reported a 4.8% stake in Shift Technologies as of October 12, 2023, down from the 11.5% stake reported as of March 14, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 7:27 pm

FAST

Stifel analyst Michael E. Hoffman has reiterated a Buy rating on Fastenal Company (NASDAQ:FAST), raising the price target to $66 from $61. Hoffman believes that Fastenal's digital strategy, onsite service model, and high-touch service will drive sustainable market share gains and low double-digit annual FCF growth over the next ten years. Despite a neutral price/cost spread and a change in product mix being a headwind to gross profit margins, the EBITDA margin is likely to increase due to lower costs to serve onsite versus branch locations.

Portfolio Pulse from Nabaparna Bhattacharya

October 13, 2023 | 7:18 pm

MCD

McDonald's Inc.'s (NYSE:MCD) share price is currently at $246.92, after a 0.30% increase. Over the past month, the stock decreased by 10.89%, but increased by 0.58% in the past year. The company's P/E ratio of 22.69 is lower than the aggregate P/E ratio of 149.4 in the Hotels, Restaurants & Leisure industry, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 7:00 pm

FLR

Flare Network, a data-focused blockchain platform, has decided to burn 2.1 billion FLR tokens, approximately 2% of the total supply and 40% of the original token allocation for investors. This move is intended to strengthen the ecosystem and boost community equity and involvement. The burning process will be completed by January 2026. The decision is expected to prevent dilution of community token holdings and attract new users to the network.

Portfolio Pulse from Khyathi Dalal

October 13, 2023 | 6:38 pm

ILMN

Illumina has responded to the European Commission's order to divest GRAIL. The company will have 12 months to complete the divestiture.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 6:14 pm

IBM

A significant amount of unusual options activity has been detected for IBM, with a bearish stance being taken by a majority of investors. Of the 10 strange trades detected, 70% were bearish and 30% bullish. The total amount for puts was $193,030 and for calls was $302,014. Whales have been targeting a price range from $130.0 to $150.0 for IBM over the last 3 months. The current price of IBM is down -1.59% at $139.0. RBC Capital has downgraded its action to Outperform with a price target of $188.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 6:01 pm

PLUG

JP Morgan has issued a note on the EMEA Hydrogen market, mentioning Plug Power. The details of the note are not specified.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 5:53 pm

BIDU

A significant bearish stance on Baidu (NASDAQ:BIDU) has been observed, with 60% of big-money traders showing bearish sentiment. The mean open interest for Baidu options trades today is 744.78 with a total volume of 2,318.00. The price of BIDU is down -0.87% at $127.01. Bernstein maintains their Outperform rating on Baidu, with a price target of $168.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 5:46 pm

BABA

CTRYF

DIDIY

DSECF

JEF

SIOLY

SNCNQ

TCEHY

WARFF

Hong Kong and China stocks closed lower due to weak consumer sentiment and property market concerns. Alibaba (BABA) and Tencent (TCEHY) fell more than 3% due to weak consumption demand. JD.com (JD) dropped 10% after Citigroup (C), Daiwa Securities (DSECF), and Jefferies Financial (JEF) cut price and revenue targets for the company. Morgan Stanley (MS) revised its estimates for the Hong Kong property market, downgrading Wharf Holdings (WARFF) and the overall property market. Sino-Ocean Group (SIOLY) defaulted on its bond repayments, while Country Garden Holdings (CTRYF) and Sunac China Holdings (SNCNQ) also fell. Didi Global (DIDIY) is planning a Hong Kong Stock Exchange listing.

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 5:45 pm

DKNG

EXPE

HAS

LAD

MBLY

NIO

PLNT

RIVN

TSLA

WING

Benzinga's options activity scanner has identified significant options activity in the Consumer Discretionary sector. The stocks involved are Tesla (TSLA), NIO Inc. (NIO), Mobileye (MBLY), Hasbro (HAS), Lithia Motors (LAD), Wingstop (WING), DraftKings (DKNG), Rivian (RIVN), Expedia (EXPE), and Planet Fitness (PLNT). The options activity ranges from bullish to bearish sentiment, with varying expiration dates and strike prices.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 5:35 pm