Streetbeat News

Equity Actions

VRNS

Morgan Stanley analyst Hamza Fodderwala has upgraded Varonis Systems (NASDAQ:VRNS) from Equal-Weight to Overweight and raised the price target from $34 to $39.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 9:27 am

FFIE

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) has released an open letter detailing measures to protect stockholder interests and review company achievements. The company is taking steps to combat potential illegal short-selling activities, engage with potential investors, enhance supply chain management, and implement cost control actions. The company's leaders also plan to increase their holdings. Despite significant milestones, the company's stock price and market capitalization have reached a low point, with the current market capitalization equal to around 1% of the approximately $3 billion invested into the business.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:30 am

RAD

Rite Aid Corporation (NYSE:RAD) has initiated a voluntary Chapter 11 bankruptcy process to implement a financial restructuring plan. The company has reached an agreement with its senior secured noteholders and has received a commitment for $3.45 billion in new financing. Rite Aid has also appointed Jeffrey S. Stein as CEO and Director, succeeding interim CEO Elizabeth Burr.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:27 am

KKR

Investment firm KKR and Flerie have partnered to form a new global pharma services platform, Frontier Biosolutions. Frontier will invest in companies focused on specialized pharmaceutical services to advanced therapeutics customers. Thomas Eldered, co-founder of Recipharm and a life sciences investor at Flerie, will serve as Frontier's Executive Chairman.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:22 am

DBVT

DBV Technologies has announced the appointment of Virginie Boucinha as its new Chief Financial Officer, effective from November 6, 2023. She will replace Sébastien Robitaille, who is leaving the company to pursue other opportunities. Boucinha will report directly to CEO Daniel Tassé and serve as a member of the Executive Committee.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:19 am

FBK

HDB

NVFY

PFE

SCHW

Charles Schwab, Pfizer, FB Financial Corporation, Nova Lifestyle, and HDFC Bank are the stocks to watch heading into Monday. Charles Schwab is expected to report quarterly earnings of 75 cents per share on revenue of $4.66 billion. Pfizer lowered its full-year revenue outlook by 13% due to weaker-than-expected covid-19 sales. FB Financial Corporation is expected to have earned 69 cents per share on revenue of $122.89 million. Nova Lifestyle filed for a mixed shelf of up to $55 million. HDFC Bank is expected to report quarterly earnings of 45 cents per share.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 5:36 am

TSLA

Tesla Inc (NASDAQ:TSLA) has posted a job opening for a Country General Manager in Santiago, Chile, sparking speculation about the company's potential entry into the South American market. The job posting indicates that the role will be crucial in launching the market. Tesla has also posted two other on-site job openings in Chile for a Tesla Advisor and Service Technicians. This move suggests that Tesla has significant plans for the Latin American market.

Portfolio Pulse from Anan Ashraf

October 16, 2023 | 2:44 am

AMGS

AMGSU

GVH

PAPL

Four companies are set to go public this week, according to Benzinga Pro. Prospect Energy Holdings Corp (NASDAQ:AMGSU and NASDAQ:AMGS) will be offering 7,500,000 shares each at $10.00 per share. Pineapple Financial Inc (NASDAQ:PAPL) will be offering 875,000 shares at $5.00 per share. Globavend Holdings Limited (NASDAQ:GVH) will be offering 1,875,000 shares at $4.50 per share. All companies have an insider lock-up period of 180 days.

Portfolio Pulse from Benzinga Insights

October 15, 2023 | 10:15 pm

GRPN

NVDA

NVO

TFC

WFC

Barron's has highlighted several stocks in its weekend review. Truist Financial Corp (TFC) is preparing for potential activist investor interest by selling its insurance stake and reshuffling its board. Wells Fargo & Co (WFC) is planning workforce cuts despite a resurgence in its wealth business. Groupon's (GRPN) stock jumped 16% on a 'Buy' rating with a $30 target. Novo Nordisk (NVO) raised its 2023 sales and profit outlook due to strong demand for its products in the U.S. Nvidia Corp's (NVDA) accelerated innovation in AI chips has led to a 'Buy' rating and $650 price target.

Portfolio Pulse from Justin Chan

October 15, 2023 | 5:39 pm

TIP

Ark Invest founder Cathie Wood argues that innovation-induced price declines are leading to a deflationary trend, despite a Tesla bear refuting her argument. Wood cites the steep drop in EV prices as an example of this trend. However, Tesla bear Gordon Johnson suggests that the price drop is due to a demand-supply mismatch rather than innovation. The iShares TIPS Bond ETF (NYSE:TIP) ended Friday’s session up 0.65% at $103.64.

Portfolio Pulse from Shanthi Rexaline

October 15, 2023 | 4:42 pm