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Equity Actions

BZAMF

Canadian cannabis producer BZAM Ltd. has entered into an engagement letter with Clarus Securities for a private placement of at least 15.38 million units at an issue price of CA$0.13 per unit, aiming to raise approximately CA$2 million. The offering, led by the company's chairman and largest shareholder, is expected to close on October 12, 2023. The proceeds will be used for general corporate expenses and working capital purposes. BZAM shares traded 18.08% lower at $0.11 per share.

Portfolio Pulse from Nina Zdinjak

October 03, 2023 | 3:13 pm

SLB

Schlumberger N.V. (NYSE:SLB) has launched a carbon storage screening and ranking solution to aid in site selection based on scientific analysis of an asset's long-term integrity and economic potential. The solution is aimed at reducing the chances of carbon capture and storage, getting final approval for investment. The company has already used the solution in Trinidad and Tobago to screen and rank potential storage sites.

Portfolio Pulse from Nabaparna Bhattacharya

October 03, 2023 | 3:12 pm

BGXX

Bright Green Corporation (NASDAQ:BGXX) has appointed Groovy Singh as its new CEO, replacing Seamus McAuley who is stepping back due to health concerns. Singh, a veteran in the cannabis and wellness industries, will focus on investing in top talent, commercial operations, and clinical research and development of plant-based therapies. The appointment follows Bright Green's announcement of plans to raise $500 million under the United States Citizens and Immigration Services EB-5 Program.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 3:12 pm

GOGL

Golden Ocean Group Limited (NASDAQ:GOGL) has announced the renewal of its share buy-back program for a maximum period of 12 months, starting from October 5, 2023. The company plans to spend up to $100 million to purchase up to 10 million of its common shares. So far, 1,507,328 shares have been repurchased for a total of $11,629,758. The company's Interim CEO, Lars-Christian Svensen, stated that the extension is in the shareholders' interest and will be used opportunistically as a supplement to the company's long-term focus on dividends.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 3:03 pm

AAPL

AMZN

GOOG

META

MSFT

NEE

NEP

NVDA

QQQ

SPY

TSLA

The article discusses three common mistakes investors make in the stock market, using Nextera Energy Partners LP (NEP) and NextEra Energy Inc (NEE) as examples. Both stocks have been aggressively promoted to investors, particularly those chasing dividends, and have seen significant drops in their stock prices due to rising interest rates and lowered dividend growth rates. The article also mentions early trade money flows, with positive flows in NVIDIA Corp (NVDA) and negative flows in Apple Inc (AAPL), Amazon.com, Inc. (AMZN), Alphabet Inc Class C (GOOG), Meta Platforms Inc (META), Microsoft Corp (MSFT), and Tesla Inc (TSLA). Mixed flows are reported for SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ).

Portfolio Pulse from The Arora Report

October 03, 2023 | 2:59 pm

DNUT

Krispy Kreme Inc (NASDAQ:DNUT) is considering selling its Insomnia Cookies business as part of a strategic move to focus on its core doughnut business. Insomnia Cookies has tripled its revenue since 2017 and is expected to generate about $230 million in FY23. Krispy Kreme's Q2 FY23 sales grew by 9% YoY to $408.88 million, slightly below the analyst consensus.

Portfolio Pulse from Lekha Gupta

October 03, 2023 | 2:55 pm

ACB

CURLF

Aurora Cannabis Inc. and Curaleaf Holdings, Inc. have each closed their respective funding deals. Aurora raised approximately $28.5 million through a bought deal offering of common shares, with plans to use the majority of the proceeds to repay the remaining balance of its convertible notes. Curaleaf raised CA$16.2 million through an offering of subordinate voting shares, with plans to use a portion of the proceeds to fund the working capital requirements of its international business and for general corporate purposes.

Portfolio Pulse from Jelena Martinovic

October 03, 2023 | 2:46 pm

VRNOF

Verano Holdings Corp. (CSE:VRNO) has received conditional approval from Cboe Canada to list its Class A subordinate voting shares. The company plans to delist the shares from the Canadian Securities Exchange and does not require any corporate restructuring for the transition. The shares will continue trading under the same symbol “VRNO” in Canada and “VRNOF” in the U.S. The move is expected to provide improved access to liquidity for investors and position the company well for a U.S. listing in the future.

Portfolio Pulse from Nina Zdinjak

October 03, 2023 | 2:39 pm

SMLP

Summit Midstream Partners (SMLP) has initiated a formal review process to evaluate strategic alternatives following interest from third parties. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 2:34 pm

NKE

A significant investor has taken a bullish stance on Nike (NYSE:NKE), with 54% of investors opening trades with bullish expectations and 45% with bearish. The investor has been targeting a price range from $70.0 to $130.0 for Nike over the last 3 months. The price of NKE is up 0.04% at $94.6. TD Cowen, Morgan Stanley, Deutsche Bank, and Goldman Sachs have maintained their positive ratings on Nike, while Guggenheim has downgraded its action to Buy.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 1:46 pm