Streetbeat News

Equity Actions

GOGO

Gogo Inc. has announced a $50 million share repurchase program, leading to a rise in its stock price.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 7:12 pm

AKTS

AMC

CDTX

CNM

EZGO

MRIN

PALI

U.S. stocks traded lower with the Nasdaq Composite falling more than 1%. Core & Main Inc reported a Q2 miss and narrowed its FY23 guidance. Palisade Bio, Cidara Therapeutics, and Marin Software saw their shares rise due to various positive developments. EZGO Technologies, Akoustis Technologies, and AMC Entertainment saw their shares drop due to negative news. Crude oil rose by 1.4% while gold and silver traded down.

Portfolio Pulse from Lisa Levin

September 06, 2023 | 6:41 pm

Benchmark analyst Reuben Garner has reiterated a Buy rating on Quanex Building Products Corporation (NYSE:NX) and raised the price target to $33. The company's Q3 results beat estimates with record quarterly margins due to solid operational controls. The strong FCF outlook has led the analyst to predict potential opportunistic buybacks or a dividend increase. However, inflationary pressures and a tepid macro view could lead to a mixed FY24.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2023 | 6:41 pm

LEN

A significant bullish stance has been taken on Lennar (NYSE:LEN) as evidenced by unusual options activity. The sentiment among these big-money traders is split between 54% bullish and 45% bearish. Whales have been targeting a price range from $90.0 to $120.0 for Lennar over the last 3 months. Goldman Sachs has maintained their Buy rating on Lennar, with a price target of $142.

Portfolio Pulse from Benzinga Insights

September 06, 2023 | 6:16 pm

JEF

Oppenheimer analyst Chris Kotowski has reiterated an Outperform rating on Jefferies Financial Group Inc. (NYSE:JEF), raising the price target from $39 to $43. Kotowski sees Jefferies as an undervalued mid-cap financial services growth company and is optimistic about its consistent growth in investment banking and trading businesses. The analyst also appreciates the company's conservative balance sheet management and expects gains from divestments and share buybacks.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2023 | 6:12 pm

UBS analyst Rayna Kumar has downgraded Block Inc (NYSE:SQ) from Buy to Neutral and lowered the price target from $102 to $65. This is due to expected slowdown in gross profit growth in the second half of FY23E and FY24E, caused by softening consumer discretionary spending, slowdown in Cash App user growth, and moderation of Cash App monetization rates. Despite Block's progress on profitability, investors are more focused on gross profit growth potential. Block's shares are currently trading near a 5-year low EV/Gross Profit multiple of 4x.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 6:03 pm

ADBE

AMZN

CRM

CRWD

GOOG

INTU

META

MRVL

MSFT

NOW

NVDA

Goldman Sachs' equity strategists have debunked fears of an AI bubble, stating that the technology is still in its infancy and has the potential to outperform other markets. The firm has identified 11 U.S. companies as early winners in the AI revolution, including NVIDIA, Marvell Technology Group, CrowdStrike Holdings, Microsoft, Alphabet, Amazon, Meta Platforms, Salesforce.com, Adobe, ServiceNow, and Intuit. These companies have shown robust financial positions and impressive returns on investment.

Portfolio Pulse from Piero Cingari

September 06, 2023 | 5:50 pm

Parker Hannifin's (NYSE:PH) short percent of float has fallen 3.12% since its last report, with 1.18 million shares sold short, which is 0.93% of all regular shares available for trading. This decrease in short interest could indicate a more bullish market sentiment towards the stock. Compared to its peers, Parker Hannifin has less short interest.

Portfolio Pulse from Benzinga Insights

September 06, 2023 | 5:45 pm

GROM

Grom Social Enterprises, Inc. (NASDAQ:GROM) has announced a 1-for-20 reverse stock split of its common shares to comply with Nasdaq's minimum bid price requirement. The reverse split will be effective on September 7, 2023, and the company's common stock will trade under the same symbol, GROM. Post-split, the company will have approximately 452,219 shares of common stock issued and outstanding. The exercise price per share of common stock subject to the company's warrants will be proportionately increased.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 5:41 pm

AMC

BIDU

GOOG

GOOGL

NFLX

PARA

ROKU

TMUS

WBD

WMG

Benzinga's options activity scanner has identified significant options activity in 10 communication services stocks. The stocks include Netflix (NFLX), Warner Music Group (WMG), Paratek Pharmaceuticals (PARA), WBD (WBD), Roku (ROKU), AMC Entertainment (AMC), Baidu (BIDU), Google (GOOG), T-Mobile US (TMUS), and Alphabet (GOOGL). The options activity ranges from bearish to bullish and neutral sentiments, with varying expiration dates and strike prices.

Portfolio Pulse from Benzinga Insights

September 06, 2023 | 5:35 pm