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Stocks are set for a lower opening on Tuesday due to concerns about potential future rate hikes hinted by Minneapolis Federal Reserve President Neel Kashkari and weakness in global markets. Despite this, fund manager Louis Navellier expects a bullish end to the year, with the earnings environment improving and inflation excluding energy continuing to ebb. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) fell. Tesla, Inc. (NASDAQ:TSLA) also fell in premarket trading due to weak China weekly insurance registration data. Alibaba Group Holding Ltd. (NYSE:BABA) announced plans to spin off its Cainiao logistics unit in a Hong Kong IPO.

Portfolio Pulse from Shanthi Rexaline

September 26, 2023 | 11:23 am

FWONA

FWONK

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LSXMB

SIRI

Liberty Media has proposed a combination with Sirius XM Holdings. If the deal goes through, minority shareholders of SiriusXM would receive 1 share of the new SiriusXM common stock plus $0.55 in cash for each share of SiriusXM common stock held at closing.

Portfolio Pulse from Charles Gross

September 26, 2023 | 11:19 am

HPP

BTIG analyst Thomas Catherwood has upgraded Hudson Pacific Properties (NYSE:HPP) from Neutral to Buy and set a price target of $11.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 11:02 am

FERG

Ferguson plc has provided its FY2024 guidance, expecting net sales to be broadly flat at $29.73B, compared to the estimated $29.41B. The company anticipates an adjusted operating margin of 9.2%-9.8%, capital expenditures of $400M-$450M, and an adjusted effective tax rate of approximately 25%.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 10:54 am

COTY

Coty Inc plans to initiate a global offering of 33 million of its Class A common stock. The company aims to cater to the U.S. public and investors in select overseas territories. Coty is also targeting the European Economic Area's qualified investors and plans to get its Class A common stock listed on Euronext Paris' professional segment. The raised capital will be used primarily to decrease its outstanding debt and for corporate ventures.

Portfolio Pulse from Shivani Kumaresan

September 26, 2023 | 10:06 am

BABA

Alibaba's board has announced plans to spin-off Cainiao with a separate listing on the Hong Kong Stock Exchange. Alibaba will retain more than 50% of the shareholdings in Cainiao, keeping it as a subsidiary. The spin-off is subject to approval from the Listing Committee of the Hong Kong Stock Exchange, the China Securities Regulatory Commission, and the board of directors and shareholders of Cainiao.

Portfolio Pulse from Charles Gross

September 26, 2023 | 9:20 am

RTX

Pratt & Whitney, a business of RTX (NYSE:RTX), announced plans to expand its Singapore engine center, Eagle Services Asia (ESA), by 48,000 square feet. This expansion will increase the facility's capacity by two-thirds. The company will also increase staffing and provide extensive staff training to meet the increased demand.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 9:02 am

SITE

UBS analyst Damian Karas has upgraded SiteOne Landscape Supply (NYSE:SITE) from Neutral to Buy and raised the price target from $145 to $200.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 9:01 am

DKNG

JP Morgan analyst Joseph Greff has upgraded DraftKings (NASDAQ:DKNG) from Neutral to Overweight and raised the price target from $26 to $37.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 8:48 am

RNAZ

TransCode Therapeutics has priced its public offering of 15.7 million shares at $0.51 per share, raising $8 million. Following the announcement, the company's shares are trading lower.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 8:19 am