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Equity Actions

CURLF

The New York State Office of Cannabis Management (OCM) is expanding its licensing program for recreational marijuana, starting October 4. Businesses can apply for multiple cannabis-related licenses via the New York Business Express platform. The OCM has provisions for Social and Economic Equity applicants, who receive 50% off application and licensing fees. However, the entry of industry giants like Curaleaf Holdings Inc (OTCQX:CURLF) could threaten smaller businesses. The OCM board has also approved a cannabis research license application.

Portfolio Pulse from Joana Scopel

September 12, 2023 | 7:36 pm

AU

BMO Capital Markets analyst Raj Ray has upgraded AngloGold Ashanti Limited (NYSE:AU) to Outperform from Market Perform, raising the price target to $22 from $19. The analyst is optimistic about the company's corporate reorganization and new portfolio rationalization techniques. AngloGold's share price is down ~41% from its May 2023 peak, which presents a more attractive entry point. The analyst also raised FY23 and FY24 EPS estimates.

Portfolio Pulse from Nabaparna Bhattacharya

September 12, 2023 | 7:09 pm

IAG

RBC Capital Markets analyst Wayne Lam has upgraded Iamgold Corporation (NYSE:IAG) to Sector Perform from Underperform, raising the price target to $2.75 from $1.75. The upgrade reflects improved near-term SCF and increased gold price forecasts. The Côté Gold project is expected to transform Iamgold's production profile, providing lower-cost output in Ontario. The analyst anticipates a 30%+ production growth into 2024 at ~15% lower AISC.

Portfolio Pulse from Nabaparna Bhattacharya

September 12, 2023 | 7:05 pm

MRO

Marathon Oil Corp (MRO) shares are trading higher by 3.02% due to OPEC maintaining its growth forecasts and predicting a supply shortfall. This could lead to an increase in oil prices, benefiting Marathon Oil as it can sell its oil at higher rates. A report by Bloomberg anticipates a significant supply deficit in global oil markets, mainly due to Saudi Arabia's extension of production cuts.

Portfolio Pulse from Henry Khederian

September 12, 2023 | 7:01 pm

XOM

Exxon Mobil Corp's shares are trading higher after OPEC maintained its growth forecasts and predicted a supply shortfall. This is mainly due to Saudi Arabia's extension of production cuts. OPEC's forecasts indicate a sharp drop in world oil inventories, potentially the largest since 2007.

Portfolio Pulse from Henry Khederian

September 12, 2023 | 6:52 pm

V

A significant amount of bearish options activity has been observed for Visa (NYSE:V), with 54% of investors opening trades with bearish expectations. The total amount for puts is $715,855 and for calls is $130,580. Whales have been targeting a price range from $210.0 to $280.0 for Visa over the last 3 months. JP Morgan maintains an Overweight rating on Visa with a price target of $296, while Mizuho and Wedbush have downgraded their actions to Neutral and Outperform with price targets of $255 and $270 respectively.

Portfolio Pulse from Benzinga Insights

September 12, 2023 | 6:46 pm

AVTX

CGNT

DTSS

ORCL

SGHT

SLRN

TNON

US stocks traded mostly lower with the Nasdaq Composite falling over 100 points. Energy shares jumped by 2.4%. Oracle Corporation's shares fell around 12% after releasing first-quarter results. Tenon Medical, Avalo Therapeutics, and Cognyte Software shares rose significantly. Acelyrin, Sight Sciences, and Datasea shares dropped significantly. Oil traded up 2% while gold traded down 0.6%.

Portfolio Pulse from Lisa Levin

September 12, 2023 | 6:44 pm

RTX

RBC Capital Markets analyst Ken Herbert has downgraded RTX Corporation (NYSE:RTX) to Sector Perform and lowered the price target to $82 from $105. This follows RTX's update on the impact to the Pratt & Whitney Geared Turbo Fan (GTF) engine fleet due to a rare condition in the powder metal used to manufacture certain engine parts. RTX now anticipates a ~$3 billion FCF impact from 2023 through 2025, with ~80% of this going toward customer concessions. The analyst warns of continued risks to the FCF outlook from the execution of the engine repairs and the customer concessions.

Portfolio Pulse from Nabaparna Bhattacharya

September 12, 2023 | 6:16 pm

SNOW

A significant bearish stance has been taken on Snowflake (NYSE:SNOW) as evidenced by unusual options activity. The overall sentiment of these big-money traders is split between 33% bullish and 66% bearish. The price of SNOW is currently down -0.71% at $168.96. Barclays, Raymond James, and Mizuho have maintained their positive ratings on Snowflake, while Needham and Wedbush have downgraded their actions.

Portfolio Pulse from Benzinga Insights

September 12, 2023 | 6:15 pm

SLB

A significant bearish stance has been taken on Schlumberger Limited (NYSE:SLB) by a large investor, as indicated by unusual options activity. The overall sentiment of these big-money traders is split between 33% bullish and 66% bearish. The whales have been targeting a price range from $50.0 to $70.0 for SLB over the last 3 months. The price of SLB is up 1.83% at $61.88. Susquehanna, Piper Sandler, and UBS have maintained their positive ratings on SLB with price targets of $72, $77, and $73 respectively.

Portfolio Pulse from Benzinga Insights

September 12, 2023 | 6:15 pm