Streetbeat News

Equity Actions

CRGE

Charge Enterprises, Inc. (NASDAQ:CRGE) has announced that COO Craig Denson will take over as Interim CEO from August 31, 2023, following the resignation of Andrew Fox. Amy Hanson, current Chair of the Audit Committee and Lead Independent Director, will assume the role of Chairperson. Fox will continue to serve as a director and strategic advisor to the Board.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 11:14 am

APLS

Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) announced a corporate restructuring to drive growth of SYFOVRE and EMPAVELI, which is expected to result in up to $300 million in total cost savings through 2024. The restructuring includes a 25% reduction in the current workforce.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 11:00 am

NRXP

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) has entered into a definitive purchase agreement with accredited investors to sell 3,000,000 shares of preferred stock at $0.40 per share. These shares will convert into common shares and warrants to purchase common stock at the same price after six months.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 10:56 am

QQQ

SPY

The stock futures were narrowly mixed ahead of key economic readings including house prices data, consumer confidence reading, and the JOLTS survey. The Federal Reserve's data-dependent stance could potentially lift market sentiment if data suggests a slowdown in economic momentum. Analysts from Morgan Stanley suggest a strategy of 'buying weakness than selling rallies' due to the central bank's skew towards holding or further rate hikes. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.06% and the Invesco QQQ ETF (NASDAQ:QQQ) edged up 0.05%.

Portfolio Pulse from Shanthi Rexaline

August 29, 2023 | 10:16 am

DCI

Donaldson Company, Inc. (DCI) has projected its FY24 sales growth to be between 3% and 7%, with an EPS of $3.14 - $3.30, compared to an estimate of $3.13. The company expects growth in mobile, industrial, and life sciences sales, while aerospace and defense sales are projected to decrease. Operating margin is forecasted to be between 14.7% and 15.3%, and capital expenditures are expected to be between $95 million and $115 million. The company also plans to repurchase approximately 2% of its shares outstanding.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 10:06 am

ORCL

UBS analyst Karl Keirstead has upgraded Oracle (NYSE:ORCL) from Neutral to Buy and raised the price target from $120 to $140.

Portfolio Pulse from richadhand@benzinga.com

August 29, 2023 | 9:09 am

FINV

FinVolution Group (NYSE:FINV), a leading fintech platform, has announced a new share repurchase program authorized by its board of directors. The program, effective from August 29, 2023, allows the company to repurchase its own Class A ordinary shares in the form of American depositary shares (ADS) with an aggregate value of up to $150 million until August 29, 2025.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 7:42 am

FFIE

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) has announced plans to finance future growth through a reverse stock split and the filing of Registration Statements on Form S-3. The company believes these actions will attract additional investors and support the production ramp of the Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance. The company's common stock began trading on a split-adjusted basis following a reverse stock split of 1-for-80.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 7:33 am

MSFT

Microsoft Corp. has altered its employee compensation strategy, freezing salaries, reducing bonus budgets, and increasing the proportion of stock awards. During performance reviews, managers were instructed to focus on individual performance and its impact on rewards, rather than discussing the company's budget. The company's Chief People Officer, Kathleen Hogan, also instructed managers to award fewer “exceptional rewards,” which lead to higher pay and bonuses.

Portfolio Pulse from Benzinga Neuro

August 29, 2023 | 5:34 am

NOAH

Noah Holdings has announced plans for a share subdivision and adjustment of the board lot size. The move is expected to increase liquidity and make the stock more accessible to investors.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 5:29 am