Streetbeat News

Equity Actions

ADSK

Autodesk has released its FY24 guidance, predicting EPS of $7.30-$7.49, compared to an estimate of $7.28, and revenue of $5.405B-$5.455B, compared to an estimate of $5.41B. The company expects billings to be down 12%-11% and revenue to be up 8%-9%. The GAAP and non-GAAP operating margins are expected to remain flat year over year.

Portfolio Pulse from Happy Mohamed

August 23, 2023 | 8:05 pm

OTMO

Otonomo Technologies Ltd. (NASDAQ:OTMO) has announced the expiration and results of its exchange offer and consent solicitation relating to its outstanding public and private placement warrants. Approximately 63.7% of the public warrants and 100% of the private placement warrants were tendered. The company also received approval for the amendment to the warrant agreement. Otonomo will exchange all remaining untendered warrants for Ordinary Shares at an exchange ratio of 0.01503 Ordinary Shares for each warrant on September 7, 2023.

Portfolio Pulse from Happy Mohamed

August 23, 2023 | 8:01 pm

JAZZ

Pharmaceutical company Verdemed has received five approvals from the Brazilian Health Regulatory Agency, making it the leader in authorized cannabis-based medications in Brazil. The company now offers products such as Canabidiol Verdemed, a counterpart to Jazz Pharmaceuticals' Epidiolex. Verdemed plans to double its product sales by the end of 2024 and is set to channel investments into research and development. The company has also initiated a new investment round to raise $3 million and plans to undertake an IPO on the Toronto Stock Exchange.

Portfolio Pulse from Javier Hasse

August 23, 2023 | 7:57 pm

CCL

Carnival Corporation (NYSE:CCL) shares are trading higher amid overall market strength and anticipation surrounding NVIDIA's second-quarter earnings report. However, the travel sector, including cruise stocks, may experience volatility due to concerns over a new COVID wave.

Portfolio Pulse from Ryan Gustafson

August 23, 2023 | 7:50 pm

TRSSF

TSX:TSND

TerrAscend Corp. (TSX:TSND) (OTCQX:TRSSF) has raised $21 million in equity and senior unsecured convertible debentures and listed on the Toronto Stock Exchange, freeing it from U.S. regulatory constraints. The company's stock now trades under the ticker symbol 'TSND'. The listing has given TerrAscend access to more institutional capital and investors. Morgan Stanley has also removed all restrictions from the stock. TerrAscend's Q1 results reported a 42.8% YoY increase in revenue and a positive free cash flow of $5.9 million.

Portfolio Pulse from Jelena Martinovic

August 23, 2023 | 7:44 pm

SALM

Salem Media Group has announced its plan to sell its Greenville radio stations. The terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 7:34 pm

CME

CME Gr Inc.'s stock is currently trading at $200.52, marking a 0.52% increase. Over the past month, the stock has increased by 0.89%, and by 0.70% over the past year. The company's P/E ratio of 24.39 is lower than the Capital Markets industry average of 72.36, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

August 23, 2023 | 7:31 pm

ADI

APLS

IDEX

ITOS

PTON

VCIG

US stocks traded higher with the S&P 500 gaining 1.08%. Analog Devices (ADI) reported weaker-than-expected Q3 results, with a YoY revenue decline of 1% to $3.08 billion. VCI Global (VCIG) shares rose 129% after announcing a collaboration with Microsoft Azure OpenAI. Apellis Pharmaceuticals (APLS) shares rose 31% after reporting rare events of retinal vasculitis in treatment with SYFOVRE. iTeos Therapeutics (ITOS) shares rose 28% following the release of Roche NSCLC data. Ideanomics (IDEX) shares dropped 27% after announcing a 1-for-125 reverse stock split. Foot Locker (FL) shares fell 30% after reporting a Q2 revenue miss and an 11% rise in inventories. Peloton (PTON) shares fell 24% after reporting mixed Q4 results and a quarterly decline in Connected Fitness subscribers.

Portfolio Pulse from Lisa Levin

August 23, 2023 | 6:25 pm

AMC

AMC Entertainment is planning a 10-to-1 reverse stock split that will take effect on Thursday. The company's Preferred Equity Units will be converted to common stock the following day. This has led to a decrease in AMC's share price.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 5:52 pm

SPKY

SPY

UVXY

The SPDR S&P 500 (NYSE:SPY) rose about 1% during Wednesday's trading session, ahead of Nvidia Corporation's earnings print and the Jackson Hole Symposium. The SPY had fallen 5.75% between July 17 and Aug. 18 before rebounding over the last four trading days. There's a possibility the market ETF could be settling into a bear flag pattern. If the SPY breaks down from the bear flag pattern, volatility in the stock market is likely to increase. Traders can trade the potential volatility with options like the ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) and ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY).

Portfolio Pulse from Melanie Schaffer

August 23, 2023 | 5:48 pm