Streetbeat News

Equity Actions

NVDA

ZM

Ark Invest, led by Cathie Wood, made significant trades on Tuesday, purchasing $8.1 million worth of Zoom shares and selling $1.02 million worth of Nvidia shares. The Zoom purchase comes after the company's strong Q2 earnings beat and the introduction of new AI features. The Nvidia sale comes amid various developments affecting the company's stock performance. Ark Invest also made trades involving CRISPR Therapeutics, Adaptive Biotechnologies, Recursion Pharmaceuticals, Intellia Therapeutics, Codexis, and Phenomex.

Portfolio Pulse from Benzinga Neuro

August 23, 2023 | 1:50 am

AAWH

CURLF

MJUS

PSDN

Morgan Paxhia, co-founder and managing partner of Poseidon Investment Management, revealed the unwinding of the AdvisorShares Poseidon Dynamic Cannabis ETF (NYSE:PSDN). The firm has sold almost all its holdings, including Ascend Wellness Holdings Inc (OTCQX: AAWH). Paxhia also discussed the impact of the ETFMG US Alternative Harvest ETF (NYSE:MJUS) rebalance, citing it as a source of market pressure. He highlighted the significant impact of the rebalance on Curaleaf Holdings Inc (OTCQX: CURLF).

Portfolio Pulse from Joana Scopel

August 22, 2023 | 9:23 pm

MNTS

Momentus has announced a 1-for-50 reverse stock split of its Class A common stock. The split-adjusted trading will commence on August 24, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:58 pm

BABA

Ant Group, the fintech affiliate of Alibaba Group Holding Limited (NYSE:BABA), is planning to restructure its operations, which could impact its international stakeholders. The company plans to make OceanBase, its database management system, an independent entity and repurchase shares held by foreign investors. This move could be a setback for investors like General Atlantic and the Carlyle Group.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 8:39 pm

ARAV

Aravive Inc (ARAV) has terminated Phase 1b/P2 trials of batiraxcept due to cash preservation. The company's Phase 3 AXLerate-OC trial did not meet its primary endpoint, leading to a downgrade of ARAV stock by Cantor Fitzgerald and William Blair. The company is exploring strategic alternatives and may cease operations if it fails to raise capital or engage a strategic partner. ARAV shares closed 23.60% lower at $0.16 on Tuesday.

Portfolio Pulse from Vandana Singh

August 22, 2023 | 8:35 pm

FL

NKE

XLY

Nike Inc. (NYSE:NKE) is facing its longest losing streak since December 1980, with shares falling for the ninth consecutive session. Concerns about demand in China and rising inventories are contributing to the slump, which has wiped out $14 billion of market cap in the last two weeks. Nike's year-to-date decline of 14% contrasts with the 29% gain of the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY). Wall Street analysts have lowered their one-year average price target for Nike from $137 to $129. Foot Locker Inc. (NYSE:FL), which sources 65% of its athletic merchandise from Nike, is also being closely watched.

Portfolio Pulse from Piero Cingari

August 22, 2023 | 8:34 pm

TOL

Toll Brothers (TOL) has raised its full-year guidance for deliveries, adjusted gross margin, and SG&A leverage, expecting a return on beginning equity for fiscal 2023 of approximately 22%. The company reported record third-quarter earnings of $3.73 per diluted share, up 59% YoY. It also signed 2,245 net contracts for $2.2 billion in the quarter, up 77% YoY. The company's net debt-to-capital ratio was 20.5% and total liquidity was $2.8 billion. It repurchased approximately $162.5 million of its common stock and paid $69 million in dividends. Standard & Poor's upgraded the company's credit rating to investment grade.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 8:33 pm

DIS

A significant amount of unusual options activity has been observed for Walt Disney (NYSE:DIS), with 50% of investors showing bullish expectations and 50% bearish. The total amount for puts is $2,029,332 and for calls is $806,592. Whales have been targeting a price range from $65.0 to $125.0 for Walt Disney over the last 3 months. Several financial institutions have maintained positive ratings on Walt Disney, with price targets ranging from $102 to $146.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 8:30 pm

DRVN

Driven Brands Holdings Inc. (DRVN) has announced a $50 million share repurchase authorization. This move indicates the company's confidence in its own stock and could potentially increase the stock's price by reducing the number of shares available in the market.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 8:30 pm

AAPL

BRK

The article emphasizes the importance of a buy-and-hold strategy in investing, highlighting the significant dividends that can be earned. It mentions that Apple Inc has paid $645M in dividends to Warren Buffett’s Berkshire Hathaway Inc this year. Other notable dividend earners include Ray Dalio's Bridgewater Associates, Bill Ackman's Pershing Square Capital, and David Tepper's Appaloosa Management.

Portfolio Pulse from AJ Fabino

August 22, 2023 | 8:30 pm