Streetbeat News

Equity Actions

AMC

GME

Shares of GameStop Corporation (NYSE:GME) and AMC (NYSE:AMC) are trading lower. AMC's stock dropped due to fears of dilution following a court approval of a settlement that would allow the company to convert its preferred equity units into common shares. GME's stock fell over 5% possibly due to retail weakness and disappointing quarterly reports for Macy's and Dick's Sporting Goods.

Portfolio Pulse from Ryan Gustafson

August 22, 2023 | 8:03 pm

APO

Apollo (NYSE:APO) has appointed David Moffatt as Chair of its operations in Australia and New Zealand. Moffatt, a long-time Apollo advisor, brings over 30 years of leadership experience to the role. The appointment comes as Apollo continues to expand its asset management and retirement services capabilities in the region. Apollo sees significant opportunity to expand non-bank and hybrid origination in the region, and to enhance retirement and investment portfolios through alternatives.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 8:00 pm

TIVC

Tivic Health Systems has announced a 1-for-100 reverse stock split, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 7:48 pm

PMN

ProMIS Neurosciences has announced $20.4 million in private placement financing, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 7:44 pm

NNAGU

99 Acquisition Group Inc. has closed its initial public offering of 7.5 million units at $10 per unit, raising $75 million. The units, trading under the ticker symbol 'NNAGU' on Nasdaq, consist of one Class A ordinary share, one redeemable warrant, and one right to receive 1/5 of a Class A ordinary share upon an initial business combination. The company plans to use the proceeds for its initial business combination.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 7:17 pm

LULU

A significant amount of unusual options activity has been observed for Lululemon Athletica (NASDAQ:LULU), with a majority of investors taking a bearish stance. Whales have been targeting a price range from $360.0 to $430.0 for Lululemon over the last 3 months. The current price of LULU is down -1.51% at $379.1. Keybanc has maintained their Overweight rating on Lululemon Athletica, with a price target of $425.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 7:16 pm

NKE

A whale investor has taken a bullish stance on Nike (NYSE:NKE), with 50% of investors opening trades with bullish expectations and 50% with bearish. The whale has been targeting a price range from $75.0 to $165.0 for Nike over the last 3 months. The price of NKE is currently down -1.89% at $100.92, and RSI indicators suggest the stock may be oversold. Nike's next earnings are expected in 37 days.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 7:01 pm

SPY

TLT

LCM Capital Management suggests that predicting economic growth is uncertain, even for the Federal Reserve. They advise investors to stay diversified and consider SPY (SPDR S&P 500) for long-term equity diversification and TLT (I-Shares 20+ year Treasury Bond ETF) if they believe interest rates are near their peak.

Portfolio Pulse from John Nowicki

August 22, 2023 | 6:08 pm

MCHP

Microchip Technology Inc.'s shares are trading at $79.87, after a 0.81% drop. Over the past month, the stock decreased by 12.08%, but over the past year, it increased by 16.56%. The company's P/E ratio is lower than the aggregate P/E of 41.54 of the Semiconductors & Semiconductor Equipment industry, indicating that the stock might be undervalued.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 6:05 pm

ETHUSD

On Monday, 4,878.48 Ether (ETH) worth $7,917,969 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -4.79%.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 6:00 pm