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RINF

TSLA

Economists, including Paul Krugman, are advocating for the Federal Reserve to increase its inflation target from 2% to 3%. They argue that a higher target could cushion the economy against severe recessions and boost investment. However, Krugman disagrees with Jason Furman's assertion that there is more work to do, suggesting that with current inflation measures around 3%, victory should be declared. Higher interest rates have been cited as a reason for slowing demand for products and services, with Tesla's CEO stating that they may force the company to lower prices, impacting profitability.

Portfolio Pulse from Shanthi Rexaline

August 22, 2023 | 7:02 am

MCLD

mCloud Technologies has approved a new corporate structure to maximize value from the exploration of strategic alternatives. The company is considering various options to enhance shareholder value.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 5:09 am

ADPT

ADYEY

CDXS

CELL

CRSP

RXRX

SHOP

Ark Invest, led by Cathie Wood, sold $9.2 million worth of Shopify Inc (NYSE:SHOP) shares due to recent volatility following its Q2 results. The shares were sold through ARK Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF). Ark Invest also bought shares of ADYEN NV (OTC:ADYEY), CRISPR THERAPEUTICS AG (NASDAQ:CRSP), ADAPTIVE BIOTECHNOLOGIES (NASDAQ:ADPT), and RECURSION PHARMACEUTICALS (NASDAQ:RXRX), and sold shares of CODEXIS INC (NASDAQ:CDXS) and PHENOMEX INC (NASDAQ:CELL).

Portfolio Pulse from Benzinga Neuro

August 22, 2023 | 2:27 am

AAP

EBS

KVUE

Kenvue will replace Advance Auto Parts in the S&P 500, and Advance Auto Parts will replace Emergent BioSolutions in the S&P SmallCap 600, effective August 25.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 9:23 pm

NVDA

TSLA

Tech giants NVIDIA Corp (NASDAQ:NVDA) and Tesla Inc (NASDAQ:TSLA) saw their stocks surge by 8.5% and 7.3% respectively on Monday, adding more than $120 billion to their combined market value. This increase matches the entire value of companies like Starbucks Corp (NASDAQ:SBUX), Goldman Sachs Group (NYSE:GS), and Lockheed Martin Corp (NYSE:LMT). Other companies with lower market capitalization than the value of Tesla and Nvidia's gain include Blackstone Inc (NYSE:BX), Sony Group Corp (NYSE:SONY), AT&T Inc (NYSE:T), Anheuser-Busch InBev (NYSE:BUD), CVS Health Corp (NYSE:CVS), AirBnb Inc (NASDAQ:ABNB), Altria Group (NYSE:MO), and Shopify Inc (NASDAQ:SHOP).

Portfolio Pulse from Aaron Bry

August 21, 2023 | 9:08 pm

SCHW

Charles Schwab Corp (NYSE:SCHW) announced plans to cut jobs and downsize offices to reduce costs. The company expects to realize at least $500 million in cost savings annually from these actions, but also expects to incur $400 million to $500 million in exit and related costs, primarily due to employee compensation and benefits. Most of the costs related to the headcount reduction will be realized in the second half of 2023.

Portfolio Pulse from Adam Eckert

August 21, 2023 | 8:55 pm

LOW

Lowe's Companies (NYSE:LOW) is set to report its Q2 financial results. Analysts expect a revenue of $24.99 billion and earnings per share of $4.49. Lowe's has missed revenue estimates in three of the last five quarters but has beaten earnings per share estimates for the past 10 quarters. Home Depot (NYSE:HD) and Lowe's were both downgraded by Telsey Advisory Group from Outperform to Market Perform. Home Depot recently beat analysts' estimates for revenue and earnings per share, and announced a $15 billion share buyback.

Portfolio Pulse from Chris Katje

August 21, 2023 | 8:51 pm

Fabrinet (NYSE:FN) reported Q4 earnings of $1.86 per share, beating the analyst consensus estimate of $1.80. The company also reported quarterly sales of $655.87 million, beating the analyst consensus estimate of $641.41 million. Fabrinet issued Q1 earnings guidance between $1.83 and $1.90 per share, and revenue between $650 million and $670 million. The company's Board of Directors approved the repurchase of up to an additional $47.6 million of Fabrinet's ordinary shares.

Portfolio Pulse from Ryan Gustafson

August 21, 2023 | 8:45 pm

EML

The Eastern Company has announced a program to repurchase up to 200,000 shares by August 20, 2028.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 8:32 pm

NDSN

Nordson Corporation has revised its FY23 revenue growth guidance to 0-2%, down from its previous forecast.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 8:31 pm