Streetbeat News

Equity Actions

Unusual options activity has been observed for Verizon Communications (NYSE:VZ), with a bearish stance taken by a large investor. Benzinga's options scanner spotted 10 uncommon options trades for Verizon, with 40% bullish and 60% bearish sentiment. The whales have been targeting a price range from $20.0 to $50.0 for Verizon over the last 3 months. Analysts from Goldman Sachs, Raymond James, Morgan Stanley, and Citigroup have maintained their ratings on Verizon, with price targets ranging from $36 to $44.

Portfolio Pulse from Benzinga Insights

August 21, 2023 | 7:00 pm

JNJ

KVUE

Johnson & Johnson's (JNJ) recent $35 billion exchange offer for Kenvue Inc (KVUE) saw high participation, with 30% of JNJ's outstanding stock being tendered. However, only 23.8% of JNJ shares will be accepted for exchange for KVUE's stock. The article also discusses potential yields from holding onto JNJ, given its reputation in the market.

Portfolio Pulse from AJ Fabino

August 21, 2023 | 6:17 pm

AAPL

AMZN

NVDA

SFTBF

Arm Ltd, owned by Softbank Group Corp, is preparing to file for a Nasdaq IPO, with a potential valuation of $60 billion - $70 billion. The company is expected to raise $8 billion - $10 billion. Investors are keen to understand how Arm plans to diversify beyond its mobile-chip designs, which have been used by Apple Inc and Amazon.com Inc. Despite CEO Masayoshi Son's optimism about Arm's role in the AI boom, some analysts remain skeptical. Nvidia Corp has emerged as the prime beneficiary of the AI surge, but Arm could potentially collaborate with Nvidia due to its energy-efficient CPUs.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 6:01 pm

DBGI

Digital Brands Group, Inc. (DBGI) has announced a 1-for-25 reverse stock split of its common stock, effective on August 22, 2023. The stock will continue to trade on The Nasdaq Capital Market under the existing symbol 'DBGI' and will begin trading on a split-adjusted basis when the market opens on August 22, 2023.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 5:51 pm

AMC

APE

AMC Entertainment Holdings, Inc. (NYSE:AMC) shares are dropping after the company announced a 10-to-1 reverse stock split and AMC Preferred Equity Units (NYSE:APE) stock conversion plan. The reverse stock split will take effect on Thursday, and APE units will be converted to AMC common stock the following day. AMC shares are moving lower on heavy trading volume, with more than 69.4 million shares traded in the session.

Portfolio Pulse from Erica Kollmann

August 21, 2023 | 5:31 pm

NVDA

PATH

TSLA

TWLO

Ark Invest, led by Cathie Wood, suggests that Nvidia's reign as the go-to AI investment may be waning due to its high valuation. Ark Invest is signaling investors to look at small-cap companies instead. The report highlights that mega-cap technology stocks saw a rally on the excitement surrounding AI possibilities, but this might be the wrong move for traders. Ark's favorite AI-related stocks include Tesla, UiPath, and Twilio.

Portfolio Pulse from Chris Katje

August 21, 2023 | 5:20 pm

A significant amount of unusual options activity has been detected for Block (NYSE:SQ), with a majority of investors taking a bearish stance. The trades range from $50.0 to $130.0, with more puts than calls. The price of SQ is currently down -1.12% at $56.24, and RSI indicators suggest the stock may be oversold. Several financial institutions have downgraded their ratings on Block, but maintain price targets ranging from $85 to $100.

Portfolio Pulse from Benzinga Insights

August 21, 2023 | 5:16 pm

MRVL

A significant bullish stance has been taken on Marvell Tech (NASDAQ:MRVL) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is split between 63% bullish and 36% bearish. Whales have been targeting a price range from $30.0 to $90.0 for Marvell Tech over the last 3 months. B. Riley Securities upgraded its action to Buy with a price target of $75.

Portfolio Pulse from Benzinga Insights

August 21, 2023 | 5:15 pm

NVDA

SPKY

The Convexity Daily 1.5x SPIKES Futures ETF (SPKY) started the trading session with a slight gap down before trading near flat. SPKY is a 1.5x leveraged fund that follows the SPIKES Futures Short-Term Index, similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY). The market may see increased volatility due to Nvidia Corporation’s upcoming earnings report and Federal Reserve chair Jerome Powell's speech at the Jackson Hole Symposium. If Nvidia's report is positive and Powell hints at rate cuts, big tech could push significantly higher.

Portfolio Pulse from Melanie Schaffer

August 21, 2023 | 4:58 pm

CMCSA

NXST

PARA

PARAA

SBGI

The 2024 presidential elections are expected to trigger a surge in political advertising spend from $2.5 billion in 2020 to $14 billion. This presents an opportunity for investors in media stocks. Stocks that stand to benefit include Sinclair Inc (NASDAQ:SBGI), Nexstar Media Group Inc (NASDAQ:NXST), Comcast Corporation (NASDAQ:CMCSA), and Paramount Global (NASDAQ:PARAA) (NASDAQ:PARA).

Portfolio Pulse from AJ Fabino

August 21, 2023 | 4:52 pm