Streetbeat News

Equity Actions

LCID

NIO

RIVN

VFS

Pham Nhat Vuong, founder of VinFast Auto Ltd. (NASDAQ:VFS), lost about $18 billion due to a sharp decline in the company's shares. The shares had surged 255% on its first day of trading on Nasdaq but were followed by three consecutive days of losses. Despite this, Vuong's net worth is still higher than before the company's listing. VinFast's market capitalization peaked at $85 billion, surpassing General Motors Co., but ended the week around $36 billion, still ahead of EV competitors like Rivian Automotive Inc. (NASDAQ:RIVN), Nio Inc. (NYSE:NIO), and Lucid Group Inc (NASDAQ:LCID).

Portfolio Pulse from Benzinga Neuro

August 19, 2023 | 3:52 am

PFE

A large investor has taken a bullish stance on Pfizer (NYSE:PFE), with 22 uncommon options trades spotted for the company. The sentiment of these big-money traders is split between 77% bullish and 22% bearish. The whales have been targeting a price range from $35.0 to $43.0 for Pfizer over the last 3 months. BMO Capital and Morgan Stanley have maintained their Outperform and Equal-Weight ratings on Pfizer respectively, with price targets of $44 and $42.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 8:45 pm

UPTD

TradeUP Acquisition Corp. (NASDAQ:UPTD) has extended the deadline for its initial business combination from August 19, 2023, to September 19, 2023. The company has deposited $37,432.70 into its trust account, representing $0.05 per remaining share of the company. The payment was made by Estrella Biopharma, Inc., pursuant to a merger agreement.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:35 pm

ARQT

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has appointed John W. Smither as interim Chief Financial Officer (CFO), effective August 31. He replaces Scott Burrows, who is leaving the company to pursue an external opportunity. Smither previously served as Arcutis' first CFO from 2019 to 2021 and led the company's successful IPO in 2020. He has also served as CFO for several other biopharmaceutical companies.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:34 pm

BCML

BayCom Corp (NASDAQ:BCML) has announced a quarterly cash dividend of $0.10 per share, payable on October 13, 2023. The company also announced its eighth stock repurchase program, authorizing the repurchase of up to 588,000 shares, or approximately 5% of currently outstanding shares, over a one-year period. The new program will commence upon completion of the seventh stock repurchase program, which will expire on April 21, 2024.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:31 pm

ACAH

Atlantic Coastal Acquisition Corp. (NASDAQ:ACAH) has announced that it will redeem all of its outstanding shares of Class A common stock at a per-share redemption price of approximately $10.40. The company will not be consummating an initial business combination and will cease all operations except for winding up. The company's securities will cease trading on the Nasdaq Stock Market on August 18, 2023, and the public shares will be deemed cancelled as of August 21, 2023.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:21 pm

SUNL

Sunlight Financial Holdings Inc. (NYSE:SUNL) has announced a 1-for-20 reverse stock split of its common stock, effective at 11:59 p.m. Eastern Time on August 22, 2023. The move is intended to increase the market price per share of the company's Class A common stock and ensure compliance with the NYSE listing rule related to the minimum required average closing price of the common stock. The trading symbol for the company's Class A common stock will remain 'SUNL'.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:18 pm

DMS

Digital Media Solutions, Inc. (NYSE:DMS) has announced a 1-for-15 reverse stock split of its Class A and Class B common stock, effective after market close on August 28, 2023. The split will reduce the number of Class A shares from approximately 40.9 million to 2.7 million, and Class B shares from approximately 25.1 million to 1.7 million.

Portfolio Pulse from Charles Gross

August 18, 2023 | 8:07 pm

AAPL

Apple Inc. (AAPL) stock has experienced double-digit declines in August, resulting in a loss of around $400 billion in market capitalization. The stock has hit oversold RSI levels and broken below the average price of the past 100 days. The key support level to watch is $161, which corresponds to the current 200-day moving average and the 50% Fibonacci retracement level. A potential drop to $152.40, marking the 61.8% Fibonacci retracement level, could signal a bear market.

Portfolio Pulse from Piero Cingari

August 18, 2023 | 7:55 pm

BTCUSD

ETHUSD

JPM

JPMorgan analysts have noted that Bitcoin miners are diversifying into the artificial intelligence sector by offering high-performance computing services. This shift has been partially financed by the sale of Bitcoin. Former Ethereum miners are also providing these services following Ethereum's shift from a proof-of-work to a proof-of-stake consensus model. Bitcoin miners are also geographically diversifying, with Russia becoming a preferred location due to its energy surplus and affordable energy resources.

Portfolio Pulse from Murtuza Merchant

August 18, 2023 | 7:54 pm