Streetbeat News

Equity Actions

AMC

AMC Entertainment's shares are trading higher following a recent dip after court approval for its revised stock conversion plan.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:48 pm

AKTX

Akari Therapeutics announced a ratio change of its American Depository Shares from 1-representing-100 to 1-representing-2000, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:43 pm

AMZN

CVS

LLY

NVO

SNY

WBA

Amazon's online pharmacy has launched a new initiative to streamline the process for diabetes patients seeking discounts on their medications. The program automatically applies manufacturer-sponsored coupons to over 15 insulin and diabetes drugs. The move aims to ensure patients benefit from the discounts promised by pharmaceutical companies. The cost of insulin can be as low as $35 for a month's supply with Amazon Pharmacy's automated system. Amazon Pharmacy will also extend automatic discounts to diabetes-related devices and other cardiometabolic medications.

Portfolio Pulse from Anusuya Lahiri

August 15, 2023 | 4:41 pm

DINO

MPC

PBF

PSX

VLO

Bank of America Securities analyst Doug Leggate has recommended a strategic pause for US refiners due to a combination of capacity offshoring and a sustainable cost advantage of US natural gas. He sees risks that margins are peaking and seasonal trends could pressure margins in the coming months. He views Phillips 66, Marathon Petroleum Corp, and Valero Energy Corp as defensive plays, with PBF Energy Inc most leveraged to ongoing changes. He has lowered all Buy-rated refiners to Neutral.

Portfolio Pulse from Shivani Kumaresan

August 15, 2023 | 4:36 pm

DAL

Delta Air Lines, Certares Management, and Knighthead Capital Management have announced an expanded partnership with Wheels Up Experience to accelerate the company’s business transformation. The partnership includes a non-binding agreement for a $500 million facility to Wheels Up, which includes funds contributed by Delta and CK Opportunities Fund I. The lenders will receive newly issued Wheels Up Class A common stock, resulting in the lenders owning approximately 95% of the company's equity. Delta CFO Dan Janki will join the Wheels Up Board of Directors as Chairman.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 4:33 pm

DAL

Private jet company Wheels Up Experience Inc. is set to cede control to investors including Knighthead Capital Management and Certares Management in a new financing deal. The deal involves $500 million in new financing from affiliates of Knighthead and Certares, Delta Air Lines Inc., and other investors, who will receive 95% of Wheels Up's equity in return.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 4:32 pm

PYPL

Elliott Investment Management has dissolved its stake in PayPal, leading to a decrease in PayPal's share price.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:31 pm

FSBW

FS Bancorp, Inc. (NASDAQ:FSBW) has announced a new stock repurchase program, authorizing the company to repurchase up to $5.0 million or 2.5% of its outstanding shares of common stock over a 12-month period until July 31, 2024. The repurchase program may be suspended, terminated or modified at any time for any reason.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 4:02 pm

DCTH

DSGN

FXLV

GLTO

NVOS

SYTA

US stocks traded lower with the Dow, NASDAQ, and S&P 500 all falling. Home Depot (HD) reported better-than-expected Q2 results and authorized a new $15 billion share repurchase program. Delcath Systems (DCTH), Novo Integrated Sciences (NVOS), and Siyata Mobile (SYTA) saw stock increases due to positive news, while F45 Training Holdings (FXLV), Design Therapeutics (DSGN), and Galecto (GLTO) experienced stock drops due to negative developments.

Portfolio Pulse from Lisa Levin

August 15, 2023 | 4:00 pm

SPKY

SPY

UVXY

VIX

The SPDR S&P 500 (NYSE:SPY) fell about 0.8% during Tuesday’s trading session, while the CBOE Volatility Index (CBOE: VIX) spiked over 8% amid a retail-heavy earnings week. ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) was trading about 6% higher, tracking the SPIKES Futures Short-Term Index similarly to ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY). SPKY is a short-term trading vehicle and shouldn't be held for long periods.

Portfolio Pulse from Melanie Schaffer

August 15, 2023 | 3:50 pm