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Equity Actions

VVV

Valvoline Inc. (NYSE:VVV) reported Q3 FY23 sales growth of 19% YoY to $376.20 million, beating the analyst consensus. Adjusted EPS was $0.43, also beating the consensus. The company announced CEO Sam Mitchell's retirement, effective September 30, 2023, with Lori Flees named as the incoming CEO. Valvoline raised its FY23 adjusted net income outlook to $185 million-$200 million. However, VVV shares are trading lower by 1.86%.

Portfolio Pulse from Nabaparna Bhattacharya

August 09, 2023 | 3:39 pm

CDNS

A significant bearish stance has been observed in Cadence Design Sys (NASDAQ:CDNS) with 81% of investors opening trades with bearish expectations. Whales have been targeting a price range from $185.0 to $270.0 for Cadence Design Sys over the last 3 months. The price of CDNS is down -2.63% at $222.9. Keybanc, Rosenblatt, and Wells Fargo maintain their positive ratings on Cadence Design Sys with price targets of $270, $250, and $270 respectively. Needham downgraded its action to Buy with a price target of $235 while Stifel upgraded its action to Buy with a price target of $300.

Portfolio Pulse from Benzinga Insights

August 09, 2023 | 3:31 pm

TSM

Taiwan Semiconductor Manufacturing Co. (TSMC) plans to manufacture next-generation 2-nanometer chips at a new plant in Kaohsiung, Taiwan. The company also plans to produce these chips in Hsinchu county starting in 2025. TSMC has allocated approximately $6 billion for capital investments in Taiwan, part of which will be used for the Kaohsiung facility. The company holds a 90% market share in advanced semiconductors.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 3:20 pm

ROST

A significant bullish stance has been taken on Ross Stores (NASDAQ:ROST) as evidenced by unusual options activity. The overall sentiment of these big-money traders is split between 66% bullish and 33% bearish. The whales have been targeting a price range from $116.0 to $120.0 for Ross Stores over the last 3 months. The price of ROST is up 0.75% at $114.03, with RSI indicators hinting that the stock may be approaching overbought. The next earnings are expected to be released in 8 days.

Portfolio Pulse from Benzinga Insights

August 09, 2023 | 3:16 pm

BP

A significant bullish stance on BP (NYSE:BP) has been observed, with unusual options activity. The sentiment among these big-money traders is 80% bullish and 20% bearish. The price target for BP over the last 3 months has been between $25.0 to $42.0. Raymond James has maintained their Outperform rating on BP, with a price target of $45.

Portfolio Pulse from Benzinga Insights

August 09, 2023 | 3:16 pm

RSPI

RespireRx Pharmaceuticals Inc. (OTCPK:RSPI) has transferred its pharmaceutical cannabinoid program to ResolutionRx, a subsidiary of RespireRx. The transfer includes a license agreement for intellectual property and patent rights, and a sublicense agreement for rights to an exclusive license agreement with the University of Illinois. In return, ResolutionRx issued 25 million ordinary shares to RespireRx and paid $1. ResolutionRx also intends to issue series A preference shares, with an initial price established at 90% of a $25 million value. RespireRx shares were trading 16.66% higher at $0.0014 per share.

Portfolio Pulse from Vuk Zdinjak

August 09, 2023 | 3:12 pm

GPAK

Gamer Pakistan Inc (NASDAQ:GPAK) is set to IPO on August 10, with shares expected to be priced between $4.00 and $5.00. The company, which focuses on promoting esports events and product marketing, has an insider lock-up period of 180 days ending on February 06, 2024.

Portfolio Pulse from Benzinga Insights

August 09, 2023 | 3:00 pm

NRXS

Neuraxis shares began trading and opened at $6.50 per share, higher than the IPO price of $6 per share. However, the shares were halted on a circuit breaker due to a downside movement.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 2:49 pm

CRL

DBTX

NVEI

PALI

RENB

TNGX

TYGO

US stocks were mostly lower with the Nasdaq Composite falling more than 50 points. Charles River Laboratories International, Inc. (CRL) reported better-than-expected Q2 results and raised its FY23 non-GAAP EPS estimate. Tango Therapeutics (TNGX), Decibel Therapeutics (DBTX), and Renovaro Biosciences (RENB) saw their shares rise significantly. Palisade Bio (PALI), Tigo Energy (TYGO), and Nuvei Corporation (NVEI) shares fell due to disappointing results and guidance.

Portfolio Pulse from Lisa Levin

August 09, 2023 | 2:09 pm

NXU

NXU Inc. shares have dropped by 33.6% following the announcement of a $5 million public offering. The company has priced the offering at 30 cents per unit, with each unit comprising one Class A common stock share (or a pre-funded warrant) and one common warrant. The offering is expected to close on August 11, subject to standard conditions.

Portfolio Pulse from Henry Khederian

August 09, 2023 | 2:05 pm