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Equity Actions

DIS

PENN

PENN Entertainment Inc has entered into an exclusive U.S. online sports betting agreement with Walt Disney Co's ESPN. As part of the deal, Penn has secured exclusive rights to the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term. Penn will pay ESPN $1.5 billion for the initial 10-year term and grant ESPN approximately $500 million in warrants to purchase 31.8 million shares of Penn common stock. Penn also sold 100% of the Barstool Sports Inc common stock back to Dave Portnoy.

Portfolio Pulse from Adam Eckert

August 08, 2023 | 8:51 pm

DHI

A significant investor has taken a bearish stance on D.R. Horton (NYSE:DHI), with 53% of recent trades being bearish and 46% bullish. The total amount for puts is $463,168 and for calls is $388,700. Whales have been targeting a price range from $123.0 to $135.0 for D.R. Horton over the last 3 months. Several financial institutions have maintained or upgraded their ratings on D.R. Horton, with price targets ranging from $140 to $160.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 8:45 pm

PENN

Penn National Gaming (PENN) has divested 100% of its Barstool Sports common stock to founder David Portnoy in exchange for certain non-compete and other restrictive covenants. PENN also retains the right to receive 50% of the gross proceeds from any future sale or monetization event of Barstool.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 8:27 pm

VMC

Vulcan Materials Inc.'s (NYSE:VMC) stock price is currently at $226.43, after a 1.00% drop. However, the company's stock has risen by 1.40% over the past month, and by 29.81% over the past year. The company's P/E ratio is lower than the aggregate P/E of the Construction Materials industry, indicating that the stock might be undervalued.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 7:30 pm

MS

NVDA

Morgan Stanley has identified artificial intelligence (AI) as a key investment trend for the next decade, stating that it is set to revolutionize various sectors. The firm dismissed concerns of an AI bubble, noting that the performance of the AI index does not align with typical bubble patterns. While AI leaders like Nvidia have seen a rise of over 200% this year, broader AI indices have only grown around 50%, not surpassing their 2021 peaks.

Portfolio Pulse from Murtuza Merchant

August 08, 2023 | 7:07 pm

BLK

BRPHF

PYPL

Galaxy Digital Holdings CEO, Mike Novogratz, predicts that the approval of Bitcoin ETFs by the SEC is imminent, possibly within the next 4-6 months. He cites insights from BlackRock and Invesco, and highlights recent developments such as BlackRock's filing for an ETF and the positive stance of its CEO towards Bitcoin. Novogratz also mentions the potential of AI and the resilience of the crypto community. He notes the importance of stablecoins and their potential to disrupt traditional banking systems, citing PayPal's recent move to issue a stablecoin.

Portfolio Pulse from Murtuza Merchant

August 08, 2023 | 7:00 pm

MDT

Medtronic Inc.'s stock has decreased by 12.95% over the past year and 6.20% over the past month. The company's price-to-earnings (P/E) ratio is 30.04, lower than the Health Care Equipment & Supplies industry average of 71.32. This could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 6:45 pm

MPC

A significant amount of unusual options activity has been observed for Marathon Petroleum (NYSE:MPC), with a majority of investors taking a bearish stance. Whales have been targeting a price range from $110.0 to $160.0 for Marathon Petroleum over the last 3 months. The current price of MPC is up 1.68% at $142.35. Analysts from Wells Fargo, RBC Capital, Raymond James, Morgan Stanley, and Barclays have maintained their ratings on Marathon Petroleum, with price targets ranging from $120 to $165.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 6:30 pm

ETHUSD

On Monday, 4,972.36 Ether (ETH) worth $9,208,865 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -5.14%.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 6:00 pm

AMAT

A significant amount of unusual options activity has been observed for Applied Mat (NASDAQ:AMAT), with a bullish stance taken by a majority of investors. The targeted price range for Applied Mat over the last 3 months is from $80.0 to $165.0. The current price of AMAT is down -2.65% at $146.39. Citigroup, Mizuho, and B of A Securities have all maintained their Buy rating on Applied Mat, with price targets of $170, $152, and $165 respectively.

Portfolio Pulse from Benzinga Insights

August 08, 2023 | 5:15 pm